Common use of RC Loans Clause in Contracts

RC Loans. The Borrower may, at any time and from time to time, prepay the RC Loans in whole or in part, without premium or penalty (but subject to Section 1.15), except that any partial prepayment shall be in an aggregate principal amount of $2,000,000 or any multiple of $500,000 in excess thereof. The Borrower shall give the Administrative Agent notice of each prepayment no later than 11:00 a.m. (New York time) on, in the case of a prepayment of Base Rate Loans, the day of such prepayment (which shall be a Business Day) and, in the case of a prepayment of Eurodollar Rate Loans, the third Eurodollar Business Day before the date of such prepayment (which shall be a Eurodollar Business Day). Each such notice of prepayment shall be in the form of Schedule 1.06 and shall specify (i) the date such prepayment is to be made and (ii) the amount and Type and, in the case of Eurodollar Rate Loans, the last day of the applicable Interest Period of the RC Loans to be prepaid. Upon receipt of any such notice, the Administrative Agent shall promptly notify each Bank of the contents thereof and the amount and Type and, in the case of Eurodollar Rate Loans, the last day of the applicable Interest Period of each RC Loan of such Bank to be prepaid. Amounts to be prepaid shall irrevocably be due and payable on the date specified in the applicable notice of prepayment, together with interest thereon as provided in Section 1.04(b).