Making Advances. (a) Each Borrowing of Advances shall be made upon the written notice of the applicable Borrower, received by Administrative Agent not later than 12:00 noon on the date of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers shall not be eligible to request or receive LIBOR Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, in substantially the form of Exhibit C --------- hereto specifying therein: (i) the date of such proposed Borrowing, which shall be a Business Day; (ii) the Type of Advances of which the Borrowing is to be comprised; and (iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an amount of not less than $2,000,000 or an integral multiple of $1,000,000 in excess thereof (or any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively). Administrative Agent shall promptly notify Lenders of each such notice. Each Lender shall, before 2:00 p.m. on the date of each Advance under the Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the aggregate Advances under the Loans, to be made on that day in immediately available funds.
Appears in 1 contract
Sources: First Amended and Restated Credit Agreement (Pacific Gateway Exchange Inc)
Making Advances. (a) Each Borrowing Upon the terms and subject to the conditions herein set forth, the Lender shall from time to time make Advances to the Borrower under the Loan up to an aggregate principal amount at any one time outstanding not to exceed an amount equal to the Credit Facility. Any sums advanced pursuant to this Section and subsequently repaid may be re-borrowed from time to time, subject to the requirements of Section 2.02.
(b) Borrower may use loan proceeds for any business purpose of Borrower.
(c) Nothing herein shall obligate the Lender to make any Advance in excess of the maximum amount of the Credit Facility, nor prohibit the Lender from lending in excess of the maximum amount of the Credit Facility, the making of any or all Advances in excess of the maximum amount of the Credit Facility to be in the sole and absolute discretion of the Lender. If at any time an excess shall exist for any reason other than as specifically authorized by Lender, the Borrower shall repay to the Lender forthwith, without notice or demand, such amount as shall be made upon necessary to eliminate such excess.
(d) The Borrower shall give the Lender written or telegraphic notice of its request for an Advance by submitting a Request Notice at least three (3) Business Days prior to the applicable Borrowerrequested date of the Advance. Each Request Notice shall specify the date and the amount of the requested Advance. Each Advance shall be in the minimum amount of $5,000.00 and in integral multiples of $1,000.00. The Lender shall make each Advance in immediately available funds by wire transfer to a deposit account designated by Borrower at its financial institution, received by Administrative Agent not as soon as practicable, but in no event later than 12:00 noon on 3 business days following the date receipt by Lender of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers a Request Notice.
(e) The Lender shall not be eligible obligated to request or receive LIBOR make Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, aggregating in substantially the form of Exhibit C --------- hereto specifying therein:
(i) the date of such proposed Borrowing, which shall be a Business Day;
(ii) the Type of Advances of which the Borrowing is to be comprised; and
(iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an amount of not less than $2,000,000 or an integral multiple excess of $1,000,000 in excess thereof (or 12,000,000 during any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively). Administrative Agent shall promptly notify Lenders fiscal quarter of each such notice. Each Lender shall, before 2:00 p.m. on the date of each Advance under the Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the aggregate Advances under the Loans, to be made on that day in immediately available fundsBorrower.
Appears in 1 contract
Sources: Revolving Credit and Loan Agreement (Kos Pharmaceuticals Inc)
Making Advances. Upon the terms and subject to the conditions herein set forth, the Lender shall from time to time make Advances to the Borrower under the Loan up to an aggregate principal amount at any one time outstanding not to exceed an amount equal to the Credit Facility. Any sums advanced pursuant to this Section and subsequently repaid may be re-borrowed from time to time, subject to the requirements of Section 2.02.
(a) Each Borrowing Borrower may use loan proceeds for any business purpose of Borrower.
(b) Nothing herein shall obligate the Lender to make any Advance in excess of the maximum amount of the Credit Facility, the making of any or all Advances in excess of the maximum amount of the Credit Facility to be in the sole and absolute discretion of the Lender. If at any time an excess shall exist for any reason other than as specifically authorized by Lender, the Borrower shall repay to the Lender forthwith, without notice or demand, such amount as shall be made upon necessary to eliminate such excess.
(c) The Borrower shall give the Lender written or telegraphic notice of its request for an Advance by submitting a Request Notice at least three (3) Business Days prior to the applicable Borrowerrequested date of the Advance. Each Request Notice shall specify the date and the amount of the requested Advance. Each Advance shall be in the minimum amount of $5,000.00 and in integral multiples of $1,000.00. The Lender shall make each Advance in immediately available funds by wire transfer to a deposit account designated by Borrower at its financial institution, received by Administrative Agent not as soon as practicable, but in no event later than 12:00 noon on 3 business days following the date receipt by Lender of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers a Request Notice.
