Manner of Borrowing. Each Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. Chicago, Illinois time, two days before the day it is to be funded, and (ii) in an amount equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or a higher integral multiple of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00). If, for any reason, the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s standard application for Letter of Credit and the payment by the Borrower of the Bank’s fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and one-half percent (2.50%) of the undrawn amount of such standby Letter of Credit, payable by the Borrower on or before the issuance of such Letter of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credit. The Bank is authorized to rely on any written, electronic or telecopy loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ and paralegals’ fees) and shall hold the Bank harmless with respect thereto.
Appears in 2 contracts
Samples: Loan and Security Agreement (Huron Consulting Group Inc.), Loan and Security Agreement (Huron Consulting Group Inc.)
Manner of Borrowing. Each Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, as requested by the Borrower, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time which may be LIBOR LoansLoans and no LIBOR Loans may be requested by the Borrower if an Event of Default exists. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. Chicago, Illinois time, two three (3) days before the day it is to be funded, and (ii) in an amount equal to Two Hundred Fifty Thousand One Million and 00/100 No/100 Dollars ($250,000.001,000,000.00) or a higher integral multiple of Two One Hundred Fifty Thousand and 00/100 No/100 Dollars ($250,000.00100,000.00). If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s 's standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, Bank of the Bank’s 's standard application for Letter of Credit and the payment by the Borrower of the Bank’s 's customary fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s 's standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and onethree-half quarters of one percent (2.500.75%) of the undrawn face amount of such standby Letter of Credit, payable by the Borrower on or before the issuance of such Letter of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credit. The Bank is authorized to rely on any written, electronic verbal, electronic, telephonic or telecopy loan requests which the Bank believes in its reasonable good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ ' and paralegals’ ' fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Samples: Loan Agreement (Eloyalty Corp)
Manner of Borrowing. Each Revolving Loan shall be made available to the Borrower upon its written or verbal request, from any Person person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each A request for a Revolving Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. The proceeds of each Revolving Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. The Term Loan shall be made available to the Borrower, upon its written or verbal request, from any person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. The Term Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five three (53) Revolving Loans outstanding at any one time Term Loan advances which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. Chicago, Illinois time, two three (3) days before the day it is to be funded, and (ii) in an amount equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) 100,000.00 or a higher integral multiple of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00)thereof. If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s 's standard application for Letter of Credit therefor and the payment by the Borrower of the Bank’s 's usual and customary fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all All standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and one-half percent (2.50%) 1.50% of the undrawn face amount of such standby Letter of CreditCredit which fee, along with any other applicable fees or interest, shall be payable by in accordance with the Borrower on or before the issuance Bank's standard letter of such Letter credit fee schedule. All Letters of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter other than standby Letters of Credit has expired or has been returned to shall bear such fees and interest and contain such other terms as set forth in the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount 's standard letter of such Letter of Creditcredit fee schedule. The Bank is authorized to rely on any writtenthe telephonic, electronic telecopy or telecopy telegraphic loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ ' and paralegals’ ' fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Samples: Loan and Security Agreement (First Horizon Pharmaceutical Corp)
Manner of Borrowing. Each Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each such request shall be effective upon receipt by the Bank and shall be in writing (which may be by telecopy) or by telephone to be promptly confirmed in writing. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five nine (59) Revolving Loans outstanding at any one time which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) be received by no later than 11:00 a.m. Chicago, Illinois time, two three days before the day it is to be funded, and (ii) be in an amount equal to Two Hundred Fifty Thousand and 00/100 One Million Dollars ($250,000.001,000,000) or a higher integral multiple of Two One Hundred Fifty Thousand and 00/100 Dollars ($250,000.00)100,000) and (iii) specify the applicable Interest Period. If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The Except to the extent such Loan represents a conversion or refunding of an outstanding Loan, the proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the an account of designated by the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s 's standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole reasonable discretion, of the Bank’s 's standard application for Letter of Credit and the payment by the Borrower of the Bank’s 's fees charged in connection therewiththerewith as hereinafter provided. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master For each Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear Agreement, the Borrower agrees to pay an annual fee equal to two and one-half one percent (2.501.00%) of the undrawn maximum face amount of each such standby Letter of CreditCredit from time to time outstanding, payable by the Borrower on or before the issuance of such Letter of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credit. The Bank is authorized to rely on any written, electronic or telecopy loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ and paralegals’ fees) and shall hold the Bank harmless with respect thereto.such
