Requests for Committed Loans Clause Samples
The "Requests for Committed Loans" clause defines the process by which a borrower can formally request the disbursement of funds under a committed loan facility. It typically outlines the required notice period, the information that must be included in the request (such as the amount, date, and account details), and any conditions that must be satisfied before the lender is obligated to fund the loan. This clause ensures that both parties have a clear, standardized procedure for drawing down funds, reducing the risk of misunderstandings or delays in the loan disbursement process.
Requests for Committed Loans. The following provisions shall apply to each request by the Borrower for a Revolving Credit Loan or a Delayed Draw Term Loan:
(a) The Borrower shall submit a Completed Loan Request to the Agent and, following its receipt thereof, the Agent shall promptly notify each Revolving Credit Bank or each Delayed Draw Term Bank, as applicable, of the amount (and currency) of its Commitment Percentage of the requested Revolving Credit Loan or Delayed Draw Term Loan as set forth in §2.4(e). Except as otherwise provided herein, each Completed Loan Request shall be in a minimum amount of (i) in the case of a Revolving Credit Loan, $2,000,000 or an integral multiple of $100,000 in excess thereof and (ii) in the case of a Delayed Draw Term Loan, the lesser of $50,000,000 and the aggregate unused Delayed Draw Term Commitments of all Delayed Draw Term Lenders on the proposed Drawdown Date. Each Completed Loan Request shall be irrevocable and binding on the Borrower and shall obligate the Borrower to accept the Revolving Credit Loans or Delayed Draw Term Loans, as applicable, requested from the Banks on the proposed Drawdown Date, unless such Completed Loan Request is withdrawn (x) in the case of a request for a Eurocurrency Rate Loan denominated in Dollars or Canadian Dollars, at least three (3) Business Days prior to the proposed Drawdown Date for such Loan, (y) in the case of a Eurocurrency Rate Loan denominated in an Alternative Currency other than Canadian Dollars, at least four (4) Business Days (or five (5) Business Days in the case of a Special Notice Currency) prior to the Drawdown Date for such Loan, and (z) in the case of a request for a Base Rate Loan, not later than 11:00 a.m. on the proposed Drawdown Date for such Loan.
(b) Each Completed Loan Request shall be delivered by the Borrower to the Agent not later than 11:00 a.m. on (a) the proposed Drawdown Date of any Base Rate Loan, (b) any Business Day that is at least three (3) Business Days prior to the proposed Drawdown Date of any Eurocurrency Rate Loan denominated in Dollars or in Canadian Dollars, and (c) any Business Day that is at least four (4) Business Days (or five (5) Business Days in the case of a Special Notice Currency) prior to the proposed Drawdown Date of any Eurocurrency Rate Loan denominated in an Alternative Currency other than Canadian Dollars.
(c) Each Completed Loan Request shall specify: (1) whether the Borrower is requesting a Revolving Credit Loan or a Delayed Draw Term Loan, (2) the pr...