Automatic Borrowing Sample Clauses

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.
Sample 1
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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.
Sample 1
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.
Sample 1

Related to Automatic Borrowing

  • Initial Borrowing Before or concurrently with the initial Borrowing:

  • Procedure for Revolving Advances Borrowing (a) Borrower may notify Agent prior to 1:00 p.m. on a Business Day of Borrower’s request to incur, on that day, a Revolving Advance hereunder. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request for a Revolving Advance as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall be irrevocable.

  • The Term Borrowing Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single term loan denominated in Dollars to the Borrower on the Closing Date in an amount not to exceed such Term Lender’s Term Commitment. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

  • 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:

  • 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:

  • Procedure for Revolving Credit Borrowing The Borrower may borrow under the Revolving Credit Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans or (b) on the requested Borrowing Date, otherwise), in each case specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Period therefor. Each borrowing under the Revolving Credit Commitments (other than a borrowing under subsections 2.4, 2.16 and 5.5) shall be in an amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the Aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Prior to 11:00 A.M., New York City time, on the Borrowing Date requested by the Borrower, each Lender will make an amount equal to its Funding Commitment Percentage of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Administrative Agent for the account of the Borrower at the New York office of the Administrative Agent specified in subsection 13.2 in funds immediately available to the Administrative Agent. Except as otherwise provided in subsection 2.16, such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

  • Procedure for Swingline Borrowing; Refunding of Swingline Loans (a) Whenever the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date (which shall be a Business Day during the Revolving Commitment Period). Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M., New York City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by depositing such proceeds in the account of the Borrower with the Administrative Agent on such Borrowing Date in immediately available funds.

  • Procedure for Swing Line Borrowing; Refunding of Swing Line Loans (a) The Borrower may borrow under the Swing Line Commitment on any Business Day during the Revolving Credit Commitment Period, provided, the Borrower shall give the Swing Line Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swing Line Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date. Each borrowing under the Swing Line Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M., New York City time, on the Borrowing Date specified in the borrowing notice in respect of any Swing Line Loan, the Swing Line Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount of such Swing Line Loan. The Administrative Agent shall make the proceeds of such Swing Line Loan available to the Borrower on such Borrowing Date in like funds as received by the Administrative Agent.

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