Common use of Procedure for Borrowings Clause in Contracts

Procedure for Borrowings. (a) Each Borrowing of Revolving Loans shall be made upon irrevocable telephonic notice by the Company followed immediately by written notice in the form of a Request for Extension of Credit (which telephonic notice must be received by the Administrative Agent (i) prior to 8:30 a.m. (Dallas time) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Loans; and (ii) prior to 8:30 a.m. (Dallas time) on the requested Borrowing Date, in the case of Base Rate Loans), specifying: (i) the amount of the Borrowing, which shall be in an aggregate minimum principal amount of $5,000,000 and any multiple of $1,000,000 in excess thereof; (ii) the requested Borrowing Date, which shall be a Business Day; (iii) whether the Borrowing is to be comprised of Offshore Rate Loans or Base Rate Loans; and (iv) the duration of the Interest Period applicable to Offshore Rate Loans included in such notice. If the Request for Extension of Credit shall fail to specify the duration of the Interest Period for any Borrowing comprised of Offshore Rate Loans, such Interest Period shall be one month (but not beyond the Maturity Date).

Procedure for Borrowings. (a) Each Borrowing of Revolving Loans shall be made upon irrevocable telephonic notice by the Company followed immediately by written notice in the form of a Request for Extension of Credit (which telephonic notice must be received by the Administrative Agent (i) prior to 8:30 a.m. (Dallas San Francisco time) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Loans; and (ii) prior to 8:30 a.m. (Dallas San Francisco time) on the requested Borrowing Date, in the case of Base Rate Loans), specifying: (i) the amount of the Borrowing, which shall be in an aggregate minimum principal amount of $5,000,000 and any multiple of $1,000,000 in excess thereof; (ii) the requested Borrowing Date, which shall be a Business Day; (iii) whether the Borrowing is to be comprised of Offshore Rate Loans or Base Rate Loans; and (iv) the duration of the Interest Period applicable to Offshore Rate Loans included in such notice. If the Request for Extension of Credit shall fail to specify the duration of the Interest Period for any Borrowing comprised of Offshore Rate Loans, such Interest Period shall be one month (but not beyond the Maturity Date).