Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers which, as selected by the Borrowers pursuant to this Section 2.01(d), shall be Base Rate Loans or Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereof. In addition, subject to the terms and conditions set forth below, the Borrowers shall have the opportunity (x) to convert Base Rate Loans into Libor Rate Loans, (y) to convert Libor Rate Loans into Base Rate Loans or (z) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods. (i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Base Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement. Unless an Authorized Representative shall provide the Bank with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew as a Base Rate Loan. (ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted on such Business Day, in such amount (greater than or equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00); provided, however, that any amount in excess of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) may only be in increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV Section 4.01 hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Rate Loans and, with respect to Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity (xi) to convert Base Rate Loans into Libor Rate Loans, (yii) to convert Libor Rate Loans into Base Rate Loans or (ziii) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate LoanLoan denominated in Dollars, and (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan denominated in an Optional Currency. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan Loans available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to Libor Rate Loans denominated in Dollars, the third (3rd) Business Day prior to the expiration of the applicable Interest Period, and (b) with respect to Libor Rate Loans denominated in an Optional Currency, the fourth (4th) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Bank Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaidLoan denominated in Dollars, the Borrowers Borrower shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Libor Rate Loan with an Interest Period of one (1) month on the last day of the applicable Interest Period. Notwithstanding anything contained herein In the event that an Authorized Representative of the Borrower fails to provide the Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the contrary, there shall not be more than eight fourth (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under 4th) Business Day prior to the Working Cash® Subfacility Commitment). Each written notice expiration of any the applicable Interest Period for a Libor Rate Loan denominated in an Optional Currency, the Borrower shall be irrevocable and binding on the Borrowers and the Borrowers deemed to have given written notice that such Loan shall indemnify the Bank against any loss or expense incurred by the Bank as a result be renewed for an Interest Period of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.one (1)
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Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers which, as selected by the Borrowers pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereof. In addition, subject to the terms and conditions set forth below, the Borrowers shall have the opportunity (x) to convert Base Rate Loans into Libor Rate Loans, (y) to convert Libor Rate Loans into Base Rate Loans or (z) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Base Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement. Unless an Authorized Representative shall provide the Bank with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted on such Business Day, in such amount (greater than or equal to Two Million Five Hundred Fifty Thousand and 00/100 Dollars ($250,000.00); 2,500,000.00) provided, however, that any amount in excess of Two Million Five Hundred Fifty Thousand and 00/100 Dollars ($250,000.002,500,000.00) may only be in increments of One Five Hundred Thousand and 00/100 Dollars ($100,000.00500,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment)time. Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c2.11(c) hereof.
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Samples: Loan Agreement (Igate Corp)
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant Section 4.01 hereof (subject to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence1.06), the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Loans, Term SOFR Loans, Eurocurrency Rate Loans. In addition, subject BBSW Loan, CDORTerm XXXXX Loans and/or Daily Simple XXXXX Loans and, with respect to the terms and conditions set forth hereinLoans other than Base Rate Loans, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars and/or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity to (xi) to convert Base Rate Loans into Libor Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or CDORTerm XXXXX Loans, (yii) to convert Libor Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or CDORTerm XXXXX Loans into Base Rate Loans, or (iii) renew Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or (z) to renew Libor Rate CDORTerm XXXXX Loans as Libor Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or CDORTerm XXXXX Loans, respectively, for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor (x) Term SOFR Loan on or prior to the third (3rd) Government Securities Business Day prior to the date of requested conversion or (y) Eurocurrency Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from into a Base Term SOFR Loan, Eurocurrency Rate Loan) into a Libor Rate , BBSW Loan, CDORTerm XXXXX Loan or Daily Simple XXXXX Loan shall be made, renewed or converted converted, on such Government Securities Business Day, Business Day or RFR Rate Day, as applicable, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.270134563
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Rate Loans and, with respect to Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity (xi) to convert Base Rate Loans into Libor Rate Loans, (yii) to convert Libor Rate Loans into Base Rate Loans or (ziii) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any amount in excess of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) may only be in increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.any
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant Section 4.01 hereof (subject to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence1.06), the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Loans, Term SOFR Loans, Eurocurrency Rate Loans. In addition, subject BBSW Loan, CDOR Loans and/or Daily Simple XXXXX Loans and, with respect to the terms and conditions set forth hereinLoans other than Base Rate Loans, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars and/or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity to (xi) to convert Base Rate Loans into Libor Term SOFR Loans, Eurocurrency Rate Loans denominated in Dollars, BBSW Loans or CDOR Loans, (yii) to convert Libor Term SOFR Loans, Eurocurrency Rate Loans denominated in Dollars, BBSW Loans or CDOR Loans into Base Rate Loans, or (iii) renew Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or (z) to renew Libor Rate CDOR Loans as Libor Term SOFR Loans, Eurocurrency Rate Loans, BBSW Loans or CDOR Loans, respectively, for additional Interest Periods.
