Sterling Borrowing definition

Sterling Borrowing means a borrowing hereunder consisting of Sterling Advances having the same Sterling Interest Period; provided that subject to the limitations in Section 2B.2(a) as to the number of permitted Sterling Interest Periods and subject to the provisions of Sections 2B.6, 2B.7 and 2B.8(c), on the last day of a Sterling Interest Period for a Sterling Borrowing, such Sterling Borrowing may be divided ratably to form multiple Sterling Borrowings (with the result that each UK Bank’s Sterling Advance as a part of each such multiple Sterling Borrowing is proportionately the same as its Sterling Advance as a part of such divided Sterling Borrowing) or combined with all or a ratable portion of one or more other Sterling Borrowings, the Sterling Interest Period for which also ends on such day, to form a new Sterling Borrowing, such division or combination to be made by notice from the UK Borrower given to the UK Administrative Agent not later than 11:00 A.M. on the third UK Business Day prior to the proposed division or combination specifying the date of such division or combination (which shall be a UK Business Day) and all other relevant information (such as the Sterling Borrowings to be divided or combined, the respective amounts of the Sterling Borrowings resulting from any such division, the relevant Sterling Interest Periods and such other information as the UK Administrative Agent may request), but in no event shall any Sterling Borrowing resulting from, or remaining after, any such division or combination be less than £5,000,000, and in all cases each UK Bank’s Sterling Advance as a part of each such combined, resultant or remaining Sterling Borrowing shall be proportionately the same as its Sterling Advances as a part of the relevant Sterling Borrowings prior to such division or combination and each combined, resultant or remaining Sterling Borrowing shall be in an integral multiple of £1,000,000.

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Sterling Borrowing means a Borrowing comprised of Sterling Loans.

Sterling Borrowing means a Borrowing consisting or to consist of Sterling Loans.

Examples of Sterling Borrowing in a sentence

If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Eurodollar, Eurocurrency or Pounds Sterling Borrowing, the Company shall be deemed to have selected an Interest Period of one (1) month’s duration.
If such Borrowing is a Eurocurrency or Pounds Sterling Borrowing, such request shall be deemed to be withdrawn.
The giving of any notice by the UK Administrative Agent pursuant to Section 2B.7(b) shall not relieve any UK Bank of any obligation it may have under this Agreement to make a Sterling Advance (including any Sterling Advance for which a Notice of Sterling Borrowing was given prior to such notice by the UK Administrative Agent).
Within the limits of each UK Bank’s Sterling Commitment, the UK Borrower may borrow, prepay pursuant to Section 2.9B(a) and reborrow under this Section 2B.1. Subject to the terms and conditions hereof, more than one Sterling Borrowing may be made on a UK Business Day (including, for example, a Sterling Borrowing having one Sterling Interest Period and another Sterling Borrowing having a different Sterling Interest Period).
If the requesting Sterling Borrower requests a Sterling Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in any such Sterling Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Each UK Bank severally agrees, on the terms and conditions hereinafter set forth, to make one or more Sterling Advances as part of a Sterling Borrowing to the UK Borrower from time to time on any UK Business Day during the Sterling Allocation Period in an aggregate amount not to exceed at any time outstanding (i) such UK Bank’s Sterling Commitment minus (ii) such UK Bank’s Sterling Pro Rata Share of outstanding Sterling L/C Obligations.
Each Sterling Borrowing (other than a Sterling Borrowing or deemed Sterling Borrowing under Section 2B.8 to reimburse a Sterling L/C Issuer for any Sterling Unreimbursed Amount) shall be in an aggregate amount not less than £5,000,000, shall be in an integral multiple of £1,000,000 and shall, when made, consist of Sterling Advances having the same Sterling Interest Period, made on the same day by the UK Banks ratably according to their respective Sterling Commitments.
If the requesting Sterling Borrower fails to specify a currency in a Sterling Loan Notice requesting a Sterling Borrowing, then the Sterling Loans so requested shall be made in Dollars.
Each Sterling Borrowing, each conversion of Sterling Loans denominated in Dollars from one Type of Dollar-denominated Loans to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the requesting Sterling Borrower’s irrevocable notice to Administrative Agent, which may be given by (A) telephone or (B) a Sterling Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to Administrative Agent of a Sterling Loan Notice.
At the time that each Swingline Dollar Borrowing is made, such Borrowing shall be in an aggregate amount that is not less than $1.00 and at the time that each Swingline Euro Borrowing or Swingline Sterling Borrowing is made, such Borrowing shall be in an aggregate amount that is not less than $50,000.

More Definitions of Sterling Borrowing

Sterling Borrowing means a borrowing consisting of simultaneous Sterling Loans of the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each Sterling Lender (other than the applicable Sterling Non-Qualified Lenders) pursuant to Section 5.1.

Sterling Borrowing means a borrowing hereunder consisting of Sterling Advances made on the same day by the Lenders (or Agent on behalf thereof), or by Agent in the case of a Protective Advance.