Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner: (a) Borrower may give Administrative Agent notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, and (b) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, or other Obligation. As an accommodation to Borrower, Administrative Agent may permit telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements, or reports to Administrative Agent by Borrower. Unless Borrower specifically directs Administrative Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative Agent's honoring of any requests, execution of any instructions, authorizations, or agreements, or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent by Borrower, and Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 2 contracts
Sources: Loan and Security Agreement (Questron Technology Inc), Loan and Security Agreement (Questron Technology Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ai) Borrower may give Administrative Agent Lender notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) Connecticut time on the proposed borrowing date (which also shall be a Business Day); date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent Lender may permit telephonic facsimile or electronic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower specifically directs Administrative Agent Lender in writing not to accept or act upon telephonic facsimile or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative Agent's Lender’s honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically by facsimile or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, Borrower and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 2 contracts
Sources: Loan and Security Agreement (Iwt Tesoro Corp), Loan and Security Agreement (Iwt Tesoro Corp)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ai) Borrower may give Administrative Agent notice a Notice of its intention to borrowRevolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent may permit telephonic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent by BorrowerBorrower from such authorized persons designated by Borrower from time to time. Unless Borrower specifically directs Administrative Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative Agent's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent by Borrower, Borrower and Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it, except for any loss or damage resulting from Agent's gross negligence on willful misconduct. Except as otherwise provided in subsection 3.1.4, each Revolving Credit Loan shall be made on notice, given not later than 11:00 a.m. (Chicago time) on the Business Day of the proposed Revolving Credit Loan, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier or e-mail. Each such notice (a "Notice of Revolving Credit Loan") shall be in writing or by telephone to Agent at (262) 798-4800, confirmed immediately in writing, specifying ther▇▇▇ ▇▇▇ ▇▇▇▇▇▇ted date and amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Chicago time) on each requested date, wire to a bank designated by Agent the amount of that Lender's Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 P.M. (Chicago time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender. The foregoing notwithstanding, unless otherwise notified by any Lender, Agent, in its sole discretion, may, from its own funds, make a Revolving Credit Loan on behalf of any Lender hereto. In such event, the Lender on behalf of whom Agent made the Revolving Credit Loan shall reimburse Agent for the amount of Revolving Credit Loan so made on its behalf, on a weekly (or more frequent basis as determined by Agent, in its sole discretion) basis and the entire amount of interest attributable to such Revolving Credit Loan for the period from the date on which said Revolving Credit Loan was made by Agent on such Lender's behalf until Agent is reimbursed by such Lender, shall be paid to Agent. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan when all conditions to a Revolving Credit Loan have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Notes, held by the Lender(s) who so fail or refuse, and to assume such Lender's commitments to make Revolving Credit Loans and each such Lender shall be obligated to sell and transfer such Revolving Credit Notes to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Notes so purchased by it. Any such purchase, however, shall not relieve any such Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan.
Appears in 1 contract
Sources: Loan and Security Agreement (Home Products International Inc)
Loan Requests. (a) A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (ai) Borrower Borrowing Agent may give Administrative Agent written notice of its Borrowers' intention to borrow, in which borrowing notice Borrower Borrowing Agent shall specify the amount of the proposed borrowing borrowing, the rate option and the proposed borrowing date, no later than 11:00 a.m. (New York 12:00 noon, Eastern time) , on the proposed borrowing date for all Revolving Credit Base Rate Loans or, for a Revolving Credit LIBOR Rate Loan, no later than 11:00 A.M. Eastern time on the second (which also shall be a 2nd) London Business DayDay prior to the requested borrowing date in accordance with subsection 2.1.1(a)(ii)(A); , provided, however, that no such request may be made at a time when there exists an Event of Default (both prior to and after giving effect to the conditions precedent set forth in Section 9A hereof are not satisfied, proposed borrowing); and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, Agreement or any of the other Loan DocumentDocuments, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As Notwithstanding anything to the contrary contained in this Agreement, as an accommodation to BorrowerBorrowers, Administrative Agent may permit telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent by BorrowerBorrowing Agent. Unless Borrower Borrowing Agent specifically directs Administrative Agent in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowing Agent, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of Administrative Agent's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent by Borrower, a Specified Officer and Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it, except to confirm the name of the Specified Officer.
