Common use of Procedure for Borrowing Loans Clause in Contracts

Procedure for Borrowing Loans. Subject to the terms and conditions set forth herein, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by the Administrative Agent prior to 11:00 a.m., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part of the requested Loans are to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all of the requested Loans are to be initially ABR Loans, in each case specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods for such Eurodollar Loans. Each borrowing of ABR Loans shall be in an amount equal to $1,000,000 or a higher integral multiple of $100,000, and each borrowing of Eurodollar Loans shall be in an amount equal to $5,000,000 or a higher integral multiple of $1,000,000. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof. In the case of Closing Date Loans, each Lender will make the amount of its Commitment Percentage of the borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. In the case of any Incremental Loans to be made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Term Credit Agreement (Affiliated Managers Group, Inc.)

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Procedure for Borrowing Loans. Subject 2.4 The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, PROVIDED that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to 11:00 a.m.(by telephone or telecopy) no later than 1:00 P.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 1:00 P.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of the requested Loans are to be initially ABR Loans, in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000100,000 in excess thereof or, and each if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 2,000,000 or a higher an integral multiple of $1,000,000250,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC Commitment Percentage Percentage, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in Section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such office. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in Section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Security Agreement (Salem Communications Corp /De/)

Procedure for Borrowing Loans. Subject (a) The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, provided that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to (by telephone or telecopy) no later than 11:00 a.m.A.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 11:00 A.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of ABR Loans (the requested same Business Day in the case of ABR Loans are to be initially ABR Loanson the first Borrowing Date), in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, con sisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000500,000 in excess thereof or, and each if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 or a higher an integral multiple of $1,000,0001,000,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC Commitment Percentage Percentage, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such of fice. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (American Radio Systems Corp /Ma/)

Procedure for Borrowing Loans. Subject (a) The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, provided that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to 11:00 a.m.(by telephone or telecopy) no later than 1:00 P.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 1:00 P.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of the requested Loans are to be initially ABR Loans, in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000100,000 in excess thereof or, and each if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 2,000,000 or a higher an integral multiple of $1,000,000250,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC Commitment Percentage Percentage, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such office. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (Salem Communications Corp /De/)

Procedure for Borrowing Loans. Subject (a) The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, PROVIDED that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to 11:00 a.m.(by telephone or telecopy) no later than 1:00 P.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 1:00 P.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of the requested Loans are to be initially ABR Loans, in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000100,000 in excess thereof or, and each if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 2,000,000 or a higher an integral multiple of $1,000,000250,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC Commitment Percentage Percentage, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in Section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such office. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in Section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (Salem Communications Corp /De/)

Procedure for Borrowing Loans. Subject to the terms and conditions set forth herein, the (a) The Borrower may borrow Loans on under the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to Aggregate Tranche B Commitments during the Administrative AgentTranche B Commitment Period, in substantially provided that the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by Borrower shall notify the Administrative Agent prior to 11:00 a.m., New York City time, (aby telephone or fax) no later than 1:00 p.m. (A) three (3) Business Days prior to the requested Borrowing Date, if all or any part Credit Extension Date in the case of Eurodollar Advances and (B) one Business Day prior to the requested Loans are to be initially Eurodollar Loans or (b) on Credit Extension Date in the requested Borrowing Date, if all case of the requested Loans are to be initially ABR LoansAdvances, in each case specifying (i1) the aggregate principal amount to be borrowedborrowed under the Aggregate Tranche B Commitments, (ii2) the requested Borrowing Credit Extension Date, (iii3) whether the such borrowing is to be consist of one or more Eurodollar LoansAdvances, ABR Loans Advances, or a combination thereof and (iv4) if the borrowing is to be entirely consist of one or partly of more Eurodollar LoansAdvances, the respective amounts length of the Interest Period or Periods for each such Type of Loan and Eurodollar Advance (subject to the respective lengths provisions of the initial definition of Interest Periods for such Eurodollar LoansPeriod). Each borrowing such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Credit Request. Each ABR Loans Advance shall be in an aggregate principal amount equal to $1,000,000 100,000 or such amount plus a higher integral whole multiple of $100,000100,000 in excess thereof, or, if less, the unused amount of the Aggregate Tranche B Commitments, and each borrowing of Eurodollar Loans Advance shall be in an aggregate principal amount equal to $5,000,000 500,000 or such amount plus a higher integral whole multiple of $1,000,000100,000 in excess thereof. Upon receipt of If, with respect to any such notice from the Borrowerborrowing, the Administrative Agent Borrower shall promptly notify each applicable Lender thereof. In the case of Closing Date Loansfail to give due notice as provided in this Section, each Lender will make the amount of its Commitment Percentage of the borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s Office prior shall be deemed to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. In the case of any Incremental Loans to be made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent have selected an ABR Advance for the account of the Borrower at the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (Arch Communications Group Inc /De/)

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Procedure for Borrowing Loans. Subject (a) The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, provided that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to 11:00 a.m.(by telephone or telecopy) no later than 1:00 P.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 1:00 P.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of the requested Loans are to be initially ABR Loans, in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000100,000 in excess thereof or, and each if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 2,000,000 or a higher an integral multiple of $1,000,000250,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC Commitment Percentage Percentage, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in Section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such office. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in Section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (Salem Communications Corp /De/)

