Neiman Marcus 2008 Annual Report Download - page 337

(b) If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any LIBOR Rate Borrowing, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration. Promptly following receipt of the Borrowing Request in accordance with this
Section, the Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the
requested Borrowing.
SECTION 2.04. Funding of the Borrowing on the Closing Date. (a) Each Lender shall make the Loan to be made
by it hereunder on the Closing Date by wire transfer of immediately available funds by 12:00 (noon), New York City time, to the
account of the Agent most recently designated by it for such purpose by notice to the Lenders, in an amount equal to such Lender's
Applicable Percentage of the aggregate principal amount of the Loans made on the Closing Date.
(b) Unless the Agent shall have received notice from a Lender prior to the Closing Date that such Lender will not
make available to the Agent such Lender's share of the Borrowing on the Closing Date, the Agent may assume that such Lender has
made such share available on the Closing Date in accordance with paragraph (a) of this Section and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
Borrowing available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on
demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Agent, at (i) in the case of such Lender, the greater of
the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank
compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the
Agent, then such amount shall constitute such Lender's Loan included in the Borrowing on the Closing Date. Nothing herein shall be
deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Agent or the Borrower
or any Loan Party may have against any Lender as a result of any default by such Lender hereunder.
SECTION 2.05. Type; Interest Elections. (a) The Loans initially shall be of the Type specified in the Borrowing
Request and, in the case of a LIBOR Rate Borrowing, shall have an initial Interest Period (not to exceed two (2) months' duration) as
specified in such Borrowing Request. Thereafter, the Borrower may elect to convert all or any portion of any Borrowing (subject to
the minimum amounts for Borrowings of the applicable Type specified in Section 2.02(c)) to a different Type or to continue such
Borrowing and, in the case of a LIBOR Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The
Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such
portion shall be considered a separate Borrowing.
(b) To make an election pursuant to this Section, the Borrower shall notify the Agent of such election by telephone
(i) in the case of an election to convert to or continue as a LIBOR Rate Borrowing, not later than 11:00 a.m., New York City time,
three (3) Business Days before the date of the proposed conversion or continuation or (ii) in the case of an election to convert to or
continue as an ABR Borrowing, not later than 10:00 a.m., New York City time, on the date of the proposed conversion or
continuation. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or
facsimile to the Agent of a written Interest Election Request in a form approved by the Agent and signed by the Borrower.
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