Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise. (b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 3 contracts
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. 11:00 a.m. (New York City Cleveland, Ohio time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City Cleveland, Ohio time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit ’s Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 3 contracts
Samples: Revolving Credit Agreement (First Potomac Realty Trust), Revolving Credit Agreement (First Potomac Realty Trust), Revolving Credit Agreement (First Potomac Realty Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by Sections 9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Waste Connections Inc/De), Revolving Credit Agreement (Waste Connections Inc/De), Revolving Credit Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head ’s Funding Office, in immediately available funds, the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the LendersBanks. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeBoston Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business DayDay (provided that as to any Bank which is required to fund Revolving Credit Loans from its head office located in the Pacific Time Zone (U.S.), the preceding reference to ‘11:00 a.m.’ shall be deemed to be a reference to ‘1:00 p.m.’). The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Boston Properties Inc), Revolving Credit Agreement (Boston Properties Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City Boston time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit ’s Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 2 contracts
Samples: Revolving Credit Agreement (First Potomac Realty Trust), Revolving Credit Agreement (First Potomac Realty Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's ’s Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan§2.1. Upon receipt from each Lender of such amount, and upon receipt of the Administrative documents required by §10 and §11 and the satisfaction of the other conditions set forth herein and therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Lenders by crediting such funds received amount to the account of the Borrower maintained at UMB Bank, or to such other account of the Borrower as may be approved by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayAgent. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Lender’s Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no Loans, including any additional Revolving Credit Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Lender so failing or refusing. In the event of any such failure or refusal, the Lenders not so failing or refusing shall be entitled to a priority position as against the Administrative Agent (in its capacity as Administrative Agent) have any obligation Lender or Lenders so failing or refusing to make any funding available to the Borrower the amount of its or their Revolving Credit Commitment Percentage for such Revolving Credit Loans as provided in §12.5.
(b) Unless the Agent shall have been notified by any Lender be obligated prior to fund more than its the applicable Drawdown Date that such Revolving Credit Lender will not make available to Agent such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the requested a proposed Revolving Credit Loan or to increase Loan, the Agent may in its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, discretion assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan available to be made on such Drawdown Date, Agent in accordance with the provisions of this Agreement and the Administrative Agent may (but may, if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown DateBorrower, and such Lender shall pay be liable to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's advance. If such Lender does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or 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 Agent to the Borrower to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Revolving Credit Commitment Percentage Loan or (ii) from a Lender at the Federal Funds Effective Rate. Notwithstanding anything to the contrary contained herein, the Borrower may at any time prior to any proposed Drawdown Date, provide a Full Advance Notice to the Agent instructing Agent not to disburse the requested Advance, or any subsequent Advance, until such time as Agent has received from each Lender, its proportionate share of such the requested Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Dateas provided in §2.7 herein.
Appears in 2 contracts
Samples: Master Credit Agreement (Entertainment Properties Trust), Master Credit Agreement (Entertainment Properties Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, and upon receipt of the documents required by §§9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date of which such Bank has received the notice required hereunder, the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Waste Industries Usa Inc), Revolving Credit Agreement (Waste Industries Usa Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by 10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) Loans. The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Revolving Credit Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De), Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's ’s Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Revolving Credit Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Revolving Credit Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's ’s account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Revolving Credit Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's ’s Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's ’s Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's ’s Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's ’s Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Life Storage Lp), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 3:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Advances under the Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Advances under the Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by Sections 6 and 7 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Advances under the Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Advances under the Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Advances under the Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Advances under the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loan, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loans Loan is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers Borrower on demand, with interest thereon at the rate per annum applicable to the Advances under the Revolving Credit Loans Loan made on such Drawdown Date.
