Common use of Funding of Revolving Loans Clause in Contracts

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 5 contracts

Samples: Day Credit Agreement (Virginia Electric & Power Co), Credit Agreement (Dominion Resources Inc /Va/), Day Credit Agreement (Dominion Resources Inc /Va/)

AutoNDA by SimpleDocs

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the relevant Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from such Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Dominion Resources Inc /Va/), Revolving Credit Agreement (Dominion Resources Inc /Va/), Revolving Credit Agreement (Virginia Electric & Power Co)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. (if the Notice of Borrowing was received not later than 11:00 a.m. on the date of the Borrower’s request) or by 2:00 p.m. (if the Notice of Borrowing was received not later than 12:00 p.m. on the date of the Borrower’s request) on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the relevant Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from such Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Virginia Electric & Power Co), Revolving Credit Agreement (Dominion Energy South Carolina, Inc.), Revolving Credit Agreement (South Carolina Electric & Gas Co)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. (if the Notice of Borrowing was received not later than 11:00 a.m. on the date of the Borrower’s request) or by 2:00 p.m. (if the Notice of Borrowing was received not later than 12:00 p.m. on the date of the Borrower’s request) on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the relevant Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender Xxxxxx has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from such Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Dominion Energy, Inc), Revolving Credit Agreement (Dominion Energy, Inc), Revolving Credit Agreement (Dominion Energy South Carolina, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCleveland, New YorkOhio, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the relevant Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from such Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Dominion Resources Inc /Va/), Revolving Credit Agreement (Virginia Electric & Power Co), Revolving Credit Agreement (Dominion Resources Inc /Va/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 3 contracts

Samples: Credit Agreement (Highwoods Properties Inc), Credit Agreement (Highwoods Properties Inc), Credit Agreement (Ivex Packaging Corp /De/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata prorata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata prorata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 3 contracts

Samples: Credit Agreement (Virginia Electric & Power Co), Credit Agreement (Dominion Resources Inc /Va/), Credit Agreement (Consolidated Natural Gas Co/Va)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from such Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 3 contracts

Samples: Credit Agreement (Dominion Resources Inc /Va/), Credit Agreement (Dominion Resources Inc /Va/), Credit Agreement (Virginia Electric & Power Co)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata prorata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 3 contracts

Samples: Credit Agreement (Virginia Electric & Power Co), Credit Agreement (Dominion Resources Inc /Va/), Credit Agreement (Consolidated Natural Gas Co/Va)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 3:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment PercentageAgency Services Address. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 3 contracts

Samples: Credit Agreement (Abacoa Homes Inc), Credit Agreement (Pulte Corp), Credit Agreement (Pulte Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices office of the Administrative Agent at its principal office in New York, New YorkAgent, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from the Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 2 contracts

Samples: Credit Agreement (Dominion Resources Inc /Va/), Credit Agreement (Dominion Resources Inc /Va/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrowers by the Lenders pro rata Administrative Agent by crediting the account of the Borrowers on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrowers, and such Borrower the Borrowers shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrowerthe Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower the Borrowers to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such Borrower the Borrowers at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Brandywine Realty Trust), Credit Agreement (Brandywine Realty Trust)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices Agency Services Address. The amount of the requested Revolving Loans will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of such office of the Administrative Agent at its principal office in New YorkAgent, New York, or at to the extent the amount of such other address as Revolving Loans are made available to the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment PercentageAgent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Atmos Energy Corp), Revolving Credit Agreement (Atmos Energy Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Virginia Electric & Power Co), Credit Agreement (Dominion Resources Inc /Va/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by No later than 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (Borrowing, each Revolving Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in U.S. dollars) of immediately available funds at funds, the offices proceeds of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall Loan to be made by such Revolving Lender. With respect to Revolving Loans to be made after the Lenders pro rata on Effective Date, unless the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Revolving Lender prior to the specified date of any such Loan borrowing that such Revolving Lender does not intend to make available to the Administrative Agent its portion of the Loans Revolving Loan to be made by such Revolving Lender on such date, the Administrative Agent may may, but shall not be obligated to, assume that such Revolving Lender has made will make the proceeds of such amount Revolving Loan available to the Administrative Agent on the date of such Loans, the requested borrowing as set forth in the Notice of Borrowing and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amountthe amount of such Revolving Loan to be provided by such Revolving Lender. If In such corresponding event, if such Revolving Lender does not make available to the Agent the proceeds of such Revolving Loan, then such Revolving Lender and the Borrower severally agree to pay to the Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Loan is not in fact made available to the Administrative Borrower but excluding the date of payment to the Agent, at (i) in the Administrative case of a payment to be made by such Revolving Lender, the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable hereunder to such Revolving Loans. If the Borrower and such Revolving Lender shall pay the amount of such interest to the Agent for the same or overlapping period, the Agent shall be able promptly remit to recover the Borrower the amount of such corresponding amount from interest paid by the Borrower for such Lenderperiod. If such Revolving Lender does not pay pays to the Agent the amount of such corresponding amount forthwith upon the Administrative Agent's demand thereforRevolving Loan, the Administrative amount so paid shall constitute such Revolving Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Revolving Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Revolving Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will promptly notify make the relevant Borrower and proceeds of such Borrower shall immediately pay such corresponding amount borrowing available to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest Borrower no later than 2:00 p.m. on such corresponding amount in respect of each day from the date such corresponding amount was made available and at the account specified by the Administrative Agent to Borrower in such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds RateBorrowing.

