Making of Committed Borrowings Clause Samples
The "Making of Committed Borrowings" clause defines the process and conditions under which a borrower can draw funds that have been committed by a lender under a loan agreement. It typically outlines the steps the borrower must follow to request a borrowing, such as providing notice, meeting certain conditions precedent, and specifying the amount and date of the borrowing. This clause ensures that both parties understand the procedural requirements for accessing committed funds, thereby reducing misunderstandings and ensuring the smooth operation of the lending arrangement.
Making of Committed Borrowings. A Borrower shall give the Administrative Agent and, in the case of a Borrowing of Swingline Loans, the applicable Swingline Lender, a notice (a “Notice of Committed Borrowing”) substantially in the form of Exhibit I (which may be a form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) appropriately completed and signed by a Responsible Officer of such Borrower (i) not later than (v) 12:00 Noon (New York City time) on the date of each Base Rate Borrowing (other than a Borrowing of Swingline Loans), (w) 12:00 Noon (New York City time) on the date of each Daily Simple SOFR Borrowing, (x) 11:00 A.M. (New York City time) the second Business Day before each Term SOFR Borrowing, (y) 12:00 Noon (London time) the fourth Business Day before each Borrowing denominated in Euro or Pounds Sterling (other than a Borrowing of Swingline Loans) and (z) 12:00 Noon (local time) the fourth Business Day before each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling) and (ii) not later than (x) 2:00 P.M. (New York City time) on the date of each Swingline Loan denominated in Dollars and (y) 2:00 P.M. (London time) on the date of each Swingline Loan denominated in Euro, specifying:
(a) the relevant Borrower;
(b) the date of such Borrowing, which shall be a Business Day;
(c) the currency and the aggregate amount (in such currency) of such Borrowing;
(d) whether the Loans comprising such Borrowing are to be Swingline Loans;
(e) in the case of a Syndicated Borrowing in Dollars, whether the Loans comprising such Borrowing are to bear interest initially by reference to the Base Rate, Daily Simple SOFR or Term SOFR; and
(f) in the case of a Borrowing of Fixed Rate Loans, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of “Interest Period.” All Swingline Loans denominated in Dollars shall be Base Rate Loans. All Loans denominated in Euros shall be Alternative Currency Term Rate Loans. All Loans denominated in Pounds Sterling shall be Alternative Currency Daily Rate Loans. All Loans denominated in an Alternative Currency other than Euros or Sterling shall be Alternative Currency Loans. If a Borrower fails to specify a currency in a Notice of Committed Borrowing, then the Borrowing so requested shall be made in Dollars. If a Borrower fails to specify in a Notice of Committed Borrowing whether a Borrowing will be a Base Rate Borrowing, a...
Making of Committed Borrowings. The Borrower shall give the Administrative Agent notice (a "Notice of Committed Borrowing") (i) not later than 12:00 Noon (New York City time) on (w) the date of each Base Rate Borrowing, (x) the first Domestic Business Day before each CD Borrowing, (y) the third Euro-Dollar Business Day before each Euro-Dollar Borrowing, and (z) the fourth Euro-Currency Business Day before each Alternative Currency Borrowing and (ii) not later than 2:00 P.M. (New York City time) on the date of each Swingline Loan, specifying:
(a) the date of such Borrowing, which shall be a Domestic Business Day in the case of a Domestic Borrowing or a Swingline Loan and a Euro-Currency Business Day in the case of a Euro-Currency Borrowing;
(b) the currency and the aggregate amount (in such currency) of such Borrowing;
(c) whether the Loans comprising such Borrowing are to be Swingline Loans;
(d) in the case of a Syndicated Borrowing in Dollars, whether the Loans comprising such Borrowing are to bear interest initially at the Base Rate, a CD Rate or a Euro-Currency Rate; and
(e) in the case of a Fixed Rate Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of Interest Period.