(b) Upon receiving a request for a Revolving Credit Loan in accordance with subsection 3.1.1
(a) (i) above or upon Borrowing Agent being deemed to have made a request for a Revolving Credit Loan under subsection 3.1.1(a)(ii) above, by 12:00 noon, Eastern time, or as soon as is reasonably practicable thereafter, Agent shall notify all Lenders of the request. Each Lender shall advance its applicable Pro Rata Percentage of the requested Revolving Credit Loan to Agent by remitting immediately available federal funds to Agent pursuant to Agent's instructions prior to 2:00 P.M. Eastern time on the date of the applicable Revolving Credit Loan, regardless of any failure by any other Lender to do so. Subject to the satisfaction of the terms and conditions hereof, and receipt by Agent of the required funds from the other Lenders, Agent shall make the requested Revolving Credit Loan available to Borrowing Agent, in accordance with subsection 3.1.2, as soon as is reasonably practicable thereafter on the day the requested Revolving Credit Loan is to be made. In lieu of the foregoing, Agent may, in its discretion, fund the Pro Rata Percentage of such Revolving Credit Loan on behalf of any one or more Lenders (unconditionally and absolutely obligating such affected Lender to reimburse Agent in full on demand without deduction or setoffs for its portion of such Revolving Credit Loan, so long as Agent reasonably believed at the time such Revolving Credit Loan was made that it was made, in all material respects, in compliance with this Agreement) with a settlement of the Pro Rata Shares of Lenders on a weekly basis on the first Business Day of each week (with such settlement being calculated as of the close of business on the last Business Day of the preceding week) or under such other settlement procedures as Agent may establish from time to time.
Appears in 1 contract
Sources: Loan and Security Agreement (Gentiva Health Services Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(a) Borrower may give Administrative Agent Lender notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York Los Angeles time) on the proposed borrowing date (which also shall be a Business Day); date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, : and (b) the becoming due of any amount required to be paid under this Agreement, Agreement or the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent Lender may permit telephonic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower specifically directs Administrative Agent Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLender's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, or reliance on any reports communicated to it telephonically or electronically and purporting believed in good faith by Lender to have been sent to Administrative Agent Lender by Borrower, and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Meade Instruments Corp)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ai) Borrower may give Administrative Agent Lender notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) time on the proposed borrowing date (which also shall be a Business Day); date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent Lender may permit telephonic or ▇▇▇▇▇ronic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower specifically speci▇▇▇▇▇▇▇ directs Administrative Agent Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLender's honoring of any requestsreques▇▇, execution ▇▇ecution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, Borrower and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Equipment Loan Note (Pure World Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, by an Authorized Officer in the following manner:
: (ai) Borrower Borrowers may give Administrative Agent Lender notice of its the intention to borrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); , no later than 12:00 P.M. Eastern time on the proposed borrowing date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, Agreement or any other Loan Documentof the Notes, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to BorrowerBorrowers, Administrative Agent Lender may permit telephonic electronic requests for Revolving Credit Loans and electronic ▇▇▇▇▇ronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by BorrowerBorrowers. Unless Borrower Borrowers specifically directs Administrative Agent direct Lender in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of Administrative AgentLender's honoring of any requests, execution of any ▇▇▇ instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, Borrowers and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Open Plan Systems Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ai) Borrower may give Administrative Agent notice a Notice of its intention to borrowRevolving Credit Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists and is continuing a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note Term Notes A or Term Note, or any other Loan DocumentNotes B, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent may permit telephonic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent by Borrower. Unless Borrower specifically directs Administrative Agent in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by any Borrower as a result of Administrative Agent's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent by Borrower, Borrower and Administrative Agent shall have no duty to verify the origin of any such communication or the authority of the person sending it. Except as otherwise provided in Section 2.1.1(B), each Revolving Credit Loan shall be made on notice, given