CHECK, SUCH CREDIT SHALL BE PROVISIONAL UNTIL THE ITEM IS FINALLY
PAID BY THE PAYER BANK.
2.5.4
BILLINGS.
AGENT MAY SUBMIT MONTHLY BILLINGS
REFLECTING PAYMENTS DUE FROM THE BORROWER; HOWEVER, ANY CHANGES IN THE INTEREST
RATE WHICH OCCUR BETWEEN THE DATE OF BILLING AND THE DUE DATE MAY BE REFLECTED
IN THE BILLING FOR A SUBSEQUENT MONTH.
NEITHER THE FAILURE OF AGENT TO SUBMIT A
BILLING NOR ANY ERROR IN ANY SUCH BILLING SHALL EXCUSE THE BORROWER FROM THE
OBLIGATION TO MAKE FULL PAYMENT OF THE BORROWER'S PAYMENT OBLIGATIONS WHEN DUE.
2.5.5
DEFAULT RATE.
AGENT SHALL HAVE THE OPTION OF
IMPOSING (AND SHALL UPON DEMAND OF THE REQUIRED LENDERS IMPOSE), AND BORROWER
SHALL PAY UPON BILLING THEREFOR, AN INTEREST RATE WHICH IS FOUR PERCENT (4%) PER
ANNUM ABOVE THE INTEREST RATE OTHERWISE
7
PAYABLE ("DEFAULT RATE"):
(A) FOLLOWING ANY EVENT OF DEFAULT, UNLESS AND UNTIL
THE EVENT OF DEFAULT IS CURED WITH THE CONSENT OF REQUIRED LENDERS OR WAIVED BY
REQUIRED LENDERS; AND (B) AFTER MATURITY.
BORROWER'S RIGHT TO SELECT LIBOR
PRICING OPTIONS SHALL BE SUSPENDED UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF A MONETARY DEFAULT OR FOLLOWING ANY EVENT OF DEFAULT OR AT
MATURITY.
2.5.6
LATE CHARGES.
THE BORROWER SHALL PAY, UPON BILLING
THEREFOR, A "LATE CHARGE" EQUAL TO FIVE PERCENT (5%) OF THE AMOUNT OF ANY
REGULARLY SCHEDULED PAYMENT OF PRINCIPAL (OTHER THAN PRINCIPAL DUE AT MATURITY
OR ANY MANDATORY PRINCIPAL PREPAYMENT), INTEREST, OR BOTH, WHICH IS NOT PAID
WITHIN TEN (10) DAYS OF THE DUE DATE THEREOF (OTHER THAN WITH RESPECT TO ANY
PAYMENT AS TO WHICH THE SAID TEN (10) DAY PERIOD EXPIRES AFTER THE
IMPLEMENTATION OF THE DEFAULT RATE).
LATE CHARGES ARE: (A) EXCEPT AS PROVIDED
ABOVE, PAYABLE IN ADDITION TO, AND NOT IN LIMITATION OF, THE DEFAULT RATE, (B)
INTENDED TO COMPENSATE AGENT FOR ADMINISTRATIVE AND PROCESSING COSTS INCIDENT TO
LATE PAYMENTS, (C) ARE NOT INTEREST, AND (D) SHALL NOT BE SUBJECT TO REFUND OR
REBATE OR CREDITED AGAINST ANY OTHER AMOUNT DUE.
2.5.7
PREPAYMENT COSTS.
THE BORROWER SHALL PAY TO AGENT,
IMMEDIATELY UPON REQUEST AND NOTWITHSTANDING CONTRARY PROVISIONS CONTAINED IN
ANY OF THE LOAN DOCUMENTS, SUCH AMOUNTS AS SHALL, IN THE CONCLUSIVE JUDGMENT OF
AGENT (IN THE ABSENCE OF MANIFEST ERROR), COMPENSATE AGENT AND THE LENDERS FOR
THE LOSS, COST OR EXPENSE WHICH THEY MAY REASONABLY INCUR AS A RESULT OF (I) ANY
PAYMENT OR PREPAYMENT, UNDER ANY CIRCUMSTANCES WHATSOEVER, WHETHER VOLUNTARY OR
INVOLUNTARY, OF ALL OR ANY PORTION OF AN ADJUSTED LIBOR RATE ADVANCE ON A DATE
OTHER THAN THE LAST DAY OF THE APPLICABLE INTEREST PERIOD OF AN ADJUSTED LIBOR
RATE ADVANCE, (II) THE CONVERSION, FOR ANY REASON WHATSOEVER, WHETHER VOLUNTARY
OR INVOLUNTARY, OF ANY ADJUSTED LIBOR RATE ADVANCE TO A ADJUSTED PRIME RATE
ADVANCE ON A DATE OTHER THAN THE LAST DAY OF THE APPLICABLE INTEREST PERIOD,
(III) THE FAILURE OF ALL OR A PORTION OF A LOAN WHICH WAS TO HAVE BORNE INTEREST
AT THE ADJUSTED LIBOR RATE PURSUANT TO THE REQUEST OF BORROWER TO BE MADE