Common use of Loan Requests Clause in Contracts

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrow a Revolving Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Nematron Corp), Loan and Security Agreement (Nematron Corp)

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Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. Connecticut time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone facsimile or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic facsimile or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's Lender’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically by facsimile or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Iwt Tesoro Corp), Loan and Security Agreement (Iwt Tesoro Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (ia) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Administrative Agent notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; the conditions precedent set forth in Section 9A hereof are not satisfied, and (iib) the coming becoming due of any amount required to be paid under this Agreement Agreement, the Fee Letter, any Revolving Note or Term Note, or any Noteother Loan Document, whether on account of principal or interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest principal, interest, or other LiabilityObligation. As an accommodation to Borrower, LaSalle Administrative Agent may permit telephone telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements agreements, or reports to LaSalle Administrative Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Administrative Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle neither Agent nor any other member of the Lender Group shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleAdministrative Agent's honoring of any requests, execution of any instructions, authorizations authorizations, or agreements agreements, or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Administrative Agent by Borrower Borrower, and LaSalle Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Questron Technology Inc), Loan and Security Agreement (Questron Technology Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago Portland time) of such day, of its intention to borrow a Revolving Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Accom Inc)

Loan Requests. A request for a Revolving Credit Loan shall ------------- be made made, or shall be deemed to be made, each in the following manner: (i) D&K on its own behalf or as agent for any Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower D&K shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. central time on the proposed borrowing date, provided, however, that no such -------- request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to BorrowerD&K, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. D&K. Unless Borrower D&K specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from any Borrower, LaSalle Lender shall have no liability to any Borrower for any loss or damage suffered by such Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower D&K, for itself or as agent for any Borrower, and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (D & K Healthcare Resources Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall Borrowers may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Lender notice of such day, of its their intention to borrow a Revolving Loanborrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. Dallas, Texas time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to BorrowerBorrowers, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowers. Unless Borrower Borrowers specifically directs LaSalle direct Lender in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, LaSalle Lender shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower Borrowers and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Measurement Specialties Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrow a Prime Rate Revolving Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; providedPROVIDED, howeverHOWEVER, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Bpi Packaging Technologies Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. Los Angeles time, on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; Default and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Notethe Term Notes, whether on account of as interest or for any other LiabilityObligation, irrevocably shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements agreements, or reliance on any reports communicated to it telephonically or electronically and purporting believed in good faith by Lender to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (First Aviation Services Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. New York time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Joule Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) the Borrower shall give LaSalle ABN AMRO same day notice, no later than 10:30 A.M. 12:00 noon (Chicago Toronto time) of on such day, of its intention to borrow a Revolving Prime Rate Loan or U.S. Prime Rate Loan, in which notice Borrower shall specify be substantially in the amount form of the proposed borrowing and the proposed borrowing date; Exhibit 4(a) hereto (each a "Notice of Borrowing"), provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liabilityliability, shall be deemed irrevocably to be a request for a Revolving Prime Rate Loan or U.S. Prime Rate Loan as applicable on the due date thereof in the amount required to pay such interest or other Liabilityliability. As an accommodation to the Borrower, LaSalle ABN AMRO may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleABN AMRO. Unless the Borrower specifically directs LaSalle ABN AMRO in writing not to accept or act upon telephonic or electronic communications from Borrowercommunications, LaSalle ABN AMRO shall have no liability to the Borrower for any loss or damage suffered by Borrower as a result of LaSalleABN AMRO's honoring honouring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle ABN AMRO by the Borrower and LaSalle ABN AMRO shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice Notice of borrowing Borrowing shall be irrevocable by and binding on the Borrower. The Borrower, at its option, may choose Prime Rate Loans or U.S. Prime Rate Loans for Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Numatics Inc)