Appears in 1 contract
Samples: Credit Agreement (Rottlund Co Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Atlanta time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Revolving Credit Lender's ’s Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan§2.1. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the Administrative documents required by §10 and §11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent Land Company the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Revolving Credit Lender by promptly crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of Land Company maintained at the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayAgent’s Head Office. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loans to the extent it is obligated to fund such Revolving Credit Loan hereunder shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender’s Revolving Credit Commitment Percentage of any requested Revolving Credit Loans, including any additional Revolving Credit Loans that may be requested by Land Company subject to the terms and conditions hereof to provide funds to replace those not advanced by the Revolving Credit Lender so failing or refusing, provided that Land Company may by notice received by the Agent no later than the Drawdown Date refuse to accept any Revolving Credit Loan but which is not fully funded in accordance with Land Company’s Loan Request subject to the terms of §2.6; provided further that no event Revolving Credit Lender shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage advance any amount in excess of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account limits set forth in §2.1. In the event of any such failure or otherwise.refusal, the Revolving Credit Lenders not so failing or refusing shall be entitled to a priority position as against the Revolving Credit Lender or Revolving Credit Lenders so failing or refusing for such Revolving Credit Loans as provided in §2C.
(b) The Administrative Unless Agent shall have been notified by any Revolving Credit Lender prior to the applicable Drawdown Date that such Revolving Credit Lender will not make available to Agent such Revolving Credit Lender’s pro rata share of a proposed Revolving Credit Loan, Agent may in its discretion assume that such Revolving Credit Lender has made such Revolving Credit Loan available to Agent in accordance with the provisions of this Agreement and Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Land Company, and such Revolving Credit Lender makes available shall be liable to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of advance. If such Revolving Credit Loan, multiplied by (iii) a fractionLender does not pay such corresponding amount upon the Agent’s demand therefor, the numerator Agent will promptly notify the Borrowers, and, if such amount was actually advanced to the Borrowers, the Borrowers shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Revolving Credit Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect of which is each day from the number of days that elapsed from and including date such Drawdown Date corresponding amount was made available by the Agent to the applicable Borrower to the date on which such corresponding amount is recovered by the amount of such Lender's Revolving Credit Commitment Percentage of Agent at a per annum rate equal to (i) from the Borrowers at the applicable rate for such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's or (ii) from a Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateFederal Funds Effective Rate plus one-half of one percent (0.5%).
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks, severally, will make available to the Administrative Agent, at the Administrative Agent's Head Officeits head office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the documents required by Sections 8 and 9 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made Loans available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBorrower. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, may (unless notified to the contrary by any Lender Bank prior to a Drawdown Date, ) assume that such Lender each Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount advanced by the Administrative Agent on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of equal to such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. If the amount of such Bank's Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Bank within three (3) Business Days of such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrower on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date. A statement of the Administrative Agent submitted to such Lender any Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Samples: Revolving Credit Agreement (United States Cellular Corp)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by §§9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit ’s Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence primafacie evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Lender’s Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available fundsfunds denominated, as applicable, in Dollars or the requested Alternative Currency, the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by §6, as applicable, and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers applicable Borrowers, not later than 2:00 p.m. (Boston time) on the proposed Drawdown Date, in the Borrower Representative's account with the Administrative Agent immediately available funds, the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its such Revolving Credit Commitment Lender’s Applicable Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Commitment Lender’s Applicable Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Revolving Credit Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Revolving Credit Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence (absent manifest error), of the amount due and owing to the Administrative Agent by such Revolving Credit Lender. If the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Revolving Credit Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Agreement (Lojack Corp)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, and upon receipt of the documents required by §§9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All Banks by (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds received by or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by 12:00 p.m. (New York City time) the Borrower; provided, however, that if, on the date the Loan and Letter of Credit Request with respect to such borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such borrowing, first, shall be applied to the payment in full of any Business Day will such L/C Borrowings, and second, shall be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBorrower as provided above. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date of which such Bank has received the notice required hereunder, the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent Federal Funds Rate during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such Lender's Revolving Credit Bank’s Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Industries Usa Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2ss.2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All Banks; all such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeBoston Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. 11:00 a.m. (New York City Cleveland, Ohio time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City Cleveland, Ohio time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Hartman Commercial Properties Reit)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by §§10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit ’s Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Lender’s Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2(S)2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the LendersBanks. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeBoston Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such LenderBank's Revolving Credit ---------- Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a ------------- fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent ----- ----- by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, and upon receipt of the documents required by ss.ss.9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date of which such Bank has received the notice required hereunder, the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by TIMES (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by TIMES (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence PRIMA FACIE evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Boston Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by ss.ss.10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by TIMES (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by TIMES (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, Agent and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence PRIMA FACIE evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender of such amount, and upon receipt of the documents required by §§10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit ’s Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to until the date on which the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, Agent and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit ’s Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Applicable Rate for Revolving Credit Loans of the Type made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Casella Waste Systems Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Revolving Credit Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanSection 2.2. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the Administrative documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Revolving Credit Lenders by crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on Borrower maintained at the next Business DayAgent's Head Office. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender's Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no Loans, including any additional Revolving Credit Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Revolving Credit Lender so failing or refusing. In the event of any such failure or refusal, the Revolving Credit Lenders not so failing or refusing shall be entitled to a priority secured position as against the Administrative Agent (in its capacity as Administrative Agent) have any obligation Revolving Credit Lender or Revolving Credit Lenders so failing or refusing to make any funding available to the Borrower the amount of its or shall any Lender be obligated to fund more than its their Revolving Credit Commitment Percentage of the requested for such Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans as provided in Section 12.5.