(i) i. Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate 270034751 270134563 Loan into a Libor (x) Term SOFR Loan on or prior to the third (3rd) Government Securities Business Day prior to the date of requested conversion or (y) Eurocurrency Rate Loan denominated in Dollars on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) . Each Revolving Credit Loan that is made as, renewed as or converted (from into a Base Term SOFR Loan, Eurocurrency Rate Loan) into a Libor Rate , BBSW Loan, CDOR Loan or Daily Simple XXXXX Loan shall be made, renewed or converted converted, on such Government Securities Business Day, Business Day or RFR Rate Day, as applicable, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period (if applicable) and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Government Securities Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Eurocurrency RateTerm SOFR Loan denominated in Dollars, (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Eurocurrency Rate Loan, BBSW Loan, CDOR Loan and (c) fifth (5th) BusinessRFR Rate Day prior to the requested date of disbursement of, renewal of or conversion into the requested Daily Simple XXXXX Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan Loans available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor Term SOFR Loan, Eurocurrency Rate Loan, BBSW Loan or CDOR Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to Eurocurrency RateTerm SOFR Loans denominated in Dollars, the third (3rd) Government Securities Business Day prior to the expiration of the applicable Interest Period, and (b) with respect to Eurocurrency Rate Loans denominated in Euros, BBSW Loans or CDOR Loans, the fourth (4th) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Bank Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the third (3rd) Government Securities Business Day prior to the expiration of the applicable Interest Period for a Eurocurrency RateTerm SOFR Loan denominated in Dollars, the Borrower shall be deemed to have given written notice that such Loan shall be renewed as a Eurocurrency RateTerm SOFR Loan with an Interest Period of one (1) month on the last day of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the fourth (4th) Business Day prior to the expiration of the applicable Interest Period for a Libor Eurocurrency Rate LoanLoan denominated in Euros, unless repaidBBSW Loan or CDOR Loan denominated in an Optional Currency, the Borrowers Borrower shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day renewed for an Interest Period of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight one (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment1). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.
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Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Prime Rate Loans or Libor Rate Loans and, with respect to Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity (xi) to convert Base Prime Rate Loans into Libor Rate Loans, (yii) to convert Libor Rate Loans into Base Prime Rate Loans or (ziii) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Prime Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Prime Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Prime Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Prime Rate Loan into a Libor Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Prime Rate Loan shall automatically renew continue as a Base Prime Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Prime Rate Loan) into a Libor Rate Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) (greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Five Hundred Thousand and 00/100 Dollars ($100,000.00500,000.00)), and with such an Interest Period and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate LoanLoan denominated in Dollars, and (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan denominated in an Optional Currency. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to Libor Rate Loans denominated in Dollars, the third (3rd) Business Day prior to the expiration of the applicable Interest Period, and (b) with respect to Libor Rate Loans denominated in an Optional Currency, the fourth (4th) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Bank Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaidLoan denominated in Dollars, the Borrowers Borrower shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Prime Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein In the event that an Authorized Representative of the Borrower fails to provide the Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the contrary, there shall not be more than eight fourth (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under 4th) Business Day prior to the Working Cash® Subfacility Commitment). Each written notice expiration of any the applicable Interest Period for a Libor Rate Loan denominated in an Optional Currency, the Borrower shall be irrevocable and binding on the Borrowers and the Borrowers deemed to have given written notice that such Loan shall indemnify the Bank against any loss or expense incurred by the Bank as a result be renewed for an Interest Period of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.one (1)