Loan Requests. (A) A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent a Notice of such day, of its intention to borrow a Revolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of LaSalle's Agent’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice Except as otherwise provided in Section 2.3 and subject to the provisions of borrowing Section 1.1.2, each Revolving Credit Loan shall be irrevocable made on notice, given not later than 11:00 a.m. (Milwaukee time) on the Business Day of the proposed Revolving Credit Loan by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier, telex or cable. Each such notice (a “Notice of Revolving Credit Loan”) shall be in writing or by telephone to Agent at (000) 000-0000, confirmed immediately in writing, specifying therein the requested date and binding amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Milwaukee time) on Borrowereach requested date, wire to a bank designated by Agent the amount of that Lender’s Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 P.M. (Milwaukee time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from the Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Houston Wire & Cable CO)

Loan Requests. A request for a Revolving Credit Loan, Term Loan C, Term Loan D or Term Loan E shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. Dallas, Texas time on the proposed borrowing date; provided, however, that no Lender shall have the right to refuse to accept such a request may be made or refuse to make a Revolving Credit Loan if at a such time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement Agreement, under Term Notes or under any Noteof the other Loan Documents, whether on account of interest as principal, accrued interest, fees or for any other Liabilitycharges, shall be deemed irrevocably to be a request by Borrower to Lender for a Revolving Credit Loan on the due date thereof of, and in the an aggregate amount required to pay pay, such interest principal, accrued interest, fees or other Liabilitycharges, and the proceeds of any such Revolving Credit Loan may be disbursed by Lender by way of direct payment of the relevant Obligation (whether or not any Default, Event of Default or Out-of-Formula Condition exists at the time of or would result from such Revolving Credit Loan) and shall bear interest at the rate of interest applicable to Revolving Credit Loans. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it Lender telephonically or electronically and purporting to have been sent to LaSalle Lender by any individual from time to time designated by Borrower as an authorized officer and LaSalle Lender shall have no duty to verify the origin or authenticity of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrowercommunication.

Appears in 1 contract

Samples: Loan and Security Agreement (Black Warrior Wireline Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date and, if applicable, wiring instructions as set forth below, no later than 11:00 a.m. New York City time on the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account as a drawing under the Letter of Credit, as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender, at Borrower's request, will wire transfer Revolving Credit Loan proceeds into an operating account maintained by Borrower in a state in which Bank does not maintain branches. As an accommodation to Borrower, Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Emtec Inc/Nj)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (ia) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (Los Angeles time) on the proposed borrowing date; provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; the conditions precedent set forth in Section 9A hereof are not satisfied, and (iib) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations authorizations, or agreements agreements, or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower Borrower, and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Peregrine Real Estate Trust)

Loan Requests. A Subject to Section 3.1.4 in the case of LIBOR Advances, a request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Designated Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Lender notice of such day, of its any Borrower's intention to borrow a Revolving Loanborrow, in which notice notice, Designated Borrower shall specify the name of the Borrower, the amount of the proposed borrowing and borrowing, the type of Loan, the proposed borrowing date, being no later than 11:00 a.m. New York time on the proposed borrowing date (each a "Borrowing Notice"); provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Loan at the Base Rate on the due date thereof in the amount required to pay such interest or other LiabilityObligation, unless otherwise paid or unless at the end of an Interest Period in respect of a LIBOR Advance, a request is made for a new LIBOR Advance. As an accommodation to BorrowerBorrowers, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Designated Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower UIC specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from any Designated Borrower, LaSalle Lender shall have no liability to any Borrower for any loss or damage suffered by any such Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by a Designated Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrowersender thereof.

Appears in 1 contract

Samples: Loan and Security Agreement (United Industrial Corp /De/)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (iI) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, no later than 11:00 a.m. on the proposed borrowing date, PROVIDED, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (iiII) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Media Sciences International Inc)

Loan Requests. A Subject to Section 3.1.6, a request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall Borrowers may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent notice of such day, of its their intention to borrow a Revolving Loanborrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 1:00 p.m. (Eastern Time) on the Business Day of the proposed borrowing date (any request received after 1:00 p.m. (Eastern Time) shall be deemed to be made on the next Business Day thereafter) and Agent will promptly advise Lenders of such notice, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to BorrowerBorrowers, LaSalle Agent may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowers. Unless Borrower Borrowers specifically directs LaSalle direct Agent in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, LaSalle neither Agent nor any Lender shall have no any liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of LaSalleAgent's or any Lender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent or Lenders by Borrower Borrowers unless it is determined by a final and LaSalle nonappealable judgment or court order binding on the Agent and such Lender that such loss or damage was solely the result of the gross negligence or willful misconduct of Agent or such Lender. Neither Agent nor any Lender shall have no any duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower."

