Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner: (i) Borrower may give Lender notice of its intention to borrow, 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile or electronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 2 contracts
Sources: 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, or shall be deemed to be made, in the following manner:
(ia) Borrower may give Lender Administrative Agent notice of its intention to borrow, 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 (New York time) on the proposed borrowing date, 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 becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether as of principal or interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest principal, interest, or other Obligation. As an accommodation to Borrower, Lender Administrative Agent may permit facsimile or electronic telephonic requests for loans Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements agreements, or reports to Lender Administrative Agent by Borrower. Unless Borrower specifically directs Lender Administrative Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, 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 Lender’s Administrative Agent's honoring of any requests, execution of any instructions, authorizations authorizations, or agreements agreements, or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Administrative Agent by Borrower Borrower, and Lender Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 2 contracts
Sources: Loan and Security Agreement (Questron Technology Inc), Loan and Security Agreement (Questron Technology Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, by an Authorized Officer in the following manner:
: (i) Borrower Borrowers may give Lender notice of its the intention to borrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing datedate (which shall be a Business Day), no later than 11:00 a.m. Connecticut 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 becoming due of any amount required to be paid under this AgreementAgreement or any of the Notes, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to BorrowerBorrowers, Lender may permit facsimile or electronic requests for loans Loans and electronic ▇▇▇▇▇ronic transmittal of instructions, authorizations, agreements or reports to Lender by BorrowerBorrowers. Unless Borrower Borrowers specifically directs direct Lender in writing not to accept or act upon facsimile or electronic communications from BorrowerBorrowers, Lender shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of Lender’s 's honoring of any requests, execution of any ▇▇▇ instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile or electronically and purporting to have been sent to Lender by Borrower Borrowers and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: 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) Borrower may shall give Lender notice Agent same day written notice, no later than 1:00 P.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, 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 becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a an authorized request for a Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic transmittals of requests for loans and electronic transmittal of Revolving Loans, instructions, authorizations, agreements or reports to Lender Agent by Borrower; provided, however, that any request for a Revolving Loan or disbursement instruction shall be signed only by an officer or officers of Borrower whose name, incumbency and signature appear on the most recent list of authorized officers delivered from time to time by Borrower to Lender (each, a “Loan Request Authorization”) and, until such a Loan Request Authorization is delivered to Lender, all names set forth on the secretary’s certificate delivered to Lender in connection with this Agreement are acknowledged to be so authorized, and Lender is irrevocably authorized to rely thereon. Unless Borrower specifically directs Lender in writing Agent not to accept or act upon facsimile or electronic telephonic communications from Borrower, . Neither Agent nor any Lender shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of LenderAgent’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile electronically or electronically otherwise and purporting to have been sent to Lender Agent by Borrower in the manner and Lender by the authorized officer provided above, and Agent shall have no duty to verify the origin of any such communication or the authority of the person Person sending it, except in connection with its review of the most recent Loan Request Authorization delivered to Lender by Borrower. Each notice of borrowing shall be irrevocable by and binding on Borrower.
Appears in 1 contract
Sources: Loan and Security Agreement (Impco Technologies Inc)
Loan Requests. A Subject to Section 3.1.4 in the case of LIBOR Advances, a request for a Revolving Credit Loan shall be made, or shall be deemed to be made, made in the following manner:: (
(i) Designated Borrower may give Lender notice of its any Borrower's intention to borrow, 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. Connecticut New York time on the proposed borrowing date, 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan at the Base Rate on the due date in the amount required to pay such interest or other Obligation, 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, Lender may permit facsimile telephonic or electronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Designated Borrower. Unless Borrower UIC specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from any Designated Borrower, Lender shall have no liability to any Borrower for any loss or damage suffered by any such Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by a Designated Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending itsender thereof.
Appears in 1 contract
Sources: Loan and Security Agreement (United Industrial Corp /De/)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice Agent a Notice of its intention to borrowRevolving Credit Loan, 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by BorrowerBorrower from such authorized persons designated by Borrower from time to time. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the 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 Revolving Credit Loan") shall be in writing or by telephone to Agent at (262) 798-4800, confirmed immediately in writing, specifying ther▇▇▇ ▇▇▇ ▇▇▇▇▇▇ted date and amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Chicago 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. (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
Sources: Loan and Security Agreement (Home Products International Inc)
Loan Requests. (1) 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 may shall give Lender 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 borrowborrow a LIBOR Rate Revolving Loan, 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 becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephone requests for loans Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by Borrower. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, neither Agent nor any Lender shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender 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, 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.
