Common use of Procedures for Borrowings Clause in Contracts

Procedures for Borrowings. Borrower shall deliver to Agent a Borrowing Notice (which each such Borrowing Notice must be received by Agent prior to 1:00 P.M., New York City time, either (x) on the date that is three U.S. Government Securities Business Days prior to the applicable Borrowing Date for a Tranche Rate Borrowing, or (y) on the date of the applicable Borrowing Date for a Base Rate Borrowing) requesting that the Lenders make the Loans on the Borrowing Date and specifying the amount to be borrowed. Once given, a Borrowing Notice shall be irrevocable and Borrower shall be bound thereby. Each Borrowing Notice (whether telephonic or written) shall specify (i) whether Borrower is requesting a Borrowing, a conversion of Borrowings from one Type to the other, or a continuation of Borrowings, (ii) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Borrowings to be borrowed or continued, (iv) the Type of Borrowings to be borrowed or to which existing Borrowings are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Borrowing in a Borrowing Notice or if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Borrowings shall be made as, or converted to, Base Rate Borrowings. Any such automatic conversion to Base Rate Borrowings shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Tranche Rate Borrowing. If Borrower requests a Borrowing of, conversion to, or continuation of a Tranche Rate Borrowing in any such Borrowing Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

Procedures for Borrowings. (a) Until the occurrence of the Revolving Period Termination Date, the Lender will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of this Article II and Article III. (b) Each Advance shall be in a minimum principal amount equal to or greater than $500,000. (c) The Borrower shall deliver may request an Advance hereunder, on any Business Day during the period from and including the Effective Date to Agent but excluding the Revolving Period Termination Date, by delivering to the Agent, with a copy to the Custodian, a Notice of Borrowing and Pledge, appropriately completed and executed by a Responsible Officer of the Borrower, which Notice (which each such of Borrowing Notice and Pledge must be received by Agent the Agent, with a copy to the Custodian, prior to 1:00 P.M.10:00 a.m., New York City time, either (x) on the date that is three U.S. Government Securities Business Days prior to the applicable Borrowing requested Funding Date for a Tranche Rate Borrowing, or (y) on in the date case of the applicable Borrowing Date for a Base Rate initial Borrowing) requesting and one Business Day prior to the requested Funding Date (in the case of any other Borrowing); provided, that the Lenders make the Loans on the Borrowing Date and specifying the amount to be borrowed. Once given, a Borrowing Notice shall be irrevocable and Borrower shall be bound therebynot request more than two Advances during any calendar week. Each Such Notice of Borrowing Notice (whether telephonic or written) and Pledge shall specify (i) whether attach a Medallion Loan Schedule identifying the Eligible Medallion Loans that the Borrower is requesting a Borrowing, a conversion of Borrowings from one Type proposes to pledge to the other, or a continuation of BorrowingsAgent and to be included in the Borrowing Base in connection with such Advance, (ii) contain the requested date amount of the Borrowing or continuation, as the case may Advance requested to be (which shall be a Business Day)made on such Funding Date, (iii) specify the principal amount of Borrowings to be borrowed or continuedrequested Funding Date, (iv) include certification from a Responsible Officer of the Type Borrower (A) as to the satisfaction of Borrowings all of the matters referred to be borrowed or in Sections 3.02 (a), (b) and (c) hereof, (B) that, as of the requested Funding Date with respect to which existing Borrowings are each Eligible Medallion Loan listed in the Medallion Loan Schedule after giving effect to be converted the requested increase, the Custodian shall have (A) received the Medallion Loan File with respect to each such Eligible Medallion Loan and (B) sent a “Trust Receipt” (as defined in the Custodial Agreement) to the Agent for each such Eligible Medallion Loan included in the calculation of the Borrowing Base and (v) if applicablecontain (by attachment) such other information reasonably requested by the Agent or the Lender from time to time. (d) With respect to any Medallion Loan, the duration Borrower shall deliver to the Custodian the related Medallion Loan File in the manner set forth in Section 2 of the Interest Period with respect thereto. If Borrower fails to specify a Type of Borrowing in a Borrowing Notice or if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Borrowings shall be made as, or converted to, Base Rate Borrowings. Any such automatic conversion to Base Rate Borrowings shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Tranche Rate Borrowing. If Borrower requests a Borrowing of, conversion to, or continuation of a Tranche Rate Borrowing in any such Borrowing Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one monthCustodial Agreement.

Procedures for Borrowings. Borrower shall deliver to Administrative Agent a Borrowing Notice (which each such Borrowing Notice must be received by Administrative Agent prior to 1:00 P.M.10:00 A.M., New York City time, either (x) on the date that is three U.S. Government Securities Business Days prior to the applicable Borrowing Date for a Tranche Rate Borrowing, or (y) on the date of the applicable Borrowing Date for a Base Rate BorrowingDate) requesting that the Lenders make the Loans on the Borrowing Date and specifying the amount to be borrowed. Once given, a Borrowing Notice shall be irrevocable and Borrower shall be bound thereby. Each Borrowing Notice (whether telephonic or written) shall specify (i) whether Borrower is requesting a Borrowing, a conversion of Borrowings from one Type to the other, or a continuation of Borrowings, (ii) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Borrowings to be borrowed or continued, (iv) the Type of Borrowings to be borrowed or to which existing Borrowings are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Borrowing in a Borrowing Notice or if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Borrowings shall be made as, or converted to, Base Rate Borrowings. Any such automatic conversion to Base Rate Borrowings shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Tranche Rate Borrowing. If Borrower requests a Borrowing of, conversion to, or continuation of a Tranche Rate Borrowing in any such Borrowing Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.