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers which, as selected by the Borrowers pursuant to this Section 2.01(d), shall be Base Rate Loans or Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereof. The Borrowers shall specify whether such Revolving Credit Loan is to be an Acquisition Revolving Credit Advance. In addition, subject to the terms and conditions set forth below, the Borrowers shall have the opportunity (x) to convert Base Rate Loans into Libor Rate Loans, (y) to convert Libor Rate Loans into Base Rate Loans or (z) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Base Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement. Unless an Authorized Representative shall provide the Bank with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted on such Business Day, in such amount (greater than or equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00); provided, however, that any amount in excess of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) may only be in increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Rate Loans and, with respect to Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity (xi) to convert Base Rate Loans into Libor Rate Loans, (yii) to convert Libor Rate Loans into Base Rate Loans or (ziii) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Five Hundred Thousand and 00/100 Dollars ($100,000.00500,000.00), and with such an Interest Period and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate LoanLoan denominated in Dollars, and (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan denominated in an Optional Currency. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan Loans available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to Libor Rate Loans denominated in Dollars, the third (3rd) Business Day prior to the expiration of the applicable Interest Period, and (b) with respect to Libor Rate Loans denominated in an Optional Currency, the fourth (4th) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Bank Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaidLoan denominated in Dollars, the Borrowers Borrower shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein In the event that an Authorized Representative of the Borrower fails to provide the Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the contrary, there shall not be more than eight fourth (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under 4th) Business Day prior to the Working Cash® Subfacility Commitment). Each written notice expiration of any the applicable Interest Period for a Libor Rate Loan denominated in an Optional Currency, the Borrower shall be irrevocable and binding on the Borrowers and the Borrowers deemed to have given written notice that such Loan shall indemnify the Bank against any loss or expense incurred by the Bank as a result be renewed for an Interest Period of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.one (1)
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant to Section 5.01(e) hereof of this Agreement in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers which, as selected by the Borrowers pursuant to this Section 2.01(d), shall be Base Rate Loans or Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 2.16 hereof. In addition, subject to the terms and conditions set forth below, the Borrowers shall have the opportunity (x) to convert Base Rate Loans into Libor Rate Loans, (y) to convert Libor Rate Loans into Base Rate Loans or (z) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Base Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement. Unless an Authorized Representative shall provide the Bank with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted on such Business Day, in such amount (greater than or equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00); provided, however, that any amount in excess of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) may only be in increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period as an Authorized Representative shall request by written notice received by the Bank no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan. Subject to the terms and conditions of this Agreement, the Bank shall make the proceeds of the Libor Rate Loan available to the Borrowers at the Bank’s Office in immediately available funds, no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on such borrowing date. In addition, in the event that the Borrowers desire to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative shall provide the Bank with written notice thereof on the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c2.11(c) hereof.
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant Section 4.01 hereof (subject to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence1.06), the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Rate Loans and, with respect to Libor Rate Loans. In addition, subject to the terms and conditions set forth herein, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity to (xi) to convert Base Rate Loans into Libor Rate Loans, (yii) to convert Libor Rate Loans denominated in Dollars into Base Rate Loans or (ziii) to renew Libor Rate Loans as Libor Rate Loans for additional Interest Periods.
