Minimum Borrowing Amounts; Borrowing Mechanics. (a) Whenever the Borrower desires the Bank to make a Margin Loan, the Borrower shall deliver to the Bank an irrevocable written notice substantially in the form of Exhibit A (a “Borrowing Notice”), which Borrowing Notice must be received by the Bank not later than 12:00 noon (New York City time) three (3) Business Days prior to the borrowing date specified in the Borrowing Notice (such date, or if such date is not a Business Day, the next following Business Day, the “Borrowing Date”). Upon receipt by the Bank of a Borrowing Notice and satisfaction of the conditions set forth in Sections 1.03 and 1.04 below, the Bank shall transfer the principal amount of the applicable Margin Loan to the Borrower on the Borrowing Date.
(b) For each Margin Loan, the duly completed and executed Borrowing Notice relating to such Margin Loan, together with this Agreement shall constitute conclusive evidence of the terms agreed between the Borrower and the Bank with respect to such Margin Loan.
(c) Each Margin Loan hereunder shall be in an amount of not less than U.S. $100,000, or any greater amount that is a whole multiple of U.S. $100,000; provided, that a Margin Loan may be in amount equal to (i) the Margin Loan Commitment Amount then in effect, minus (ii) the Aggregate Outstanding Amount.
Minimum Borrowing Amounts; Borrowing Mechanics. (a) Whenever the Borrower desires the Bank to make a Margin Loan, the Borrower shall deliver to the Bank an irrevocable written notice substantially in the form of Exhibit B (a “Borrowing Notice”). Unless otherwise agreed by the parties, each Borrowing Notice must be received by the Bank not later than 12:00 noon (New York City time) three (3) Business Days prior to the Borrowing Date specified in the Borrowing Notice (such date, or if such date is not a Business Day, the next following Business Day, the “Borrowing Date”). Upon receipt by the Bank of a Borrowing Notice not later than three (3) Business Days prior to the Borrowing Date and satisfaction of the conditions set forth in Sections 1.03 and 1.04 below, the Bank shall transfer the principal amount of the applicable Margin Loan to the Borrower on the Borrowing Date.
(b) Each Margin Loan hereunder shall be in an amount of not less than U.S. $1,000,000, or any greater amount that is a whole multiple of U.S. $100,000.
