Common use of Borrowing of the Loans Clause in Contracts

Borrowing of the Loans. (a) Each borrowing shall be made upon the Borrower’s irrevocable notice to the Administrative Agent as provided herein. The aggregate principal amount requested to be borrowed at any one time must be greater than or equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof. Unless waived by the Lenders, such notice must be received by the Administrative Agent not later than 11:00 a.m. one Business Day, in the case of the initial notice, or three Business Days, in the case of any other notice, prior to the requested date of the borrowing. Each such notice shall be in the form of a Loan Notice which, among other things, shall specify (i) the requested date of the borrowing (which shall be a Business Day) and (ii) the principal amount of the Loan to be borrowed. (b) Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if a borrowing is the initial Loan, Section 4.01), the Lenders shall make the proceeds of each Loan available to the Administrative Agent who shall either (i) credit the account of the Borrower on the books of the Administrative Agent with the amount of such proceeds or (ii) transfer by wire transfer such proceeds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. (c) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for a Loan upon determination of such interest rate.