Common use of Procedure for Obtaining Credit Clause in Contracts

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower in the form of a Borrowing Notice (which notice must be received by Administrative Agent prior to 10:00 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate principal amount of not less than (i) Five Hundred Thousand Dollars ($500,000) (or the remaining Availability, if less) for Reference Rate Borrowings or Swing Loans, and (ii) One Million Dollars ($1,000,000) and increments of Five Hundred Thousand Dollars ($500,000) in excess thereof for any LIBOR Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Borrowing, such Interest Period shall be one (1) month.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) one (1) Business Day prior to on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: : (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate minimum principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000) (or the remaining Availability, if less250,000) for Reference Rate Borrowings or Swing Loans, and (ii) One Million Dollars dollars ($1,000,000) and increments of Five Hundred Thousand Dollars ($500,000) in excess thereof for any LIBOR Rate Borrowings; ; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; ; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; ; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be one thirty (130) monthdays. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower in the form of a Notice of Borrowing Notice or Conversion/Continuation and, with respect to a Letter of Credit request, a Letter of Credit Application (which notice and, if applicable, Letter of Credit Application, must be received by Administrative Agent prior to 10:00 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate principal amount of not less than (i) Five Hundred Thousand Dollars ($500,000) 100,000 (or the remaining Availability, if less) for Reference Rate Borrowings or Swing Loans, and (ii) One Million Dollars ($1,000,000) 1,000,000 and increments of Five Hundred Thousand Dollars ($500,000) 500,000 in excess thereof for any LIBOR Borrowings; (b) the requested borrowing Borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Borrowing. If the Notice of Borrowing Notice or Conversion/Continuation fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Borrowing, such Interest Period shall be one (1) month. Unless the Required Lenders otherwise agree, during the existence of a Default or Event of Default, Borrower may not elect to have a Loan made as, or converted into or continued as, a LIBOR Loan. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless Borrower's Notice of Borrowing or Conversion/Continuation expressly requests a LIBOR Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan (unless the Swing Line Lender declines to make a Swing Loan, in which case the requested Borrowing shall be funded as a Reference Rate Borrowing in accordance with this Section 2.4), and shall be subject to the provisions of Section 2.2. Unless the Required Lenders otherwise agree, during the existence of a Default or Event of Default, Borrower may not elect to have a Loan made as, or converted into or continued as, a LIBOR Loan. After giving effect to any Loan, there shall not be more than seven (7) different Interest Periods in effect. Borrower indemnifies and excuses Administrative Agent (including its officers, employees and agents) from all liability, loss and costs in connection with any act resulting from facsimile instructions that Administrative Agent reasonably believes are made by any individual authorized by Borrower to give such instructions, except to the extent such liability, loss or cost are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted directly from Administrative Agent's gross negligence or willful misconduct. This indemnity and excuse will survive the termination of this Agreement.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) one (1) Business Day prior to on the requested borrowing date, in the case of Reference Rate Loans, Loans or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000) (or the remaining Availability, if less250,000) for Reference Rate Borrowings or Swing Loans, and (ii) One Million Dollars dollars ($1,000,000) and increments of Five Hundred Thousand Dollars ($500,000) in excess thereof for any LIBOR Rate Borrowings; ; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; ; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; ; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be one thirty (130) monthdays. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Prime Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000250,000) and increments of Fifty Thousand dollars (or the remaining Availability, if less$50,000) in excess thereof for Reference Prime Rate Borrowings or Swing LoansBorrowings, and (ii) One Million Dollars Five Hundred Thousand dollars ($1,000,000500,000) and increments of Five One Hundred Thousand Dollars dollars ($500,000100,000) in excess thereof for any LIBOR Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Borrowing, such Interest Period shall be one thirty (130) monthdays. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Loan. After giving effect to any Loan, there shall not be more than four (4) different Interest Periods in effect.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Prime Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: : (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000250,000) and increments of Fifty Thousand dollars (or the remaining Availability, if less$50,000) in excess thereof for Reference Prime Rate Borrowings or Swing Loans, and (ii) One Million Dollars Five Hundred Thousand dollars ($1,000,000500,000) and increments of Five One Hundred Thousand Dollars dollars ($500,000100,000) in excess thereof for any LIBOR Borrowings; ; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; ; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; ; (d) in the case of a LIBOR Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Borrowing, such Interest Period shall be one thirty (130) monthdays. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Base Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate principal amount of not less than (i) Five Hundred Thousand Dollars ($500,000) (or the remaining Availability, if less) 500,000 and increments of $50,000 in excess thereof for Reference Base Rate Borrowings or Swing Loans, and (ii) One Million Dollars ($1,000,000) 1,000,000 and increments of Five Hundred Thousand Dollars ($500,000) 100,000 in excess thereof for any LIBOR Borrowings; (b) the requested borrowing Borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Borrowing, such Interest Period shall be thirty (30) days. In addition to the foregoing, the case of a request for an initial issuance of a Letter of Credit, the Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (i) the documents to be presented by the beneficiary thereof in case of any drawing thereunder; (ii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (iii) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the Company shall furnish to the L/C Issuer, and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require. Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Bank, the Administrative Agent or the Company, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 4 shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Company (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Bank’s Pro Rata Share times the amount of such Letter of Credit. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4, and shall be subject to the provisions of subsection 2.4.1 hereof. Unless the Company’s Borrowing Notice expressly requests a LIBOR Borrowing, a Base Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Loan. After giving effect to any Loan, there shall not be more than six (6) different Interest Periods in effect. 1.1.1 Letter of Credit Drawings and Reimbursements; Funding of Participations. (a) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m., San Francisco time, on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Company fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Bank of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Bank’s Pro Rata Share thereof. In such event, the Company shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.4 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Commitments and the conditions set forth in Section 4.3 (other than the delivery of a Borrowing Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this subsection 2.4.1(a) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. (b) Each Bank shall upon any notice pursuant to subsection 2.4.1(a) make funds available to the Administrative Agent for the account of the L/C Issuer, at the Administrative Agent’s Office in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m., San Francisco time, on the Business Day specified in such notice by the Administrative Agent (which day shall be at least one (1) monthBusiness Day after delivery of such notice), whereupon, subject to the provisions of subsection 2.4.1(c), each Bank that so makes funds available shall be deemed to have made a Base Rate Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. (c) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth in Section 4.3 cannot be satisfied or for any other reason, the Company shall be deemed to have incurred from the L/C Issuer, an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate set forth in subsection 2.8.3. In such event, each Bank’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to subsection 2.4.1(b) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Bank in satisfaction of its participation obligation under this subsection 2.4.1. (d) Until each Bank funds its Loan or L/C Advance pursuant to this subsection 2.4.1 to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Bank’s Pro Rata Share of such amount shall be solely for the account of the L/C Issuer. (e) Each Bank’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer, for amounts drawn under Letters of Credit, as contemplated by this subsection 2.4.1, shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Bank may have against the L/C Issuer, the Company or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default (subject to the proviso hereto), or (iii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Bank’s obligation to make Loans pursuant to this subsection 2.4.1 is subject to the conditions set forth in Section 4.3 (other than delivery by the Company of a Borrowing Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Company to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (f) If any Bank fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Bank pursuant to the foregoing provisions of this subsection 2.4.1 by the time specified in subsection 2.4.1(b), the L/C Issuer, shall be entitled to recover from such Bank (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Bank (through the Administrative Agent) with respect to any amounts owing under this subsection 2.4.1(f) shall be conclusive absent manifest error.

