Whenever the Borrower. decides to make a Borrowing of Competitive Bid Loans hereunder, it shall give the Agent, not later than 12:00 noon New York City time, on the fifth Banking Day prior to the date of such proposed Borrowing, a written notice of Borrowing, which shall specify (i) the date of the proposed Borrowing (which shall be a Banking Day) and the aggregate amount thereof (which shall not be less than $1,000,000), (ii) the Interest Period and maturity date for each Competitive Bid Loan comprising such Borrowing (which maturity date shall be the last day of the Interest Period therefor), (iii) whether the proposed Borrowing is to be a Borrowing of Absolute Rate Loans or Spread Loans, and if it is to be Spread Loans, the Interest Rate Basis, and (iv) any other terms to be applicable to such Competitive Bid Loans. Promptly after receipt of such notice, the Agent shall provide each Bank with a copy thereof.
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Whenever the Borrower. decides to make a Borrowing of Competitive Bid Loans hereunder, it shall give the Agent, not later than 12:00 noon New York City time, on the fifth Banking Day prior to the date of such proposed Borrowing, a written notice of Borrowing, which shall specify (i) the date of the proposed Borrowing (which shall be a Banking Day) and the aggregate amount thereof (which shall not be less than $1,000,000), (ii) the Interest Period and maturity date for each Competitive Bid Loan comprising such Borrowing (which maturity date shall be the last day of the Interest Period therefor), (iii) whether the proposed Borrowing is to be a Borrowing of Absolute Rate Loans or Spread Loans, and if it is to be Spread Loans, the Interest Rate Basis, and (iv) any other terms to be applicable to such Competitive Bid Loans. Promptly after receipt of such notice, the Agent shall provide each Bank with a copy thereofthereof and the Borrower shall pay the Agent a fee of $2,500 each time the Agent provides the Banks with such a notice.
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