Common use of Procedure for Revolving Loan Borrowing Clause in Contracts

Procedure for Revolving Loan Borrowing. (a) 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 notice (which notice may be given by telephone and must be received by the Administrative Agent prior to 11:00 A.M., (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans) specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each telephonic notice by the Borrower pursuant to this Section 2.2 must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each borrowing under the Revolving Commitments shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. If the Borrower fails to specify a Type of a Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Loans. If a Borrower requests a borrowing of, conversion to, or continuation of Eurodollar Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

Procedure for Revolving Loan Borrowing. (a) 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 an irrevocable notice Notice of Borrowing (which notice may be given by telephone and must be received by the Administrative Agent prior to 11:00 10:00 A.M., Pacific Time, (a) three (3) Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one (1) Business Day prior to the requested Borrowing Date, in the case of Base Rate LoansABR Loans (in each case, with originals to follow within three (3) Business Days)) (provided that any such Notice of Borrowing of ABR Loans under the Revolving Facility, as applicable, to finance payments under Section 3.5(a) may be given not later than 10:00 A.M., Pacific Time, on the date of the proposed borrowing), in each such case specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date and Date, (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor, and (iv) instructions for remittance of the proceeds of the applicable Loans to be borrowed. Each telephonic notice Unless otherwise agreed by the Borrower pursuant to this Section 2.2 must be confirmed promptly by delivery to the Administrative Agent in its sole discretion, no Revolving Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of a written Loan Notice, appropriately completed and signed by a Responsible Officer of one month prior to the Borrowerdate that is thirty (30) days after the Closing Date. Each borrowing under the Revolving Commitments of, conversion to or continuation of a Eurodollar Loan shall be in an a principal amount equal of Five Million Dollars ($5,000,000) or a whole multiple of One Million Dollars ($1,000,000) in excess thereof. Except as provided in Sections 3.5(b) and 2.7(b), each borrowing of or conversion to ABR Loans shall be in a principal amount of $500,000 or a whole multiple of One Hundred Thousand Dollars ($100,000 100,000) in excess thereof (or, if the then Available Revolving Commitments are less than $500,000, such lesser amount). The Notice of Borrowing shall be accompanied by a Borrowing Base Certificate and such supporting detail and documentation as shall be reasonably requested by the Administrative Agent. Upon receipt of any such Notice of Borrowing and Borrowing Base Certificate from Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. If Each Revolving Lender will make the amount of its pro rata share of each such borrowing available to the Administrative Agent for the account of Borrower fails at the Revolving Loan Funding Office prior to specify a Type of a Loan 12:00 P.M., Pacific Time, on the Borrowing Date requested by Borrower in a Loan Notice or if funds immediately available to the Borrower fails to give a timely notice requesting a conversion or continuation, Administrative Agent. Such borrowing will then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any available to Borrower by the Administrative Agent crediting such automatic conversion account as is designated in writing to Base Rate Loans shall be effective as the Administrative Agent by Borrower with the aggregate of the last day amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent; provided that the Administrative Agent shall distribute the proceeds of the Interest Period then Revolving Loans to be made on the Closing Date in effect accordance with respect to the applicable Eurodollar Loans. If a Borrower requests a borrowing of, conversion to, or continuation terms and conditions of Eurodollar Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one monththis Agreement.

Procedure for Revolving Loan Borrowing. (a) 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 an irrevocable notice Notice of Borrowing (which notice may be given by telephone and must be received by the Administrative Agent prior to 11:00 A.M., 10:00 A.M. (a) three (3) U.S. Government Securities Business Days prior to the requested Borrowing Date, in the case of Eurodollar SOFR Loans, or (b) one (1) Business Day prior to the requested Borrowing Date, in the case of Base Rate ABR Loans) (provided that any such Notice of Borrowing of ABR Loans under the Revolving Facility to finance payments under Section 3.5(a) may be given not later than 10:00 A.M. on the date of the proposed borrowing), in each such case specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date and Date, (iii) in the case of Eurodollar SOFR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each telephonic notice by the Borrower pursuant to this Section 2.2 must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer (iv) instructions for remittance of the Borrower. Each borrowing under the Revolving Commitments shall be in an amount equal to $500,000 or a whole multiple proceeds of $100,000 in excess thereof. If the Borrower fails to specify a Type of a Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall to be made as, or converted to, Base Rate Loansborrowed. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the If no Interest Period then in effect is specified with respect to any requested SOFR Loan, the applicable Eurodollar Loans. If a Borrower requests a borrowing of, conversion to, or continuation of Eurodollar Loans in any Loan Notice, but fails to specify an Interest Period, it will shall be deemed to have specified selected an Interest Period of one (1) month.’s duration. Unless otherwise agreed by the Administrative Agent in its sole discretion, no Revolving Loan may be made as, converted into or continued as a SOFR Loan having an Interest Period in excess of one (1) month prior to