Common use of Notice and Manner of Borrowing or Conversion of Loans Clause in Contracts

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreement, the Borrower shall notify the Lender (which notice shall be irrevocable) by telecopy or telephone received no later than 1:00 p.m. Boston, Massachusetts time on the date on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, and received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar Loan, provided that no more than 6 Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower shall specify (i) the effective date and amount of each Loan to be obtained, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period and Section 2.9). Each Eurodollar Loan must be for an amount equal to at least $500,000 and in additional increments of $100,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) shall be immediately followed by a written confirmation thereof by the Borrower in substantially the form of Exhibit B hereto, provided that if such written confirmation differs in any material respect from the action taken by the Lender, the records of the Lender shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit and Term Loan Agreement (Open Link Financial, Inc.), Credit and Term Loan Agreement (Open Link Financial, Inc.)

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Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever ----------------------------------------------------- the Borrower desires Borrowers desire to obtain or continue a LIBOR Loan hereunder or convert an outstanding Base Rate Loan into or a Money Market Loan of the other type provided for in this Agreementto a LIBOR Loan, the Borrower Borrowers shall notify the Lender (which notice shall be irrevocable) by telecopy telex, telegraph or telephone received no not later than 1:00 12:00 p.m. Boston, Massachusetts time (Boston Time) on the date on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, and received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 two (2) Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar LIBOR Loan, provided that no more than 6 Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower shall specify (i) the effective date and amount of each Loan to be obtained, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any Period (subject to the provisions of the definition of Interest Period and Section 2.92.4). Each Eurodollar Loan must be for an amount equal to at least $500,000 and in additional increments of $100,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a "Notice of --------- Borrowing or Conversion") shall be immediately followed by a written ----------------------- confirmation thereof by the Borrower Borrowers in substantially the form of Exhibit B 2.2 ----------- hereto, provided that if such written confirmation differs in any material -------- respect from the action taken by from the Lender, the records of the Lender shall be conclusive control absent manifest error.

Appears in 1 contract

Samples: Loan Agreement (Lojack Corp)

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires Borrowers desire to obtain or continue a Revolving Credit Loan hereunder or convert an outstanding Revolving Credit Loan into a Revolving Credit Loan of the other type provided for in this Agreementanother Type, the Borrower Borrowers shall notify give the Lender Agent a written Notice of Borrowing or Conversion (or a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion), which notice Notice shall be irrevocableirrevocable and which must be received (i) by telecopy or telephone received no later than 1:00 p.m. Boston, Massachusetts 10:00 a.m. Boston time on the date on which the requested Revolving Credit Loan is to be made or continued as or converted to a Base Rate Loan, and received (ii) no later than 1:00 2:00 p.m. Boston, Massachusetts Boston time on the date 3 three (3) Business Days before the day on which the requested Revolving Credit Loan is to be made or continued as or converted to a Eurodollar Loan, provided that no more than 6 Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Revolving Credit Loan or portion thereof requested to be obtainedmade, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option requested to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of the term "Interest Period and Section 2.9Period"). Each Eurodollar Loan must If such Notice fails to specify the interest rate option to be for an amount equal applicable to at least $500,000 and in additional increments of $100,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) the requested Revolving Credit Loan, then the Borrowers shall be immediately followed by deemed to have requested a Base Rate Loan. If the written confirmation thereof by the Borrower in substantially the form of Exhibit B hereto, provided that if such written confirmation any telephonic notification differs in any material respect from the action taken by the LenderAgent, the records of the Lender Agent shall be conclusive control absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Learning Co Inc)

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires to obtain or continue a Revolving Credit Loan or Swingline Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreement, the Borrower shall notify the Lender Administrative Agent (which notice shall be irrevocable) by telecopy or telephone (i) with respect to Base Rate Loans, received no later than 1:00 p.m. Boston, Massachusetts time on the date on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, (ii) with respect to Swingline Loans, received no later than 3:00 p.m. on the day on which a Swingline Loan is to be made, and (iii) with respect to LIBOR Loans, received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 that is three (3) Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar LIBOR Loan, provided that no more than 6 Eurodollar 10 LIBOR Loans may be outstanding at any one time. Such notice by the Borrower shall specify (i) the effective date and amount of each Loan to be obtained, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period and Section 2.9). Each Eurodollar LIBOR Loan must be for an amount equal to at least $500,000 5,000,000 and in additional increments of $100,0001,000,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a "Notice of Borrowing or Conversion") shall be immediately followed by a written confirmation thereof by the Borrower in substantially the form of Exhibit B hereto, provided that if such written confirmation differs in any material respect from the action taken by the LenderAdministrative Agent, the records of the Lender Administrative Agent shall be conclusive absent manifest error.