Appears in 2 contracts

Samples: Credit Agreement (LXP Industrial Trust), Credit Agreement (Lexington Realty Trust)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. (if the Notice of Borrowing was received not later than 11:00 a.m. on the date of the Borrower’s request) or by 2:00 p.m. (if the Notice of Borrowing was received not later than 12:00 p.m. on the date of the Borrower’s request) on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from the Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Dominion Energy, Inc), Revolving Credit Agreement (Dominion Energy Midstream Partners, LP)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) Dollars of immediately available funds at the offices of to the Administrative Agent at its principal office in New York, New York, or at such other address as the Agent's Account. The amount of the requested Revolving Loans will then be made available to the Borrower by the Administrative Agent may designate in writing. All by crediting the account of the Borrower on the books of such office of the Administrative Agent, to the extent the amount of such Revolving Loans shall be are made by available to the Lenders pro rata on the basis of each Lender's Commitment PercentageAdministrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Alabama Power Co), Credit Agreement (Southern Power Co)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate if paid within two Business Days of the date of drawing, and thereafter at a rate equal to the Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Knoll Inc), Credit Agreement (Knoll Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkDetroit, New York, Michigan or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Varsity Spirit Corporation), Credit Agreement (Riddell Sports Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 3:00 p.m. (Charlotte, North Carolina time) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the principal offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Integrys Energy Group, Inc.), Five Year Credit Agreement (Integrys Energy Group, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkTampa, New York, Florida or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Jumbosports Inc), Credit Agreement (Sports & Recreation Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations Commitment hereunder shall not relieve any other Lender of its obligations Commitment hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan advance pursuant to a Notice of Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Loans Revolving Loan advance to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such LoansRevolving Loan advance, and the Administrative Agent Agent, in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant applicable Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant applicable Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the such Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent Agent, at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Pledge Agreement (Wolverine Tube Inc), Credit Agreement (Wolverine Tube Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 3:00 p.m. (New York, New York time) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the principal offices of the Administrative Agent at its principal office in New York, New York, York or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Five Year Credit Agreement (Integrys Energy Group, Inc.), Five Year Credit Agreement (Integrys Energy Group, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars or the applicable Foreign Currency, of immediately available funds at the offices principal office of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. (New York City time) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the principal offices of the Administrative Agent at its principal office in New York, New York, York or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Wisconsin Public Service Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. (Milwaukee time) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the principal offices of the Administrative Agent at its principal office in New YorkMilwaukee, New York, Wisconsin or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. <PAGE> No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Wisconsin Public Service Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Pro Rata Share of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office address specified in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment Percentagepursuant to Section 11.1. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Eurodollar Loan or 30 minutes prior to the time of any Floating Rate Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Effective Rate.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate if paid within two Business Days of the date of drawing, and thereafter at a rate equal to the Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Ryans Family Steakhouses Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each applicable Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Ivex Packaging Corp /De/)

Funding of Revolving Loans. Upon Except for the initial Revolving Loans to be made on the Closing Date which will be funded initially by the Agent, upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.to

Appears in 1 contract

Samples: Credit Agreement (Steel Heddle International Inc)

