Common use of Making of the Loans Clause in Contracts

Making of the Loans. (a) The Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the Borrowing if the Borrowing consists of Eurodollar Rate Loans, or not later than 9:00 A.M. (New York City time) on the date of the Borrowing if Borrowing consists of Alternate Base Rate Loans, by the Borrower to the Agent, which shall give to each Bank prompt notice thereof. The notice of the Borrowing (the “Notice of Borrowing”) shall be in writing, in form and substance satisfactory to the Agent, specifying therein the requested (i) date of the Borrowing, (ii) Type of Loans comprising the Borrowing, (iii) aggregate amount of the Borrowing, which shall not exceed the aggregate amount of the Commitments and (iv) if the Borrowing consists of Eurodollar Rate Loans, initial Interest Period for each such Loan. Each Bank shall, before 11:00 A.M. (New York City time) on the date of the Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s account, in same day funds, such Bank’s portion of the Borrowing in accordance with Section 2.1 (The Loans). After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4 (Conditions to Funding), the Agent will make such funds available to the Borrower by electronic transfer of same day funds to the Borrower’s account.

Appears in 4 contracts

Samples: Credit Agreement (Southern Union Co), Credit Agreement (Panhandle Eastern Pipe Line Co Lp), Credit Agreement (Panhandle Eastern Pipe Line Co Lp)

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Making of the Loans. (a) The Borrowing shall be made on irrevocable notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the Borrowing if the Borrowing consists of Eurodollar Rate Loans, or not later than 9:00 A.M. (New York City time) on the date of the Borrowing if the Borrowing consists of Alternate Base Rate Loans, by the Borrower to the Administrative Agent, which shall give to each Bank prompt notice thereof. The notice of the Borrowing (the “Notice of Borrowing”) shall be in writing, in form and substance satisfactory to the Administrative Agent, specifying therein the requested (i) date of the Borrowing, (ii) Type of Loans comprising the Borrowing, (iii) aggregate amount of the Borrowing, which shall not exceed the aggregate amount of the Commitments and (iv) if the Borrowing consists of Eurodollar Rate Loans, the initial Interest Period for each such Loan. Each Bank shall, before 11:00 A.M. (New York City time) on the date of the Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s account, in same day funds, such Bank’s portion of the Borrowing in accordance with Section 2.1 (The Loans). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4 (Conditions to Funding), the Administrative Agent will make such funds NEWY1\8114089.7 available to the Borrower by electronic transfer of same day funds to the Borrower’s account.

Appears in 2 contracts

Samples: Credit Agreement (Panhandle Eastern Pipe Line Co Lp), Credit Agreement (Southern Union Co)

Making of the Loans. (a) The initial Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of such Borrowing in the case of a Borrowing if the Borrowing consists consisting of Eurodollar Rate Loans, or not later than 9:00 A.M. (New York City time) on the date of such Borrowing in the case of a Borrowing if Borrowing consists consisting of Alternate Base Rate Loans, by the Borrower to the Agent, which shall give to each Bank prompt notice thereof. The notice of the initial Borrowing (the “Notice of Borrowing”"NOTICE OF BORROWING") shall be in writing, in substantially the form and substance satisfactory to the Agentof Exhibit B hereto, specifying therein the requested (i) date of the such Borrowing, (ii) Type of Loans comprising the such Borrowing, (iii) aggregate amount of the such Borrowing, which shall not exceed the aggregate amount of the Commitments and (iv) if in the case of a Borrowing consists consisting of Eurodollar Rate Loans, initial Interest Period for each such Loan. Each Bank shall, before 11:00 A.M. (New York City time) on the date of the such Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s 's account, in same day funds, such Bank’s 's portion of the such Borrowing in accordance with Section 2.1 (The Loans). After the Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4 (Conditions to Funding), the Agent will make such funds available to the Borrower by electronic transfer of same day funds to the Borrower’s 's account.

Appears in 1 contract

Samples: Credit Agreement (Panhandle Eastern Pipe Line Co Lp)

Making of the Loans. (a) The initial Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of such Borrowing in the case of a Borrowing if the Borrowing consists consisting of Eurodollar Rate Loans, or not later than 9:00 A.M. (New York City time) on the date of such Borrowing in the case of a Borrowing if Borrowing consists consisting of Alternate Base Rate Loans, by the Borrower to the Agent, which shall give to each Bank prompt notice thereof. The notice of the initial Borrowing (the “Notice of Borrowing”) shall be in writing, in form and substance satisfactory to the Agent, specifying therein the requested (i) date of the such Borrowing, (ii) Type of Loans comprising the such Borrowing, (iii) aggregate amount of the such Borrowing, which shall not exceed the aggregate amount of the Commitments and (iv) if in the case of a Borrowing consists consisting of Eurodollar Rate Loans, initial Interest Period for each such Loan. Each Bank shall, before 11:00 A.M. (New York City time) on the date of the such Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s account, in same day funds, such Bank’s portion of the such Borrowing in accordance with Section 2.1 (The Loans). After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4 (Conditions to Funding), the Agent will make such funds available to the Borrower by electronic transfer of same day funds to the Borrower’s account.

Appears in 1 contract

Samples: Credit Agreement (Southern Union Co)

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Making of the Loans. (a) The Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the Borrowing if the Borrowing consists of Eurodollar Rate Loans, or not later than 9:00 A.M. (New York City time) on the date of the Borrowing if the Borrowing consists of Alternate Base Rate Loans, by the Borrower to the Agent, which shall give to each Bank prompt notice thereof. The notice of the Borrowing Borrowing, substantially in the form attached hereto as Exhibit B (the “Notice of Borrowing”) ), shall be in writing, in form and substance satisfactory to the Agent, specifying therein the requested (i) date of the Borrowing, (ii) Type of Loans comprising the Borrowing, (iii) aggregate amount of the Borrowing, which shall not exceed the aggregate amount of the Commitments Commitments, and (iv) if the Borrowing consists of Eurodollar Rate Loans, the initial Interest Rate Period for each such Loan. Each Bank shall, before 11:00 A.M. (New York City time) on the date of the Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s account, in same day funds, such Bank’s portion of the Borrowing in accordance with Section 2.1 (The Loans)2.1. After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4 (Conditions to Funding)8, the Agent will make such funds available to the Borrower by electronic transfer of same day funds to the Borrower’s account.

Appears in 1 contract

Samples: Credit Agreement (Southern Union Co)

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