(d) The Lender shall not be eligible obligated to request or receive LIBOR make Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, aggregating in substantially the form of Exhibit C --------- hereto specifying therein:
(i) the date of such proposed Borrowing, which shall be a Business Day;
(ii) the Type of Advances of which the Borrowing is to be comprised; and
(iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an amount of not less than $2,000,000 or an integral multiple excess of $1,000,000 in excess thereof (or 12,000,000 during any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively). Administrative Agent shall promptly notify Lenders fiscal quarter of each such notice. Each Lender shall, before 2:00 p.m. on the date of each Advance under the Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the aggregate Advances under the Loans, to be made on that day in immediately available fundsBorrower.
Appears in 1 contract
Sources: Revolving Credit and Loan Agreement (Kos Pharmaceuticals Inc)
Making Advances. (a) Each Borrowing Upon the terms and subject to the conditions herein set forth, the Lender shall from time to time make Advances to the Borrower under the Loan up to an aggregate principal amount at any one time outstanding not to exceed an amount equal to the Credit Facility. Any sums advanced pursuant to this Section and subsequently repaid may be re-borrowed from time to time, subject to the requirements of Section 2.02.
(b) Loan proceeds may be used by Borrower for any business purpose of Borrower.
(c) Nothing herein shall obligate the Lender to make any Advance in excess of the maximum amount of the Credit Facility, nor prohibit the Lender from lending in excess of the maximum amount of the Credit Facility, the making of any or all Advances in excess of the maximum amount of the Credit Facility to be in the sole and absolute discretion of the Lender. If at any time an excess shall for any reason exist, the Borrower shall repay to the Lender forthwith, without notice or demand, such amount as shall be made upon necessary to eliminate such excess.
(d) The Borrower shall give the Lender at least three (3) Business Days' prior written or telegraphic notice of the applicable Borrower, received by Administrative Agent not later than 12:00 noon on the date of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers shall not be eligible to its request or receive LIBOR Advances or Refinancing Advancesfor an Advance. Each such notice shall specify the date and the amount of a Borrowing the requested Advance and shall be in the form attached hereto as Exhibit II (a "Borrowing Request Notice") shall be by telecopy or telephone, promptly confirmed by letter, in substantially the form of Exhibit C --------- hereto specifying therein:
(i) the date of such proposed Borrowing, which shall be a Business Day;
(ii) the Type of Advances of which the Borrowing is to be comprised; and
(iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation ). Each Advance shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an minimum amount of not less than $2,000,000 or an 5,000.00 and in integral multiple multiples of $1,000,000 in excess thereof (or any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively)1,000.00. Administrative Agent The Lender shall promptly notify Lenders of each such notice. Each Lender shall, before 2:00 p.m. on the date of make each Advance under the Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the aggregate Advances under the Loans, to be made on that day in immediately available fundsfunds by wire transfer to a deposit account designated by Borrower at its financial institution, as soon as practicable, but in no event later than 3 business days following the receipt by Lender of a Request Notice.
Appears in 1 contract
Sources: Revolving Credit and Loan Agreement (Kos Pharmaceuticals Inc)
Making Advances. (a) Each Borrowing of Advances Advance shall be made upon the written notice (or continued for an additional Interest Period, if applicable), following a Notice of the applicable Borrower, Borrowing received by Administrative Agent FUNB not later than 12:00 noon 2:00 P.M. (Eastern Standard Time) on the date of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers shall not be eligible to request or receive LIBOR Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, in substantially the form of Exhibit C --------- hereto specifying therein:
(i) the date of such proposed Borrowing, which shall be a Business Day;
(ii) the Type of Advances of which the Borrowing is to be comprised; and
(iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing LIBOR Advance, the 4th Business Day prior to, or (ii) in the case of Base Advancesa Prime Advance, the 2nd Business Day prior to, the requested Funding Date (which requested Funding Date must be in an amount of not a Business Day); provided, however, that:
(1) if Borrower fails to elect any particular interest rate, or if the requested Funding Date is less than $2,000,000 4 Business Days following such Notice of Borrowing, Borrower shall be deemed to have elected the Prime Interest Rate; and
(2) Borrower shall have delivered to FUNB the statements referred to in Section 3.1(c) and Section 3.1(d) prior to or an integral multiple concurrently with the applicable Notice of $1,000,000 Borrowing described above.
(b) Each Notice of Borrowing shall be irrevocable and binding on Borrower. Following any Notice of Borrowing, Borrower indemnifies and agrees to hold harmless Lender from and against any loss, cost or expense incurred by Lender as a result of any failure by Borrower to complete the borrowing specified in excess thereof such Notice of Borrowing (whether or not due to a failure to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III), such losses, costs and expenses to include, without limitation, any lesser amount if loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by Lender to fund the Advance, when such amount Advance, as a result of such failure, is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively). Administrative Agent shall promptly notify Lenders of each such notice. Each Lender shall, before 2:00 p.m. not made on the date requested for such Advance.