Procedure for Borrowing Loans. Subject to the terms and conditions set forth herein, the (a) The Borrower may borrow Loans under the Aggregate Tranche A Commitments on any Business Day during the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to Tranche A Commitment Period, provided that the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by Borrower shall notify the Administrative Agent prior to 11:00 a.m., New York City time, (aby telephone or fax) no later than 1:00 p.m. (A) three (3) Business Days prior to the requested Borrowing Date, if all or any part Credit Extension Date in the case of Eurodollar Advances and (B) one Business Day prior to the requested Loans are to be initially Eurodollar Loans or (b) on Credit Extension Date in the requested Borrowing Date, if all case of the requested Loans are to be initially ABR LoansAdvances, in each case specifying (i1) the aggregate principal amount to be borrowedborrowed under the Aggregate Tranche A Commitments, (ii2) the requested Borrowing Credit Extension Date, (iii3) whether the such borrowing is to be consist of one or more Eurodollar LoansAdvances, ABR Loans Advances, or a combination thereof and (iv4) if the borrowing is to be entirely consist of one or partly of more Eurodollar LoansAdvances, the respective amounts length of the Interest Period or Periods for each such Type of Loan and Eurodollar Advance (subject to the respective lengths provisions of the initial definition of Interest Periods for such Eurodollar LoansPeriod). Each borrowing such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Credit Request. Each ABR Loans Advance shall be in an aggregate principal amount equal to $1,000,000 100,000 or such amount plus a higher integral whole multiple of $100,000100,000 in excess thereof, or, if less, the unused amount of the Aggregate Tranche A Commitments, and each borrowing of Eurodollar Loans Advance shall be in an aggregate principal amount equal to $5,000,000 500,000 or such amount plus a higher integral whole multiple of $1,000,000100,000 in excess thereof. Upon receipt of If, with respect to any such notice from the Borrowerborrowing, the Administrative Agent Borrower shall promptly notify each applicable Lender thereof. In the case of Closing Date Loansfail to give due notice as provided in this Section, each Lender will make the amount of its Commitment Percentage of the borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s Office prior shall be deemed to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. In the case of any Incremental Loans to be made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent have selected an ABR Advance for the account of the Borrower at the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (Arch Communications Group Inc /De/)

Procedure for Borrowing Loans. Subject (a) The Borrower may borrow (i) RC/TL Loans on any Business Day occurring during the RC/TL Commitment Period or (ii) SD/TL Loans on any Business Day occurring during the SD/TL Commitment Period, provided that, with respect to the terms and conditions set forth hereinany requested borrowing, the Borrower may borrow Loans on the Closing Date and each applicable Increase Effective Date upon irrevocable written notice to the Administrative Agent, in substantially the form of Exhibit H (or any other form reasonably acceptable to the Administrative Agent), which may be given by telephone (promptly confirmed in writing), facsimile or electronic mail of each borrowing. Each such notice must be received by shall notify the Administrative Agent prior to (by telephone or telecopy) no later than 11:00 a.m.A.M., New York City time, (a) three (3) Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Loans are Eurodollar Loans, and no later than 11:00 A.M., one Business Day prior to be initially Eurodollar Loans or (b) on the requested Borrowing Date, if all in the case of ABR Loans (the requested same Business Day in the case of ABR Loans are to be initially ABR Loanson the first Borrowing Date), in each case specifying (i) the amount aggregate amounts to be borrowedborrowed under the RC/TL Commitments or the SD/TL Commitments, as the case may be, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of a Eurodollar LoansLoan, an ABR Loans Loan, or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of a Eurodollar LoansLoan, the respective amounts of each such Type of Loan and the respective lengths length of the initial Interest Periods Period for such Eurodollar LoansLoan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Bor rowing Request. Each borrowing of RC/TL Loans or SD/TL Loans, as the case may be, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or a higher such amount plus an integral multiple of $100,000500,000 in excess thereof or, and each if less, the unused amount of the RC/TL Commitments or the SD/TL Commitments, as the case may be. Each borrowing of RC/TL Loans or SD/TL Loans, as the case may be, consisting of Eurodollar Loans shall be in an a minimum aggregate principal amount equal to $5,000,000 or a higher an integral multiple of $1,000,0001,000,000 in excess thereof. Upon receipt of any such each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each applicable Lender thereof(by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. In Subject to its receipt of the case notice referred to in the preceding sentence and to the other terms and conditions of Closing Date Loansthis Agreement, each Lender will make the amount of its applicable RC/TL Commitment Percentage or SD/TL Commitment Percentage, as the case may be, of the each borrowing to be made on the Closing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent’s Office prior to 1:00 p.m.Agent set forth in section 11.2 not later than 12:00 Noon, New York City timeon the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative AgentAgent at such office. In the case of any Incremental Loans to be The amounts so made after the Closing Date, each applicable Increasing Lender will make the amount of its applicable Incremental Commitment of the Incremental Loans to be made on the relevant Increase Effective Date available to the Administrative Agent for on a Borrowing Date will then, subject to the account satisfaction of the Borrower at terms and conditions of this Agreement as determined by the Administrative Agent’s Office prior to 1:00 p.m., New York City time, in funds immediately available to the Administrative Agent. Each such borrowing will then be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the of fice of the Administrative Agent specified in section 11.2 by crediting the account of the Borrower on the books of such office with the aggregate of the said amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. The failure of any Lender to make a Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make available its share of such borrowing.

Appears in 1 contract

Samples: Credit Agreement (American Radio Systems Corp /Ma/)

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