Common use of Notice of Borrowing; Manner of Revolving Loan Borrowing Clause in Contracts

Notice of Borrowing; Manner of Revolving Loan Borrowing. Borrower shall request each Revolving Loan by submitting such request in writing or via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a “Notice of Borrowing”) and executed by Administrative Borrower (as defined in Section 1.11). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Lender shall, except as provided in Section 1.3, deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to the operating account of the Administrative Borrower which is maintained with the Lender: (i) with respect to a request for a Base Rate Loan, (x) on the same day if the Notice of Borrowing is received by Lender on or before 2:00 p.m. Eastern Time on a Business Day, (y) on the immediately following Business Day if the Notice of Borrowing is received by Lender after 2:00 p.m. Eastern Time on a Business Day or (z) if such notice is received by Lender on any day that is not a Business Day; and (ii) with respect to a LIBOR Rate Loan, on or before 2:00 p.m. Eastern Time on the date specified in the applicable LIBOR Notice. Lender shall charge to the Revolving Loan Lender’s usual and customary fees for the wire transfer of any Loan, if applicable.

Appears in 2 contracts

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

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Notice of Borrowing; Manner of Revolving Loan Borrowing. Borrower shall request each Revolving Loan by submitting such request in writing or via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a “Notice of Borrowing”) and executed by Administrative Borrower (as defined in Section 1.11). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Lender shall, except as provided in Section 1.3, deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to the operating account of the Administrative Borrower which is maintained with the Lender: (i) with respect to a request for a Base Rate Loan, (x) on the same day if the Notice of Borrowing is received by Lender on or before 2:00 p.m. Eastern Time on a Business Day, (y) on the immediately following Business Day if the Notice of Borrowing is received by Lender after 2:00 p.m. Eastern Time on a Business Day or (z) if such notice is received by Lender on any day that is not a Business Day; and (ii) with respect to a LIBOR LIBORSOFR Rate Loan, on or before 2:00 p.m. Eastern Time on the date specified in the applicable LIBOR LIBORSOFR Notice. Lender shall charge to the Revolving Loan Lender’s usual and customary fees for the wire transfer of any Loan, if applicable.

Appears in 1 contract

Samples: Loan and Security Agreement (Janel Corp)

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