Common use of Borrowing Procedures for Loans Clause in Contracts

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.

Appears in 2 contracts

Samples: Credit Agreement (Magnum Hunter Resources Inc), Credit Agreement (Magnum Hunter Resources Inc)

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Borrowing Procedures for Loans. By delivering To request a Borrowing Request to Borrowing, the Borrower shall notify the Administrative Agent on or before of such request (ia) in the case of a Eurodollar Borrowing, not later than 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 noonCity time, New York time in the case of a LIBO Rate Loan three (3) Business Days prior to the date such Borrowing is to be made or (b) in the case of a Base Rate Borrowing, not later than 10:00 a.m., New York City time, one (1) Business Day on which prior to the date such Borrowing is to be made. At the commencement of each Interest Period for any Eurodollar Borrowing, the Borrower may from time to time irrevocably request such Borrowing shall be in an aggregate amount that a Borrowing be made in a minimum amount of $500,000 and is an integral multiple of $100,000500,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith). At the time that each Base Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith); provided that a Base Rate Borrowing may be in an aggregate amount that is equal to the entire unused amount of the Commitments, if less. 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 Each such telephonic request Borrowing Request for a Loan by the Borrower shall be irrevocable and shall be confirmed promptly confirmed by submission of a properly completed Borrowing Request hand delivery or telecopy to the Administrative AgentAgent of a written Borrowing Request. 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. Borrowings of more than one type may be outstanding at the same time; provided that there shall not at any time be more than a total of five (5) Eurodollar Borrowings outstanding. On or before 12:00 noon (11:00 a.m. New York time) time on such Business Day each Bank Lender shall deposit with the Administrative Agent same day funds in an amount equal to such BankLender'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 BanksLenders. To the extent funds are received from the BanksLenders, 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 The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be affected by responsible for any other BankLender's failure to make any LoanLoans as required.

Appears in 1 contract

Samples: Credit Agreement (American Real Estate Holdings L P)

Borrowing Procedures for Loans. By delivering To request a Borrowing Request to Borrowing, the Borrower shall notify the Administrative Agent on or before of such request (ia) 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 Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days prior to the date such Borrowing is to be made or (b) in the case of a Base Rate Borrowing, not later than 10:00 a.m., New York City time, one (1) Business Day on which prior to the date such Borrowing is to be made. At the commencement of each Interest Period for any LIBO Rate Borrowing, the Borrower may from time to time irrevocably request such Borrowing shall be in an aggregate amount that a Borrowing be made in a minimum amount of $500,000 and is an integral multiple of $100,000500,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith). At the time that each Base Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith); provided that a Base Rate Borrowing may be in an aggregate amount that is equal to the entire unused amount of the Commitments, if less. 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 Each such telephonic request Borrowing Request for a Loan by the Borrower shall be irrevocable and shall be confirmed promptly confirmed by submission of a properly completed Borrowing Request hand delivery or telecopy to the Administrative AgentAgent of a written Borrowing Request. 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. Borrowings of more than one type may be outstanding at the same time; provided that there shall not at any time be more than a total of five (5) LIBO Rate Borrowings outstanding. On or before 12:00 noon (11:00 a.m. New York time) time on such Business Day each Bank Lender shall deposit with the Administrative Agent same day funds in an amount equal to such BankLender'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 BanksLenders. To the extent funds are received from the BanksLenders, 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 The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be affected by responsible for any other BankLender's failure to make any LoanLoans as required.