Funding of Revolving Loans. Upon receipt To request a Borrowing (except requests for Swing Line Loan Borrowings which are subject to Section 2.05(b)), the Borrower shall notify the Agent of such request by: (A) telephone or (B) a Loan Notice, provided that any telephone notice must be confirmed immediately by delivery to the Agent of a Loan Notice. Each such Loan Notice must be received by the Agent (i) in the case of a Eurocurrency Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to later than 11:00 a.m. three Business Days before the date of any the proposed Borrowing or, if such Loan that Borrowing is requested in an Alternative Currency, not later than the Applicable Time for such Lender does not intend to make available to Alternative Currency at least four Business Days before the Administrative Agent its portion date of the Loans to be made on such dateproposed Borrowing, or (ii) in the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent case of a Base Rate Borrowing not later than 12:00 noon on the date of the proposed Borrowing (including a Base Rate Borrowing to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.04(c)), provided further that the Borrower shall use Swing Line Loan Borrowings to finance the reimbursement of an L/C Disbursement except to the extent that such LoansBorrowings would cause the aggregate principal balance of all Swing Line Loans outstanding to exceed the Swing Line Commitment, in which case the Borrower may use Base Rate Revolving Credit Borrowings to finance such reimbursement, but only to the extent of such excess. Each such telephonic Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic transmission to the Agent of a written Loan Notice in the form of Exhibit B-1 hereto, setting forth all of the information required to be set forth therein, and signed by a Responsible Officer of the Administrative Borrower. Promptly following receipt of an Loan Notice in compliance with this subsection 2.01(c), the Agent shall advise each Lender of the details thereof and of the amount and currency of such Lender’s Revolving Loan to be made as part of the requested Borrowing, and provided that no Default under Section 10.01(a)(ii) or Event of Default shall have occurred and be continuing or shall result therefrom, (i) in reliance upon the case of a Eurocurrency Borrowing, on the date three Business Days after such assumption, may (in its sole discretion without any obligation to do so) make available Loan Notice is delivered to the relevant Borrower Agent and (ii) in the case of a corresponding amount. If Base Rate Borrowing, on the date one Business Day thereafter, such corresponding amount Loan Notice is not in fact made available delivered to the Administrative Agent, the Administrative Agent Lenders shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount make a Revolving Loan to the Administrative Agent. The Administrative Agent shall also be entitled to recover from Borrower in accordance with the Lender or such Borrower, as the case may be, interest on such corresponding terms of Section 2.08(c) in an amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower equal to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for set forth in such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds RateNotice.

Appears in 1 contract

Samples: Credit and Security Agreement (Ameresco, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, -------------------------- the Administrative Agent shall promptly inform the applicable New Credit Agreement Lenders as to the terms thereof. Each such New Credit Agreement Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No New Credit Agreement Lender shall be responsible for the failure or delay by any other New Credit Agreement Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any New Credit Agreement Lender to fulfill its obligations hereunder shall not relieve any other New Credit Agreement Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any New Credit Agreement Lender prior to the date of any such Revolving Loan that such New Credit Agreement Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such New Credit Agreement Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such New Credit Agreement Lender. If such New Credit Agreement Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the New Credit Agreement Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a New Credit Agreement Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable New Credit Agreement Lenders as to the terms thereof. Each such New Credit Agreement Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No New Credit Agreement Lender shall be responsible for the failure or delay by any other New Credit Agreement Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any New Credit Agreement Lender to fulfill its obligations hereunder shall not relieve any other New Credit Agreement Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any New Credit Agreement Lender prior to the date of any such Revolving Loan that such New Credit Agreement Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such New Credit Agreement Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such New Credit Agreement Lender. If such New Credit Agreement Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the New Credit Agreement Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a New Credit Agreement Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, -------------------------- the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to Deltic or Del-Tin, as the case may be, by the Lenders pro rata Agent by crediting the account of Deltic or Del-Tin, as the case may be, on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to Deltic or Del-Tin, as the relevant Borrower case may be, a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify Deltic or Del-Tin, as the relevant Borrower case may be, and such Borrower Deltic or Del-Tin, as the case may be, shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrowerrecover, as the case may be, from the Lender or Deltic or Del-Tin (as the case may be), interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower Deltic or Del-Tin, as the case may be, to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such Borrower Deltic or Del-Tin, as the case may be, at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate. If Deltic or Del-Tin, as the case may be, shall compensate the Agent pursuant to this paragraph for a Defaulting Lender's funding default, such Borrower shall be entitled to compensation from such Defaulting Lender in an amount equal to any losses, increased interest costs or lost discounts suffered by such Borrower and as determined by such Borrower absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Deltic Timber Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Pro Rata Share of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. 11:00 a.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, Agency Services Address or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the such Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at a per annum rate equal to, if paid within two (2) Business Days of demand, the Federal Funds Rate and thereafter at the Base Rate.

