FairPoint Communications 2002 Annual Report Download - page 229

demand and (iv) in respect of the C Term Loans-Fixed Rate, as provided in the
relevant C Term Note-Fixed Rate.
(f) All computations of interest hereunder shall be made in
accordance with Section 11.07(b).
(g) The Administrative Agent, upon determining the interest rate
for any Borrowing of Eurodollar Loans for any Interest Period, shall promptly
notify the Borrower and the Lenders thereof.
1.09 INTEREST PERIODS. (a) At the time the Borrower gives a Notice
of Borrowing or Notice of Conversion in respect of the making of, or conversion
into, a Borrowing of Eurodollar Loans (in the case of the initial Interest
Period applicable thereto) or prior to 12:00 Noon (New York time) on the third
Business Day prior to the expiration of an Interest Period applicable to a
Borrowing of Eurodollar Loans, it shall have the right to elect by giving the
Administrative Agent written notice (or telephonic notice promptly confirmed in
writing) of the Interest Period applicable to such Borrowing, which Interest
Period shall, at the option of the Borrower, be a one, two, three, six or, to
the extent available to all Lenders with a Commitment and/or outstanding Loans
under the respective Facility, nine or twelve month period. Notwithstanding
anything to the contrary contained above:
(i) the initial Interest Period for any Borrowing of Eurodollar
Loans shall commence on the date of such Borrowing (including the date of
any conversion from a Borrowing of Base Rate Loans) and each Interest
Period occurring thereafter in respect of such Borrowing shall commence on
the day on which the next preceding Interest Period expires;
(ii) if any Interest Period begins on a day for which there is no
numerically corresponding day in the calendar month at the end of such
Interest Period, such Interest Period shall end on the last Business Day of
such calendar month;
(iii) if any Interest Period would otherwise expire on a day which
is not a Business Day, such Interest Period shall expire on the next
succeeding Business Day, provided that if any Interest Period would
otherwise expire on a day which is not a Business Day but is a day of the
month after which no further Business Day occurs in such month, such
Interest Period shall expire on the next preceding Business Day;
(iv) no Interest Period with respect to a Borrowing of RF Loans or
A Term Loans shall extend beyond the Final Maturity Date;
(v) no Interest Period with respect to any C Term Loans-Floating
Rate or C Term Loans-Fixed Rate outstanding as Eurodollar Loans may be
elected that would extend beyond any date upon which a Scheduled Repayment
is required to be made in respect of such Loans if, after giving effect to
the selection of such Interest Period, the aggregate principal amount of C
Term Loans-Floating Rate or C Term Loans-Fixed Rate outstanding as
Eurodollar Loans, respectively, maintained as Eurodollar Loans with
Interest Periods ending after such date would exceed the aggregate
principal amount of C Term Loans-Floating Rate or C Term Loans-Fixed Rate
outstanding as Eurodollar
Loans, as the case may be, permitted to be outstanding after such Scheduled
Repayment; and
(vi) no Interest Period may be elected at any time when a Default
under Section 8.01 or an Event of Default is then in existence if the
Administrative Agent or the Required Lenders shall have determined in its
or their sole discretion not to permit such election.
(b) If, upon the expiration of any Interest Period, the Borrower
has failed to (or may not) elect a new Interest Period to be applicable to the
respective Borrowing of Eurodollar Loans as provided above, the Borrower shall