Common use of Loan Notices Generally Clause in Contracts

Loan Notices Generally. Each Loan Notice (whether telephonic or written (including by electronic communication to the extent permitted by this Agreement)) will specify: (i) whether the Administrative Borrower, on behalf of the Borrowers, is requesting: (A) a Revolving Credit Borrowing; (B) a conversion of outstanding Loans from one Type to the other; or (C) a continuation of Eurodollar Rate Loans; (ii) the requested date (which will be a Business Day) of such Borrowing, conversion or continuation, as the case may be; (iii) the principal amount of the Loans to be borrowed, converted or continued; (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted; (v) whether such Borrowing is to be denominated in Dollars or in an Alternative Currency, and if the latter, which Alternative Currency; and (vi) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers (including through the Administrative Borrower) fail to specify a Type of Loan in a Loan Notice or fail to give a timely notice requesting a conversion or continuation, then the applicable Loans will be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans will be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Administrative Borrower, on behalf of the Borrowers, requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

Loan Notices Generally. Each Loan Notice (whether telephonic or written (including by electronic communication to the extent permitted by this Agreement)written) will shall specify: (i) whether the Administrative Borrower, on behalf of the Borrowers, Borrower is requesting: (A) a Revolving Credit Working Capital Borrowing or a Floorplan Borrowing; (B) a conversion of outstanding Loans from one Type to the other; or (C) a continuation of Eurodollar Rate Loans; (ii) the requested date (which will shall be a Business Day) of such Borrowing, conversion or continuation, as the case may be; (iii) the principal amount of the Loans to be borrowed, converted or continued; (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted; and (v) whether such Borrowing is to be denominated in Dollars or in an Alternative Currency, and if the latter, which Alternative Currency; and (vi) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers (including through the Administrative Borrower) fail Borrower fails to specify a Type of Loan in a Loan Notice or fail if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans will Loan(s) shall be made as, or converted to, Base Rate LoansLoans using the Daily LIBOR Rate. Any such automatic conversion to Base Rate Loans will shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Administrative Borrower, on behalf of the Borrowers, Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.