SHALL BE EVIDENCED BY A NOTE,
WITH APPROPRIATE INSERTIONS, PAYABLE TO THE ORDER OF SUCH LENDER IN A FACE
PRINCIPAL AMOUNT EQUAL TO THE SUM OF SUCH LENDER'S REVOLVING LOAN COMMITMENT.
3.2
RECORDKEEPING.
THE ADMINISTRATIVE AGENT, ON BEHALF OF EACH
LENDER, SHALL RECORD IN ITS RECORDS, THE DATE AND AMOUNT OF EACH LOAN MADE BY
EACH LENDER, EACH REPAYMENT OR
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CONVERSION THEREOF AND, IN THE CASE OF EACH LIBOR LOAN, THE DATES ON WHICH EACH
INTEREST PERIOD FOR SUCH LOAN SHALL BEGIN AND END.
THE AGGREGATE UNPAID
PRINCIPAL AMOUNT SO RECORDED SHALL BE REBUTTABLY PRESUMPTIVE EVIDENCE OF THE
PRINCIPAL AMOUNT OF THE LOANS OWING AND UNPAID.
THE FAILURE TO SO RECORD ANY
SUCH AMOUNT OR ANY ERROR IN SO RECORDING ANY SUCH AMOUNT SHALL NOT, HOWEVER,
LIMIT OR OTHERWISE AFFECT THE OBLIGATIONS OF THE COMPANY HEREUNDER OR UNDER ANY
NOTE TO REPAY THE PRINCIPAL AMOUNT OF THE LOANS HEREUNDER, TOGETHER WITH ALL
INTEREST ACCRUING THEREON.
SECTION 4
INTEREST.
4.1
INTEREST RATES.
THE COMPANY PROMISES TO PAY INTEREST ON THE
UNPAID PRINCIPAL AMOUNT OF EACH LOAN FOR THE PERIOD COMMENCING ON THE DATE OF
SUCH LOAN UNTIL SUCH LOAN IS PAID IN FULL AS FOLLOWS:
(A)
AT ALL TIMES WHILE SUCH LOAN IS A BASE RATE LOAN, AT A RATE PER
ANNUM EQUAL TO THE SUM OF THE BASE RATE FROM TIME TO TIME IN EFFECT PLUS THE
BASE RATE MARGIN FROM TIME TO TIME IN EFFECT; AND
(B)
AT ALL TIMES WHILE SUCH LOAN IS A LIBOR LOAN, AT A RATE PER ANNUM
EQUAL TO THE SUM OF THE LIBOR RATE APPLICABLE TO EACH INTEREST PERIOD FOR SUCH
LOAN PLUS THE LIBOR MARGIN FROM TIME TO TIME IN EFFECT;
provided that at any time an Event of Default exists, at the election of the
Required Lenders, the interest rate applicable to each Loan shall be increased
by 2% (and, in the case of Obligations not bearing interest, such Obligations
shall bear interest at the Base Rate applicable to Revolving Loans plus 2%),
provided further that such increase may thereafter be rescinded by the Required
Lenders, notwithstanding Section 15.1.
Notwithstanding the foregoing, upon the
occurrence of an Event of Default under Sections 13.1.1 or 13.1.3, such increase
shall occur automatically.
4.2
INTEREST PAYMENT DATES.
ACCRUED INTEREST ON EACH BASE RATE LOAN
SHALL BE PAYABLE IN ARREARS ON THE LAST DAY OF EACH CALENDAR MONTH AND AT
MATURITY.
ACCRUED INTEREST ON EACH LIBOR LOAN SHALL BE PAYABLE ON THE LAST DAY
OF EACH INTEREST PERIOD RELATING TO SUCH LOAN (AND, IN THE CASE OF A LIBOR LOAN
WITH AN INTEREST PERIOD IN EXCESS OF THREE MONTHS, ON THE THREE-MONTH
ANNIVERSARY OF THE FIRST DAY OF SUCH INTEREST PERIOD), UPON A PREPAYMENT OF SUCH
LOAN, AND AT MATURITY.
AFTER MATURITY, AND AT ANY TIME AN EVENT OF DEFAULT
EXISTS, ACCRUED INTEREST ON ALL LOANS SHALL BE PAYABLE ON DEMAND.
4.3
SETTING AND NOTICE OF LIBOR RATES.
THE APPLICABLE LIBOR RATE FOR
EACH INTEREST PERIOD SHALL BE DETERMINED BY THE ADMINISTRATIVE AGENT,