FURTHER PROVIDED HEREIN.
THE BORROWER SHALL REPAY THE COMMITTED LOAN UNDER THE
INITIAL BORROWING AS AND WHEN PROVIDED IN THIS AGREEMENT; PROVIDED, HOWEVER,
THAT NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
TO THE CONTRARY, THERE SHALL BE NO ADDITIONAL AVAILABILITY HEREUNDER AND THE
LENDERS SHALL HAVE NO OBLIGATION TO MAKE ANY OTHER OR FURTHER CREDIT EXTENSIONS
HEREUNDER UNTIL SUCH TIME AS THE BORROWER SHALL HAVE FIRST REPAID IN FULL THE
ENTIRE AMOUNT OF THE INITIAL BORROWING.
(B)
SUBSEQUENT BORROWING.
SUBJECT TO THE TERMS AND CONDITIONS SET
FORTH HEREIN, AND UPON THE CONDITION PRECEDENT THAT THE ENTIRE AMOUNT OF THE
COMMITTED LOAN UNDER THE INITIAL BORROWING SHALL HAVE FIRST BEEN REPAID IN FULL
TO THE SATISFACTION OF THE ADMINISTRATIVE AGENT, EACH LENDER THEREAFTER
SEVERALLY AGREES TO MAKE COMMITTED LOANS TO THE BORROWER FROM TIME TO TIME, AS
SUBSEQUENT BORROWINGS ON A REVOLVING LOAN BASIS, SUBJECT AT ALL TIMES TO
AVAILABILITY, ON ANY BUSINESS DAY DURING THE AVAILABILITY PERIOD, IN AN
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AGGREGATE AMOUNT NOT TO EXCEED AT ANY TIME OUTSTANDING THE AMOUNT OF SUCH
LENDER'S COMMITMENT; PROVIDED, HOWEVER, THAT AFTER GIVING EFFECT TO ANY
COMMITTED BORROWING, (I) THE TOTAL OUTSTANDINGS SHALL NOT EXCEED THE AGGREGATE
COMMITMENTS, AND (II) THE AGGREGATE OUTSTANDING AMOUNT OF THE COMMITTED LOANS OF
ANY LENDER, PLUS SUCH LENDER'S APPLICABLE PERCENTAGE OF THE OUTSTANDING AMOUNT
OF ALL L/C OBLIGATIONS SHALL NOT EXCEED SUCH LENDER'S COMMITMENT.
WITHIN THE
LIMITS OF EACH LENDER'S COMMITMENT, AND SUBJECT TO THE OTHER TERMS AND
CONDITIONS HEREOF, AND SUBJECT AT ALL TIMES TO AVAILABILITY, THE BORROWER MAY
BORROW UNDER THIS SECTION 2.01, PREPAY UNDER SECTION 2.05, AND REBORROW UNDER
THIS SECTION 2.01.
COMMITTED LOANS MAY BE BASE RATE LOANS OR EURODOLLAR RATE
LOANS, AS FURTHER PROVIDED HEREIN.
EACH REQUEST FOR A COMMITTED LOAN SHALL
SPECIFY THE PROPOSED USE OF THE PROCEEDS THEREOF AND SHALL BE ACCOMPANIED BY A
COMPLIANCE CERTIFICATE AND SUCH OTHER AND FURTHER INFORMATION RESPECTING THE
REAL ESTATE PROJECTS, THE PROPERTY LEVEL ENTITIES, AND OTHER MATTERS AS THE
ADMINISTRATIVE AGENT MAY SPECIFY FROM TIME TO TIME IN ITS REASONABLE
DETERMINATION.
2.02
BORROWINGS, CONVERSIONS AND CONTINUATIONS OF
COMMITTED LOANS.
(a)
Each Committed Borrowing, each conversion of Committed Loans from
one Type to the other, and each continuation of Eurodollar Rate Loans shall be
made upon the Borrower's irrevocable notice to the Administrative Agent, which
may be given by telephone.
Each such notice must be received by the
Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to
the requested date of any Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate
Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate
Committed Loans; provided, however, that if the Borrower wishes to request
Eurodollar Rate Loans having an Interest Period other than one, two, three or
six months in duration as provided in the definition of "Interest Period", the
applicable notice must be received by the Administrative Agent not later