Examples of Notice of Revolving Borrowing in a sentence
Each Notice of Revolving Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if such Revolving Loans are to be SOFR Loans, either the initial Interest Period for such Revolving Loans or Borrower’s confirmation that such Loan is to accrue interest at Adjusted Daily Simple SOFR.
Not later than 7:00 a.m. Pacific time on the proposed date of a borrowing of Revolving Loans that are to be Base Rate Loans or Daily Simple SOFR Loans and not later than 7:00 a.m. Pacific time at least 3 Business Days prior to a borrowing of Revolving Loans that are to be Term SOFR Loans other than as referenced above, the Borrower shall deliver to the Administrative Agent a Notice of Revolving Borrowing.
Promptly after receipt of a Notice of Revolving Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Revolving Lender of the proposed borrowing.
Prior to delivering a Notice of Revolving Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a SOFR Loan) request that the Administrative Agent provide the Borrower with the most recent SOFR available to the Administrative Agent.
Each Notice of Revolving Borrowing shall be irrevocable once given and binding on the Borrower.