Common use of Notification of Closing Clause in Contracts

Notification of Closing. Borrower shall provide Agent with at least forty-eight (48) hours prior written notice of the Closing Date, to enable Agent to arrange for the availability of funds with the Lender. In the event the closing does not take place on the date specified in Borrower's notice to Agent, other than through the fault of Agent or the Lenders, Borrower agrees to reimburse Agent and the Lenders for Agent's and the Lenders' costs to maintain the necessary funds available for the closing, at the applicable interest rate described in the Schedule for each respective Loan which is to be made on the Closing Date, for the number of days which elapse between the earlier of the date specified in Borrower's notice and the date upon which the closing actually occurs (which number of days shall not include the date specified in Borrower's notice, but shall include the Closing Date) and two (2) days after any subsequent notification of a later Closing Date.