Appears in 1 contract

Samples: Loan and Security Agreement (United Natural Foods Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. (Los Angeles time) on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Defaultthe conditions precedent set forth in Section 9A are not satisfied; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Notethe CapEx Notes, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements agreements, or reliance on any reports communicated to it telephonically or electronically and purporting believed in good faith by Lender to have been sent to LaSalle Lender by Borrower Borrower, and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice it (other than the employment of borrowing shall be irrevocable any standard verification methods used in the ordinary course of business by and binding on BorrowerLender).

Appears in 1 contract

Samples: Loan and Security Agreement (Meade Instruments Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent a Notice of such day, of its intention to borrow a Revolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only Borrower from such authorized persons designated by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalletime. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it, except for any loss or damage resulting from Agent's gross negligence on willful misconduct. Except as otherwise provided in subsection 3.1.4, each Revolving Credit Loan shall be made on notice, given not later than 11:00 a.m. (Chicago time) on the Business Day of the proposed Revolving Credit Loan, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier or e-mail. Each such notice (a "Notice of borrowing Revolving Credit Loan") shall be irrevocable in writing or by telephone to Agent at (262) 798-4800, confirmed immediately in writing, specifying therxxx xxx xxxxxxted date and binding amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Chicago time) on Borrowereach requested date, wire to a bank designated by Agent the amount of that Lender's Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 P.M. (Chicago time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender. The foregoing notwithstanding, unless otherwise notified by any Lender, Agent, in its sole discretion, may, from its own funds, make a Revolving Credit Loan on behalf of any Lender hereto. In such event, the Lender on behalf of whom Agent made the Revolving Credit Loan shall reimburse Agent for the amount of Revolving Credit Loan so made on its behalf, on a weekly (or more frequent basis as determined by Agent, in its sole discretion) basis and the entire amount of interest attributable to such Revolving Credit Loan for the period from the date on which said Revolving Credit Loan was made by Agent on such Lender's behalf until Agent is reimbursed by such Lender, shall be paid to Agent. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan when all conditions to a Revolving Credit Loan have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Notes, held by the Lender(s) who so fail or refuse, and to assume such Lender's commitments to make Revolving Credit Loans and each such Lender shall be obligated to sell and transfer such Revolving Credit Notes to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Notes so purchased by it. Any such purchase, however, shall not relieve any such Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Home Products International Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrow a Revolving Loan, Loan in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Phoenix Medical Technology Inc)

Loan Requests. (a) A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall Borrower, through any one or more of them, may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Agent notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing borrowing, the rate option and the proposed borrowing date; , no later than 12:00 noon, Eastern time, on the proposed borrowing date for all Revolving Credit Base Rate Loans or, for a Revolving Credit LIBOR Rate Loan, no later than 11:00 A.M. Eastern time on the second (2nd) London Business Day prior to the requested borrowing date in accordance with subsection 2.1.1(a)(ii)(A), provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Noteof the other Loan Documents, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice , except to confirm the name of borrowing shall be irrevocable by and binding on Borrowerthe Specified Officer.

