Common use of Procedures for Advances Clause in Contracts

Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each advance, stating the amount requested and the expected purpose for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loan, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date such advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03. Administrative Agent, upon its receipt and approval of the request for advance, will so notify the Banks by facsimile. Not later than 11:30 a.m. (New York time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date), each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to an account designated by Borrower.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Vornado Realty Lp), Revolving Credit Agreement (Vornado Realty Trust)

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Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each such advance, stating the amount requested and the expected purpose for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loanone (1) Banking Day, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date such advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03. Administrative Agent, upon its receipt and approval of the request for advance, will so notify the Banks by facsimileBanks. Not later than 11:30 a.m. (New York time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s wire of such amount to an account designated by Borrower in the Disbursement Instruction Agreement. The proceeds of a Swingline Loan shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Swingline Lender’s wire of such proceeds to an account designated by Borrower in the Disbursement Instruction Agreement.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Urban Edge Properties), Revolving Credit Agreement (Urban Edge Properties)

Procedures for Advances. In the case of advances of Ratable LoansLoans hereunder, Borrower shall submit to Administrative Agent a request for each advance, stating the amount requested and certifying the expected purpose purpose, in general terms, for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loanone (1) Banking Day, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date the advance is to be made. In the case of advances of Swing Loans hereunder, Borrower shall submit to Administrative Agent a request for such advance, stating the amount requested and certifying the purpose, in general terms, for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date on which the advance is to be made. In the case of advances of Bid Rate LoansLoans hereunder, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In , accompanied by a certification of the case of advances of Swingline Loanspurpose, Borrower shall submit a notice of borrowing at in general terms, for which the time specified in Section 2.03advance is to be used. Administrative Agent, upon on the Banking Day of its receipt and approval of the request for advance, will so notify the Banks (or, in the case of Swing Loans, the Swing Lender) either by telephone or by facsimile. Not later than 11:30 11:00 a.m. (New York time) on the date of each advance (or 1:00 2:00 p.m. (New York time) in the case of a Base Rate Loan for which Swing Loans) on the Borrower has made a Loan request on such date)date of each advance, each Bank (in the case of Ratable Loans) or the applicable Banks Bank(s) (in the case of Bid Rate Loans) or the Swing Lender (in the case of Swing Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received of the advance requested by the Borrower (or, if less, the portion of such requested amount that shall have been paid to the Administrative Agent by the Banks in accordance with the terms hereof) shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to crediting an account of Borrower designated by BorrowerBorrower and maintained with Administrative Agent at Administrative Agent’s Office.

Appears in 1 contract

Samples: Loan Agreement (Avalonbay Communities Inc)

Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each such advance, stating the amount requested and the expected purpose for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loanone (1) Banking Day, and, in the case of advances of LIBOR SOFR Loans, which is three (3) Banking Days, prior to the date such advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03. Administrative Agent, upon its receipt and approval of the request for advance, will so notify the Banks by facsimileBanks. Not later than 11:30 a.m. (New York time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s wire of such amount to an account designated by Borrower in the Disbursement Instruction Agreement. The proceeds of a Swingline Loan shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Swingline Lender’s wire of such proceeds to an account designated by Borrower in the Disbursement Instruction Agreement.

Appears in 1 contract

Samples: Revolving Credit Agreement (Urban Edge Properties LP)

