Procedure for Committed Borrowing Clause Samples
The Procedure for Committed Borrowing clause outlines the steps a borrower must follow to request and obtain funds under a committed loan facility. Typically, this clause details the required notice period, the format and content of borrowing requests, and any conditions that must be satisfied before funds are disbursed, such as compliance with covenants or submission of supporting documents. Its core function is to ensure a clear, standardized process for drawing down funds, minimizing misunderstandings and administrative delays between the lender and borrower.
Procedure for Committed Borrowing. (a) Each Committed Borrowing shall be made upon the Company’s irrevocable written notice delivered to the Agent in the form of a Notice of Borrowing (which notice must be received by the Agent (i) prior to 10:00 a.m. (Chicago time) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Committed Loans; and (ii) prior to 10:00 a.m. (Chicago time) on the requested Borrowing Date, in the case of Base Rate Committed Loans, specifying:
(A) the amount of the Committed Borrowing, which shall be in an aggregate minimum amount of $5,000,000 or any multiple of $1,000,000 in excess thereof;
(B) the requested Borrowing Date, which shall be a Business Day;
(C) the Type of Committed Loans comprising the Committed Borrowing; and
(D) if the Committed Loans consist of Offshore Rate Committed Loans, the duration of the Interest Period applicable to such Committed Loans included in such notice. If the Notice of Borrowing fails to specify the duration of the Interest Period for any Committed Borrowing comprised of Offshore Rate Committed Loans, such Interest Period shall be one month.
(b) The Agent will promptly notify each Bank of its receipt of any Notice of Borrowing and of the amount of such Bank’s Pro Rata Share of that Committed Borrowing.
(c) Each Bank will make the amount of its Pro Rata Share of each Committed Borrowing available to the Agent for the account of the Company at the Agent’s Payment Office by 12:00 noon (Chicago time) on the Borrowing Date requested by the Company in funds immediately available to the Agent. Any such amount which is received later than 12:00 noon (Chicago time) shall be deemed to have been received on the immediately succeeding Business Day. The proceeds of each such Committed Borrowing will then be made available to the Company by the Agent at such office by crediting the account of the Company on the books of Bank One for the aggregate of the amounts made available to the Agent by the Banks and in like funds as received by the Agent, or if requested by the Company, by wire transfer in accordance with written instructions provided to the Agent by the Company of such funds as received by the Agent, unless on the date of the Committed Borrowing all or any portion of the proceeds thereof shall then be required to be applied to the repayment of any outstanding Loans, in which case such proceeds or portion thereof shall be applied to the payment of such Loans.
(d) After giving effect to any Committed Borrowin...
Procedure for Committed Borrowing. 18 2.4 Conversion and Continuation Elections for Committed Borrowings.....18 2.5 Bid Borrowings.....................................................20 2.6 Procedure for Bid Borrowings.......................................20 2.7 Termination or Reduction of Commitments............................24 2.8 Prepayments........................................................24 2.9 Repayment..........................................................25 2.10 Interest...........................................................25 2.11 Fees...............................................................26 (a) Arrangement and Agency Fees..............................26 (b)
Procedure for Committed Borrowing. 26 2.04 Conversion and Continuation Elections. . . . . . . . . . . . . . . . 27 2.05 Bid Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2.06 Procedure for Bid Borrowings . . . . . . . . . . . . . . . . . . . . 29 2.07 Voluntary Termination or Reduction of Commitments. . . . . . . . . .
Procedure for Committed Borrowing. (a) Each Committed Borrowing shall be made upon the Company's irrevocable written notice delivered to the Agent in the form of a Notice of Borrowing (which notice must be received by the Agent (i) prior to 9:00 a.m. (San Francisco time) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Committed Loans; and (ii) prior to 9:30 a.m. (San Francisco time) on the requested Borrowing Date, in the case of Base Rate Committed Loans, specifying:
(A) the amount of the Committed Borrowing, which shall be in an aggregate minimum amount of $5,000,000 or any multiple of $1,000,000 in excess thereof;
(B) the requested Borrowing Date, which shall be a Business Day;
(C) the Type of Committed Loans comprising the Committed Borrowing; and
(D) if the Committed Loans consist of Offshore Rate Committed Loans, the duration of the Interest Period applicable to such Committed Loans included in such notice. If the Notice of Borrowing fails to specify the duration of the Interest Period for any Committed Borrowing comprised of Offshore Rate Committed Loans, such Interest Period shall be one month.
(b) The Agent will promptly notify each Bank of its receipt of any Notice of Borrowing and of the amount of such Bank's Pro Rata Share of that Committed Borrowing.
Procedure for Committed Borrowing. Each Committed Borrowing shall be made upon a Borrower's irrevocable written notice delivered to the Administrative Agent in the form of a Notice of Borrowing (which notice must be received by the Administrative Agent prior to 8:30 a.m. (San Francisco time) (i) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Loans denominated in Dollars; and (ii) four Business Days prior to the requested Borrowing Date, in the case of Offshore Currency Loans and (iii) on the requested Borrowing Date, in the case of Base Rate Loans, specifying:
Procedure for Committed Borrowing. 23 2.4 Conversion and Continuation Elections for Committed Borrowings................ 24 2.5 Utilization of Commitments in Offshore Currencies............................. 25 2.6 Bid Borrowings................................................................ 26 2.7 Procedure for Bid Borrowings.................................................. 27 2.8 Termination or Reduction of Commitments....................................... 29 2.8.1 Voluntary Termination or Reduction of Commitments....................... 29 2.8.2 Mandatory Reductions of Commitments..................................... 30 2.8.3 All Reductions of Commitments........................................... 30 2.
Procedure for Committed Borrowing. 21 2.4 Conversion and Continuation Elections for Committed Borrowings ........................................... 23
Procedure for Committed Borrowing. 27 2.4 Conversion and Continuation Elections.............................. 27 2.5 Utilization of Aggregate Commitment in Offshore Currencies......... 29 2.6 Bid Borrowings..................................................... 29 2.7 Procedure for Bid Borrowing........................................ 29 2.8
Procedure for Committed Borrowing. (a) Each Committed Borrowing shall be made upon a Company's irrevocable written notice delivered to the Agent in the form of a Notice of Borrowing (which notice must be received by the Agent prior to 11:00 a.m. (Chicago time): (i) three Business Days prior to the requested Borrowing Date, in the case of Offshore Rate Loans; and (ii) on the requested Borrowing Date, in the case of Base Rate Loans, specifying:
(A) whether the borrowing is for St. Jude or Pacesetter;
(B) the amount of the Committed Borrowing, which shall be in an aggregate minimum amount of $5,000,000 or any multiple of $1,000,000 in excess thereof;
(C) the requested Borrowing Date, which shall be a Business Day;
(D) the Type of Loans comprising the Committed Borrowing; and
(E) the duration of the Interest Period applicable to such Committed Loans included in such notice. If the Notice of Borrowing fails to specify the duration of the Interest Period for any Committed Borrowing comprised of Offshore Rate Loans, such Interest Period shall be one month. provided, however; it is understood that the first Committed Borrowing shall be made at least three (3) Business Days after the Closing Date if such Committed Borrowing is an Offshore Rate Committed Loan unless St. Jude delivers a funding indemnification letter in form and substance satisfactory to the Agent and the Banks.
(b) The Agent will promptly notify each Bank of its receipt of any Notice of Borrowing and of the amount of such Bank's Pro Rata Share of that Committed Borrowing.
Procedure for Committed Borrowing. 22 SECTION 2.03. Bid Borrowings............................................................................................... 23 SECTION 2.04. Procedure for Bid Borrowings....................................................................... 23