Appears in 1 contract

Samples: Loan and Security Agreement (Gentiva Health Services Inc)

Loan Requests. A request for a Revolving Loan shall be made or ------------- shall be deemed to be made, each in the following manner: (i) a Borrower shall give LaSalle same day notice, no later than 10:30 11:30 A.M. (Chicago time) of such day, of its intention to borrow a Revolving Loan, in which notice such Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there -------- ------- exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to BorrowerBorrowers, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowers. Unless Borrower Borrowers specifically directs direct LaSalle in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, LaSalle shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of LaSalle's good faith honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower Borrowers or any one of them and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Interplay Entertainment Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. Dallas, Texas time on the proposed borrowing date; provided, however, that no Lender shall have the right to refuse to accept such a request may be made or make a Revolving Credit Loan if at a such time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or under any Noteof the other Loan Documents, whether on account of interest as principal, accrued interest, fees or for any other Liabilitycharges, shall be deemed irrevocably to be a request by Borrower from Lender for a Revolving Credit Loan on the due date thereof of, and in the an aggregate amount required to pay pay, such interest principal, accrued interest, fees or other Liabilitycharges, and the proceeds of any such Revolving Credit Loan may be disbursed by Lender by way of direct payment of the relevant Obligation (whether or not any Default, Event of Default or Out-of-Formula Condition exists at the time of or would result from such Revolving Credit Loan) and shall bear interest at the rate of interest applicable to Revolving Credit Loans. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it Lender telephonically or electronically and purporting to have been sent to LaSalle Lender by any individual from time to time designated by Borrower as an authorized officer and LaSalle Lender shall have no duty to verify the origin or authenticity of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrowercommunication.

Appears in 1 contract

Samples: Loan and Security Agreement (Bayard Drilling Technologies Inc)

Loan Requests. A request for a Revolving Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower an Authorized Officer shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender written notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower such Authorized Officer shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. (Dallas, Texas time) on the proposed borrowing date (or in accordance with Section 2.3 hereof in the case of a request for a LIBOR Portion), provided, however, that no Lender shall have the right to refuse to accept a request or refuse to make a Loan if at such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or under any Noteof the other Loan Documents, whether on account of interest as principal, accrued interest, fees or for any other Liabilitycharges, shall irrevocably be deemed irrevocably to be a request by Borrowers to Lender for a Revolving Loan on the due date thereof of, and in the an aggregate amount required to pay pay, such interest principal, accrued interest, fees or other Liabilitycharges, and the proceeds of any such Loan may be disbursed by Lender by way of direct payment of the relevant Obligation (whether or not any Default, Event of Default or Out-of-Formula Condition exists at the time of or would result from such Loan) and shall bear interest at the rate of interest applicable to the Base Rate Portion. As an accommodation to BorrowerBorrowers, LaSalle Lender may permit telephone facsimile transmittal of requests for Revolving Loans and electronic transmittal of Loans, instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSallean Authorized Officer. Unless Borrower Borrowers specifically directs LaSalle direct Lender in writing not to accept or act upon telephonic or electronic on facsimile communications from Borroweran Authorized Officer, LaSalle Lender shall have no liability to any Borrower for any loss or damage suffered by any Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically Lender by facsimile and purporting to have been sent to LaSalle Lender by Borrower any Authorized Officer and LaSalle Lender shall have no duty to verify the origin or authenticity of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrowercommunication.

Appears in 1 contract

Samples: Loan and Security Agreement (Avalon Community Services Inc)

Loan Requests. (1) A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle Agent same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrow, a Prime Rate Revolving Loan, and at least three (3) Business Days prior notice of its intention to borrow a LIBOR Rate Revolving Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle Agent may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle neither Agent nor any Lender shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower, and if such notice requests the borrowing of a LIBOR Rate Revolving Loan, such notice shall state the Interest Period with respect thereto. Borrower, at its option, may choose Prime Rate Revolving Loans or LIBOR Rate Revolving Loans, provided that any LIBOR Rate Revolving Loan shall be in a minimum amount of $500,000 or an integral multiple of $100,000 in excess thereof, and provided further that the right of Borrower to choose any LIBOR Rate Loan is subject to the provisions of paragraph 7(c) hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Transact Technologies Inc)

