Common use of Contract Advances Clause in Contracts

Contract Advances. More than one Contract Borrowing may be made on the same Business Day. Each Contract Borrowing shall consist of Contract Advances of the same Type and Interest Period made to the Borrower on the same Business Day by the Lenders ratably according to their respective Commitments. Each Contract Borrowing shall be made on notice in substantially the form of Exhibit 3.01 hereto (a "Notice of Contract Borrowing"), delivered by the Borrower to the Administrative Agent, by hand or facsimile, not later than 11:00 a.m. (New York City time) (i) in the case of Eurodollar Rate Advances, on the third Business Day prior to the date of the proposed Borrowing and (ii) in the case of Base Rate Advances, on the day of the proposed Borrowing. Upon receipt of a Notice of Contract Borrowing, the Administrative Agent shall notify the Lenders thereof promptly on the day so received. Each Notice of Contract Borrowing shall specify therein: (i) the requested (A) date of such Borrowing, (B) principal amount and Type of Advances comprising such Borrowing and (C) initial Interest Period for such Advances; and (ii) the aggregate amount of Outstanding Credits on such date after giving effect to such proposed Borrowing. Each proposed Borrowing shall be subject to the satisfaction of the conditions precedent thereto as set forth in Article V hereof.