Appears in 1 contract
Manner of Borrowing. Each Revolving Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. Chicago, Illinois time, two three days before the day it is to be funded, and (ii) in an amount equal to Two Five Hundred Fifty Thousand and 00/100 Dollars ($250,000.00500,000.00) or a higher integral multiple of Two One Hundred Fifty Thousand and 00/100 Dollars ($250,000.00100,000.00). If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s standard application for Letter of Credit and the payment by the Borrower of the Bank’s fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two one and one-half quarter percent (2.501.25%) of the undrawn face amount of such standby Letter of Credit, payable by the Borrower in quarterly installments as follows: a) the first payment will be due on or before the date of issuance in an amount pro rated for the remaining portion of such the calendar quarter in which the Letter of Credit is issued; and b) subsequently quarterly payments will be due in advance on the first day of each calendar quarter occurring during the period in which the Letter of Credit is outstanding. All Letters of Credit other than standby Letters of Credit shall bear such fees, costs and interest as charged by the Bank and annually thereafter on shall contain such other terms as set forth in the same date unless and until (i) such Master Letter of Credit has expired or has been returned to Agreement and the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount ’s standard letter of such Letter of Creditcredit fee schedule. The Bank is authorized to rely on any written, electronic or telecopy loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ and paralegals’ fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Manner of Borrowing. Each Revolving Loan shall be made available to the Borrower upon its requestwritten request in substantially the form of Exhibit B hereto, from any Person whose authority duly completed. Subject to so act has not been revoked by the Borrower in writing previously received by the Bank. Each terms of Section 2.2 hereof, each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five six (56) Revolving Loans outstanding at any one time which may be LIBOR Loans. A request for a Prime Loan must be (a) received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded, and (b) in an amount equal to $10,000.00 or a higher integral multiple of $5,000.00. A request for a LIBOR Loan must be (ic) received by no later than 11:00 a.m. Chicago, Illinois time, two three days before the day it is to be funded, and (iid) in an amount equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) 500,000.00 or a higher integral multiple of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00)500,000.00. If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing a LIBOR Loan, then such LIBOR Loan shall be immediately converted to funded as a Prime Loan on the last Business Day of the then existing Interest PeriodLoan, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by subject to the Borrower's right, to the extent permitted hereby, to repay such Loan and reborrow it as a LIBOR Loan. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s 's standard application for Letter of Credit and the payment by the Borrower of the Bank’s fees charged in connection therewiththerefor. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all All standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and one-half percent (2.502.0%) of the undrawn face amount of such standby Letter of Credit, which fee, along with any other applicable fees or interest, shall be payable monthly in arrears on the last day of each month. All Letters of Credit other than standby Letters of Credit shall bear such fees and interest and contain such other terms as are agreed upon by the Borrower on or before the issuance of such Letter of Credit by and the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned from time to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credittime. The Bank is authorized to rely on any writtenthe telephonic, electronic telecopy or telecopy telegraphic loan requests which the Bank believes in its reasonable good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ ' and paralegals’ ' fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Manner of Borrowing. Each Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. Chicago, Illinois time, two three days before the day it is to be funded, and (ii) in an amount equal to Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or a higher integral multiple of Two One Hundred Fifty Thousand and 00/100 Dollars ($250,000.00100,000.00). If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s 's standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s 's standard application for Letter of Credit and the payment by the Borrower of the Bank’s 's fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s 's standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two one and one-half quarter percent (2.501.25%) of the undrawn face amount of such standby Letter of Credit, payable by the Borrower on or before the issuance of such Letter of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credit. All Letters of Credit other than standby Letters of Credit shall bear such fees, costs and interest as charged by the Bank and shall contain such other terms as set forth in the Master Letter of Credit Agreement and the Bank's standard letter of credit fee schedule. The Bank is authorized to rely on any written, electronic verbal, electronic, telephonic or telecopy loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ ' and paralegals’ ' fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Samples: Loan and Security Agreement (Arlington Hospitality Inc)