Appears in 1 contract

Samples: Credit Agreement (National Energy Group Inc)

Borrowing Procedures for Loans. By delivering To request a Borrowing Request to Borrowing, the Borrower shall notify the Administrative Agent on or before of such request (ia) in the case of a Eurodollar Borrowing, not later than 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 noonCity time, New York time in the case of a LIBO Rate Loan three (3) Business Days prior to the date such Borrowing is to be made or (b) in the case of a Base Rate Borrowing, not later than 10:00 a.m., New York City time, one (1) Business Day on which prior to the date such Borrowing is to be made. At the commencement of each Interest Period for any Eurodollar Borrowing, the Borrower may from time to time irrevocably request such Borrowing shall be in an aggregate amount that a Borrowing be made in a minimum amount of $500,000 and is an integral multiple of $100,000500,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith). At the time that each Base Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000 (including any continuation or conversion of existing Loans pursuant to Section 2.4 made in connection therewith); provided that a Base Rate Borrowing may be in an aggregate amount that is equal to the entire unused amount of the Commitments, if less. 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 ’s right to delivery of a Borrowing Request in connection with subsequent Loans. Any Each such telephonic request Borrowing Request for a Loan by the Borrower shall be irrevocable and shall be confirmed promptly confirmed by submission of a properly completed Borrowing Request hand delivery or telecopy to the Administrative AgentAgent of a written Borrowing Request. 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. Borrowings of more than one type may be outstanding at the same time; provided that there shall not at any time be more than a total of five (5) Eurodollar Borrowings outstanding. On or before 12:00 noon (11:00 a.m. New York time) time on such Business Day each Bank Lender shall deposit with the Administrative Agent same day funds in an amount equal to such Bank's Lender’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 BanksLenders. To the extent funds are received from the BanksLenders, 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 The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be affected by responsible for any other Bank's Lender’s failure to make any LoanLoans as required.

Appears in 1 contract

Samples: Credit Agreement (National Energy Group Inc)

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Borrowing Procedures for Loans. By delivering a Borrowing Request signed by all of the Borrowers to the Administrative Agent on or before (ia) 11:00 a.m.1:00 p.m., New York time in the case of Base Rate Loans on at least one (1) Business Day prior to the Business Day on which such Borrowing is to be made made; and (iib) 12:00 noon1:00 p.m., New York time in the case of a LIBO Rate Loan at least three (3) Business Days prior to the Business Day on which such Borrowing is to be made, the Borrower Borrowers may from time to time irrevocably request request, in each case on not more than five (5) Business Days' notice, that a Borrowing be made in a minimum amount of $500,000 and an integral multiple of $100,000, 500,000; or in the unused amount of the Commitments. The Loan Commitment; provided, however, that at the time of such Borrowing, the Administrative Agent at its option may accept telephonic requests for Loans, provided or the Lenders have not notified the Borrowers that such acceptance shall not constitute a waiver an Event 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 AgentDefault has occurred and is continuing. 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, Day specified in such Borrowing RequestRequest and shall be advanced to CPG for the account of the Borrowers. On or before 12:00 noon (1:00 p.m., New York time) time on such Business Day each Bank Lender shall deposit with the Administrative Agent same day funds in an amount equal to such BankLender'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 BanksLenders. To the extent funds are received from the BanksLenders, the Administrative Agent shall make such funds available to CPG for the Borrower account of the Borrowers by wire transfer to the accounts that the Borrower Borrowers shall have specified in its their Borrowing Request. No BankLender's obligation to make any Loan shall be affected by any other BankLender's failure to make any Loan.

Appears in 1 contract

Samples: Credit Agreement (Copano Energy, L.L.C.)

Borrowing Procedures for Loans. (a) By delivering a Borrowing Request to the Administrative Agent on or before (i) 11:00 a.m.12:00 noon, New York time in the case of Base Rate Loans on one Business Day prior to the Business Day on which such Borrowing is to be made 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 ’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 Lender shall deposit with the Administrative Agent same day funds in an amount equal to such Bank's Lender’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 BanksLenders. To the extent funds are received from the BanksLenders, 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 RequestRequest by no later than 12:00 noon New York City time on such Business Day. No Bank's Lender’s obligation to make any Loan shall be affected by any other Bank's Lender’s failure to make any Loan.

Appears in 1 contract

Samples: Credit Agreement (Escalera Resources Co.)

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