Loan Requests. (a) A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall Borrowing Agent may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent written notice of such day, of its Borrowers' intention to borrow a Revolving Loanborrow, in which borrowing notice Borrower Borrowing Agent shall specify the amount of the proposed borrowing borrowing, the rate option and the proposed borrowing date; , no later than 12:00 noon, Eastern time, on the proposed borrowing date for all Revolving Credit Base Rate Loans or, for a Revolving Credit LIBOR Rate Loan, no later than 11:00 A.M. Eastern time on the second (2nd) London Business Day prior to the requested borrowing date in accordance with subsection 2.1.1(a)(ii)(A), provided, however, that no such request may be made at a time when there exists a Default or an Event of DefaultDefault (both prior to and after giving effect to the proposed borrowing); and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Noteof the other Loan Documents, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As Notwithstanding anything to the contrary contained in this Agreement, as an accommodation to BorrowerBorrowers, LaSalle Agent may permit telephone telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowing Agent. Unless Borrower Borrowing Agent specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowing Agent, LaSalle Agent shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower a Specified Officer and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice , except to confirm the name of borrowing shall be irrevocable by and binding on Borrowerthe Specified Officer.

Appears in 1 contract

Samples: Loan and Security Agreement (Gentiva Health Services Inc)

Loan Requests. On the Closing Date Lender shall make the Term Loans. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 10:00 a.m. Pacific time on the proposed borrowing date, provided, however, that no Lender, at its option, may refuse such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement Agreement, the Term Notes or any Notenote issued pursuant to the Capital Expenditure Facility, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.a

Appears in 1 contract

Samples: Loan and Security Agreement (Denali Inc)

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Loan Requests. A request for a Revolving Credit Loan or a Term B Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent a Notice of such day, of its intention to borrow a Revolving LoanCredit Loan or Term Loans B, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement Agreement, the Term Notes A or any Notethe Term Notes B, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice Except as otherwise provided in Section 2.3 and subject to the provisions of borrowing Section 1.1.2, each Revolving Credit Loan and each Term Loans B shall be irrevocable made on notice, given not later than 11:00 a.m. (Milwaukee time) on the Business Day of the proposed Revolving Credit Loan or Term Loans B, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier, telex or cable. Each such notice (a "Notice of Revolving Credit Loan" or a "Notice of Term Loans B," as applicable) shall be in writing or by telephone to Agent at (000) 000-0000, confirmed immediately in writing, specifying therein the requested date and binding amount of such Revolving Credit Loan or Term Loans B. Each Lender shall, not later than 2:00 p.m. (Milwaukee time) on Borrower.each requested date, wire to a bank designated by Agent the amount of that Lender's Revolving Credit Percentage of the requested Revolving Credit Loan or the amount of that Lender's Term Loan B Percentage of the requested Term Loan B. Agent shall, before 2:30 P.M. (Milwaukee time) on the date of the proposed Revolving Credit Loan or proposed Term Loans B, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan or Term Loans B to the extent received from the Lenders. The failure of any Lender to make the Revolving Credit Loan or Term Loans B to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan or Term Loans B. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan or Term Loans B to be made by such other Lender. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan or Term Loans B when all conditions to a Revolving Credit Loan or Term Loans B have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Note, Term Note A and Term Note B held by the Lender(s) who so fail or refuse, and to assume such Lender's commitments to make Revolving Credit Loans or Term Loans B and each such Lender shall be obligated to sell and transfer such Revolving Credit Note, Term Notes A or Term Note B to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Note or Term Note B so purchased by it. Any such purchase, however, shall not relieve any such Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan or Term Loans B.

