Common use of Automatic Borrowing Clause in Contracts

Automatic Borrowing. No notice of a request for a Loan in accordance with Section 2.02 or Section 2.03 hereof shall be required to be presented by Borrower to the Administrative Agent: (A) if no Default exists, and a check, checks or other debit shall be presented for payment against the Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits or (B) when any Obligation is due hereunder. In either such event, the Administrative Agent shall without Borrower's or any Bank's consent (in the case of clause (B)), promptly advise the Banks of the amount of the Loans or shall advise the Swingline Lender of the amount of Swingline Loans, in each case as is necessary (x) to be credited to the Disbursement Account on such day to permit such debits to be honored provided no Default exists or (y) to pay the amount of the Obligation due and unpaid. Not later than 3:00 p.m. on any day the Banks are advised of a Loan under this Section 2.02(ii), each Bank will make available the amount of the Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower. However, if the Swingline Lender is advised of such amount, the Swingline Lender will make available the amount of the Swingline Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower not later than 3:00 p.m. on such date. The amounts so received by the Administrative Agent, shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by crediting the same to the Disbursement Account or by utilizing the same to pay the Obligations, as applicable. Loans made under this Section 2.02(ii) shall be made as Base Rate Loans.

Automatic Borrowing. No notice of a request for a Loan in accordance with Section 2.02 or Section 2.03 hereof shall be required to be presented by Borrower to the Administrative Agent: (A) if no Default exists, and a check, checks or other debit shall be presented for payment against the Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits or (B) when any Obligation is due hereunder. In either such event, the Administrative Agent shall without Borrower's ’s or any Bank's ’s consent (in the case of clause (B)), promptly advise the Banks of the amount of the Loans or shall advise the Swingline Lender of the amount of Swingline Loans, in each case as is necessary (x) to be credited to the Disbursement Account on such day to permit such debits to be honored provided no Default exists or (y) to pay the amount of the Obligation due and unpaid. Not later than 3:00 p.m. on any day the Banks are advised of a Loan under this Section 2.02(ii), each Bank will make available the amount of the Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower. However, if the Swingline Lender is advised of such amount, the Swingline Lender will make available the amount of the Swingline Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower not later than 3:00 p.m. on such date. The amounts so received by the Administrative Agent, shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by crediting the same to the Disbursement Account or by utilizing the same to pay the Obligations, as applicable. Loans made under this Section 2.02(ii) shall be made as Base Rate Loans.

Automatic Borrowing. No notice of a request for a Revolving Loan in accordance with Section 2.02 subsection 4.1(a) or Section 2.03 4.3 hereof shall be required to be presented by the Borrower to the Administrative Agent: Agent (Ai) if no Default exists, the Daily Collection Procedure is in effect and a check, checks or other debit shall be presented for payment against the a Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits or (Bii) if Borrower fails to pay when due any Obligation is due hereunderObligation. In in either such event, the Administrative Agent shall (in the case of clause (i)) or may without the Borrower's or any Bank's consent (in the case of clause (Bii)), but in each case subject to Section 4.6, promptly advise the Banks of the amount of the Revolving Loans or shall advise the Swingline Lender of the amount of Swingline Loans, in each case as is necessary (xi) to be credited to the such Disbursement Account on such day to permit such debits to be honored provided no Default exists or (yii) to pay the amount of the Obligation due and unpaid. Not Except as otherwise provided in Section 4.6 hereof, not later than 3:00 p.m. on any the day the Banks are advised of a Revolving Loan under this Section 2.02(iisubsection 4.1 (b), each Bank will make available the amount of the Revolving Loan to be made by it on such date to the Administrative Agent Agent, at the Principal Office, in immediately available funds, for the account of the Borrower. However, if the Swingline Lender is advised of such amount, the Swingline Lender will make available the amount of the Swingline Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower not later than 3:00 p.m. on such date. The amounts so received by the Administrative Agent, shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by crediting the same to the applicable Disbursement Account or by utilizing the same to pay the Obligationspast due Obligation, as applicable. Revolving Loans made under this Section 2.02(iisubsection 4.1(b) shall be made as Base Rate LoansAccounts.