not later than 11:00 a.m. (Milwaukee time) on the Business Day of the proposed Revolving Credit Loan, by Borrower to Agent, which shall give to each Lender prompt written notice thereof by telecopier, telex or cable. Each such notice (a "Notice of Revolving Credit Loan") shall be in writing or by telephone to Agent at (▇▇▇) ▇▇▇-▇▇▇▇, confirmed immediately in writing, specifying therein the requested date and amount of such Revolving Credit Loan. Each Lender shall, not later than 2:00 p.m. (Milwaukee time) on each requested date, wire to a bank designated by Agent the amount of that Lender's Revolving Credit Percentage of the requested Revolving Credit Loan. Agent shall, before 2:30 P.M. (Milwaukee time) on the date of the proposed Revolving Credit Loan, subject to the provisions hereof, wire to a bank designated by Borrower and reasonably acceptable to Agent, the amount of such Revolving Credit Loan to the extent received from the Lenders. The failure of any Lender to make the Revolving Credit Loan to be made by it shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Loan. Neither Agent nor any other Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Loan to be made by such other Lender. If at any time one or more Lenders refuse or fail to make a requested Revolving Credit Loan when all conditions to a Revolving Credit Loan have been satisfied or waived, then Agent may, at its option, but shall have no obligation whatsoever to, purchase all, but not less than all, of the Revolving Credit Note, Term Note A, Term Note B and interests and obligations in respect to the LC Amount held by the Lender(s) (a "Defaulting Lender") who so fail or refuse, and to assume such Lender's commitments to make Revolving Credit Loans and each such Lender shall be obligated to sell and transfer such Revolving Credit Note, Term Note A, Term Note B and interests and obligations in respect to the LC Amount to Agent for a price in cash equal to the principal balance outstanding plus all accrued but unpaid interest thereon plus all accrued but unpaid fees due any such Defaulting Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to Agent with respect to the Revolving Credit Notes so purchased by it. In the event that Agent does not so purchase the interest of any such Defaulting Lender, then Borrower, at its option and expense, may obtain a substitute Lender (who shall be reasonably acceptable to Agent) for the Defaulting Lender. In such event, Borrower shall provide written notice to the Defaulting Lender and Agent that Borrower requires such Defaulting Lender to sell and transfer all of its interest in this Agreement and its Revolving Credit Note, Term Note A, Term Note B, Revolving Credit Loan Commitments and interests and obligations in respect to the LC Amount to such substitute Lender for a price in cash equal to the principal balance plus all accrued by unpaid interest thereon plus all accrued but unpaid fees due any such Defaulting Lender under the terms hereof, and the foregoing provisions of this Section will be applicable to such substitute Lender with respect to the Revolving Credit Notes purchased by it. Upon such purchase, the Defaulting Lender shall be relieved of any further liability or obligation under the Loan Documents, however such purchase by either Agent or a substitute Lender, shall not relieve any such Defaulting Lender from any breach of contract claims available to Agent and/or Borrower against such Lender as a result of its failure to make any such Revolving Credit Loan.
Appears in 1 contract
Sources: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)
Loan Requests. A request for a Revolving Credit Loan shall be made, made or shall be deemed to be made and a request for a Capex Loan shall be made, each in the following manner:
: (ai) Borrower may shall give Administrative Agent LaSalle, in the case of a Revolving Loan, same day notice, no later than 11:30 A.M. (Chicago time) of such day, of its intention to borrow a Revolving Loan, and, in the case of a Capex Loan, at least two (2) Business Days notice of its intention to borrowborrow a Capex Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on and in the proposed borrowing date (case of a notice for a Capex Loan, a statement of the purpose for the Capex Loan together with documentation substantiating the purchase or commitment to purchase Equipment or the making of or the commitment to make the capital expenditures, which also documentation shall be a Business Day)satisfactory to LaSalle in its sole discretion; provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, Agreement or any Revolving Note or Term Note, or any other Loan Document, whether on account of principal or interest or for any other ObligationLiability, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date thereof in the amount required to pay such principal, interest, interest or other ObligationLiability. As an accommodation to Borrower, Administrative Agent LaSalle may permit telephonic telephone requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent LaSalle by Borrower. Unless Borrower specifically directs Administrative Agent LaSalle in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group LaSalle shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLaSalle's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent LaSalle by Borrower, Borrower and Administrative Agent LaSalle shall have no duty to verify the origin of any such communication or the authority of the person Person sending it. Each notice of borrowing shall be irrevocable by and binding on Borrower. Any Capex Loan shall be in the minimum amount of $20,000.
