Common use of Dollar-Denominated Loans Clause in Contracts

Dollar-Denominated Loans. Notices to the Administrative Agent of terminations or reductions of Commitments denominated in Dollars, of borrowings, conversions and prepayments of Loans denominated in Dollars and of the duration of Interest Periods shall be irrevocable and shall be effective only if received by the Administrative Agent (i) in the case of a notice of borrowing of, prepayment of, or conversion into, Loans denominated in Dollars as ABR Loans, not later than 2:00 p.m. New York time on the relevant Borrowing Date and (ii) in the case of any other notice, not later than 12:00 p.m. New York time on the number of Business Days prior to the date of the relevant termination, reduction, borrowing, conversion and/or prepayment specified below: Termination or reduction of Revolving Commitments 3 Borrowing or prepayment of, conversion of or into, or duration of Interest Period for Dollar-denominated Term Benchmark Loans 3 Prepayments required pursuant to Section 3.02(b) or 3.02(c) in Dollars 1 ; provided that the notice in respect of Borrowings to be made on the A&R Closing Date may be conditional upon satisfaction (or waiver in accordance with the terms of the Amendment and Restatement Agreement and this Agreement) of the conditions set forth in the Amendment and Restatement Agreement and this Agreement so long as such conditions are so satisfied or waived within three Business Days after the original date contemplated for such Borrowing set forth in such notice. Each such notice of termination or reduction shall specify the amount thereof to be terminated or reduced. Each such notice of borrowing, conversion or prepayment shall specify the amount and Type of the Loans to be borrowed, converted or prepaid (subject to Section 5.04 hereof), the date of borrowing, conversion or prepayment (which shall be a Business Day) and, in the case of Term Benchmark Loans, the duration of the Interest Period therefor (subject to the definition of Interest Period). Each such notice of duration of an Interest Period shall specify the Loans to which such Interest Period is to relate. The Administrative Agent shall promptly notify the affected Lenders of the contents of each such notice. In the event that a Borrower fails to select the duration of any Interest Period for any Term Benchmark Loans within the time period and otherwise as provided in this Section 5.05, such Loans will be continued (or made) as Term Benchmark Loans with an Interest Period of one month.