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) one (1) Business Day prior to on the requested borrowing date, in the case of Reference Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000) (or the remaining Availability, if less250,000) for Reference Rate Borrowings or Swing LoansBorrowings, and (ii) One Million Dollars dollars ($1,000,000) and increments of Five Hundred Thousand Dollars ($500,000) in excess thereof for any LIBOR Rate Borrowings; ; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; ; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing and the purpose of such Borrowing; ; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be one thirty (130) month.days. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight (8) different Interest Periods in effect. 2.4

Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of Borrower the Company in the form of a Borrowing Notice signed by a Designated Representative (which notice must be received by the Administrative Agent prior to 10:00 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) one (1) Business Day prior to on the requested borrowing date, in the case of Reference Rate Loans, or (iii) on the requested borrowing date, in the case of Swing Loans, or (iv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of not less than (i) Five Two Hundred Fifty Thousand Dollars dollars ($500,000) (or the remaining Availability, if less250,000) for Reference Rate Borrowings or Swing LoansBorrowings, and (ii) One Million Dollars dollars ($1,000,000) and increments of Five Hundred Thousand Dollars ($500,000) in excess thereof for any LIBOR Rate Borrowings; ; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; ; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; ; and (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be one thirty (130) month.days. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than five (5) different Interest Periods in effect. 2.4