Automatic Borrowing Clause Samples

Automatic Borrowing. No notice of a request for Loan in accordance with subsection 4.1(a) or Section 4.3 hereof shall be required to be presented by Parent to the Agent if no Default exists and a check, checks or other debit shall be presented for payment against a Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits. In such event, the Agent shall, subject to Section 4.6 and provided no Default exists, promptly advise the Banks of the amount of the Loans necessary to be credited to such Disbursement Account on such day to permit such debits to be honored. Except as otherwise provided in Section 4.6 hereof and subject in all cases to Section 2.1, not later than 3:00 p.m. on such day each Bank will make available the amount of the Loan to be made by it on such date to the Agent, at the Principal Office, in immediately available funds, for the account of the applicable Borrower. The amounts so received by Agent, shall, subject to the terms and conditions of this Agreement, be made available to such Borrower by crediting the same to such Borrower's Disbursement Account. Loans made under this subsection 4.1(b) shall be made as Base Rate Accounts.
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Automatic Borrowing. No notice of a request for a Loan in accordance with Section 2.02 or Section 2.03 hereof shall be required to be presented by Borrower to the Administrative Agent: (A) if no Default exists, and a check, checks or other debit shall be presented for payment against the Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits or (B) when any Obligation is due hereunder. In either such event, the Administrative Agent shall without Borrower's or any Bank's consent (in the case of clause (B)), promptly advise the Banks of the amount of the Loans or shall advise the Swingline Lender of the amount of Swingline Loans, in each case as is necessary (x) to be credited to the Disbursement Account on such day to permit such debits to be honored provided no Default exists or (y) to pay the amount of the Obligation due and unpaid. Not later than 3:00 p.m. on any day the Banks are advised of a Loan under this Section 2.02(ii), each Bank will make available the amount of the Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower. However, if the Swingline Lender is advised of such amount, the Swingline Lender will make available the amount of the Swingline Loan to be made by it on such date to the Administrative Agent in immediately available funds, for the account of the Borrower not later than 3:00 p.m. on such date. The amounts so received by the Administrative Agent, shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by crediting the same to the Disbursement Account or by utilizing the same to pay the Obligations, as applicable. Loans made under this Section 2.02(ii) shall be made as Base Rate Loans.
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Automatic Borrowing. No Borrowing Request and no notice under Section 2.04(c) shall be required to be presented by Borrower to the Administrative Agent: (i) when any Obligation under the Loan Documents is due or (ii) if no Default then exists, collected funds in the Cash Concentration Account (as defined in the Security Agreement) are required to be deposited in the Collateral Proceeds Account (as defined in the Security Agreement) and are not required to be transferred to the General Funds Account and a check, checks or other debit shall be presented for payment against the Disbursement Account on a Business Day when funds are not otherwise available therein to honor such debits. In either such event, the Administrative Agent shall without Borrower's or any Lender's consent, promptly advise the Swingline Lender of the amount of Swingline Loans (or if sufficient Swingline Loan availability does not exist, promptly advise the Lenders of the amount of Revolving Loans), in each case as is necessary (i) to be credited to the Disbursement Account on such day to permit such debits to be honored provided no Default exists or (ii) to pay the amount of such Obligation. Loans made pursuant to this Section 2.03(b) will be made available to the Administrative Agent and the amounts so received by the Administrative Agent, shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by crediting the same to the Disbursement Account or by utilizing the same to pay the Obligation then due, as applicable. Loans made under this Section 2.03(b) shall be made as ABR Loans.
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Related to Automatic Borrowing

