Yen Borrowing means a borrowing consisting of simultaneous Yen Loans of the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each Yen Lender (other than the applicable Yen Non-Qualified Lenders) pursuant to Section 4.1.
Each such notice must be received by Administrative Agent not later than 11:00 a.m., (a) four Business Days prior to the requested date of any Yen Borrowing of, conversion to or continuation of Eurocurrency Rate Loans and (b) two Business Days prior to the requested date of any Yen Borrowing of Base Rate Loans or ABR Rate Loans or of any conversion of Eurocurrency Rate Loans denominated in Yen or Dollars to ABR Rate Loans or Base Rate Loans, respectively.
If the requesting Yen Borrower fails to specify a currency in a Yen Loan Notice requesting a Yen Borrowing, then the Yen Loans so requested shall be made in Yen.
Each Yen Borrowing, each conversion of Yen Loans denominated in Dollars or Yen from one Type of Dollar-denominated Loans or Yen-denominated Loans, as applicable, to the other and each continuation of Eurocurrency Rate Loans shall be made upon the requesting Yen Borrower's irrevocable notice to Administrative Agent, which may be given by (A) telephone or (B) a Yen Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to Administrative Agent of a Yen Loan Notice.
Subject to the provisions of Section 2.07(d), the Yen Loans comprising each Yen Borrowing shall bear interest (in Yen) at a rate per annum equal to TIBOR for the Interest Period in effect for such Borrowing plus the Applicable Margin in effect from time to time.
At the end of each Interest Period applicable to a Yen Borrowing, the relevant Borrower may elect the duration of the next succeeding Interest Period applicable thereto by delivering a notice (a "Notice of Yen Interest Period Election") to the Yen Administrative Agent at its address in New York at least four Tokyo Business Days before such Interest Period is to begin.