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor Rate Loan on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Rate Loan) into a Libor Rate Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate LoanLoan denominated in Dollars, and (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan denominated in an Optional Currency. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan Loans available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor Rate Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to Libor Rate Loans denominated in Dollars, the third (3rd) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative fails , and (b) with respect to provide the Bank with the required written notice on the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor Rate Loan, unless repaid, the Borrowers shall be deemed to have given written notice that such Libor Rate Loan shall be converted into a Base Rate Loan on the last day of the applicable Interest Period. Notwithstanding anything contained herein to the contrary, there shall not be more than eight (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment). Each written notice of any Libor Rate Loan shall be irrevocable and binding on the Borrowers and the Borrowers shall indemnify the Bank against any loss or expense incurred by the Bank as a result of any failure by the Borrowers to consummate such transaction calculated as set forth in Section 2.12(c) hereof.Rate
Appears in 1 contract
Making, Renewing or Converting of Revolving Credit Loans. Subject to the terms and conditions set forth in this Agreement and the other Loan Documents, and provided that the Borrowers have Borrower has satisfied all applicable conditions specified in Article IV hereof, and the Bank has received, reviewed and approved the most recent borrowing base certificate due pursuant Section 4.01 hereof (subject to Section 5.01(e) hereof in the form of Exhibit 2.01(d) attached hereto and made a part hereof (the “Borrowing Base Certificate”) properly completed, setting forth the Borrowing Base calculations for the Borrowers together with the appropriate backup documentation and evidence1.06), the Bank Banks shall make the proceeds of the Revolving Credit Loans available to the Borrowers Borrower which, as selected by the Borrowers Borrower pursuant to this Section 2.01(d2.01(c), shall be Base Rate Loans or Libor Libor, Eurocurrency Rate Loans. In addition, subject BBSW Loans, CDOR Loans and/or Daily Simple XXXXX Loans and, with respect to the terms and conditions set forth hereinLiborLoans other than Base Rate Loans, the Bank shall make the proceeds of the Revolving Credit Loans available to the Borrowers under the Working Cash® Subfacility pursuant to Section 2.17 hereofbe denominated in Dollars and/or an Optional Currency. In addition, subject to the terms and conditions set forth below, the Borrowers Borrower shall have the opportunity to (xi) to convert Base Rate Loans into Libor LiborEurocurrency Rate Loans denominated in Dollars, (ii) convert LiborEurocurrency Rate Loans denominated in Dollars into Base Rate Loans, (y) to convert Libor Rate Loans into Base Rate Loans or (ziii) to renew Libor LiborEurocurrency Rate Loans as Libor Libor, BBSW Loans or CDOR Loans as Eurocurrency Rate Loans, BBSW Loans or CDOR Loans, respectively, for additional Interest Periods.. 264674781 265265096
(i) Each Revolving Credit Loan that is made as or converted (from a Libor Rate Loan) into a Base Rate Loan shall be made or converted on such Business Day and in such amount as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the Business Day prior to the date of requested disbursement of or conversion into the requested Base Rate Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Base Rate Loan available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds not later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the date of requested disbursement). Unless an Authorized Representative of the Borrower shall provide the Bank Agent with the required written notice to convert a Base Rate Loan into a Libor LiborEurocurrency Rate Loan denominated in Dollars on or prior to the third (3rd) Business Day prior to the date of requested conversion, such Base Rate Loan shall automatically renew continue as a Base Rate Loan.
(ii) Each Revolving Credit Loan that is made as, renewed as or converted (from a Base Baseinto a Eurocurrency Rate Loan) into a Libor Rate Rate, BBSW Loan, CDOR Loan or Daily Simple XXXXX Loan shall be made, renewed or converted converted, on such Business Day, in such Dollar Equivalent amount (expressed in the currency in which such Loan shall be funded and also as a Dollar Equivalent amount if such Loan shall be funded in an Optional Currency) greater than or equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00); provided, however, that any Dollar Equivalent amount in excess of Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) may only be in Dollar Equivalent increments of One Hundred Thousand and 00/100 Dollars ($100,000.00), and with such an Interest Period (if applicable) and in such currency as an Authorized Representative of the Borrower shall request by written or telephonic notice (confirmed promptly, but in no event later than one Business Day thereafter, in writing) received by the Bank Agent no later than 10:00 a.m. (Pittsburgh, Pennsylvania time) on the (a) third (3rd) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested LiborEurocurrency Rate Loan denominated in Dollars, and (b) fourth (4th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Libor Rate Loan denominated in an Optional CurrencyEurocurrency Rate Loan, BBSW Loan, CDOR Loan, and (c) fifth (5th) Business Day prior to the requested date of disbursement of, renewal of or conversion into the requested Daily Simple XXXXX Loan. Subject to the terms and