  • Initial Borrowing Before or concurrently with the initial Borrowing: (a) The Administrative Agent shall have received the favorable written opinion of L▇▇▇▇▇ & W▇▇▇▇▇▇, counsel to Borrower; (b) The Administrative Agent shall have received copies of the Borrower’s (i) Articles of Incorporation, together with all amendments and (ii) bylaws (or comparable constituent documents) and any amendments thereto, certified in each instance by its Secretary or an Assistant Secretary; (c) The Administrative Agent shall have received copies of resolutions of the Borrower’s Board of Directors authorizing the execution and delivery of the Credit Documents and the consummation of the transactions contemplated thereby together with specimen signatures of the persons authorized to execute such documents on the Borrower’s behalf, all certified in each instance by its Secretary or Assistant Secretary; (d) The Administrative Agent shall have received for each Lender that requests a Note, such Lender’s duly executed Note of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 2.9(a) hereof; (e) The Administrative Agent shall have received a duly executed counterpart of this Agreement from each of the Lenders and the Borrower; (f) The Administrative Agent shall have received a duly executed Compliance Certificate containing financial information as of March 31, 2009; (g) Except as set forth on Schedule 6.1, neither the Borrower nor any of its Subsidiaries shall have, during the period from March 31, 2009 to the Closing Date, issued, incurred, assumed, created, become liable for, contingently or otherwise, any material Indebtedness other than the issuance of commercial paper consistent with past practices; (h) The Borrower shall have paid to the Administrative Agent for the benefit of each Lender the applicable fees for providing its Commitment under this Agreement; (i) The Borrower shall have delivered the SEC Disclosure Documents which Nicor or the Borrower shall have filed with the Securities and Exchange Commission (or any governmental agency substituted therefore) or any national securities exchange on or after January 1, 2009; (j) The Credit Agreement, dated as of August 11, 2008, among the Borrower, the Administrative Agent and the other financial institutions party thereto has terminated (upon maturity or otherwise) in accordance with its terms; and (k) The Administrative Agent shall have received such other documents and information as it may reasonably request. By executing this Agreement, the Administrative Agent and each of the Lenders agrees that each condition set forth in this Section 6.1 has been satisfied.

  • Notice of Committed Borrowing The Borrower shall give the Agent notice (a "Notice of Committed Borrowing") not later than 10:30 A.M. (New York City time) on (x) the date of each Domestic Borrowing, and (y) the third Euro-Dollar Business Day before each Euro-Dollar Borrowing, specifying: (i) the date of such Borrowing, which shall be a Domestic Business Day in the case of a Domestic Borrowing or a Euro-Dollar Business Day in the case of a Euro-Dollar Borrowing, (ii) the aggregate amount of such Borrowing, (iii) whether the Loans comprising such Borrowing bear interest initially at the Base Rate or at a Euro-Dollar Rate, and (iv) in the case of a Euro-Dollar Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of Interest Period.

  • Procedure for Borrowing Swingline Loans The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date.

  • Borrowing Upon receipt of Proper Instructions, the Custodian shall deliver securities of a Portfolio to lenders or their agents, or otherwise establish a segregated account as agreed to by the applicable Fund on behalf of such Portfolio and the Custodian, as collateral for borrowings effected by such Portfolio, provided that such borrowed money is payable by the lender (a) to or upon the Custodian's order, as Custodian for such Portfolio, and (b) concurrently with delivery of such securities.

  • Each Borrowing The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction of the following conditions: (a) The representations and warranties of the Obligors set forth in Article III of this Agreement (other than Section 3.04, Section 3.05(a)(i) or (b), or Section 3.09) or any other Loan Document, or which are contained in any certificate or notice delivered at any time by any Obligor under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Borrowing, before and after giving effect to such Borrowing, or if any such representation or warranty was made as of a specific date, such representation and warranty was true and correct in all material respects on and as of such date. (b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing. (c) The Borrower shall have delivered a Borrowing Request in accordance with Section 2.03. (d) With respect to any Allocated Existing Indenture Debt to be repaid or redeemed with the proceeds of such Borrowing (other than pursuant to a Special Repayment), the Administrative Agent shall have received evidence reasonably satisfactory to it that the conditions to the tender offers commenced for the repurchase or redemption of such Allocated Existing Indenture Debt shall have been satisfied pursuant to the terms of the Repurchase Documentation, in such form as provided to the Administrative Agent on or before the date of this Agreement (and with such subsequent amendments, modifications or waivers as may be approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed)), and that all amounts payable to the holders of such Allocated Existing Indenture Debt pursuant to the terms of the Repurchase Documentation have been paid in full or are being paid in full in cash through a direct disbursement of the proceeds of such Borrowing. (e) With respect to any Borrowing the proceeds of which are being utilized to make a Special Repayment, the Administrative Agent shall have received evidence reasonably satisfactory to it that the Allocated Existing Indenture Debt which is being redeemed or otherwise repaid from such Special Repayment is (x) due and payable, (y) permitted to be prepaid or (z) being irrevocably called for redemption in connection with such Borrowing, and is being paid in cash (i) through a direct disbursement of the proceeds of such Borrowing or (ii) with money irrevocably deposited with the trustee, paying agent or fiscal agent for such Existing Indenture Debt (through a direct disbursement of the proceeds of such Borrowing) for payment of such Existing Indenture Debt upon expiration of the relevant notice period for such redemption. Each Borrowing Request shall be deemed to constitute a representation and warranty by the Obligors on the date of such Borrowing Request and the date of the Borrowing requested thereunder as to the matters specified in paragraphs (a) and (b) of this Section.