Common use of Procedures for Borrowings Clause in Contracts

Procedures for Borrowings. Except as otherwise permitted by Administrative Agent in Administrative Agent’s sole discretion, (i) each Borrowing of a Term Loan shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof and shall be made on a Business Day, (ii) each Borrowing of a Revolving Loan shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof and shall be made on a Business Day, and (iii) each Borrowing shall be made upon Borrower’s irrevocable written request in the form of a completed Loan Notice delivered to Administrative Agent not later than 12:00 noon at least (x) in the case of a Base Rate Loan, one (1) Business Day, and (y) in the case of a Eurodollar Rate Loan, three (3) Business Days, but in any case not more than five (5) Business Days, prior to the proposed Business Day on which such requested Borrowing is to be made (the “Borrowing Date”). No later than 11:00 a.m. on each Borrowing Date, each Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Applicable Percentage of the requested Borrowing available by wire transfer to the Administrative Agent or as otherwise directed by the Administrative Agent. Unless otherwise directed by the Administrative Agent, such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of immediately available, freely transferable Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to Borrower by delivery of the proceeds thereof as shall be directed by a Responsible Officer and reasonably acceptable to the Administrative Agent. On each Borrowing Date, Borrower irrevocably authorizes Administrative Agent and Lenders to disburse the proceeds of the requested Borrowing to an account of Borrower or as otherwise directed by Borrower, in each case as agreed to by Administrative Agent, for credit to Borrower via wire transfer. If, on the date the Loan Notice with respect to such Borrowing is given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided above. At no time shall more than eight (8) Eurodollar Rate Loans be in effect.

Procedures for Borrowings. Except Each Borrowing shall be funded by the Lenders as otherwise permitted by Administrative Agent either ABR Advances or, so long as no Default or Event of Default has occurred, LIBOR Advances, as the Borrower shall specify in Administrative Agent’s sole discretion, (i) each the related notice of proposed Borrowing. ABR Loans and LIBOR Loans may be outstanding at the same time. The principal amount of any Borrowing of a Term Loan shall be in a principal an amount of equal to (a) $500,000 or a whole higher integral multiple of $500,000 if such Borrowing is funded as an ABR Loan and (b) $500,000 or a higher integral multiple of $100,000 in excess thereof and if such Borrowing is funded as a LIBOR Loan. The Borrower shall be made on a Business Day, (ii) each Borrowing of a Revolving Loan shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof and shall be made on a Business Day, and (iii) each Borrowing shall be made upon Borrower’s irrevocable written request in give notice to the form of a completed Loan Notice delivered to Administrative Agent of each proposed Borrowing not later than 12:00 noon at least (x) on a Business Day that, in the case of a Base Rate LoanBorrowing that includes only ABR Loans, one (1) Business Dayis the proposed date of such Borrowing or, and (y) in the case of a Eurodollar Rate LoanBorrowing that includes LIBOR Loans, three (3) is at least 1 Business Days, but in any case not more than five (5) Business Days, Day prior to the proposed Business Day on which date of such requested Borrowing is to Borrowing. Each such notice shall be made (the “Borrowing Date”). No later than 11:00 a.m. on each Borrowing Date, each Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Applicable Percentage of the requested Borrowing available by wire transfer to the Administrative Agent or as otherwise directed by the Administrative Agent. Unless otherwise directed effective upon receipt by the Administrative Agent, such wire transfer shall be directed in writing or by telephone or telecopy transmission, to be confirmed in writing by the Borrower if so requested by the Administrative Agent (in the form of Exhibit C), and shall specify the amount of the Borrowing, the date of the Borrowing (which shall be a Business Day), whether the Borrowing is to include ABR Loans, LIBOR Loans or both, and, in the case of a Borrowing that includes LIBOR Loans, the Interest Period to be applicable thereto. Promptly upon receipt of such notice (but in no event later than 1:00 p.m. with respect to an ABR Advance, and the close of business, with respect to a LIBOR Advance, in each case on the Business Day of receipt of such notice), the Administrative Agent shall advise each Lender of the proposed Borrowing. Subject to satisfaction of the conditions precedent set forth in Article III with respect to such Borrowing, at or before 2:00 p.m. on the date of the requested Borrowing, each Lender shall provide the Administrative Agent at the Administrative Agent’s Office and shall be in the form principal office of immediately available, freely transferable Dollars. The amount so received by the Administrative Agent shallin Minneapolis, subject Minnesota (or such other office as the Administrative Agent may designate), with immediately available funds covering such Lender’s Percentage of such Borrowing. The Administrative Agent shall pay over proceeds of such Borrowing to the terms and conditions of this AgreementBorrower, be made in immediately available to Borrower by delivery of the proceeds thereof as shall be directed by a Responsible Officer and reasonably acceptable funds, prior to the Administrative Agent. On each Borrowing Date, Borrower irrevocably authorizes Administrative Agent and Lenders to disburse close of business on the proceeds date of the requested Borrowing to an account of Borrower or as otherwise directed by Borrower, in each case as agreed to by Administrative Agent, for credit to Borrower via wire transfer. If, on the date the Loan Notice with respect to such Borrowing is given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided above. At no time shall more than eight (8) Eurodollar Rate Loans be in effect.