Appears in 1 contract

Samples: Loan and Security Agreement (Houston Wire & Cable CO)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. New York time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Notethe Revolving Note(s), whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Zoom Telephonics Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. Chicago time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any the Term Note, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower Borrower, as applicable, specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) the Borrower shall give LaSalle same day notice, no later than 10:30 A.M. 12:00 noon (Chicago Toronto time) of on such day, of its intention to borrow a Revolving Prime Rate Loan or U.S. Base Rate Loan, in which notice Borrower shall specify be substantially in the amount form of the proposed borrowing and the proposed borrowing date; EXHIBIT 4(a) hereto (each a "NOTICE OF BORROWING"), provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liabilityliability, shall be deemed irrevocably to be a request for a Revolving Prime Rate Loan or U.S. Base Rate Loan as applicable on the due date thereof in the amount required to pay such interest or other Liabilityliability. As an accommodation to the Borrower, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless the Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrowercommunications, LaSalle shall have no liability to the Borrower for any loss or damage suffered by Borrower as a result of LaSalle's honoring honouring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by the Borrower and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice Notice of borrowing Borrowing shall be irrevocable by and binding on the Borrower. The Borrower, at its option, may choose Prime Rate Loans or U.S. Base Rate Loans for Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Cabletel Communications Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. New York time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic or xxxxxronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically specixxxxxxx directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requestsrequesxx, execution xxecution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Pure World Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower Omni shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago Portland time) of such day, of its intention to borrow a Revolving Loan, in which notice Borrower Omni shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; (ii) if Omni is using the cash management services of LaSalle National Bank, Omni will be deemed to have requested Revolving Loans at such times and in such amounts as are required to cover drafts and other charges clearing Omni's account each day in accordance with the cash management procedures approved by Omni; and (iiiii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to BorrowerBorrowers, LaSalle may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowers. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle shall have no liability to Borrower Borrowers for any loss or damage suffered by either Borrower as a result of LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle by Borrower Borrowers, or either of them, and LaSalle shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Omni Rail Products Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (ia) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. (Los Angeles time) on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; the conditions precedent set forth in Section 9A are not satisfied: and (iib) the coming becoming due of any amount required to be paid under this Agreement or any the Term Note, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements agreements, or reliance on any reports communicated to it telephonically or electronically and purporting believed in good faith by Lender to have been sent to LaSalle Lender by Borrower Borrower, and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Meade Instruments Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made ------------- made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. New York City time on the proposed borrowing date together with the Borrowing Base Certificate, provided, however, that no such request may -------- be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Seranova Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each by an Authorized Officer in the following manner: (i) Borrower shall Borrowers may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Lender notice of such day, of its the intention to borrow a Revolving Loanborrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing date (which shall be a Business Day), no later than 12:00 P.M. Eastern time on the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Noteof the Notes, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to BorrowerBorrowers, LaSalle Lender may permit telephone electronic requests for Revolving Loans and electronic xxxxxronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalleBorrowers. Unless Borrower Borrowers specifically directs LaSalle direct Lender in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, LaSalle Lender shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of LaSalleLender's honoring of any requests, execution of any xxx instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower Borrowers and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Open Plan Systems Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) D&K on its own behalf or as agent for any Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower D&K shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. central time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to BorrowerD&K, LaSalle Lender may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. D&K. Unless Borrower D&K specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from any Borrower, LaSalle Lender shall have no liability to any Borrower for any loss or damage suffered by such Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower D&K, for itself or as agent for any Borrower, and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (D & K Healthcare Resources Inc)

