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

Notice of Borrowing; Manner of Revolving Loan Borrowing. (a) Borrower Representative shall request each Revolving Loan by submitting such request by ABLSoft (or, if requested by Agent, by delivering, in writing or by an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a "Notice of Borrowing"). Subject to the terms and conditions of this Agreement, Agent shall, except as provided in Section 2.2, deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to the Revolving Loan Funding Account by wire transfer of immediately available funds (i) on the same day if the Notice of Borrowing is received by Agent on or before 10:00 a.m. Central Time on a Business Day or (ii) on the immediately following Business Day if the Notice of Borrowing is received by Agent after 10:00 a.m. Central Time on a Business Day or on a day that is not a Business Day. Agent shall charge to the Revolving Loan Agent's usual and customary fees for the wire transfer of each Loan. (b)Promptly following receipt of a Notice of Borrowing in accordance with this Section, Agent shall advise each Lender of the details thereof and of the amount of such Lender's Revolving Loan to be made as part of the requested borrowing. Each Lender shall make each Revolving Loan to be made by such Lender hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m., Central Time, to the account of Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's Pro Rata Share. Unless Agent shall have received notice from a Lender prior to the proposed date of any borrowing that such Lender will not make available to Agent such Lender's share of such borrowing, Agent may assume that such Lender has made (or will make) such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable borrowing available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is -22-

Appears in 1 contract

Samples: Loan and Security Agreement (Neos Therapeutics, Inc.)

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Notice of Borrowing; Manner of Revolving Loan Borrowing. (a) Borrower Representative Borrowing Agent shall request each Revolving Loan by an Authorized Officer submitting such request by ABLSoft via Passport 6.0 (or, if requested by Agent, by delivering, in writing or by via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a "Notice of Borrowing"). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Agent shall, except as provided in Section 2.2, shall deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to any account of Borrowers at a bank in the Revolving Loan Funding Account United States of America as Borrowing Agent may specify (provided that such account must be one identified on Schedule 4.1 and approved by Agent as an account to be used for funding of loan proceeds) by wire transfer of immediately available funds (ia) on the same day if the Notice of Borrowing is received by Agent on or before 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or (iib) on the immediately following Business Day if the Notice of Borrowing is received by Agent after 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or is received by Agent on a any day that is not a Business Day. Agent shall charge to the Revolving Loan Agent's ’s usual and customary fees for the wire transfer of each Loan. (b)Promptly following receipt of a Notice of Borrowing The Revolving Loans shall be made by the Lenders contemporaneously and in accordance with this Section, Agent shall advise each Lender of the details thereof and of the amount of such Lender's Revolving Loan to be made as part of the requested borrowingtheir Pro Rata Shares. Each It is understood that (a) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make each the Revolving Loan to be made by such Lender hereunder on the proposed date thereof by wire transfer Loans (or other extension of immediately available funds by 12:00 p.m.credit) hereunder, Central Time, to the account of Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's Pro Rata Share. Unless Agent nor shall have received notice from a Lender prior to the proposed date any commitment of any borrowing that such Lender will not make available be increased or decreased as a result of any failure by any other Lender to Agent such Lender's share of such borrowingperform its obligations hereunder, Agent may assume that such and (b) no failure by any Lender has made (or will make) such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a perform its obligations hereunder shall excuse any other Lender has not in fact made from its share of the applicable borrowing available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is -22-obligations hereunder.

Appears in 1 contract

Samples: Super Priority (iMedia Brands, Inc.)

Notice of Borrowing; Manner of Revolving Loan Borrowing. (a) Borrower Representative Borrowing Agent shall request each Revolving Loan by an Authorized Officer submitting such request by ABLSoft via Passport 6.0 (or, if requested by Agent, by delivering, in writing or by via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a "Notice of Borrowing"). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Agent shall, except as provided in Section 2.21.3, deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to any account of Borrowers at a bank in the Revolving Loan Funding Account United States of America as Borrowing Agent may specify (provided that such account must be one identified on Section 39 of the Information Certificates and approved by Agent as an account to be used for funding of loan proceeds) by wire transfer of immediately available funds (ia) on the same day if the Notice of Borrowing is received by Agent on or before 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or (iib) on the immediately following Business Day if the Notice of Borrowing is received by Agent after 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or is received by Agent on a any day that is not a Business Day. Agent shall charge to the Revolving Loan Agent's ’s usual and customary fees for the wire transfer of each Loan. (b)Promptly following receipt of a Notice of Borrowing The Revolving Loans shall be made by the Lenders contemporaneously and in accordance with this Section, Agent shall advise each Lender of the details thereof and of the amount of such Lender's Revolving Loan to be made as part of the requested borrowingtheir Pro Rata Shares. Each It is understood that (a) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make each the Revolving Loan to be made by such Lender hereunder on the proposed date thereof by wire transfer Loans (or other extension of immediately available funds by 12:00 p.m.credit) hereunder, Central Time, to the account of Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's Pro Rata Share. Unless Agent nor shall have received notice from a Lender prior to the proposed date any commitment of any borrowing that such Lender will not make available be increased or decreased as a result of any failure by any other Lender to Agent such Lender's share of such borrowingperform its obligations hereunder, Agent may assume that such and (b) no failure by any Lender has made (or will make) such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a perform its obligations hereunder shall excuse any other Lender has not in fact made from its share of the applicable borrowing available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is -22-obligations hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (iMedia Brands, Inc.)

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Notice of Borrowing; Manner of Revolving Loan Borrowing. (a) Borrower Representative Borrowing Agent shall request each Revolving Loan by an Authorized Officer submitting such request by ABLSoft via Passport 6.0 (or, if requested by Agent, by delivering, in writing or by via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a "Notice of Borrowing"). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Agent shall, except as provided in Section 2.21.3, deliver the amount of the Revolving Loan requested in the Notice of Borrowing for credit to any account of Borrowers at a bank in the Revolving Loan Funding Account United States of America as Borrowing Agent may specify (provided that such account must be one identified on Section 39 of the Information Certificate(s) and approved by Agent as an account to be used for funding of loan proceeds) by wire transfer of immediately available funds (ia) on the same day if the Notice of Borrowing is received by Agent on or before 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or (iib) on the immediately following Business Day if the Notice of Borrowing is received by Agent after 10:00 11:00 a.m. Central Eastern Time on a Business Day Day, or is received by Agent on a any day that is not a Business Day. Agent shall charge to the Revolving Loan Agent's ’s usual and customary fees for the wire transfer of each Loan. (b)Promptly following receipt of a Notice of Borrowing The Revolving Loans shall be made by the Lenders contemporaneously and in accordance with this Section, Agent shall advise each Lender of the details thereof and of the amount of such Lender's Revolving Loan to be made as part of the requested borrowingtheir Pro Rata Shares. Each It is understood that (a) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make each the Revolving Loan to be made by such Lender hereunder on the proposed date thereof by wire transfer Loans (or other extension of immediately available funds by 12:00 p.m.credit) hereunder, Central Time, to the account of Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's Pro Rata Share. Unless Agent nor shall have received notice from a Lender prior to the proposed date any commitment of any borrowing that such Lender will not make available be increased or decreased as a result of any failure by any other Lender to Agent such Lender's share of such borrowingperform its obligations hereunder, Agent may assume that such and (b) no failure by any Lender has made (or will make) such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a perform its obligations hereunder shall excuse any other Lender has not in fact made from its share of the applicable borrowing available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is -22-obligations hereunder.

Appears in 1 contract

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

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