(b) The Administrative Unless the Agent may, unless shall have been notified to the contrary by any Revolving Credit Lender prior to a the applicable Drawdown Date, assume Date that such Revolving Credit Lender has made will not make available to the Administrative Agent on such Drawdown Date the amount of such Revolving Credit Lender's Revolving Credit Commitment Percentage of the a proposed Revolving Credit Loan, Agent may in its discretion assume that such Revolving Credit Lender has made such Revolving Credit Loan available to be made on such Drawdown Date, Agent in accordance with the provisions of this Agreement and the Administrative Agent may (but may, if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Borrower, and such Revolving Credit Lender makes available shall be liable to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of advance. If such Revolving Credit Loan, multiplied by (iii) a fractionLender does not pay such corresponding amount upon the Agent's demand therefor, the numerator Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Revolving Credit Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of which is each day from the number of days that elapsed from and including date such Drawdown Date corresponding amount was made available by the Agent to the Borrower to the date on which such corresponding amount is recovered by the amount of such Lender's Revolving Credit Commitment Percentage of Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's or (ii) from a Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateFederal Funds Effective Rate.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by ss.ss.10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. (New York City time) 11:00 a.m. on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All Banks; all such funds received by the Administrative Agent by 12:00 p.m. (New York City time) 11:00 a.m. on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by SECTION SECTION 10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by TIMES (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by TIMES (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence PRIMA FACIE evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2ss.2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Prime Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers Borrowers, in the Borrower Representative's account with the Administrative Agent or as otherwise directed to the Agent by the Borrower Representative, the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All ; all such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The Agent hereby agrees to promptly provide the Borrower Representative with a statement confirming the particulars of each Revolving Credit LIBOR Rate Loan, in reasonable detail, when each such Loan is made. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Cali Realty Corp /New/)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loanss.
2.1. Upon receipt from each Lender of such amount, and upon receipt of the Administrative documents required by ss.10 and ss.11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Lenders by crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on Borrower maintained at the next Business DayAgent's Head Office. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Lender's Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no Loans, including any additional Revolving Credit Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Lender so failing or refusing. In the event of any such failure or refusal, the Lenders not so failing or refusing shall be entitled to a priority position as against the Administrative Agent (in its capacity as Administrative Agent) have any obligation Lender or Lenders so failing or refusing to make any funding available to the Borrower the amount of its or shall any Lender be obligated to fund more than its their Revolving Credit Commitment Percentage of the requested for such Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans as provided in ss.12.5.
(b) The Administrative Unless the Agent may, unless shall have been notified to the contrary by any Lender prior to a the applicable Drawdown Date, assume Date that such Revolving Credit Lender has made will not make available to the Administrative Agent on such Drawdown Date the amount of such Revolving Credit Lender's Revolving Credit Commitment Percentage of a proposed Revolving Credit Loan, the Agent may in its discretion assume that such Lender has made such Revolving Credit Loan available to be made on such Drawdown Date, Agent in accordance with the provisions of this Agreement and the Administrative Agent may (but may, if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown DateBorrower, and such Lender shall pay be liable to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lenderadvance. If such Lender does not pay such corresponding amount upon the Agent's demand therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or 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 Agent to the Borrower to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Revolving Credit Commitment Percentage Loan or (ii) from a Lender at the Federal Funds Effective Rate. Notwithstanding anything to the contrary contained herein, the Borrower may at any time prior to any proposed Drawdown Date, provide a Full Advance Notice to the Agent instructing Agent not to disburse the requested Advance, or any subsequent Advance, until such time as Agent has received from each Lender, its proportionate share of such the requested Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Dateas provided in ss.2.7 herein.