Appears in 1 contract

Samples: Revolving Credit Agreement (Pan Pacific Retail Properties Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. (Charlotte, North Carolina time) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the principal offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Integrys Energy Group, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.the

Appears in 1 contract

Samples: Credit Agreement (Us Can Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to 5:00 p.m. on the date preceding the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Integrated Living Communities Inc)

AutoNDA by SimpleDocs

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, -------------------------- the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Security Agreement (Packaging Dynamics Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars or the applicable Foreign Currency, of immediately available funds at the offices Agency Services Address. The amount of the requested Revolving Loans will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of such office of the Administrative Agent at its principal office in New YorkAgent, New York, or at to the extent the amount of such other address as Revolving Loans are made available to the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment PercentageAgent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from such Lender, at a Lender at rate per annum equal to, during the period to but excluding the date two Business Days after demand therefor, the Federal Funds Rate, and, thereafter, the Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders each Revolving Lender as to the terms thereof. Each Revolving Lender will shall make its pro rata share Revolving Commitment Percentage of the requested Revolving Loans Borrowing available to the Administrative Agent by 1:00 p.m. 3:00 P.M. (local time in Charlotte, North Carolina) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All Revolving Unless the Administrative Agent determines that any applicable condition set forth in Article IV has not been satisfied, the Administrative Agent shall (i) apply any funds received in respect of a Mandatory LOC Borrowing pursuant to Section 2.02(e) to reimburse the applicable Issuing Lender for outstanding LOC Obligations, (ii) apply any funds received in respect of outstanding Swingline Loans shall be made pursuant to Section 2.05(c) to repay Swingline Loans and (iii) make the remainder of the funds so received available to the Borrower by crediting the Lenders pro rata account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, provided that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan Revolving Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such LoansRevolving Borrowing, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from the Borrower (A) if such Borrower at Revolving Loan is a Eurodollar Loan, the applicable rate for such Loan pursuant to the Notice of Borrowing Eurodollar Rate and (bB) if such Revolving Loan is a Base Rate Loan, the Base Rate and (ii) from a Lender at the Federal Funds Rate if paid within two Business Days of the date of drawing, and thereafter at a rate equal to the Base Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Revolving Loan included in such Borrowing for purposes of this Agreement.

Appears in 1 contract

Samples: Credit Agreement (American Seafoods Group LLC)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by No later than 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (Borrowing, each Revolving Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in U.S. dollars) of immediately available funds at funds, the offices proceeds of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall Loan to be made by such Revolving Lender. With respect to Revolving Loans to be made after the Lenders pro rata on Effective Date, unless the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Revolving Lender prior to the specified date of any such Loan borrowing that such Revolving Lender does not intend to make available to the Administrative Agent its portion of the Loans Revolving Loan to be made by such Revolving Lender on such date, the Administrative Agent may may, but shall not be obligated to, assume that such Revolving Lender has made will make the proceeds of such amount Revolving Loan available to the Administrative Agent on the date of such Loans, the requested borrowing as set forth in the Notice of Borrowing and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrowers the amount of such Revolving Loan to be provided by such Revolving Lender. In such event, if such Revolving Lender does not make available to the Agent the proceeds of such Revolving Loan, then such Revolving Lender and the Borrowers severally agree to pay to the Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Loan is made available to a Borrower but excluding the date of payment to the Agent, at (i) in the case of a corresponding amountpayment to be made by such Revolving Lender, the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by a Borrower, the interest rate applicable hereunder to such Revolving Loans. If a Borrower and such Revolving Lender shall pay the amount of such interest to the Agent for the same or overlapping period, the Agent shall promptly remit to the applicable Borrower the amount of such interest paid by such Borrower for such period. If such corresponding Revolving Lender pays to the Agent the amount is not of such Revolving Loan, the amount so paid shall constitute such Revolving Lender’s Revolving Loan included in fact the borrowing. Any payment by a Borrower shall be without prejudice to any claim any Borrower may have against a Revolving Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Revolving Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will make the proceeds of such borrowing available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest Borrowers no later than 2:00 p.m. on such corresponding amount in respect of each day from the date such corresponding amount was made available and at the account specified by the Administrative Agent to Borrower Representative in such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds RateBorrowing.