(2) All requests for Equipment Loans must be received in writing by Agent no later than 10:30 A.M. (Chicago time), five (5) Business Days prior to the date on which such Equipment Loans are required. Agent shall receive from Borrower, invoices and any other documentation relating to the purchase of such assets, in detail satisfactory to Agent in its sole discretion. Borrower shall not request and no Lender shall be obligated to make an Equipment Loan at any time following the second Contract Year. The request for an Equipment Loan shall be in writing substantially in the form of Exhibit 7(a)(2) attached hereto which specifies: (1) the proposed date of funding (which shall be a Business Day); (2) the amount of Equipment Loans requested (such amount not to be less than $100,000) and the Type of Loan requested; (3) whether or not a Default has occurred and is continuing; (4) that no Event of Default has occurred and is continuing; (5) that the amount of the Equipment Loan then requested does not exceed the permitted amount; (6) the calculations supporting such conclusion; and (7) payment instructions for the funding of the Equipment Loan. The right of Borrower to choose any LIBOR Rate Equipment Loan is subject to the provisions of paragraph 7(c) hereof.
Appears in 1 contract
Sources: Loan and Security Agreement (Transact Technologies Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, by an Authorized Officer in the following manner:
: (i) Borrower may give Lender notice of its the intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing datedate (which shall be a Business Day), no later than 11:00 a.m. Connecticut 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 becoming due of any amount required to be paid under this AgreementAgreement or any of the Notes, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may shall permit facsimile or electronic telephonic requests for loans Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: 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) the Borrower may shall give Lender notice LaSalle same day notice, no later than 12:00 noon (Toronto time) on such day, of its intention to borrowborrow a 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, no later than 11:00 a.m. Connecticut time on the proposed borrowing dateEXHIBIT 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 becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other Obligationliability, shall be deemed irrevocably to be a request for a Revolving Credit 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 Obligationliability. As an accommodation to the Borrower, Lender LaSalle may permit facsimile or electronic telephone requests for loans Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by BorrowerLaSalle. Unless the Borrower specifically directs Lender LaSalle in writing not to accept or act upon facsimile telephonic or electronic communications from Borrowercommunications, Lender LaSalle shall have no liability to the Borrower for any loss or damage suffered by Borrower as a result of Lender’s honoring LaSalle's honouring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender LaSalle by the Borrower and Lender LaSalle 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 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
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ia) Borrower may give Lender notice of its intention to borrow, 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 (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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile or electronic telephonic requests for loans Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations authorizations, or agreements agreements, or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower Borrower, and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Peregrine Real Estate Trust)
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 may shall give Lender 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 borrowborrow a LIBOR Rate Revolving Loan, 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, providedPROVIDED, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephone requests for loans Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by Borrower. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, neither Agent nor any Lender shall have no any liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender 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, 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
Sources: Loan and Security Agreement (Security Capital Corp/De/)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice of its intention to borrow, 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 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile telephonic or electronic ▇▇▇▇▇ronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically speci▇▇▇▇▇▇▇ directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requestsreques▇▇, execution ▇▇ecution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Equipment Loan Note (Pure World Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (iI) Borrower may give Lender notice of its intention to borrow, 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, providedPROVIDED, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (iiII) the becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile telephonic or electronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Media Sciences International Inc)
Loan Requests. (A) A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower may give Lender notice Agent a Notice of its intention to borrowRevolving Credit Loan, 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by Borrower. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of LenderAgent’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it. Except as otherwise provided in Section 2.3 and subject to the provisions of Section 1.1.2, each Revolving Credit Loan shall be 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 (▇▇▇) ▇▇▇-▇▇▇▇, confirmed immediately in writing, specifying therein the requested date and 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.
Appears in 1 contract
Sources: Loan and Security Agreement (Houston Wire & Cable CO)
Loan Requests. A request for a Revolving Credit Loan or a Term B Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower may give Lender notice Agent a Notice of its intention to borrowRevolving Credit Loan or Term Loans B, 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 becoming due of any amount required to be paid under this Agreement, the Term Notes A or the Term Notes B, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by Borrower. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it.. Except as otherwise provided in Section 2.3 and subject to the provisions of Section 1.1.2, each Revolving Credit Loan and each Term Loans B shall be 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 (▇▇▇) ▇▇▇-▇▇▇▇, confirmed immediately in writing, specifying therein the requested date and amount of such Revolving Credit Loan or Term Loans B. 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 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
Sources: 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 may shall give Lender LaSalle same day notice, no later than 10:30 A.M. (Portland 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 borrowborrow a LIBOR Rate Revolving Loan, 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 becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender LaSalle may permit facsimile or electronic telephone requests for loans Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender LaSalle by Borrower. Unless Borrower specifically directs Lender LaSalle in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender LaSalle by Borrower and Lender Borrower. LaSalle 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, 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 6(c) hereof.
