Common use of Notice of Borrowing Irrevocable Clause in Contracts

Notice of Borrowing Irrevocable. Each Notice of Borrowing and telephonic request for a Committed Loan shall be irrevocable and binding on Borrower. Borrower shall indemnify each Bank against any loss, cost or expense incurred by such Bank as a result of any failure to fulfill, on or before the date specified in the Notice of Borrowing or telephonic request for a Committed Loan, the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank to fund the Committed Loans to be made by such Bank when the Committed Loans, as a result of such failure, are not made on such date.