Appears in 1 contract
Samples: Master Credit Agreement (Entertainment Properties Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by ss. 10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Revolving Credit Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender of such amount, and upon receipt of the documents required by ss.ss.10 and 11 and the satisfaction Of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by TIMES (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by TIMES (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to until the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, Agent and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence PRIMA FACIE evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Applicable Rate for Revolving Credit Loans of the Type made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Casella Waste Systems Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by ss.ss.10 and 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Lender's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by TIMES (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by TIMES (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, Agent and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence PRIMA FACIE evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by §6, as applicable, and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the applicable U.S. Borrowers or Foreign Borrower, not later than 2:00 p.m. (Boston time) on the proposed Drawdown Date, in the Borrower Representative's account with the Administrative Agent immediately available funds, the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its such Revolving Credit Commitment Lender’s Applicable Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Commitment Lender’s Applicable Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Revolving Credit Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Revolving Credit Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence (absent manifest error), of the amount due and owing to the Administrative Agent by such Revolving Credit Lender. If the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Revolving Credit Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the U.S. Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Lojack Corp)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2ss.2, not later than 12:00 p.m. 11:00 a.m. (New York City Providence time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All Banks; all such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeProvidence Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Samples: Revolving Credit Agreement (Grove Real Estate Asset Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Revolving Credit Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Revolving Credit Lender of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Revolving Credit Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §Section 2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided PROVIDED that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Alternate Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers Borrower, in the Borrower RepresentativeBorrower's account with the Administrative Agent or as otherwise directed to the Administrative Agent by the Borrower, the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All ; all such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The Administrative Agent hereby agrees to promptly provide the Borrower with a statement confirming the particulars of each Revolving Credit LIBOR Rate Loan, in reasonable detail, when each such Loan is made. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by MULTIPLIED BY (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by MULTIPLIED BY (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie PRIMA FACIE evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers Borrower on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by Sections 9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers Borrower in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers Borrower on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §Section 2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the LendersBanks. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeBoston Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by MULTIPLIED BY (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by MULTIPLIED BY (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie PRIMA FACIE evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §Section 2, not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the LendersBanks. All such funds received by the Administrative Agent by 12:00 p.m. 11:00 a.m. (New York City timeBoston Time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds ; funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business DayDay (provided that as to any Bank which is required to fund Revolving Credit Loans from its head office located in the Pacific Time Zone (U.S.), the preceding reference to `11:00 a.m.' shall be deemed to be a reference to `1:00 p.m.'). The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by MULTIPLIED BY (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by MULTIPLIED BY (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie PRIMA FACIE evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by Section ss.9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by ss.ss.9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 p.m. 11:00 a.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Revolving Credit Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderRevolving Credit Bank's Commercial Company Revolving Credit Commitment Percentage or Land Company Revolving Credit Commitment Percentage, as applicable, of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanSection 2.1. Upon receipt from each Lender Revolving Credit Bank of such amount, and upon receipt of the Administrative documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the applicable Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Revolving Credit Bank by promptly crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of such Borrower maintained at the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayAgent's Head Office. The failure or refusal of any Lender Revolving Credit Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Commercial Company Revolving Credit Commitment Percentage or Land Company Revolving Credit Commitment Percentage, as applicable, of the requested Revolving Credit Loans to the extent it is obligated to fund such Revolving Credit Loan hereunder shall not relieve any other Lender Revolving Credit Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Bank's Commercial Company Revolving Credit Commitment Percentage or Land Company Revolving Credit Commitment Percentage, as applicable, of any requested Revolving Credit Loans, including any additional Revolving Credit Loans that may be requested by the applicable Borrower subject to the terms and conditions hereof to provide funds to replace those not advanced by the Revolving Credit Bank so failing or refusing, provided that the applicable Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Revolving Credit Loan but which is not fully funded in accordance with such Borrower's Loan Request subject to the terms of Section 2.6; provided further that no event Revolving Credit Bank shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage advance any amount in excess of the requested Revolving Credit Loan limits set forth in Section 2.1 or to increase its Revolving Credit Commitment Percentage on account Section 2.1A, as applicable. In the event of any such failure or otherwiserefusal, the Revolving Credit Banks not so failing or refusing shall be entitled to a priority position as against the Revolving Credit Bank or Revolving Credit Banks so failing or refusing for such Revolving Credit Loans as provided in Section 14.5.
