Common use of Loan Procedure Clause in Contracts

Loan Procedure. (a) Subject to compliance with Section 5, Borrower may request a Loan under the Revolving Credit Facility by submitting a Loan Request to Lender. A Loan Request is irrevocable and binding on Borrower. Each Loan Request must be received by Lender no later than 11:00 a.m. on the proposed Loan Date. Each Loan Date must be a Business Day. Each Loan Date under the Revolving Credit Facility must occur on or before the Revolving Credit Termination Date. (b) Each Loan under the Revolving Credit Facility is subject to the following conditions: (i) each Loan must occur on a Business Day and must occur on or before the Revolving Credit Termination Date; (ii) unless otherwise approved by Lender, each Loan (unless the remaining amount under clause (ii) below is less) must be in an amount not less than $10,000 or a greater integral multiple of $1,000; (iii) no Loan may exceed an amount equal to the excess of the Revolving Credit Limit over the Revolving Principal Amount; and (iv) after giving effect to any Loan, the Revolving Principal Amount may not exceed the Revolving Credit Limit. (c) Each Loan under the Revolving Credit Facility will be deposited by Lender into Borrower’s account with Lender set out on Schedule 1. (d) Each Loan shall be a LIBOR Loan unless LIBOR is unavailable. If LIBOR is unavailable, each Loan shall be immediately converted into and shall be outstanding as a Base Rate Loan until LIBOR once again becomes available, at which time each such Loan shall be automatically converted into a LIBOR Loan. (e) From time to time, Lender may provide certain treasury or cash management services to Borrower under which Borrower incurs Loans under the Revolving Credit Facility. While a cash management agreement or arrangement is in effect, Borrower may repay the Revolving Principal Amount under the terms of the cash management agreement or arrangement without notice. Each Borrower hereby authorizes Lender to honor all checks or other drafts received against the accounts subject to the cash management agreement or arrangement. Subject to Section 2.2(d) , Loans borrowed under the terms of any cash management agreement or arrangement between Borrower and Lender shall be borrowed as LIBOR Loans.

Loan Procedure. (a) Subject to compliance with Section 5, Borrower may request a Loan under the Revolving Credit Facility or the Term Loan by submitting a Loan Request to Lender. A Loan Request is irrevocable and binding on Borrower. Each Loan Request must be received by Lender no later than 11:00 a.m. on (a) the third Business Day preceding the proposed Loan DateDate for a LIBOR Loan, and (b) the proposed Loan Date for a Base Rate Loan. Each Loan Date must be a Business Day. Each , and each Loan Date under the Revolving Credit Facility must occur on or before the Revolving Credit Termination Date. (b) . Each Loan under the Revolving Credit Facility is subject to the following conditions: (i) each Loan must occur on a Business Day and must occur on or before the Revolving Credit Termination Date; (ii) unless otherwise approved by Lender, each Loan (unless the remaining amount under clause (ii) below is less) must be in an amount not less than $10,000 50,000 or a greater integral multiple of $1,00010,000; (iiiii) no Loan may exceed an amount equal to the excess of the Revolving Credit Limit over the Revolving Principal AmountCredit Exposure; and (iviii) after giving effect to any Loan, the Revolving Principal Amount Credit Exposure may not exceed the Revolving Credit Limit. (cb) Each Loan under the Revolving Credit Facility or the Term Loan will be deposited by Lender into Borrower’s account with Lender set out on Schedule 1. (d) Each Loan shall be a LIBOR Loan unless LIBOR is unavailable. If LIBOR is unavailable, each Loan shall be immediately converted into and shall be outstanding as a Base Rate Loan until LIBOR once again becomes available, at which time each such Loan shall be automatically converted into a LIBOR Loan. (ec) From time to time, Lender may provide certain treasury or cash management services to Borrower under which Borrower incurs Loans under the Revolving Credit Facility. While a cash management agreement or arrangement Cash Management Agreement is in effect, Borrower may repay the Revolving Principal Amount under the terms of the cash management agreement or arrangement Cash Management Agreement without notice. Each Borrower hereby authorizes Lender to honor all checks or other drafts received against the accounts subject to the cash management agreement or arrangementCash Management Agreement. Subject to Section 2.2(d) 2.3(c), Loans borrowed under the terms of any cash management agreement or arrangement Cash Management Agreement between Borrower and Lender shall be borrowed as LIBOR Loans.