(c) Subject to fulfillment of each the applicable conditions set forth in this Article II and Article III below, Lender will make the Advance under not later than 2:00 P.M. (Eastern Standard Time) in the Domestic Revolver Loan or amount and on the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, date requested for such Advance in same-day funds at its FUNB's office at Bank of America Plaza, 225 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ wire transfer of such Advance on behalf of Borrower to Borrower's account maintained at FUNB, or to such other account as Borrower shall so direct by written notice to FUNB.
(d) LIBOR Advances shall be subject to the following additional conditions:
(1) if, at any time, (A) Lender shall determine that, by reasons of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to Lender, or (B) the introduction of or any change in or in the interpretation (including reversals) of any law or regulation makes it unlawful, or any central bank or governmental authority asserts that it is unlawful, for Lender to obtain funds in the London interbank market to fund or maintain a LIBOR Advance or otherwise to perform its obligations hereunder with respect to any such Advance, Lender's Domestic Revolver Specified Percentage obligation to make or maintain any LIBOR Advance, and Foreign Revolver Specified Percentage the right of Borrower to select any LIBOR Interest Rate, shall be suspended until the circumstances causing such suspension no longer exist, and the applicable LIBOR Interest Rate for any outstanding LIBOR Advance shall immediately be converted to the Prime Interest Rate for such LIBOR Advance for the remainder of the aggregate Interest Period;
(2) LIBOR Advances may be repaid or prepaid only on the last Business Day of the Interest Period applicable to such Advance. Borrower may elect to maintain any outstanding LIBOR Advance for an additional Interest Period by delivering a Notice of Borrowing making such election within the time period required for such notices as set forth in Section 2.2 above. If any LIBOR Advance is not repaid or prepaid on the last Business Day of the Interest Period, and Borrower has not otherwise timely delivered a Notice of Borrowing electing to continue such LIBOR Advance for an additional Interest Period elected by Borrower in such Notice of Borrowing, Borrower will be deemed to have elected to maintain such Advance outstanding as a Prime Advance. If, as a result of a payment made by Borrower due to acceleration of the maturity of the Notes pursuant to Section 8.2 or due to any other reason, Lender receives payment of any principal amount of any LIBOR Advance on a day other than the last day of the Interest Period for such LIBOR Advance, or Borrower fails to make any payment of principal outstanding under any LIBOR Advance when due under the LoansNotes, Borrower shall pay to be made Lender on demand that day in immediately available fundsamount, if any, required to compensate Lender for additional losses, costs or expenses which Lender may incur as a result of such payment or nonpayment, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by Lender to fund or maintain such LIBOR Advance.
Appears in 1 contract
Making Advances. (a) Each Borrowing Upon the terms and subject to the conditions herein set forth, the Lender shall from time to time make Advances to the Borrower under the Loan up to an aggregate principal amount at any one time outstanding not to exceed an amount equal to the Additional Standby Facility. Any sums advanced pursuant to this Section and subsequently repaid may be re-borrowed from time to time, subject to the requirements of Section 2.02.
(b) Borrower may use loan proceeds for any business purpose of Borrower.
(c) Nothing herein shall obligate the Lender to make any Advance in excess of the maximum amount of the Additional Standby Facility, the making of any or all Advances in excess of the maximum amount of the Additional Standby Facility to be in the sole and absolute discretion of the Lender. If at any time an excess shall exist for any reason other than as specifically authorized by Lender, the Borrower shall repay to the Lender forthwith, without notice or demand, such amount as shall be made upon necessary to eliminate such excess.
(d) The Borrower shall give the Lender written or telegraphic notice of its request for an Advance by submitting a Request Notice at least three (3) Business Days prior to the applicable Borrowerrequested date of the Advance. Each Request Notice shall specify the date and the amount of the requested Advance. Each Advance shall be in the minimum amount of $5,000.00 and in integral multiples of $1,000.00. The Lender shall make each Advance in immediately available funds by wire transfer to a deposit account designated by Borrower at its financial institution, received by Administrative Agent not as soon as practicable, but in no event later than 12:00 noon on three (3) Business Days following the date receipt by Lender of such Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the contrary, each Borrower agrees that the Borrowers a Request Notice.
(e) The Lender shall not be eligible obligated to request or receive LIBOR make Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, aggregating in substantially the form of Exhibit C --------- hereto specifying therein:
(i) the date of such proposed Borrowing, which shall be a Business Day;
(ii) the Type of Advances of which the Borrowing is to be comprised; and
(iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be in a currency other than Dollars, the Dollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an amount of not less than $2,000,000 or an integral multiple excess of $1,000,000 in excess thereof (or 12,000,000 during any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, respectively). Administrative Agent shall promptly notify Lenders fiscal quarter of each such notice. Each Lender shall, before 2:00 p.m. on the date of each Advance under the Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the aggregate Advances under the Loans, to be made on that day in immediately available fundsBorrower.
Appears in 1 contract
Sources: Revolving Credit and Loan Agreement (Kos Pharmaceuticals Inc)