NOTICE AND MAKING OF ADVANCES Sample Clauses

NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to draw down an Advance, the Borrower shall advise the Bank, orally or in writing, of the amount it seeks as an Advance. Absent exigent circumstances, Borrower shall give the Bank at least 24 hours advance notice of the anticipated funding date for an Advance. Notwithstanding the foregoing, the Borrower hereby irrevocably authorizes the Bank, on behalf of the Borrower, to retain from time to time any Advance or portion thereof to be used to pay any outstanding Interest or Costs hereunder which is then due and unpaid. The conditions herein with respect to the making of Advances are for the benefit of the Bank and the Bank may Modify or waive any of such conditions in its sole and absolute discretion.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to draw down an Advance, the Borrower shall execute and deliver to the Bank a Borrowing Certificate prior to each requested Advance, and such Borrowing Certificate shall be irrevocable. The Borrower hereby irrevocably authorizes the Bank, on behalf of Borrower, to retain from time to time any Advance or portion thereof to be used to pay any outstanding Interests or Costs hereunder which is then due and unpaid. The conditions herein with respect to the making of Advances are for the benefit of the Bank and the Bank may modify or waive any of such conditions in its sole and absolute discretion.
Sample 1Sample 2Sample 3See All (4)
NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to draw down an Advance, the Borrower shall execute and deliver to the Bank a Borrowing Certificate prior to each requested Advance, and such Borrowing Certificate shall be irrevocable. Such Borrowing Certificate, to be effective, must be received by the Bank not later than 9:00 a.m., Los Angeles time, on the Business Day immediately preceding the requested Drawdown Date set forth in the Borrowing Certificate. Notwithstanding the foregoing, the Borrower hereby irrevocably authorizes the Bank, on behalf of the Borrower, to retain from time to time any Advance or portion thereof to be used to pay any outstanding Interest or Costs hereunder.
Sample 1
NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to draw down an Advance, the Borrower shall advise the Bank, orally or in writing, of the amount it seeks as an Advance. The Borrower hereby irrevocably authorizes the Bank, on behalf of the Borrower, to retain from time to time any Advance or portion thereof to be used to pay any outstanding Interest or Costs hereunder which is then due and unpaid. The conditions herein with respect to the making of Advances are for the benefit of the Bank and the Bank may Modify or waive any of such conditions in its sole and absolute discretion.
Sample 1
NOTICE AND MAKING OF ADVANCES. Whenever the Borrower desires to draw down an Advance, the Borrower shall advise Westcorp, orally or in writing of the amount it seeks as an Advance. The Borrower hereby irrevocably authorizes Westcorp, on behalf of the Borrower, to retain from time to time any Advance or portion thereof to be used to pay any outstanding Interest or Costs hereunder. The conditions herein with respect to the making of Advances are for the benefit of Westcorp and Westcorp may modify or waive any of such conditions in its sole and absolute discretion.
Sample 1

Related to NOTICE AND MAKING OF ADVANCES

  • Making of Advances (i) In the event that Agent shall elect to have the terms of this Section 2.3(c) apply to a requested Borrowing as described in Section 2.3(b), then promptly after receipt of a request for a Borrowing pursuant to Section 2.3(a), Agent shall notify the Lenders, not later than 1:00 p.m. (California time) on the Business Day immediately preceding the Funding Date applicable thereto, by telecopy, telephone, or other similar form of transmission, of the requested Borrowing. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, not later than 10:00 a.m. (California time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, upon satisfaction of the applicable conditions precedent set forth in Section 3 hereof, Agent shall make the proceeds thereof available to Administrative Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to Administrative Borrower’s Designated Account; provided, however, that, subject to the provisions of Section 2.3(i), Agent shall not request any Lender to make, and no Lender shall have the obligation to make, any Advance if Agent shall have actual knowledge that (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date.

  • Funding of Advances (a) Subject to the satisfaction of the conditions precedent set forth in Section 6.2, the Borrower may request Advances hereunder by giving notice to the Facility Agent, each Agent and the Collateral Agent of the proposed Advance at or prior to 2:00 p.m., New York City time, at least one (1) Business Day prior to the proposed Advance Date. Such notice (herein called the “Advance Request”) shall be in the form of Exhibit C-1 and shall include (among other things) the proposed Advance Date and amount of such proposed Advance, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Advance Date (if applicable). The amount of any Advance shall at least be equal to the least of (w) the Dollar equivalent of $500,000 in an Eligible Currency, (x) the (1) Borrowing Base on such day minus (2) the Advances Outstanding on such day, (y) the (1) Facility Amount on such day minus (2) the Advances Outstanding on such day and (z) only in the case of Advances other than Dollar Advances, the (1) Foreign Currency Sublimit on such day minus (2) the Foreign Currency Advance Amount on such day, in each case, before giving effect to the requested Advance as of such date. Any Advance Request given by the Borrower pursuant to this Section 2.2, shall be irrevocable and binding on the Borrower. The Facility Agent shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an Officer’s Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in Section 6.2, and the Collateral Agent’s receipt of such funds from the Lenders, the Collateral Agent shall make the proceeds of such requested Advances available to the Borrower by deposit to such account as may be designated by the Borrower in the Advance Request in same day funds no later than 3:00 p.m., New York City time, on such Advance Date.

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

  • Purpose of Advances The Borrowers undertake with each Creditor Party to use each Advance only for the purpose stated in the preamble to this Agreement.

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

  • Types of Advances The Advances may be Floating Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9.

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrower under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows:

  • Disbursement of Advance Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Method of Selecting Types and Interest Periods for Advances The Borrower shall select the Type and Class of Advance and, in the case of each Advance of Eurodollar Rate Loans, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice in substantially the form of Exhibit B hereto (a “Borrowing/Election Notice”) not later than 11:00 a.m. (Chicago time) (a) on or before the Borrowing Date of each Advance of Floating Rate Loans and (b) three (3) Business Days before the Borrowing Date for each Advance of Eurodollar Rate Loans specifying: (i) the Borrowing Date (which shall be a Business Day) of such Advance; (ii) the aggregate amount of such Advance; (iii) the Type and Class of Advance selected; and (iv) in the case of each Advance of Eurodollar Rate Loans, the Interest Period applicable thereto; provided, however, that with respect to the borrowing on the Funding Date, such notice shall be delivered in accordance with the terms of Section 2.01(b) and shall be accompanied by the documentation specified in such Section, if applicable. The Borrower shall select Interest Periods so that, to the best of the Borrower’s knowledge, it will not be necessary to prepay all or any portion of any Advance of Eurodollar Rate Loans prior to the last day of the applicable Interest Period in order to make mandatory prepayments as required pursuant to the terms hereof. Each Advance of Floating Rate Loans and all Obligations other than Loans shall bear interest from and including the date of the making of such Advance, in the case of Advances of Floating Rate Loans, and the date such Obligation is due and owing in the case of such other Obligations, to (but not including) the date of repayment thereof at the Alternate Base Rate, changing when and as such Alternate Base Rate changes. Changes in the rate of interest on that portion of the Loans maintained as Floating Rate Loans will take effect simultaneously with each change in the Alternate Base Rate. Each Advance of Eurodollar Rate Loans shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Advance, changing when and as the Applicable Margin changes. Changes in the rate of interest on that portion of the Loans maintained as Eurodollar Rate Loans will take effect simultaneously with each change in the Applicable Margin.

  • Use of Advances utilize the proceeds of all Advances for the Companies' own business purposes; and not permit such proceeds to be used, directly or indirectly, by any other Person or for any other purpose;

Time is Money Join Law Insider Premium to draft better contracts faster.