Appears in 1 contract
Sources: Loan and Security Agreement (Morrow Snowboards Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice of its intention to borrow, 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 (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 becoming due of any amount required to be paid under this AgreementAgreement or the CapEx Notes, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements agreements, or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting believed in good faith by Lender to have been sent to Lender by Borrower Borrower, and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending itit (other than the employment of any standard verification methods used in the ordinary course of business by Lender).
Appears in 1 contract
Sources: Loan and Security Agreement (Meade Instruments Corp)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice Agent a Notice of its intention to borrowRevolving Credit Loan, 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 and is continuing a Default or an Event of Default; and (ii) the becoming due of any amount required to be paid under this Agreement, the Term Notes A or Term Notes B, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by Borrower. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender Agent shall have no liability to Borrower for any loss or damage suffered by any Borrower as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it. Except as otherwise provided in Section 2.1.1(B), each Revolving Credit Loan shall be 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 (▇▇▇) ▇▇▇-▇▇▇▇, confirmed immediately in writing, specifying therein the requested date and 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
Sources: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)
Loan Requests. (1) 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 may shall give Lender same day notice, no later than 10:30 A.M. (Central Standard 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 borrowborrow a LIBOR Rate Revolving Loan, 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, providedPROVIDED, however, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender may permit facsimile or electronic telephone requests for loans Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall not have no any liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and 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, 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
Sources: Loan and Security Agreement (Security Capital Corp/De/)
Loan Requests. (a) A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower Borrowing Agent may give Lender Agent written notice of its Borrowers' intention to borrow, 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 11:00 a.m. Connecticut time 12:00 noon, Eastern time, on the proposed borrowing datedate 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 becoming due of any amount required to be paid under this AgreementAgreement or any of the other Loan Documents, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As Notwithstanding anything to the contrary contained in this Agreement, as an accommodation to BorrowerBorrowers, Lender Agent may permit facsimile or electronic telephonic requests for loans Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by BorrowerBorrowing Agent. Unless Borrower Borrowing Agent specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from BorrowerBorrowing Agent, Lender Agent shall have no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of Lender’s Agent's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower a Specified Officer and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it, except to confirm the name of the Specified Officer.
(b) Upon receiving a request for a Revolving Credit Loan in accordance with subsection 3.1.1
(a) (i) above or upon Borrowing Agent being deemed to have made a request for a Revolving Credit Loan under subsection 3.1.1(a)(ii) above, by 12:00 noon, Eastern time, or as soon as is reasonably practicable thereafter, Agent shall notify all Lenders of the request. Each Lender shall advance its applicable Pro Rata Percentage of the requested Revolving Credit Loan to Agent by remitting immediately available federal funds to Agent pursuant to Agent's instructions prior to 2:00 P.M. Eastern time on the date of the applicable Revolving Credit Loan, regardless of any failure by any other Lender to do so. Subject to the satisfaction of the terms and conditions hereof, and receipt by Agent of the required funds from the other Lenders, Agent shall make the requested Revolving Credit Loan available to Borrowing Agent, in accordance with subsection 3.1.2, as soon as is reasonably practicable thereafter on the day the requested Revolving Credit Loan is to be made. In lieu of the foregoing, Agent may, in its discretion, fund the Pro Rata Percentage of such Revolving Credit Loan on behalf of any one or more Lenders (unconditionally and absolutely obligating such affected Lender to reimburse Agent in full on demand without deduction or setoffs for its portion of such Revolving Credit Loan, so long as Agent reasonably believed at the time such Revolving Credit Loan was made that it was made, in all material respects, in compliance with this Agreement) with a settlement of the Pro Rata Shares of Lenders on a weekly basis on the first Business Day of each week (with such settlement being calculated as of the close of business on the last Business Day of the preceding week) or under such other settlement procedures as Agent may establish from time to time.
Appears in 1 contract
Sources: Loan and Security Agreement (Gentiva Health Services Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) D&K on its own behalf or as agent for any Borrower may give Lender notice of its intention to borrow, 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. Connecticut 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to BorrowerD&K, Lender may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. D&K. Unless Borrower D&K specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from any Borrower, Lender shall have no liability to any Borrower for any loss or damage suffered by such Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower D&K, for itself or as agent for any Borrower, and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (D & K Healthcare Resources Inc)
Loan Requests. A request for a Revolving Credit Loan shall be ------------- made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice of its intention to borrow, 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 New York City time on the proposed borrowing datedate 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Loan Requests. A Subject to Section 3.1.6, a request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower Borrowers may give Lender Agent notice of its their intention to borrow, 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. Connecticut time 1:00 p.m. (Eastern Time) on the Business Day of the proposed borrowing datedate (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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to BorrowerBorrowers, Lender Agent may permit facsimile telephonic or electronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by BorrowerBorrowers. Unless Borrower Borrowers specifically directs Lender direct Agent in writing not to accept or act upon facsimile telephonic or electronic communications from BorrowerBorrowers, 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 Agent's or any Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Agent or Lenders by Borrowers unless it is determined by a final and nonappealable judgment or court order binding on the Agent and such Lender by Borrower and 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 sending it."
