Procedure for Loan Borrowings Sample Clauses

Procedure for Loan Borrowings. The BORROWER may borrow proceeds of the LOANS until (but not including) the MATURITY DATE, provided, that the BORROWER delivers to the ADMINISTRATIVE AGENT an irrevocable notice (which notice must be received by the ADMINISTRATIVE AGENT prior to 10:00 a.m. Buffalo, New York time: (a) two (2) BUSINESS DAYS prior to the requested BORROWING DATE, if all or any part of the requested advances of proceeds of the LOANS are to be initially LIBOR BORROWINGS; or (b) on the requested BORROWING DATE, if all of the requested advances of the proceeds of the LOANS are to be initially BASE RATE BORROWINGS, specifying: (i) the amount to be borrowed, (i) the requested BORROWING DATE, (ii) whether the borrowing is to be a LIBOR BORROWING, a BASE RATE BORROWING, or a combination thereof, and (iii) if the borrowing is to be entirely or partly a LIBOR BORROWING, the information required to be specified in the election described in Section 2.2.2(b) of this AGREEMENT. The above-described notice may be delivered to the ADMINISTRATIVE AGENT via facsimile with telephone confirmation. The ADMINISTRATIVE AGENT shall promptly notify each LENDER of the ADMINISTRATIVE AGENT’S receipt of each notice. Each LENDER will make the amount of its pro rata share (calculated in accordance with its respective COMMITMENT PERCENTAGE) of each requested borrowing available to the ADMINISTRATIVE AGENT for the account of the BORROWER at the offices of the ADMINISTRATIVE AGENT specified in this AGREEMENT prior to 12:00 Noon Buffalo, New York time on the BORROWING DATE requested by the BORROWER in U.S. Dollars and in funds immediately available to the ADMINISTRATIVE AGENT; provided, however, that each LENDER is provided with written notification thereof prior to 11:00 a.m. Buffalo, New York time on such date. Such borrowing will be made available to the BORROWER on or prior to 1:00 p.m. Buffalo, New York time by the ADMINISTRATIVE AGENT crediting the BORROWER’S account with the ADMINISTRATIVE AGENT with the aggregate of the amounts of proceeds of the LOANS made available to the ADMINISTRATIVE AGENT by the LENDERS and in like funds as received by the ADMINISTRATIVE AGENT. Each borrowing under the LOANS shall be in a principal amount of not less than the MINIMUM BORROWING AMOUNT.
Sample 1
AutoNDA by SimpleDocs
Procedure for Loan Borrowings. (a) The Company may from time to time request for itself or on behalf of any Designated Subsidiary that all or any portion of the Company Loans of one Type be converted into Company Loans of the other Type by giving irrevocable notice to the Agent, three Working Days prior to the requested conversion date, in the case of Eurodollar Loans, and one Business Day prior to the requested conversion date, in the case of Prime Rate Loans, provided that (i) in the case of any conversion from a Prime Rate Loan to a Eurodollar Loan, (A) the Interest Period available for such Eurodollar Loan shall be subject to subsection 2.3(c), (B) the obligation of the Banks to make Eurodollar Loans shall not then be suspended pursuant to subsection 2.12 or 2.14 and (C) the number of Eurodollar Loan Tranches in effect after giving effect to such conversion shall not exceed the Tranche Limit then in effect and (ii) in the case of any conversion from a Eurodollar Loan to a Prime Rate Loan, (A) such conversion shall only be made on the last day of an Interest Period for such Eurodollar Loan and (B) after giving effect to such conversion, the aggregate amount of all Eurodollar Loans having the same Interest Period ending on the same date is at least $1,000,000. Each such notice of borrowing or conversion (a "Notice of Borrowing/Conversion") shall be substantially in the form of Exhibit C hereto, and shall specify: (1) the borrower and the amount to be borrowed or converted, (2) the requested borrowing or conversion date, (3) whether the Type of Company Loan to be borrowed, or into which a Company Loan shall be converted, is to be a Eurodollar Loan, Prime Rate Loan or a combination thereof and, if a combination, the respective amount of each Type of borrowing and (4) in the case of Eurodollar Loans, the length of the Interest Period with respect thereto. The aggregate amount of Company Loans to any Designated Subsidiary at any time outstanding shall not exceed the Designated Subsidiary Borrowing Limit for such Designated Subsidiary in effect at such time.
Sample 1
Procedure for Loan Borrowings. 20 2.4 [Intentionally Omitted].....................................................21 2.5 Termination or Reduction of Commitments.....................................21 2.6 Repayment of Loans; Evidence of Debt........................................22 2.7 Prepayments of the Loans....................................................22 2.8 Conversions.................................................................23 2.9 Interest Rate and Payment Dates.............................................24 2.10 Substituted Interest Rate...................................................25 2.11 Taxes; Net Payments.........................................................25 2.12 Illegality..................................................................26
Sample 1
Procedure for Loan Borrowings. (a) Subject to the requirements ----------------------------- of Section 5.1 and 5.2, Borrower may borrow Loans during the Revolving Loan Commitment Period on any Business Day. Borrower shall give Lender irrevocable written (including telecopy) notice (or telephonic notice promptly confirmed in writing) (each, a "Request for Borrowing"), in a form reasonably acceptable to --------------------- Lender, prior to 10:00 a.m., New York City time, at least ten (10) Business Days prior to the proposed borrowing date, specifying (i) the amount of the Loan, (ii) the requested borrowing date (which must be a Business Day), and (iii) whether the requested Loan is to accrue interest based on the LIBOR Pricing Option or the Prime Rate Option.
Sample 1
Procedure for Loan Borrowings. Section 2.1.2 of the LOAN AGREEMENT is hereby modified by replacing the existing provision with the following:
Sample 1
Procedure for Loan Borrowings. Subject to the terms and conditions set forth in this AGREEMENT and in that certain Working Cash, Line of Credit, Investment Sweep Rider (the “WORKING CASH SWEEP RIDER”), the BORROWERS may borrow proceeds of the LOAN until (but not including) the MATURITY DATE. Each borrowing under the LOAN shall be in a principal amount of not less than the MINIMUM BORROWING AMOUNT. Advances under the LOAN shall be made by the LENDER crediting the COMMERCIAL ACCOUNT in accordance with the procedures of the WORKING CASH SWEEP RIDER, the terms of which shall control over any contrary provisions contained in this AGREEMENT or any of the other LOAN DOCUMENTS.
Sample 1
Procedure for Loan Borrowings. (a) Intentionally Omitted.
Sample 1
AutoNDA by SimpleDocs
Procedure for Loan Borrowings. The Borrower shall deliver to the Lender an irrevocable, written, fully completed notice in the form attached hereto as Exhibit F (“Loan Request”) executed by an Authorized Person of the Borrower (which Loan Request must be received by the Lender prior to 11:00 a.m. Eastern Time) at least Three (3) Business Days prior to the requested Borrowing Date. Each Loan Request shall be accompanied by a Borrowing Base Certificate and all of the required Borrowing Base Request Documentation and Requirements (to the extent not previously provided to the Lender). Loan Requests may be delivered to the Lender via facsimile or by other electronic transmission, it being agreed that the Lender may rely on the authority of the Person making any such request without receipt of any other confirmation. Each Loan shall be in an amount not less than Five Hundred Thousand Dollars ($500,000).
Sample 1
Procedure for Loan Borrowings 
Sample 1Sample 2Sample 3See All (7)