Appears in 1 contract

Samples: Revolving Credit Agreement (Barnes & Noble Inc)

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires desire to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreementanother Type, the Borrower shall notify give the Lender (a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, which telephonic notice shall be irrevocable) by telecopy or telephone irrevocable and which must be received no later than 1:00 2:00 p.m. Boston, Massachusetts Boston time on the date which is (i) one (1) Business Day before the day on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, and received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 (ii) three (3) Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar LIBOR Loan, provided that no more than 6 Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower Notice of Borrowing or Conversion shall specify (iA) the effective date and amount of each Loan or portion thereof requested to be obtainedmade, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (iiB) the interest rate option requested to be applicable thereto, and (iiiC) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of the term "Interest Period and Section 2.9Period"). Each Eurodollar Loan must be for an amount equal to at least $500,000 and in additional increments of $100,000. Each If such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) Conversion fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower shall be immediately followed by deemed to have requested a Base Rate Loan. If the written confirmation thereof by the Borrower in substantially the form of Exhibit B hereto, provided that if such written confirmation any telephonic notification differs in any material respect from the action taken by the Lender, the records of the Lender shall be conclusive control absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Signal Technology Corp)

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Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever Except as otherwise provided in this Agreement, whenever the Borrower desires to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreementanother Type, the Borrower shall notify give the Lender (a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, which telephonic notice shall be irrevocable) by telecopy or telephone irrevocable and which must be received no later than 1:00 2:00 p.m. Boston, Massachusetts Boston time on the date (i) one Business Day before the day on which the requested Loan is to be made or continued as or converted to a Base Prime Rate Loan, and received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 (ii) three Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar LIBOR Loan, provided that no more than 6 Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Loan or portion thereof requested to be obtainedmade, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option requested to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of the term "Interest Period and Section 2.9Period"). Each Eurodollar Loan must If such Notice fails to specify the interest rate option to be for an amount equal applicable to at least $500,000 and in additional increments of $100,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) the requested Loan, then the Borrower shall be immediately followed by deemed to have requested a Prime Rate Loan. If the written confirmation thereof by the Borrower in substantially the form of Exhibit B hereto, provided that if such written confirmation any telephonic notification differs in any material respect from the action taken by the Lender, the records of the Lender shall be conclusive control absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Aspen Technology Inc /De/)

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreement, the Borrower shall notify the Lender Administrative Agent (which notice shall be irrevocable) by telecopy or telephone (i) received no later than 1:00 p.m. Boston, Massachusetts time on the date that is one (1) Business Day before the day on which the requested Loan is to be made or continued as or converted to a Base Prime Rate Loan, (ii) received no later than 3:00 p.m. on the day on which a Swingline Loan is to be made, and (iii) received no later than 1:00 p.m. Boston, Massachusetts time on the date 3 that is three (3) Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar LIBOR Loan, provided that no more than 6 Eurodollar ten (10) LIBOR Loans may be outstanding at any one time. Such notice by the Borrower shall specify (i) the effective date and amount of each Loan to be obtained, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period and Section 2.92.8). Each Eurodollar LIBOR Loan must be for an amount equal to at least $500,000 and in additional increments of $100,000500,000. Each such notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) shall be immediately followed by a written confirmation thereof by the Borrower in substantially the form of Exhibit B A hereto, provided that if such written confirmation differs in any material respect from the action taken by the LenderAdministrative Agent, the records of the Lender Administrative Agent shall be conclusive absent manifest errorprima facie evidence thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ross Stores Inc)

Notice and Manner of Borrowing or Conversion of Loans. (a) Whenever the Borrower desires Borrowers desire to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of the other type provided for in this Agreement, the Borrower Borrowers shall notify the Lender Administrative Agent (which notice shall be irrevocable) by telecopy or and telephone received no later than 1:00 12:00 p.m. Boston, Massachusetts time (Boston time) on the date day on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, and received no later than 1:00 12:00 p.m. Boston, Massachusetts time (Boston time) on the date 3 three Business Days before the day on which the requested Loan is to be made or continued as or converted to a Eurodollar Loan, provided PROVIDED that no more than 6 five Eurodollar Loans may be outstanding at any one time. Such notice by the Borrower Borrowers shall specify (i) the effective date and amount of each Loan to be obtained, continued or converted (or portion thereof to be continued or converted, as the case may be), subject to the limitations set forth in Section 2.1, (ii) the interest rate option to be applicable thereto, and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period and Section 2.9). Each Eurodollar Loan must be for an amount equal to at least $500,000 and in additional increments of $100,000or an integral multiple thereof. Each such telephonic notification by telephone pursuant to Section 2.3 or this Section 2.4(a) (a “Notice of Borrowing or Conversion”) shall be immediately followed by a written confirmation thereof by the Borrower Borrowers in substantially the form of Exhibit EXHIBIT B heretohereto (a "Notice of Borrowing or Conversion"), provided PROVIDED that if such written confirmation differs in any material respect from the action taken by the LenderAdministrative Agent, the records of the Lender Administrative Agent shall be conclusive absent manifest error. The Administrative Agent agrees that upon receipt of any such telephonic or written notice of borrowing, it shall notify the other Banks thereof with reasonable promptness.

Appears in 1 contract

Samples: Revolving Credit Agreement (Unicco Service Co)

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