Loan Requests. A request for a Revolving Loan shall be made or shall be deemed to be made, each in the following manner: (i) Borrower shall give LaSalle Agent same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrow, a Prime Rate Revolving Loan, and at least three (3) Business Days prior notice of its intention to borrow a LIBOR Rate Revolving Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, PROVIDED, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of any amount required to be paid under this Agreement or any Note, whether on account of interest or for any other Liability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Loan on the due date thereof in the amount required to pay such interest or other Liability. As an accommodation to Borrower, LaSalle Agent may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle neither Agent nor any Lender shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower, and if such notice requests the borrowing of a LIBOR Rate Revolving Loan, such notice shall state the Interest Period with respect thereto. Borrower, at its option, may choose Prime Rate Revolving Loans or LIBOR Rate Revolving Loans, provided that any LIBOR Rate Revolving Loan shall be in a minimum amount of $1,000,000 or an integral multiple of $100,000 in excess thereof, and provided further that the right of Borrower to choose any LIBOR Rate Loan is subject to the provisions of paragraph 7(c) hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Security Capital Corp/De/)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) each Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice such Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 1:00 p.m. Boston time one Business Day before the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming due of at which time any amount required to be paid under this Agreement or any the Revolving Credit Note, whether on account of as interest or for any other LiabilityObligation, it shall be deemed irrevocably to be a request from Borrower for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Rowecom Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each by an Authorized Officer in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Lender notice of such day, of its the intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date (which shall be a Business Day), no later than 1:00 P.M. Eastern time on the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any Noteof the Notes, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle may Lender shall permit telephone telephonic requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Electronics Boutique Holdings Corp)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. St. Louis time on the proposed borrowing date, provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Lender may permit telephone telephonic or electronic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's Lender’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Lender by Borrower and LaSalle Lender shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Allied Healthcare Products Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent a Notice of such day, of its intention to borrow a Revolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists and is continuing a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement Agreement, the Term Notes A or any NoteTerm Notes B, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalle. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of LaSalleAgent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it. Each notice of borrowing Except as otherwise provided in Section 2.1.1(B), each Revolving Credit Loan shall be irrevocable made on notice, given not later than 11:00 a.m. (Milwaukee time) on the Business Day of the proposed Revolving Credit Loan, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier, telex or cable. Each such notice (a "Notice of Revolving Credit Loan") shall be in writing or by telephone to Agent at (000) 000-0000, confirmed immediately in writing, specifying therein the requested date and binding amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Milwaukee time) on each requested date, wire to a bank designated by Agent the amount of that Lender's Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 P.M. (Milwaukee time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from the Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan when all conditions to a Revolving Credit Loan have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Note, Term Note A, Term Note B and interests and obligations in respect to the LC Amount held by the Lender(s) (a "Defaulting Lender") who so fail or refuse, and to assume such Lender's commitments to make Revolving Credit Loans and each such Lender shall be obligated to sell and transfer such Revolving Credit Note, Term Note A, Term Note B and interests and obligations in respect to the LC Amount to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Defaulting Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Notes so purchased by it. In the event that Agent does not so purchase the interest of any such Defaulting Lender, then Borrower, at its option and expense, may obtain a substitute Lender (who shall be reasonably acceptable to Agent) for the Defaulting Lender. In such event, Borrower shall provide written notice to the Defaulting Lender and Agent that Borrower requires such Defaulting Lender to sell and transfer all of its interest in this Agreement and its Revolving Credit Note, Term Note A, Term Note B, Revolving Credit Loan Commitments and interests and obligations in respect to the LC Amount to such substitute Lender for a price in cash equal to the principal balance plus all accrued by unpaid interest thereon plus all accrued but unpaid fees due any such Defaulting Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to such substitute Lender with respect to the Revolving Credit Notes purchased by it. Upon such purchase, the Defaulting Lender shall be relieved of any further liability or obligation under the Loan Documents, however such purchase by either Agent or a substitute Lender, shall not relieve any such Defaulting Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)

Loan Requests. A request for a Revolving Credit Loan shall ------------- be made made, or shall be deemed to be made, each in the following manner: (i) Borrower an Authorized Officer shall give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, Lender written notice of its intention to borrow a Revolving Loanborrow, in which notice Borrower such Authorized Officer shall specify the amount of the proposed borrowing and the proposed borrowing date; , no later than 11:00 a.m. (Dallas, Texas time) on the proposed borrowing date (or in accordance with Section 2.3 ----------- hereof in the case of a request for a LIBOR Portion), provided, however, that no -------- ------- Lender shall have the right to refuse to accept a request or refuse to make a Revolving Credit Loan if at such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or under any Noteof the other Loan Documents, whether on account of interest as principal, accrued interest, fees or for any other Liabilitycharges, shall irrevocably be deemed irrevocably to be a request by Borrowers to Lender for a Revolving Credit Loan on the due date thereof of, and in the an aggregate amount required to pay pay, such interest principal, accrued interest, fees or other Liabilitycharges, and the proceeds of any such Revolving Credit Loan may be disbursed by Lender by way of direct payment of the relevant Obligation (whether or not any Default, Event of Default or Out-of-Formula Condition exists at the time of or would result from such Revolving Credit Loan) and shall bear interest at the rate of interest applicable to the Base Rate Portion. As an accommodation to BorrowerBorrowers, LaSalle Lender may permit telephone facsimile transmittal of requests for Revolving Loans and electronic transmittal of Credit Loans, instructions, authorizations, agreements or reports to LaSalle Lender by Borrower; provided that telephone requests or electronic transmittals may be made only by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSallean Authorized Officer. Unless Borrower Borrowers specifically directs LaSalle direct Lender in writing not to accept or act upon telephonic or electronic on facsimile communications from Borroweran Authorized Officer, LaSalle Lender shall have no liability to any Borrower for any loss or damage suffered by any Borrower as a result of LaSalleLender's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically Lender by facsimile and purporting to have been sent to LaSalle Lender by Borrower any Authorized Officer and LaSalle Lender shall have no duty to verify the origin or authenticity of any such communication or the authority of the Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrowercommunication.