Procedures for Advances. In the case of advances an advance of Ratable Loansthe Loans hereunder on any Increased Amount Date, Borrower shall submit to Administrative Agent a an irrevocable request for each advancesuch advance by (A) telephone, stating or (B) a Ratable Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Ratable Loan Notice. Each Ratable Loan Notice shall state the amount requested and certify the expected purpose purpose, in general terms, for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, (x) in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loansame Banking Day as the advance is to be made, andand (y), in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date such the advance is to be made; provided, however, that if the Borrower wishes to request a borrowing of LIBOR Loans having an Interest Period other than one (1) , two (2) or three (3) months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four (4) Banking Days prior to the requested date of such borrowing, Conversion or Continuation, whereupon the Administrative Agent shall give prompt notice to the Banks of such request and determine whether the requested Interest Period is acceptable to all of them. In If Borrower so requests an Interest Period other than one (1), two (2) or three (3) months in duration, not later than 11:00 a.m., three (3) Banking Days before the case requested date of advances of Bid Rate Loanssuch borrowing, Conversion or Continuation, the Administrative Agent shall notify the Borrower shall submit a Bid Rate Quote Request at (which notice may be by telephone) whether or not the time specified in Section 2.02. In requested Interest Period has been consented to by all the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03Banks. Administrative Agent, upon on the Banking Day of its receipt and approval of the request for advance, will so notify the Banks either by facsimiletelephone or by electronic mail. Not later than 11:30 11:00 a.m. (New York timeor 2:00 p.m. in the case of Base Rate Loans) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received of the advance requested by the Borrower (or, if less, the portion of such requested amount that shall have been paid to the Administrative Agent by the Banks in accordance with the terms hereof) shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to crediting an account of Borrower designated by BorrowerBorrower and maintained with Administrative Agent at Administrative Agent’s Office.

Appears in 1 contract

Samples: Term Loan Agreement (Avalonbay Communities Inc)

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Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each advanceadvance hereunder, in the form of EXHIBIT G, stating the amount requested and certifying the expected purpose for which such advance is to be used, no later than 11:00 a.m. 12:00 Noon (New York time) on the date, date (x) in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loan, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, and (y) in the case of Base Rate Loans, one (1) Banking Day prior to the date such the advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03. Administrative Agent, upon its receipt and approval of the request requisite documents for the advance, will so notify the Banks either by telephone or by facsimile. Not later than 11:30 11:00 a.m. (New York time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to either, at Borrower’s option, crediting an account of Borrower designated by BorrowerBorrower and maintained with Administrative Agent at Administrative Agent’s Office or wiring said amount to another account of Borrower designated by it in its request for advance.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Taubman Centers Inc)

Procedures for Advances. In the case of advances of Ratable LoansLoans hereunder, Borrower shall submit to Administrative Agent a request for each advance, stating the amount requested and certifying the expected purpose purpose, in reasonable detail, for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loanone (1) Banking Day, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date such the advance is to be made. In the case of advances of Bid Rate LoansLoans hereunder, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In , accompanied by a certification of the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at purpose for which the time specified in Section 2.03advance is to be used. Administrative Agent, upon its receipt and approval of the request for advance, will so notify the Banks either by telephone or by facsimile. Not later than 11:30 11:00 a.m. (New York time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks Bank(s) (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s 's Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to 's crediting an account of Borrower designated by BorrowerBorrower and maintained with Administrative Agent at Administrative Agent's Office.

Appears in 1 contract

Samples: Revolving Loan Agreement (Bay Apartment Communities Inc)

Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each advanceadvance hereunder, in the form of EXHIBIT G, stating the amount requested and certifying the expected purpose for which such advance is to be used, no later than 11:00 a.m. 12:00 Noon (New York Chicago time) on the date, date (x) in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loan, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, and (y) in the case of Base Rate Loans, one (1) Banking Day prior to the date such the advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section 2.03. Administrative Agent, upon its receipt and approval of the request requisite documents for the advance, will so notify the Banks either by telephone or by facsimile. Not later than 11:30 10:00 a.m. (New York Chicago time) on the date of each advance (or 1:00 p.m. (New York time) in the case of a Base Rate Loan for which the Borrower has made a Loan request on such date)advance, each Bank (in the case of Ratable Loans) or the applicable Banks (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s 's Office and in immediately available funds for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s to 's either, at Borrower's option, crediting an account of Borrower designated by BorrowerBorrower and maintained with Administrative Agent at Administrative Agent's Office or wiring said amount to another account of Borrower designated by it in its request for advance.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Taubman Centers Inc)

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