Appears in 1 contract

Samples: Credit Agreement (Lepercq Corporate Income Fund L P)

Funding of Revolving Loans. Upon receipt of a Notice of -------------------------- Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkDallas, New York, Texas or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Gorges Quik to Fix Foods Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Knoll Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; providedPROVIDED, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate if paid within two Business Days of the date of drawing, and thereafter at a rate equal to the Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Medical Staffing Network Holdings Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing/Continuation/Conversion, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Revolving Loan Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing Borrowing/Continuation/Conversion by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New YorkNorth Carolina, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Revolving Loan Lender's Revolving Loan Commitment Percentage. No Revolving Loan Lender shall be responsible for the failure or delay by any other Revolving Loan Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Revolving Loan Lender prior to the date of any such Revolving Loan that such Revolving Loan Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Revolving Loan Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Revolving Loan Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing Borrowing/Continuation/Conversion and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Ivex Packaging Corp /De/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkDallas, New York, Texas or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Davel Communications Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Chic by H I S Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of to the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrowers by the Lenders pro rata Administrative Agent by crediting the account of the Borrowers on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrowers, and such Borrower the Borrowers shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the such Lender or such Borrowerthe Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower the Borrowers to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such Borrower the Borrowers at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a such Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Brandywine Realty Trust)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Highwoods Forsyth L P)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices principal office of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars or the applicable Foreign Currency, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Fruit of the Loom Inc /De/)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) Dollars of immediately available funds at the offices of to the Administrative Agent at its principal office in New York, New York, or at such other address as the Agent’s Account. The amount of the requested Revolving Loans will then be made available to the Borrower by the Administrative Agent may designate in writing. All by crediting the account of the Borrower on the books of such office of the Administrative Agent, to the extent the amount of such Revolving Loans shall be are made by available to the Lenders pro rata on the basis of each Lender's Commitment PercentageAdministrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Multi Year Credit Agreement (Alabama Power Co)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New YorkNorth Carolina, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Natural Gas Co/Va)

Funding of Revolving Loans. Upon receipt of a Notice of -------------------------- Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Knoll Inc)

Funding of Revolving Loans. Upon receipt To request a Borrowing (except requests for Swingline Loan Borrowings which are subject to Section 2.5(b)), the Borrower shall notify the Agent of such request by: (A) telephone or (B) a Loan Notice, provided that any telephone notice must be confirmed immediately by delivery to the Agent of a Loan Notice. Each such Loan Notice must be received by the Agent (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m. three Business Days before the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share date of the Revolving Loans available to proposed Borrowing or (ii) in the Administrative Agent by case of a Base Rate Borrowing not later than 1:00 p.m. on the date specified of the proposed Borrowing (including a Base Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.4(c)), provided further that the Borrower shall use Swingline Loan Borrowings to finance the reimbursement of an LC Disbursement except to the extent that such Borrowings would cause the aggregate principal balance of all Swingline Loans outstanding to exceed the Swingline Commitment, in which case the Borrower may use Base Rate Revolving Credit Borrowings to finance such reimbursement, but only to the extent of such excess. Each such telephonic Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic transmission to the Agent of a written Loan Notice in the Notice form of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices Exhibit B-1 hereto, setting forth all of the Administrative information required to be set forth therein, and signed by a Responsible Officer of the Borrower. Promptly following receipt of an Loan Notice in compliance with this subsection 2.1(c), the Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of advise each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion details thereof and of the Loans amount and currency of such Lender’s Revolving Loan to be made on such dateas part of the requested Borrowing, and provided that no Default under Section 10.1(a)(ii) or Event of Default shall have occurred and be continuing or shall result therefrom, (i) in the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent case of a Eurocurrency Borrowing, on the date of three Business Days after such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available Loan Notice is delivered to the relevant Borrower Agent and (ii) in the case of a corresponding amount. If Base Rate Borrowing, on the date one Business Day thereafter, such corresponding amount Loan Notice is not in fact made available delivered to the Administrative Agent, the Administrative Agent Lenders shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount make a Revolving Loan to the Administrative Agent. The Administrative Agent shall also be entitled to recover from Borrower in accordance with the Lender or such Borrower, as the case may be, interest on such corresponding terms of Section 2.8(c) in an amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower equal to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for set forth in such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds RateNotice.