(b) The Administrative Unless Agent shall have been notified by any Revolving Credit Bank prior to the applicable Drawdown Date that such Revolving Credit Bank will not make available to Agent such Revolving Credit Bank's pro rata share of a proposed Revolving Credit Loan, Agent may in its discretion assume that such Revolving Credit Bank has made such Revolving Credit Loan available to Agent in accordance with the provisions of this Agreement and Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Lender makes available applicable Borrower, and such Revolving Credit Bank shall be liable to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Dateadvance.
Appears in 1 contract
Samples: Master Credit Agreement (Wellsford Real Properties Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2ss.2, not later than 12:00 p.m. (New York City time) 11:00 a.m. on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All Banks; all such funds received by the Administrative Agent by 12:00 p.m. (New York City time) 11:00 a.m. on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. 11:00 a.m. on the next Business Day. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender Bank be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateBank.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the documents required by §§9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent immediately available funds the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Connections Inc/De)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Cleveland time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Lender's Revolving Credit ’s Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan§2.1. Upon receipt from each Lender of such amount, and upon receipt of the Administrative documents required by §10 and §11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Lenders by crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on Borrower maintained at the next Business DayAgent’s Head Office. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Lender’s Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have Loans, including any obligation to make any funding or shall any Lender be obligated to fund more than its additional Revolving Credit Commitment Percentage Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Lender so failing or refusing. In the event of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of any such failure or otherwiserefusal, the Lenders not so failing or refusing shall be entitled to a priority secured position as against the Lender or Lenders so failing or refusing to make available to the Borrower the amount of its or their Commitment Percentage for such Revolving Credit Loans as provided in §12.5.
(b) The Administrative Unless the Agent may, unless shall have been notified to the contrary by any Lender prior to the applicable Drawdown Date that such Lender will not make available to Agent such Lender’s Commitment Percentage of a Drawdown Dateproposed Revolving Credit Loan, Agent may in its discretion assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan available to be made on such Drawdown Date, Agent in accordance with the provisions of this Agreement and the Administrative Agent may (but may, if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown DateBorrower, and such Lender shall pay be liable to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of advance. If such Revolving Credit Loan, multiplied by (iii) a fractionLender does not pay such corresponding amount upon the Agent’s demand therefor, the numerator Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of which is each day from the number of days that elapsed from and including date such Drawdown Date corresponding amount was made available by the Agent to the Borrower to the date on which such corresponding amount is recovered by the amount of such Lender's Revolving Credit Commitment Percentage of Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such or (ii) from a Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateFederal Funds Effective Rate.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Republic Property Trust)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Atlanta time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's ’s Head Office, in immediately available funds, the amount of such Revolving Credit Lender's ’s Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice Loans which may be disbursed pursuant to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan§2.1. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the Administrative documents required by §10 and §11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent Land Company the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All Revolving Credit Lender by promptly crediting such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available amount to the Borrowers not later than 2:00 p.m. on account of Land Company maintained at the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayAgent’s Head Office. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loans to the extent it is obligated to fund such Revolving Credit Loan hereunder shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Lender’s Revolving Credit Commitment Percentage of any requested Revolving Credit Loans, including any additional Revolving Credit Loans that may be requested by Land Company subject to the terms and conditions hereof to provide funds to replace those not advanced by the Revolving Credit Lender so failing or refusing, provided that Land Company may by notice received by the Agent no later than the Drawdown Date refuse to accept any Revolving Credit Loan but which is not fully funded in accordance with Land Company’s Loan Request subject to the terms of §2.6; provided further that no event Revolving Credit Lender shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage advance any amount in excess of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account limits set forth in §2.1A. In the event of any such failure or otherwiserefusal, the Revolving Credit Lenders not so failing or refusing shall be entitled to a priority position as against the Revolving Credit Lender or Revolving Credit Lenders so failing or refusing for such Revolving Credit Loans as provided in §14.5.
