Borrowing Procedures for Loans Clause Samples
The 'Borrowing Procedures for Loans' clause outlines the specific steps and requirements a borrower must follow to request and obtain a loan under an agreement. Typically, this includes details such as the form and timing of borrowing requests, any necessary documentation, and conditions that must be satisfied before funds are disbursed. By clearly defining the process, this clause ensures both parties understand the expectations and reduces the risk of disputes or delays in loan funding.
Borrowing Procedures for Loans. The Borrower shall give the Administrative Agent prior written or telegraphic notice pursuant to a Borrowing Request (in substantially the form of Exhibit 2.5 hereto) of each proposed Borrowing or continuation, and as to whether such Borrowing or continuation is to be of Base Rate Loans or Eurodollar Loans, as follows:
Borrowing Procedures for Loans. By delivering a Borrowing Request to the Administrative Agent on or before (i) 11:00 a.m., New York time in the case of Base Rate Loans on the Business Day on which such Borrowing is to be made and (ii) 12:00 noon, New York time in the case of a LIBO Rate Loan three (3) Business Days prior to the Business Day on which such Borrowing is to be made, the Borrower may from time to time irrevocably request that a Borrowing be made in a minimum amount of $500,000 and an integral multiple of $100,000, or in the unused amount of the Commitments. The Administrative Agent at its option may accept telephonic requests for Loans, provided that such acceptance shall not constitute a waiver of the Administrative Agent's right to delivery of a Borrowing Request in connection with subsequent Loans. Any telephonic request for a Loan by the Borrower shall be promptly confirmed by submission of a properly completed Borrowing Request to the Administrative Agent. On the terms and subject to the conditions of this Agreement, each Borrowing comprised of Loans shall be comprised of the type of Loans, and shall be made on the Business Day, specified in such Borrowing Request. On or before 12:00 noon (New York time) on such Business Day each Bank shall deposit with the Administrative Agent same day funds in an amount equal to such Bank's Percentage of the requested Borrowing. Such deposit will be made to an account which the Administrative Agent shall specify from time to time by notice to the Banks. To the extent funds are received from the Banks, the Administrative Agent shall make such funds available to the Borrower by wire transfer to the accounts the Borrower shall have specified in its Borrowing Request. No Bank's obligation to make any Loan shall be affected by any other Bank's failure to make any Loan.
Borrowing Procedures for Loans. The Borrower shall give the Agent prior written or telegraphic notice pursuant to a Borrowing Request (in substantially the form of EXHIBIT 2.5 hereto) of each proposed Borrowing or continuation, and as to whether such Borrowing or continuation is to be of Revolving Loans or Term Loans and Base Rate Loans or Eurodollar Loans, as follows:
Borrowing Procedures for Loans. The Company shall request Loans by written notice, or by telephonic notice confirmed in writing to the Bank, not later than 11:00 a.m., Milwaukee, Wisconsin time on the requested Borrowing Date (which must be a Business Day). In the event of any inconsistency between the telephonic notice and the written confirmation thereof, the telephonic notice shall control. Each request for a Loan shall be irrevocable and shall constitute a certification by the Company that the borrowing conditions specified in section 4.2 will be satisfied on the specified Borrowing Date. Upon fulfillment of the applicable borrowing conditions set forth in Article 4, the Bank shall deposit the Loan proceeds in the Company’s account maintained with the Bank or as the Company may otherwise direct in writing.
Borrowing Procedures for Loans. The Agent shall receive written notice pursuant to a Borrowing Request (in substantially the form of Exhibit 2.5 hereto) from the Borrower on or before 10:00 a.m. Central time, at least three (3) Business Days prior to the date requested for each proposed Borrowing or continuation of a Eurodollar Loan, of the date of such Borrowing or continuation, as the case may be, the amount of such Borrowing or continuation, as the case may be (which shall be in a minimum amount of $5,000,000 and an integral multiple of $1,000,000), and the duration of the initial Eurodollar Interest Period with respect thereto, and the Agent shall advise each Lender thereof promptly thereafter. Not later than 10:00 a.m., Central time, on the date specified in such notice for such Borrowing, each Lender shall provide to the Agent at the Payment Office, same day or immediately available funds covering such Lender's Percentage of the requested Eurodollar Loan. Upon fulfillment of the applicable conditions set forth in Article V with respect to such Eurodollar Loan, the Agent shall make available to the Borrower the proceeds of each Eurodollar Loan (to the extent received from the Lenders) by wire transfer of such proceeds to such account(s) as the Borrower shall have specified in the Borrowing Request.
Borrowing Procedures for Loans. Any request by the Borrower for a Loan shall be made by delivery of a written Notice of Borrowing, or by telephone promptly confirmed by telecopy of the Notice of Borrowing no later than the next Business Day, and must be given so as to be received by the Bank not later than 10:00 a.m., Denver time, on the date of the requested Revolving Credit Loan. Each request for a Loan shall include: (i) the Borrowing Date (which shall be a Business Day) and (ii) the amount of such Loan. Unless the Bank determines that any provisions hereof have not been satisfied, the Bank will make the amount of the requested Loan available to the Borrower at the Bank's office in Boulder, Colorado, in immediately available funds on the date requested no later than 2:00 p.m. Denver time for Revolving Credit Loans. Each requested Loan shall be in an amount not less than $500,000 and in minimum increments of $100,000.
Borrowing Procedures for Loans. Either Borrower shall give written notice (each such written notice, a “Notice of Borrowing”) substantially in the form of Exhibit B or telephonic notice (followed immediately by a Notice of Borrowing) to the Lender of each proposed borrowing of a Revolving Loan not later than 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such borrowing. Each such notice shall be effective upon receipt by Lender, shall be irrevocable, and shall specify the date, amount and Type of borrowing. Each request for a Revolving Loan shall be irrevocable and shall constitute a certification that the borrowing conditions specified in Section 6 hereof will be satisfied on the applicable borrowing date. Upon the fulfillment of the applicable borrowing conditions set forth in Section 6, Lender shall deposit the proceeds thereof in the account designated by the applicable Borrower maintained with Lender. Each borrowing of a LIBOR Rate Loan with an Interest Period of one month shall be in an aggregate amount of at least $100,000.
Borrowing Procedures for Loans. The Borrower shall request Loans by written notice, to the Bank, not later than 11 a.m., Milwaukee time, at least five (5) Business Days prior to the requested Borrowing Date (which must be a Business Day). Each such request by the Borrower must specify (a) the amount of the requested Loan and (b) the date the requested Loan is to be made by the Bank to the Borrower. Each such request by the Borrower shall be accompanied by copies of the agreements, documents and instruments constituting the OTA Financed Assets and the Borrower shall have taken such steps as the Bank deems necessary to ensure it has a first priority perfected Lien in the OTA Financed Assets prior to the funding of the applicable Loan. Each Loan shall be in a minimum amount of $1,000,000. Each request for a Loan shall be irrevocable and shall constitute a certification by the Borrower that the borrowing conditions specified in section 4.2 (other than in Section 4.2(d)) will be satisfied on the specified Borrowing Date. Upon fulfillment of the applicable borrowing conditions set forth in sections 4.1 and 4.2, and if applicable, section 4.3, the Bank shall deposit the proceeds thereof in the Borrower’s account maintained with the Bank or as the Borrower may otherwise direct in writing.
Borrowing Procedures for Loans