Appears in 1 contract

Samples: Credit and Security Agreement (Ameresco, Inc.)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices Agency Services Address. The amount of the requested Revolving Loans will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of such office of the Administrative Agent at its principal office in New YorkAgent, New York, or at to the extent the amount of such other address as Revolving Loans are made available to the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment PercentageAgent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the -------- ------- failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Atmos Energy Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, -------------------------- the Administrative Agent shall promptly inform the Lenders each Revolving Lender as to the terms thereof. Each Revolving Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans Borrowing available to the Administrative Agent by 1:00 p.m. 3:00 P.M. (local time in Charlotte, North Carolina) on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All Revolving Unless the Administrative Agent determines that any applicable condition set forth in Article IV has not been ---------- satisfied, the Administrative Agent shall (i) apply any funds received in respect of a Mandatory LOC Borrowing pursuant to Section 2.02(e) to reimburse --------------- the applicable Issuing Lender for outstanding LOC Obligations, (ii) apply any funds received in respect of outstanding Swingline Loans shall be made pursuant to Section ------- 2.05(c) to repay Swingline Loans and (iii) make the remainder of the funds so ------- received available to the Borrower by crediting the Lenders pro rata account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, -------- ------- that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan Revolving Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such LoansRevolving Borrowing, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate if paid within two Business Days of the date of drawing, and thereafter at a rate equal to the Base Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender's Revolving Loan included in such Borrowing for purposes of this Agreement.

Appears in 1 contract

Samples: Credit Agreement (American Seafoods Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Administrative Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and or (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Dispatch Management Services Corp)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. (if the Notice of Borrowing was received not later than 11:00 a.m. on the date of the Borrower’s request) or by 2:00 p.m. (if the Notice of Borrowing was received not later than 12:00 p.m. on the date of the Borrower’s request) on the date specified in the Notice of Borrowing by deposit (in U.S. dollarsDollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's ’s Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. The Administrative Agent will make the proceeds of such Revolving Loans available to the Borrower promptly after it receives funds from the Lenders as described in the preceding paragraph. Unless the Administrative Agent shall have been notified by any Lender prior to the date time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender Xxxxxx has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing Borrowing, if recovered from the Borrower, and (b) from a Lender at the Federal Funds Rate, if recovered from a Lender.

Appears in 1 contract

Samples: Revolving Credit Agreement (Dominion Energy, Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the applicable Lenders as to the terms thereof. Each such Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrower by the Lenders pro rata Agent by crediting the account of the Borrower on the basis books of each Lender's Commitment Percentagesuch office of the Agent, to the extent the amount of such Revolving Loans are made available to the Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrower, and such the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such the Borrower at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

Funding of Revolving Loans. Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will shall make its pro rata share Revolving Loan Commitment Percentage of the requested Revolving Loans available to the Administrative Agent by 1:00 2:00 p.m. on the date specified in the Notice of Borrowing by deposit (deposit, in U.S. dollars) Dollars, of immediately available funds at the offices of the Administrative Agent at its principal office in New YorkCharlotte, New York, North Carolina or at such other address as the Administrative Agent may designate in writing. All The amount of the requested Revolving Loans shall will then be made available to the Borrowers by the Lenders pro rata Administrative Agent by crediting the account of the Borrowers on the basis books of each Lender's Commitment Percentagesuch office of the Administrative Agent, to the extent the amount of such Revolving Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Revolving Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Revolving Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Revolving Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Revolving Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the relevant Borrower Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower Borrowers, and such Borrower the Borrowers shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrowerthe Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower the Borrowers to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (ai) from such Borrower the Borrowers at the applicable rate for such Revolving Loan pursuant to the Notice of Borrowing and (bii) from a Lender at the Federal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Gerber Childrenswear Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.