(b) The Administrative Unless Agent shall have been notified by any Revolving Credit Lender prior to the applicable Drawdown Date that such Revolving Credit Lender will not make available to Agent such Revolving Credit Lender’s pro rata share of a proposed Revolving Credit Loan, Agent may in its discretion assume that such Revolving Credit Lender has made such Revolving Credit Loan available to Agent in accordance with the provisions of this Agreement and Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but if it shall not be required to)chooses, in reliance upon such assumption, assumption make such Revolving Credit Loan available to the Borrowers a corresponding amount. If any Land Company, and such Revolving Credit Lender makes available shall be liable to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of advance. If such Revolving Credit Loan, multiplied by (iii) a fractionLender does not pay such corresponding amount upon the Agent’s demand therefor, the numerator Agent will promptly notify the Borrowers, and, if such amount was actually advanced to the Borrowers, the Borrowers shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Revolving Credit Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect of which is each day from the number of days that elapsed from and including date such Drawdown Date corresponding amount was made available by the Agent to the applicable Borrower to the date on which such corresponding amount is recovered by the amount of such Lender's Revolving Credit Commitment Percentage of Agent at a per annum rate equal to (i) from the Borrowers at the applicable rate for such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's or (ii) from a Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown DateFederal Funds Effective Rate plus one-half of one percent (0.5%).
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit LoanLoans, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's its Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by ss.ss.9 and 10 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. Banks on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayDrawdown Date. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence evidence, absent manifest error, of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 2:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Advances under the Revolving Credit Loan, each of the Lenders Banks will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such LenderBank's Revolving Credit Commitment Percentage of the amount of the requested Advances under the Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender Bank of such amount, and upon receipt of the Administrative documents required by Section Section 6 and 7 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrowers in the Borrower Representative's account with the Administrative Agent the aggregate amount of such Advances under the Revolving Credit Loan made available to the Administrative Agent by the Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business DayBanks. The failure or refusal of any Lender Bank to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Advances under the Revolving Credit Loan shall not relieve any other Lender Bank from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit such other Bank's Commitment Percentage of any requested Advances under the Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoan.
(b) The Administrative Agent may, unless notified to the contrary by any Lender Bank prior to a Drawdown Date, assume that such Lender Bank has made available to the Administrative Agent on such Drawdown Date the amount of such LenderBank's Revolving Credit Commitment Percentage of the Advances under the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender Bank makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender Bank shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, below of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loan, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such LenderBank. If the amount of such LenderBank's Revolving Credit Commitment Percentage of such Advances under the Revolving Credit Loans Loan is not made available to the Administrative Agent by such Lender Bank within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers Borrower on demand, demand with interest thereon at the rate per annum applicable to the Advances under the Revolving Credit Loans Loan made on such Drawdown Date.
Appears in 1 contract
Samples: Credit Agreement (Rottlund Co Inc)
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2ss.2, not later than 12:00 p.m. (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Head Office, in immediately available funds, the amount of such Lender's Revolving Credit Commitment Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Alternate Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate Loan. Upon receipt from each Lender of such amount, the Administrative Agent will make available to the Borrowers Borrower, in the Borrower RepresentativeBorrower's account with the Administrative Agent or as otherwise directed to the Administrative Agent by the Borrower, the aggregate amount of such Revolving Credit Loan made available to the Administrative Agent by the Lenders. All ; all such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers Borrower not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The Administrative Agent hereby agrees to promptly provide the Borrower with a statement confirming the particulars of each Revolving Credit LIBOR Rate Loan, in reasonable detail, when each such Loan is made. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase increae its Revolving Credit Commitment Percentage on account of such failure or otherwise.