Related to Procedure for Loan Borrowings

  • Procedure for Revolving Loan Borrowing The Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period on any Business Day; provided that the Borrower shall give the Administrative Agent irrevocable written notice (which notice must be received by the Administrative Agent (i) in the case of Eurocurrency Loans, prior to 12:00 Noon, New York City time, three Business Days prior to the requested Borrowing Date or (ii) in the case of ABR Loans, prior to 12:00 Noon, New York City time, one Business Day prior to the proposed Borrowing Date), specifying (x) the amount and Type of Revolving Loans to be borrowed, (y) the requested Borrowing Date and (z) in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. The aggregate principal amount of all Revolving Loans made on the Closing Date shall not exceed $25,000,000 (which amount, for the avoidance of doubt, shall not include the face amount of any outstanding Letters of Credit). Each borrowing by the Borrower under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof; provided that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7(a). Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 11:00 A.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account designated in writing by the Borrower to the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by such Revolving Lenders and in like funds as received by the Administrative Agent. If no election as to the Type of a Revolving Loan is specified, then the requested Loan shall be an ABR Loan. If no Interest Period is specified with respect to any requested Eurocurrency Loan, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  • Procedure for Revolving Borrowings The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing, substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”), (x) prior to 1:00 p.m. one (1) Business Day prior to the requested date of each Base Rate Borrowing and (y) prior to 1:00 p.m. three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable and shall specify (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing and (iv) in the case of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Revolving Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing shall not be less than $5,000,000 or a larger multiple of $250,000, and the aggregate principal amount of each Base Rate Borrowing shall not be less than $1,000,000 or a larger multiple of $100,000; provided that Base Rate Loans made pursuant to Section 2.4 or Section 2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurodollar Borrowings outstanding at any time exceed eight (8). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.