Appears in 1 contract

Samples: Loan and Security Agreement (Avalon Community Services Inc)

Loan Requests. A request for a Revolving Credit Loan shall be made made, or shall be deemed to be made, each in the following manner: (i) Borrower shall may give LaSalle same day notice, no later than 10:30 A.M. (Chicago time) Agent a Notice of such day, of its intention to borrow a Revolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; , provided, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the coming becoming due of any amount required to be paid under this Agreement or any NoteAgreement, whether on account of as interest or for any other LiabilityObligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other LiabilityObligation. As an accommodation to Borrower, LaSalle Agent may permit telephone telephonic requests for Revolving Loans loans and electronic transmittal of instructions, authorizations, agreements or reports to LaSalle Agent by Borrower; provided that telephone requests or electronic transmittals may be made only Borrower from such authorized persons designated by such persons as the Borrower may from time to time designate in writing to LaSalle (it being understood that LaSalle shall be entitled to rely upon such designation until LaSalle receives and has a reasonable opportunity to act upon the Borrower's written amendment or retraction of such designation), and provided further that LaSalle will not accept a telephone or electronic request to change the account number into which proceeds from the Revolving Loans are deposited by LaSalletime. Unless Borrower specifically directs LaSalle Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, LaSalle Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LaSalle's Agent’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to LaSalle Agent by Borrower and LaSalle Agent shall have no duty to verify the origin of any such communication or the authority of the Person person sending it, except for any loss or damage resulting from Agent’s gross negligence on willful misconduct. Except as otherwise provided in Subsection 3.1.4, each Revolving Credit Loan shall be made on notice, given not later than 11:00 a.m. (Chicago time) on the Business Day of the proposed Revolving Credit Loan, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by facsimile or e-mail. Each such notice (a “Notice of borrowing Revolving Credit Loan”) shall be irrevocable in writing or by telephone to Agent at (000) 000-0000, confirmed immediately in writing, specifying therein the requested date and binding amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Chicago time) on Borrowereach requested date, wire to a bank designated by Agent the amount of that Lender’s Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 p.m. (Chicago time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender. The foregoing notwithstanding, unless otherwise notified by any Lender, Agent, in its sole discretion, may, from its own funds, make a Revolving Credit Loan on behalf of any Lender hereto. In such event, the Lender on behalf of whom Agent made the Revolving Credit Loan shall reimburse Agent for the amount of Revolving Credit Loan so made on its behalf, on a weekly (or more frequent basis as determined by Agent, in its sole discretion) basis and the entire amount of interest attributable to such Revolving Credit Loan for the period from the date on which said Revolving Credit Loan was made by Agent on such Lender’s behalf until Agent is reimbursed by such Lender, shall be paid to Agent. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan when all conditions to a Revolving Credit Loan have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Notes, held by the Lender(s) who so fail or refuse, and to assume such Lender’s commitments to make Revolving Credit Loans and each such Lender shall be obligated to sell and transfer such Revolving Credit Notes to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Notes so purchased by it. Any such purchase, however, shall not relieve any such Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Home Products International Inc)

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