(b) The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Percentage of the Revolving Credit Loan to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. If any Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Lender shall pay to the Administrative Agent on demand an amount 403 equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by (ii) the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan, multiplied by (iii) a fraction, the numerator of which is the number of days that elapsed from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loan shall become immediately available to the Administrative Agent, and the denominator of which is 360. A statement of the Administrative Agent submitted to such Lender with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Administrative Agent by such Lender. If the amount of such Lender's Revolving Credit Commitment Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers Borrower on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
Appears in 1 contract
Funds for Revolving Credit Loans. (a) Subject to the other provisions of this §2, not Not later than 12:00 1:00 p.m. (New York City Boston time) on the proposed Drawdown Date of any Revolving Credit Loan, each of the Revolving Credit Lenders will make available to the Administrative Agent, at the Administrative Agent's Head ’s Office, in immediately available fundsfunds denominated, as applicable, in Dollars or Alternative Currency, the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the amount of the requested Revolving Credit Loan; provided that each Lender shall provide notice to the Administrative Agent of its intent not to make available its Revolving Credit Commitment Percentage of any requested Revolving Credit Loan as soon as possible after receipt of any Completed Revolving Credit Loan Request, and in any event not later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a Base Rate Loan and (y) the third Business Day prior to the Drawdown Date of any requested Revolving Credit Loan that is a LIBOR Rate LoanLoans. Upon receipt from each Revolving Credit Lender of such amount, and upon receipt of the documents required by §6, as applicable, and the satisfaction of the other conditions set forth therein, to the extent applicable, the Administrative Agent will make available to the Borrowers applicable Borrowers, not later than 2:00 p.m. (Boston time) on the proposed Drawdown Date, in the Borrower Representative's account with the Administrative Agent immediately available funds, the aggregate amount of such Revolving Credit Loan Loans made available to the Administrative Agent by the Revolving Credit Lenders. All such funds received by the Administrative Agent by 12:00 p.m. (New York City time) on any Business Day will be made available to the Borrowers not later than 2:00 p.m. on the same Business Day. Funds received after such time will be made available by not later than 12:00 p.m. on the next Business Day. The failure or refusal of any Revolving Credit Lender to make available to the Administrative Agent at the aforesaid time and place on any Drawdown Date the amount of its such Revolving Credit Commitment Lender’s Applicable Percentage of the requested Revolving Credit Loan Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to make available to the Administrative Agent the amount of its such other Revolving Credit Commitment Lender’s Applicable Percentage of any requested Revolving Credit Loan but in no event shall the Administrative Agent (in its capacity as Administrative Agent) have any obligation to make any funding or shall any Lender be obligated to fund more than its Revolving Credit Commitment Percentage of the requested Revolving Credit Loan or to increase its Revolving Credit Commitment Percentage on account of such failure or otherwiseLoans.
(b) The Administrative Agent may, unless notified to the contrary by any Revolving Credit Lender prior to a Drawdown Date, assume that such Revolving Credit Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of the Revolving Credit Loan Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount. If any Revolving Credit Lender makes available to the Administrative Agent such amount on a date after such Drawdown Date, such Revolving Credit Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the average, average computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, multiplied by times (ii) the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit LoanLoans, multiplied by times (iii) a fraction, the numerator of which is the number of days that elapsed elapse from and including such Drawdown Date to the date on which the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loan Loans shall become immediately available to the Administrative Agent, and the denominator of which is 360365. A statement of the Administrative Agent submitted to such Revolving Credit Lender with respect to any amounts owing under this paragraph shall be prima facie evidence (absent manifest error), of the amount due and owing to the Administrative Agent by such Revolving Credit Lender. If the amount of such Lender's Revolving Credit Commitment Lender’s Applicable Percentage of such Revolving Credit Loans is not made available to the Administrative Agent by such Revolving Credit Lender within three (3) Business Days following such Drawdown Date, the Administrative Agent shall be entitled to recover such amount from the Borrowers on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.
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