Appears in 1 contract
Sources: 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 may shall give Lender notice LaSalle same day notice, no later than 10:30 A.M. (Chicago time) of such day, of its intention to borrowborrow a Prime Rate Revolving Loan, 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. Connecticut time on the proposed borrowing date, provided, howeverHOWEVER, that no such request may be made at a time when there exists a Default or an Event of Default; and (ii) the becoming coming due of any amount required to be paid under this AgreementAgreement or any Note, whether as on account of interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Prime Rate Revolving Credit Loan on the due date thereof in the amount required to pay such interest or other ObligationLiability. As an accommodation to Borrower, Lender LaSalle may permit facsimile or electronic telephone requests for loans Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender LaSalle by Borrower. Unless Borrower specifically directs Lender LaSalle in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender LaSalle shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s LaSalle's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender LaSalle by Borrower and Lender LaSalle 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
Sources: Loan and Security Agreement (Bpi Packaging Technologies Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(i) Borrower may give Lender notice of its intention to borrow, 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 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 becoming due of any amount required to be paid under this AgreementAgreement or the Revolving Note(s), whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender by Borrower. Unless Borrower specifically directs Lender in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender by Borrower and Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower may give Lender notice Agent a Notice of its intention to borrowRevolving Credit Loan, 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to Borrower, Lender Agent may permit facsimile or electronic telephonic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by BorrowerBorrower from such authorized persons designated by Borrower from time to time. Unless Borrower specifically directs Lender Agent in writing not to accept or act upon facsimile telephonic or electronic communications from Borrower, Lender Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of LenderAgent’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Lender Agent by Borrower and Lender Agent shall have no duty to verify the origin of any such communication or the authority of the 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 Revolving Credit Loan”) shall be in writing or by telephone to Agent at (▇▇▇) ▇▇▇-▇▇▇▇, confirmed immediately in writing, specifying therein the requested date and amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Chicago 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. (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
Sources: Loan and Security Agreement (Home Products International Inc)
Loan Requests. A Subject to Section 3.1.6, a request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower Borrowers may give Lender Agent notice of its their intention to borrow, 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. Connecticut time 1:00 p.m. (Eastern Time) on the Business Day prior to the proposed borrowing datedate 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 becoming due of any amount required to be paid under this Agreement, whether as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such interest or other Obligation. As an accommodation to BorrowerBorrowers, Lender Agent may permit facsimile telephonic or electronic requests for loans and electronic transmittal of instructions, authorizations, agreements or reports to Lender Agent by BorrowerBorrowers. Unless Borrower Borrowers specifically directs Lender direct Agent in writing not to accept or act upon facsimile telephonic or electronic communications from BorrowerBorrowers, 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 Agent's or any Lender’s 's honoring of any requests, execution of any instructions, authorizations aut▇▇▇▇▇▇tions or agreements or reliance on any reports communicated to it by facsimile telephonically or electronically and purporting to have been sent to Agent or Lenders by Borrowers unless it is determined by a final and nonappealable judgment or court order binding on the Agent and such Lender by Borrower and 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 sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (United Natural Foods Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (i) Borrower may an Authorized Officer shall give Lender written notice of its intention to borrow, 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. Connecticut time (Dallas, Texas time) on the proposed borrowing datedate (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 becoming due of any amount required to be paid under this AgreementAgreement or under any of the other Loan Documents, whether as interest principal, accrued interest, fees or for any other Obligationcharges, shall irrevocably be deemed irrevocably to be a request by Borrowers to Lender for a Revolving Credit Loan on the due date of, and in the an aggregate amount required to pay pay, such interest principal, accrued interest, fees or other Obligationcharges, 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, Lender may permit facsimile or electronic transmittal of requests for loans and electronic transmittal of Loans, instructions, authorizations, agreements or reports to Lender by Borroweran Authorized Officer. Unless Borrower Borrowers specifically directs direct Lender in writing not to accept or act upon on facsimile or electronic communications from Borroweran Authorized Officer, Lender shall have no liability to any Borrower for any loss or damage suffered by any Borrower as a result of Lender’s 's honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it Lender by facsimile or electronically and purporting to have been sent to Lender by Borrower any Authorized Officer and Lender shall have no duty to verify the origin or authenticity of any such communication or the authority of the person sending itcommunication.
Appears in 1 contract
Sources: Loan and Security Agreement (Avalon Community Services Inc)