Common use of Borrowing Notices Clause in Contracts

Borrowing Notices. The Borrower shall select the Type of each Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 10:00 a.m. (Chicago time) on the Borrowing Date for each Floating Rate Advance and prior to 10:00 a.m. (Chicago time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: (i) the Borrowing Date, which shall be a Business Day, of such Advance, (ii) the aggregate amount of such Advance, (iii) the Type of Advance selected, and (iv) in the case of each Eurodollar Rate Advance, the Interest Period applicable thereto. The Borrower shall be entitled to obtain, on the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance and, in any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance, any of which Advances may (subject to the provisions of Section 2.05) be comprised in whole or in part of any Eurodollar Rate Advance. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Floating Rate. Each Eurodollar Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date, to repay all Facility B Term Loans in full on the Facility B Term Maturity Date and to repay all Facility C Loans in full on the Facility C Maturity Date.

Appears in 2 contracts

Samples: Credit Agreement (Lennar Corp /New/), Credit Agreement (Lennar Corp /New/)

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Borrowing Notices. The Borrower shall select the Type of each Revolving Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 10:00 11:00 a.m. (Chicago New York time) on the Borrowing Date for each Floating Rate ABR Advance and prior to 10:00 11:00 a.m. (Chicago New York time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: (i) the Borrowing Date, which shall be a Business Day, of such Revolving Advance, (ii) the aggregate amount of such Revolving Advance, (iii) the Type of Revolving Advance selected, and (iv) in the case of each Eurodollar Rate Advance, the Interest Period applicable thereto. The Borrower shall be entitled to obtain, on the Closing Date, only one Facility A Advance and only one Facility B Revolver Revolving Advance and, in on any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Revolving Advance, any each of which Revolving Advances may (subject to the provisions of Section 2.052.02) be comprised in whole or in part of any Eurodollar Rate Advance. Changes in the rate of interest on that portion of any Revolving Advance maintained as a Floating Rate ABR Advance will take effect simultaneously with each change in the Floating Alternate Base Rate. Each Eurodollar Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date. In the case of a Eurodollar Advance made during the continuance of an Subsidiary Unmatured Default, to repay all Facility B Term Loans in full the Interest Period for such Advance may not extend beyond the date on the Facility B Term Maturity Date and to repay all Facility C Loans in full on the Facility C Maturity Datewhich such Subsidiary Unmatured Default would (if not cured) become an Event of Default.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Borrowing Notices. The Borrower shall select the Type of each Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 10:00 a.m. (Chicago time) on the Borrowing Date for each Floating Rate Advance and prior to 10:00 a.m. (Chicago time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: (i) the Borrowing Date, which shall be a Business Day, of such Advance, (ii) the aggregate amount of such Advance,, Table of Contents (iii) the Type of Advance selected, and (iv) in the case of each Eurodollar Rate Advance, the Interest Period applicable thereto. The Borrower shall be entitled to obtain, on the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance and, in any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance, any of which Advances may (subject to the provisions of Section 2.05) be comprised in whole or in part of any Eurodollar Rate Advance. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Floating Rate. Each Eurodollar Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date, Date and to repay all Facility B Term Loans in full on the Facility B Term Maturity Date and to repay all Facility C Loans in full on the Facility C Maturity Date.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Borrowing Notices. The Borrower shall select the Type of each Revolving Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 10:00 a.m. (Chicago time) on the Borrowing Date for each Floating Rate ABR Advance and prior to 10:00 a.m. (Chicago time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: (i) the Borrowing Date, which shall be a Business Day, of such Revolving Advance, (ii) the aggregate amount of such Revolving Advance, (iii) the Type of Revolving Advance selected, and (iv) in the case of each Eurodollar Rate Advance, the Interest Period applicable thereto. The Borrower shall be entitled to obtain, on the Closing Date, only one Facility A Advance and only one Facility B Revolver Revolving Advance and, in on any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Revolving Advance, any each of which Revolving Advances may (subject to the provisions of Section 2.052.02) be comprised in whole or in part of any Eurodollar Rate Advance. Changes in the rate of interest on that portion of any Revolving Advance maintained as a Floating Rate ABR Advance will take effect simultaneously with each change in the Floating Alternate Base Rate. Each Eurodollar Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date, to repay all Facility B Term Loans in full on the Facility B Term Maturity Date and to repay all Facility C Loans in full on the Facility C Maturity Date.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

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Borrowing Notices. The Borrower shall select the Type of each Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a "Borrowing Notice") not later than 10:00 a.m. (Chicago time) on the Borrowing Date for each Floating Rate Advance and prior to 10:00 a.m. (Chicago time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: (i) the Borrowing Date, which shall be a Business Day, of such Advance, (ii) the aggregate amount of such Advance, (iii) the Type of Advance selected, and (iv) in the case of each Eurodollar Rate Advance, the Interest Period applicable thereto. The Borrower Company shall be entitled to obtain, on the Closing Date, only one Facility A Advance and Advance, only one Facility B Revolver Advance and (if the Co-Borrower Termination Conditions are satisfied as of the Closing Date) the entire Facility C Advance and, in any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance, any of which Advances may (subject to the provisions of Section 2.05) be comprised in whole or in part of any Eurodollar Rate Advance. If, and for as long as the Co-Borrower is entitled to request Advances hereunder, the Co-Borrower shall be entitled to obtain on the Closing Date, only one Facility A Advance and the entire Facility C Advance, and, in any single Business Day after the Closing Date, only one Facility A Advance, any of which Advances may (subject to the provisions of Section 2.05) be comprised in whole or in part of any Eurodollar Rate Advance. Eurodollar Rate Advances to the Company and the Co-Borrower shall not be aggregated into a single Eurodollar Rate Advance, notwithstanding that they may have identical Eurodollar Interest Periods. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Floating Rate. Each Eurodollar Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date, to repay all Facility B Term Loans in full on the Facility B Term Maturity Date and to repay all Facility C Loans in full on the Facility C Maturity Date.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

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