  • Procedure for Borrowings The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Borrowing”) (x) prior to 11:00 a.m. (New York time) one (1) Business Day prior to the requested date of each Base Rate Borrowing and (y) prior to 11:00 a.m. (New York time) three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Borrowing shall be irrevocable and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Loan comprising such Borrowing and (iv) in the case of a Eurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as the Borrower may request. The aggregate principal amount of each Eurodollar Borrowing shall be not less than $5,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Borrowing shall not be less than $1,000,000 or a larger multiple of $100,000; provided, that Base Rate Loans made pursuant to Section 2.4 may be made in lesser amounts as provided therein. At no time shall the total number of Eurodollar Borrowings outstanding exceed six. Promptly following the receipt of a Notice of Borrowing in accordance herewith, the Administrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Loan to be made as part of the requested Borrowing.

  • Procedure for Loans Company Agent may by written notice request a borrowing of Loans prior to 12:00 noon (New York time) on the Business Day of its request to incur, on the next Business Day, a Loan. Together with each request for a Loan (or at such other intervals as Laurus may request), Company Agent shall deliver to Laurus a Borrowing Base Certificate in the form of Exhibit B attached hereto, which shall be certified as true and correct by the Chief Executive Officer or Chief Financial Officer of Company Agent together with all supporting documentation relating thereto. All Loans shall be disbursed from whichever office or other place Laurus may designate from time to time and shall be charged to the Companies’ account on Laurus’ books. The proceeds of each Loan made by Laurus shall be made available to Company Agent on the Business Day following the Business Day so requested in accordance with the terms of this Section 4 by way of credit to the applicable Company’s operating account maintained with such bank as Company Agent designated to Laurus. Any and all Obligations due and owing hereunder may be charged to the Companies’ account and shall constitute Loans.

  • Procedure for Borrowing Revolving Loans Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and received by Agent no later than 10:00 a.m. (i) on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, and (ii) on the Business Day that is 1 Business Day prior to the requested Funding Date in the case of all other requests, specifying (A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 10:00 a.m. on the applicable Business Day. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrowers agree that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request.

  • Procedure for Term Loan Borrowing The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which shall be irrevocable and must be received by the Administrative Agent prior to 11:00 a.m., New York City time, in the case of borrowing of Eurodollar Loans, three (3) Business Days prior to the anticipated Closing Date and, in the case of a borrowing of ABR Loans, one (1) Business Day prior to the anticipated Closing Date) requesting that the Term Lenders make the Term Loans on the Closing Date in an amount equal to the aggregate amount of Term Commitments. Upon receipt of any such Borrowing Notice the Administrative Agent shall promptly notify each relevant Term Lender thereof. Not later than 12:00 Noon, New York City time, on the Closing Date, each Term Lender shall make available to the Administrative Agent at the Funding Office (or by wire transfer to the Administrative Agent Account, unless otherwise directed in writing by the Administrative Agent) an amount in immediately available funds equal to the Term Loan to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the applicable Term Lenders in immediately available funds. Subject to Section 2.21(g) to the extent applicable, the respective obligations of each Lender under this Agreement are several and not joint and no Lender shall be responsible for the failure of any other Lender to satisfy its obligations hereunder.

  • Procedure for Revolving Advances Borrowing (a) Borrower may notify Agent prior to 1:00 p.m. on a Business Day of Borrower’s request to incur, on that day, a Revolving Advance hereunder. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request for a Revolving Advance as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall be irrevocable.

  • Procedure for Borrowing The Borrower may borrow under the Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice, which notice must be executed by a Responsible Officer of the Borrower and received by the Administrative Agent prior to (a) 12:30 P.M., New York City time, three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) 12:00 Noon, New York City time, on the requested Borrowing Date, in the case of ABR Loans. Each such notice shall specify (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 lengths of the initial Interest Periods therefor. Each borrowing under the Commitments shall be in an amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (y) in the case of Eurodollar Loans, $10,000,000 or a whole multiple of $1,000,000 in excess thereof; provided that a borrowing under the Commitments that is an ABR Loan may be in any aggregate amount that is required to finance the reimbursement of all or a part of an LC Disbursement as contemplated by Section 3.5. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in Section 9.2 prior to 1:00 P.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. 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 promptly upon receipt thereof and in like funds as received by the Administrative Agent; provided that Loans made to finance the reimbursement of an LC Disbursement as provided in Section 3.5 shall be remitted by the Administrative Agent to the applicable Issuing Lender.

  • Procedure for Borrowing Swingline Loans The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date.

  • Procedure for Revolving Credit Borrowing The Borrower may borrow under the Revolving Credit Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans or (b) on the requested Borrowing Date, otherwise), 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 amount of such Type of Loan and the length of the initial Interest Period therefor. Each borrowing under the Revolving Credit Commitments (other than a borrowing under subsections 2.4, 2.16 and 5.5) shall be in an amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the Aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Prior to 11:00 A.M., New York City time, on the Borrowing Date requested by the Borrower, each Lender will make an amount equal to its Funding Commitment Percentage of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Administrative Agent for the account of the Borrower at the New York office of the Administrative Agent specified in subsection 13.2 in funds immediately available to the Administrative Agent. Except as otherwise provided in subsection 2.16, 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.

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