Manner of Borrowing. Each Revolving Loan shall be made available to the Borrower upon its request, from any Person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Subject to the other provisions of this Agreement, each Revolving Loan may be advanced either as a Prime Loan, a LIBOR Loan or a LIBOR an Alternate Currency Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time which may be either LIBOR Loans or Alternate Currency Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan or an Alternate Currency Loan must be (i) be received by no later than 11:00 a.m. Chicago, Illinois time, two three days before the day it is to be funded, and (ii) state the applicable Interest Period; (iii) identify whether the request is for a LIBOR Loan or an Alternate Currency Loan and if for an Alternate Currency Loan, must identify the Alternate Currency; and (iv) be in an amount equal to Two Five Hundred Fifty Thousand and 00/100 Dollars ($250,000.00500,000.00) or a higher integral multiple of Two One Hundred Fifty Thousand and 00/100 Dollars ($250,000.00100,000.00) (or with respect to an Alternate Currency Loan, such approximately comparable amounts as shall result in a rounded number). If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s standard application for Letter of Credit and the payment by the Borrower of the Bank’s fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and one-half one percent (2.501.00%) of the undrawn face amount of such standby Letter of Credit, payable by the Borrower in quarterly installments as follows: a) the first payment will be due on or before the date of issuance in an amount pro rated for the remaining portion of such the calendar quarter in which the Letter of Credit is issued; and b) subsequently quarterly payments will be due in advance on the first day of each calendar quarter occurring during the period in which the Letter of Credit is outstanding. All Letters of Credit other than standby Letters of Credit shall bear such fees, costs and interest as charged by the Bank and annually thereafter on shall contain such other terms as set forth in the same date unless and until (i) such Master Letter of Credit has expired or has been returned to Agreement and the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount ’s standard letter of such Letter of Creditcredit fee schedule. The Bank is authorized to rely on any written, electronic or telecopy loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such advances by the Bank and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ and paralegals’ fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Manner of Borrowing. Each Revolving Loan shall be made available to the Borrower upon its requestwritten request in the form of EXHIBIT B, from any Person person whose authority to so act has not been revoked by the Borrower in writing previously received by the Bank. Each Revolving Loan may be advanced either as a Prime Loan or a LIBOR Loan, provided, however, that at any time and from time to time, the Borrower may identify no more than five (5) Revolving Loans outstanding at any one time Loans, which may be LIBOR Loans. A request for a Prime Loan must be received by no later than 11:00 a.m. 12:00 p.m. Chicago, Illinois time, on the day it is to be funded. A request for a LIBOR Loan must be (i) received by no later than 11:00 a.m. 12:00 p.m. Chicago, Illinois time, two days before the day it is to be funded, and (ii) in an amount equal to Two Hundred Fifty Thousand One Million and 00/100 Dollars ($250,000.001,000,000.00) or a higher integral multiple of Two Five Hundred Fifty Thousand and 00/100 Dollars ($250,000.00500,000.00). If, If for any reason, reason the Borrower shall fail to select timely an Interest Period for an existing LIBOR Loan, then such LIBOR Loan shall be immediately converted to a Prime Loan on the last Business Day of the then existing Interest Period, all without demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower. The proceeds of each Prime Loan or LIBOR Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank. Each Letter of Credit shall be issued by the Bank upon the execution of the Bank’s standard Master Letter of Credit Agreement by the Borrower and the Bank, and the execution and delivery by the Borrower and the acceptance by the Bank, in its sole discretion, of the Bank’s standard application for Letter of Credit and the payment by the Borrower of the Bank’s fees charged in connection therewith. In addition to all other applicable fees, charges and/or interest payable by the Borrower pursuant to the Master Letter of Credit Agreement or otherwise payable in accordance with the Bank’s standard letter of credit fee schedule, all standby Letters of Credit issued under and pursuant to this Agreement shall bear an annual fee equal to two and one-half percent (2.50%) of the undrawn amount of such standby Letter of Credit, payable by the Borrower on or before the issuance of such Letter of Credit by the Bank and annually thereafter on the same date unless and until (i) such Letter of Credit has expired or has been returned to the Bank, or (ii) the Bank has paid the beneficiary thereunder the full face amount of such Letter of Credit. The Bank is authorized to rely on any writtenthe telephonic, electronic telecopy (including facsimile copy) or telecopy telegraphic loan requests which the Bank believes in its good faith judgment to emanate from a properly authorized representative of the Borrower, whether or not that is in fact the case. The Borrower does hereby irrevocably confirm, ratify and approve all such forms of loan requests referred to in the aforementioned sentence and advances by the Bank in reasonable reliance thereon and does hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ ' and paralegals’ ' fees) and shall hold the Bank harmless with respect thereto.
Appears in 1 contract
Samples: Revolving Loan Agreement (Aar Corp)