Common use of Making of Specified Loans Clause in Contracts

Making of Specified Loans. Promptly after receipt of the Specified Loan Notice of Borrowing or telephonic notice in lieu thereof with respect to such Specified Loan, the Agent shall notify the U.S. Lenders by telecopy, telephone or e-mail of the requested Borrowing. Each U.S. Lender shall transfer its Pro Rata Share of the requested Borrowing to the Agent in immediately available funds, to the account from time to time designated by Agent, not later than 1:00 p.m. (New York City time) on the applicable Funding Date. After the Agent’s receipt of all such amounts from the U.S. Lenders, the Agent shall make the aggregate of such amounts available to the Specified Loan Borrower on the applicable Funding Date by transferring same day funds to the account(s) designated by the Borrowers’ Agent; provided, however, that the amount of Specified Loans so made on any date shall not exceed the U.S. Availability on such date.

Appears in 3 contracts

Samples: Credit Agreement (United Rentals Inc /De), Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals Inc /De)

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Making of Specified Loans. Promptly after receipt of the Specified Loan Notice of Borrowing or telephonic notice in lieu thereof with respect to such Specified Loan, the Agent shall notify the U.S. Lenders by telecopy, telephone or telephone, e-mail or other electronic communication of the requested Borrowing. Each U.S. Lender shall transfer its Pro Rata Share of the requested Borrowing to the Agent in immediately available funds, to the account from time to time designated by Agent, not later than 1:00 3:00 p.m. (New York City time) on the applicable Funding Date. After the Agent’s receipt of all such amounts from the U.S. Lenders, the Agent shall make the aggregate of such amounts available to the Specified Loan Borrower on the applicable Funding Date by transferring same day funds to the account(s) designated by the Borrowers’ Agent; provided, however, that (i) the amount of Specified Loans so made on any date shall not exceed the U.S. Availability on such datedate and (ii) the aggregate principal amount of Specified Loans outstanding at any time shall not exceed the Maximum Specified Loan Sublimit.

Appears in 1 contract

Samples: Credit Agreement (United Rentals North America Inc)

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