Making of Advances of Proceeds of the Multi-Draw Term Loan Sample Clauses

Making of Advances of Proceeds of the Multi-Draw Term Loan. Advances of proceeds of the Multi-Draw Term Loan may only be made until February 28, 2006 (the “Draw Down Period”). Thereafter, the Bank shall have no obligation to advance any proceeds of the Multi-Draw Term Loan, regardless of whether the Borrower complies with all other conditions to an advance of proceeds of the Multi-Draw Term Loan. At least three (3) Business Days prior to the date upon which the Borrower desires that the Bank make an advance of proceeds of the Multi-Draw Term Loan during the Draw Down Period, the Borrower shall provide to the Bank, at its Office, irrevocable notice of the requested advance of proceeds of the Multi-Draw Term Loan (a “Request for Term Loan Advance”). Each Request for Term Loan Advance shall be given in writing and shall be given no later than 11:00 a.m., Pittsburgh time on the day that is at least three (3) Business Days prior to the date upon which such advance of proceeds of the Multi-Draw Term Loan is to be made and shall be signed by a Responsible Officer or other officer or employee of the Borrower that has been designated by a Responsible Officer as having the authority to deliver a Request for Term Loan Advance and, in any event, shall include: (i) the date (which shall be a Business Day) on which the Multi-Draw Term Loan advance is to be made; (ii) the principal amount of the Multi-Draw Term Loan advance requested, which shall not be in excess of 100% of the cost of the equipment that is the subject of the Request for Term Loan Advance; (iii) invoices and receipts supporting costs of equipment that has been purchased by the Borrower for use in its business and that have not been the subject of a previous Request for Term Loan Advance. Each Request for Term Loan Advance shall be irrevocable and shall be sent to the Bank by (1) facsimile (which shall be effective when received), or by (2) hand delivery, first class or first class express mail (which shall be effective when received). Subject to the terms and conditions of this Agreement, upon the Bank’s review, approval and processing of the required Request for Term Loan Advance and supporting information and any other information requested by the Bank, the Bank shall make the proceeds of the Multi-Draw Term Loan available to the Borrower at the Bank’s Office, in immediately available funds. In no event shall the Borrower submit a Request for Term Loan Advance more frequently than once each calendar month or after the expiration of the Draw Down Period.
Sample 1
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Related to Making of Advances of Proceeds of the Multi-Draw Term Loan

  • Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to Section 2.18(c).

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

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

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

  • Ratable Loans; Types of Advances Each Advance hereunder (other than any Swing Line Loan) shall consist of Revolving Loans made from the several Lenders ratably according to their Pro Rata Shares. The Advances may be Base Rate Advances or Eurocurrency Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9, or Swing Line Loans selected by the Borrower in accordance with Section 2.4.

  • Use of Proceeds of Advances Advances of the Revolving Credit shall be used to finance working capital and other lawful corporate purposes.

  • Prepayments of Advances (a) Any Borrower may, upon at least two (2) Business Days’ notice to the Agent stating (i) the proposed date and aggregate principal amount of the prepayment and (ii) the Advances (which shall be part of the same Borrowing) to which such prepayment is to be applied, and if such notice is given such Borrower shall, prepay the outstanding principal amounts of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal Dollar Amount of not less than $10,000,000 and in an integral Dollar Amount multiple of $1,000,000 in excess thereof and (y) in the case of any such prepayment of a Eurocurrency Rate Advance or a TIBO Rate Advance, such Borrower shall be obligated to reimburse the applicable Banks in respect thereof pursuant to Section 8.04(b).

  • Procedure for Advances of Revolving Credit Loans and Swingline Loans Section 2.4 Repayment and Prepayment of Revolving Credit and Swingline Loans

  • Prepayment of the Loan The Company may from time to time prepay all or any portion of the Loan without premium or penalty of any type. The Company shall give the Lender at least three Business Day prior written notice of its intention to prepay the Loan, specifying the date of payment and the total amount of the Loan to be paid on such date.

  • Notification of Advances, Interest Rates and Prepayments The Administrative Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by the Administrative Agent. The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Rate Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

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