Common use of Procedure for Multicurrency Borrowing Clause in Contracts

Procedure for Multicurrency Borrowing. Any Borrower may request the applicable Designated Multicurrency Lenders to make Multicurrency Loans during the Revolving Credit Commitment Period on any Business Day in accordance with the terms of this Agreement; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M., New York time, five Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount and currency to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing under the Multicurrency Commitments shall be in an amount in U.S. Dollars equal to, or an amount in an Available Foreign Currency of which the U.S. Dollar Equivalent is equal to, at least $5,000,000 (or, if the then Aggregate Available Multicurrency Commitments are less than $5,000,000, such lesser amount). Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Designated Multicurrency Lender with respect to such Borrower. Not later than 2:00 P.M., London time, on the requested Borrowing Date, each such Designated Multicurrency Lender shall make an amount equal to its Multicurrency Commitment Percentage of the principal amount of Multicurrency Loans requested to be made on such Borrowing Date available to the Administrative Agent at the Administrative Agent's funding office for such Borrower specified by the Administrative Agent from time to time by notice to such Designated Multicurrency Lenders and in immediately available or other same day funds customarily used for settlement in such Available Foreign Currency. The amounts made available by each such Designated Multicurrency Lender will then be made available to the relevant Borrower at the funding office for such Borrower and in like funds as received by the Administrative Agent.