Common use of Making the Term Loans Clause in Contracts

Making the Term Loans. (i) (A) Each Term Loan Borrowing shall be made on notice, given not later than 11:00 A.M. Local Time, (x) in the case of Eurodollar Rate Advances, on the third Business Day prior to the date of the proposed Borrowing or (y) in the case of Base Rate Advances, on the day of the proposed Borrowing, by the Borrower to the Administrative Agent, which shall give to each appropriate Lender prompt notice thereof by telecopier. Each such notice of a Term Loan Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, in substantially the form of Exhibit B hereto, specifying therein the requested (I) date of such Term Loan Borrowing, (II) Type of Advances comprising such Term Loan Borrowing, (III) aggregate amount of such Term Loan Borrowing, (IV) [reserved] and (V) in the case of a Eurodollar Rate Advance, the Interest Period for each such Term Loan Borrowing. Each Lender shall, before 1:00 P.M. (Local Time) on the date of such Term Loan Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent, in the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Term Loan Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent, as applicable, will make such funds available to the Borrower at the Administrative Agent’s address set forth on Schedule 10.02.

Making the Term Loans. (i) (A) Each Term Loan Borrowing shall be made on notice, given not later than 11:00 A.M. Local Time, (x) in the case of Eurodollar Rate AdvancesNew York City time, on the third Business Day prior to the date of the proposed Borrowing or (y) in the case of Base Rate Advances, on the day of the proposed Borrowing, by the Borrower to the Administrative Agent, which shall give to each appropriate Lender prompt notice thereof by telecopier. Each such notice of a Term Loan Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, in substantially the form of Exhibit B hereto, specifying therein the requested (I) date of such Term Loan Borrowing, (II) Type of Advances comprising such Term Loan Borrowing[reserved], (III) aggregate amount of such Term Loan Borrowing, Borrowing and (IV) [reserved] and (V) in the case of a Eurodollar Rate Advance, the Interest Period for each such Term Loan BorrowingLoan. Each Lender shall, before 1:00 P.M. (Local TimeNew York City time) on the date of such Term Loan Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent, in the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Term Loan Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent, as applicable, will make such funds available to the Borrower at the Administrative Agent’s address set forth on Schedule 10.02. Notwithstanding anything to the contrary contained herein, each Lender at its option may make any Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such Advance; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Advances in accordance with the terms of this Agreement and shall not cause the Borrower to incur as of the date of the exercise of such option any greater liability than it shall then have under Section 2.10 or Section 2.14.

Making the Term Loans. (ia) Subject to the satisfaction (Aor waiver in accordance with Section 8.01 hereof) of the conditions precedent set forth in Section 3.01 and 3.02 hereof, the Borrower may request, pursuant to Section 2.02(b), Term Loans be made on a Vessel Acquisition Closing Date in an amount equal to the aggregate amount of the Vessel Acquisition Financed Consideration to be paid by the Borrower on such date pursuant to Section 2.3(b)(ii) of the Vessel Purchase Agreement. (b) Each Term Loan Borrowing shall be made on noticeupon the Borrower's delivery to the Administrative Agent of a written Borrowing Request for such Borrowing, given appropriately completed and signed by an authorized signatory or attorney in fact of the Borrower. Each such Borrowing Request must be received by the Administrative Agent not later than 11:00 A.M. Local Time, 2:00 pm (xNew York time) in the case of Eurodollar Rate Advances, on the third (i) three (3) Business Day Days prior to the requested date of the proposed Borrowing or (y) in the case of Base Rate Advances, on the day of the proposed Borrowing, by the Borrower to the Administrative Agent, which shall give to each appropriate Lender prompt notice thereof by telecopier. Each such notice of a Term Loan Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, in substantially the form of Exhibit B hereto, specifying therein the requested (I) date of such Term Loan Borrowing, (II) Type of Advances comprising such Term Loan Borrowing, (III) aggregate amount of such Term Loan Borrowing, (IV) [reserved] and (V) in the case of a Eurodollar Rate Advance, the Interest Period for each such Term Loan any Borrowing. Each Lender shall, before 1:00 P.M. (Local Time) on the date of such Term Loan Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent, in the Administrative Agent’s Account, in same day funds, such Lender’s ratable portion of such Term Loan Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative AgentRequest shall specify, as applicable, (i) the requested date of the Borrowing (which shall be a Business Day), (ii) the principal amount of Terms Loans to be borrowed and (iii) the Scheduled Vessels and, if applicable, the Chartered SPV Interests, to be acquired with the proceeds of such Term Loans. If the proceeds of any Term Loan to be made by a Lender will make be used by Excel to repay Indebtedness of Excel to such funds available Lender or its Affiliates, then, in lieu of funding its Term Loan in cash, such Lender, by irrevocable notice to the Borrower at Administrative Agent and Excel, may deem its Term Loan made in the Administrative Agent’s address set forth on Schedule 10.02amount of Indebtedness to be repaid to it or its Affiliate and such Lender shall be deemed to have issued and to hold a Term Loan hereunder for all purposes hereof.

Making the Term Loans. (i) (A) Each Term Loan Borrowing shall be made on notice, given (x) not later than 11:00 A.M. Local Time, a.m. (xNew York City time) in the case of Eurodollar Rate Advances, on the third second Business Day prior to the date of the proposed Borrowing or (y) in the case of Base a Borrowing consisting of Eurodollar Rate Advances, Loans and (y) not later than 12:00 p.m. (New York City time) on the day first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Loans, in each case by the Borrower Company to the Administrative Agent, which shall give to each appropriate Lender Bank prompt notice thereof in writing (which may be by telecopiere-mail). Each such notice of a Term Loan Borrowing (a “Notice of Borrowing”) shall be delivered in writing (which may be by telephone, confirmed immediately in writinge-mail), in substantially the form of Exhibit B heretoA, specifying therein the requested (I1) date of such Term Loan Borrowing, (II2) Type of Advances Loans comprising such Term Loan Borrowing, (III3) aggregate amount of such Term Loan Borrowing, (IV) [reserved] Borrowing and (V4) in the case of a Borrowing consisting of Eurodollar Rate AdvanceLoans, the initial Interest Period for each such Term Loan BorrowingLoan. Each Lender Bank shall, before 1:00 P.M. 11:00 a.m. (Local TimeNew York City time) on the date of such Term Loan Borrowing Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent, in Agent at the Administrative Agent’s Account, in same day funds, such LenderBank’s ratable portion of such Term Loan Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 5.01, the Administrative Agent, as applicable, Agent will make such same day funds available to the Borrower Company at the Company’s account at the Administrative Agent’s address set forth on Schedule 10.02referred to in Section ‎10.02.