Manner of Borrowing and Disbursement of Loans Clause Samples

Manner of Borrowing and Disbursement of Loans. (a) Choice of Interest Rate, etc. Any Advance shall, at the option of the ---------------------------- Borrower, be made either as a Base Rate Advance or as a Eurodollar Advance (except any initial Advance made on the Agreement Date or on the first two (2) Business Days after the Agreement Date shall be made as a Base Rate Advance); provided, however, that (i) if the Borrower fails to give the Agent written notice specifying whether an Advance is to be repaid or reborrowed on a Payment Date, such Advance shall be repaid and then reborrowed as a Base Rate Advance on the Payment Date, and (ii) the Borrower may not select a Eurodollar Advance (A) with respect to the Swing Loans, (B) with respect to an Advance, the proceeds of which are to reimburse an Issuing Bank pursuant to Section 2.15 hereof, or (C) if, at the time of such Advance, a Default or an Event of Default has occurred and is continuing. Any notice given to the Agent in connection with a requested Advance hereunder shall be given to the Agent prior to 11:00 a.m. (New York time) in order for such Business Day to count toward the minimum number of Business Days required. The Agent shall, upon reasonable request of the Borrower from time to time, provide to the Borrower such information with regard to the Eurodollar Basis as may be so requested.