DRAWDOWN CONDITIONS FOR REVOLVING ADVANCES Sample Clauses

DRAWDOWN CONDITIONS FOR REVOLVING ADVANCES. A Revolving Advance will be made by the Banks to a Borrower if: 3.1.1 during the Notice Period, the Agent has received a completed Notice of Drawdown from such Borrower; 3.1.2 the proposed date for the making of such Revolving Advance is a Business Day falling one month or more before the Final Maturity Date; 3.1.3 the proposed amount of such Revolving Advance is (a) if less than the Available Facility an amount or integral multiple of L50,000,000 (or such lesser amount as the Original Borrower and the Agent may agree in respect of a Revolving Advance to be utilised to refinance Existing Target Indebtedness) or (b) equal to the amount of the Available Facility; 3.1.4 in respect of any Revolving Advance which: (a) is requested prior to the Pushdown Date; and (b) is to be used to finance any of the purposes set out in sub-clauses 2.
Sample 1Sample 2
AutoNDA by SimpleDocs
DRAWDOWN CONDITIONS FOR REVOLVING ADVANCES. A Revolving Advance will be made by the Banks to the Borrower if: 6.1.1 by no later than 11.00 a.m. on the third Business Day before the proposed date for the making of such Revolving Advance or such shorter period as may be reasonably agreed by the Agent in consultation with the Banks, the Agent has received a completed Notice of Drawdown from the Borrower which specifies (a) that the Advance requested is a Revolving Advance and (b) whether the Revolving Advance is drawn to finance (i) the payment of the Tendered Shares and costs associated with the Tender Offer, (ii) payment of the Merger Consideration and costs associated with the Merger, or (iii) payment of the acquisition of the shares in AXA Financial currently held by AXA Equity and Law Assurance Society and costs associated therewith; 6.1.2 the Drawdown Date is a Business Day within the Availability Period for the Revolving Facility; 6.1.3 the proposed Original Dollar Amount of such Revolving Advance is (if less than the Available Revolving Facility) a minimum amount of $50,000,000 and an integral multiple of $ 10,000,000 or such other amount agreed between the Agent and the Borrower; 6.1.4 there would not immediately after making of such Revolving Advance, be more than 5 Revolving Advances outstanding; 6.1.5 the interest rate applicable to such Revolving Advance would not fall to be determined pursuant to Clause 9.3 (MARKET DISRUPTION); 6.1.6 on the Drawdown Date (a) no Event of Default or Potential Event of Default and no Special Early Termination Event or Potential Special Early Termination Event is continuing or would result from the proposed Revolving Advance or, in the case of a Substitution Advance, no Event of Default or Special Early Termination Event is continuing or would result from the proposed Revolving Advance and (b) the Repeated Representations are true; and 6.1.7 the Borrower has paid, in accordance with the terms of the Fee Letters, all fees which have then fallen due.
Sample 1

Related to DRAWDOWN CONDITIONS FOR REVOLVING ADVANCES

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. (ii) Subject to Section 3.3(b), whenever Borrower desires that Lenders make Revolving Loans, Borrower shall deliver to Administrative Agent a fully executed and delivered Funding Notice no later than 1:00 p.m. (New York City time) at least three Business Days in advance of the proposed Credit Date in the case of a Eurodollar Rate Loan and at least one Business Day in advance of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan. (iii) Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of each Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided Administrative Agent shall have received such notice by 1:00 p.m. (New York City time)) not later than 2:00 p.m. (New York City time) on the same day as Administrative Agent’s receipt of such Notice from Borrower. (iv) Each Lender shall make the amount of its Revolving Loan available to Administrative Agent not later than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Principal Office designated by Administrative Agent. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such Revolving Loans available to Borrower on the applicable Credit Date by causing an amount of same day funds in Dollars, equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited to the account of Borrower at the Principal Office designated by Administrative Agent or such other account as may be designated in writing to Administrative Agent by Borrower.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.

  • Repayment of Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans outstanding on such date.

  • Repayment of Revolving Credit Advances The Borrower shall repay to the Agent for the ratable account of the Lenders on the Revolver Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding.

  • Additional Conditions to Revolving Loans If a Revolving Loan is requested, all conditions set forth in Section 2.1 shall have been satisfied.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

  • Repayment of Revolver Loans Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. If any Asset Disposition includes the disposition of Accounts or Inventory, then Net Proceeds equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing Base upon giving effect to such disposition, shall be applied to the Revolver Loans. Notwithstanding anything herein to the contrary, if an Overadvance exists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Loans to the Borrowing Base.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Requests for Revolving Loans Not later than 10:00 a.m. Eastern time at least one (1) Business Day prior to a borrowing of Revolving Loans that are to be Base Rate Loans and not later than 10:00 a.m. Eastern time at least three (3) Business Days prior to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of 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 LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!