Appears in 1 contract
Sources: Loan and Security Agreement (American Materials & Technologies Corp)
Loan Requests. A Subject to Section 3.1.6, a request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
: (ai) Borrower Borrowers may give Administrative Agent notice of its their intention to borrow, in which notice Borrower Borrowers shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. 1:00 p.m. (New York timeEastern Time) on the Business Day prior to the proposed borrowing date (which also shall be a Business Day); and Agent will promptly advise Lenders of such notice, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to BorrowerBorrowers, Administrative Agent may permit telephonic or electronic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent by BorrowerBorrowers. Unless Borrower Borrowers specifically directs Administrative direct Agent in writing not to accept or act upon telephonic or electronic communications from BorrowerBorrowers, neither Agent nor any other member of the Lender Group shall have any liability to Borrower Borrowers for any loss or damage suffered by Borrower Borrowers as a result of Administrative Agent's or any Lender's honoring of any requests, execution of any instructions, authorizations, aut▇▇▇▇▇▇tions or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent or Lenders by Borrower, Borrowers unless it is determined by a final and Administrative nonappealable judgment or court order binding on the Agent and such Lender that such loss or damage was solely the result of the gross negligence or willful misconduct of Agent or such Lender. Neither Agent nor any Lender shall have no any duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (United Natural Foods Inc)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(a) Borrower may give Administrative Agent Lender notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York Los Angeles time) on the proposed borrowing date (which also shall be a Business Day)date; provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, and (b) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent Lender may permit telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower specifically directs Administrative Agent Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLender's honoring of any requests, execution of any instructions, authorizations, or agreements, or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Peregrine Real Estate Trust)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, in the following manner:
(ai) Borrower may give Administrative Agent Lender notice of its intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) Chicago time on the proposed borrowing date (which also shall be a Business Day); date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists a Default or an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, Agreement or the Fee Letter, any Revolving Note or Term Note, or any other Loan Document, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent Lender may permit telephonic requests for Revolving Credit Loans loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower Borrower, as applicable, specifically directs Administrative Agent Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLender's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, Borrower and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)
Loan Requests. A request for a Revolving Credit Loan shall be made, or shall be deemed to be made, by an Authorized Officer in the following manner:
: (ai) Borrower may give Administrative Agent Lender notice of its the intention to borrow, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date, no later than 11:00 a.m. (New York time) on the proposed borrowing date (which also shall be a Business Day); , no later than 1:00 P.M. Eastern time on the proposed borrowing date, provided, however, that no such request may be made at a time when the conditions precedent set forth in Section 9A hereof are not satisfied, there exists an Event of Default; and (bii) the becoming due of any amount required to be paid under this Agreement, the Fee Letter, any Revolving Note or Term Note, Agreement or any other Loan Documentof the Notes, whether of principal or as interest or for any other Obligation, shall be deemed irrevocably to be a request for a Revolving Credit Loan on the due date in the amount required to pay such principal, interest, interest or other Obligation. As an accommodation to Borrower, Administrative Agent may Lender shall permit telephonic requests for Revolving Credit Loans and electronic transmittal of instructions, authorizations, agreements, agreements or reports to Administrative Agent Lender by Borrower. Unless Borrower specifically directs Administrative Agent Lender in writing not to accept or act upon telephonic or electronic communications from Borrower, neither Agent nor any other member of the Lender Group shall have any no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative AgentLender's honoring of any requests, execution of any instructions, authorizations, authorizations or agreements, agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent Lender by Borrower, Borrower and Administrative Agent Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it.
Appears in 1 contract
Sources: Loan and Security Agreement (Electronics Boutique Holdings Corp)