conditions of this Agreement, on each borrowing date, the Bank Agent shall make the proceeds of the Libor Rate Loan Loans available to the Borrowers Borrower at the Bank’s Agent's Office in immediately available funds, no later than 2:00 p.m. 10:00 a.m. (Pittsburgh, Pennsylvania time) on such borrowing date). In addition, in the event that the Borrowers desire Borrower desires to renew a Libor LiborEurocurrency Rate Loan, BBSW Loan or CDOR Loan for an additional Interest Period, an Authorized Representative of the Borrower shall provide the Bank Agent with written notice thereof on or prior to (a) with respect to LiborEurocurrency Rate Loans denominated in Dollars, the third (3rd) Business Day prior to the expiration of the applicable Interest Period, and (b) with respect to LiborEurocurrency Rate Loans denominated in an Optional Currency,Euros, BBSW Loans or CDOR Loans, the fourth (4th) Business Day prior to the expiration of the applicable Interest Period. In the event that an Authorized Representative of the Borrower fails to provide the Bank Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the third (3rd) Business Day prior to the expiration of the applicable Interest Period for a Libor LiborEurocurrency Rate Loan, unless repaidLoan denominated in Dollars, the Borrowers Borrower shall be deemed to have given written notice that such Libor Rate Loan shall be renewed as or converted into into, as the case may be, a Base Libora Eurocurrency Rate Loan with an Interest Period of one (1) month on the last day of the applicable Interest Period. Notwithstanding anything contained herein In the event that an Authorized Representative of the Borrower fails to provide the Agent with the required written or telephonic notice (confirming promptly, but in no event later than one Business Day thereafter, in writing) on or prior to the contraryfourth (4th) Business Day prior to the expiration of the applicable Interest 264674781 265265096 Period for a LiborEurocurrency Rate Loan denominated in Euros, there BBSW Loan or CDOR Loan denominated in an Optional Currency, the Borrower shall not be more than eight deemed to have given written notice that such Loan shall be renewed for an Interest Period of one (8) Revolving Credit Loans outstanding at any time (excluding Revolving Credit Loans made under the Working Cash® Subfacility Commitment)1) Month. Each written notice of any Libor Rate Loan Loanunder this clause (ii) shall be irrevocable and binding on the Borrowers Borrower and the Borrowers Borrower shall indemnify the Bank Agent and the Banks against any loss or expense incurred by the Bank Banks as a result of any failure by the Borrowers Borrower to consummate such transaction calculated as set forth in Section 2.12(c) hereof.
(iii) Each Bank hereby authorizes the Agent to make all Revolving Credit Loans that are requested by the Borrower on the proposed date of disbursement as described above. Upon receipt of a request to make, renew or convert a Revolving Credit Loan hereunder, the Agent shall promptly advise each of the Banks of the proposed date of disbursement, renewal or conversion, the amount and type of each such Revolving Credit Loan, the applicable Interest Period, the applicable currency and the Bank's Commitment amount thereof. Each Bank shall remit its Commitment Percentage of the principal amount of each Revolving Credit Loan to the Agent at the Office of the Agent in the applicable currency and immediately available funds no later than 2:00 p.m. (Pittsburgh, Pennsylvania time) on the applicable date of disbursement. If the amount of such Bank's Commitment Percentage is not made available to the Agent by such Bank on the applicable borrowing date, the Agent shall not be required to fund such Bank's Commitment Percentage of the Revolving Credit Loans on the applicable borrowing date; provided, however, the Agent may elect in its sole discretion to fund such Bank's Commitment Percentage on the applicable borrowing date, and such Bank shall be subject to the repayment obligations set forth below.
(iv) The Agent may assume that each Bank has made or will make the proceeds of a Revolving Credit Loan available to the Agent in the applicable currency unless the Agent shall have been notified by such Bank on or before the later of (a) the close of business on the Business Day preceding the applicable borrowing date with respect to the Revolving Credit Loan, or (b) one (1) hour before the time on which the Agent actually funds the proceeds of such Revolving Credit Loan to the Borrower (whether using its own funds pursuant to this subsection or using proceeds deposited with the Agent by the Banks and whether such funding occurs before or after the time on which the Banks are required to deposit the proceeds of such Revolving Credit Loan with the Agent). The Agent may, in reliance upon such assumption (but shall not be required to), make available to the Borrower a corresponding amount in the applicable currency. If such corresponding amount is not in fact made available to the Agent by such Bank in the applicable currency, the Agent shall be entitled to recover such amount on demand from such Bank (or, if such Bank fails to pay such amount, forthwith upon such demand from the Borrower) together with interest thereon, in respect of each day during the period commencing on the date such amount was made available to the Borrower and ending on the date the Agent recovers such amount, at a rate per annum equal to (y) with respect to Loans denominated in Dollars, (A) the Federal Funds Rate during the first three (3) days after such interest shall begin to accrue and (B) the Applicable Rate in respect of such Loan after the end of such three (3) day period, and (z) with respect to Loans denominated in an Optional Currency, the Overnight Rate. 264674781 265265096
Appears in 1 contract
