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) The Borrower may obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of another Type by giving the Agent a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, which telephonic notice shall be irrevocable and which must be received no later than 2:00 p.m. Boston time (i) on the day on which the requested Loan is to be made as or converted to a Base Rate Loan, and (ii) three Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Loan. Such Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, 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”). If such Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower shall be deemed to have requested a Base Rate Loan. If the written confirmation of any telephonic notification differs in any material respect from the action taken by the Agent, the records of the Agent shall control absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Microfinancial Inc), Credit Agreement (Microfinancial Inc)

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Notice and Manner of Borrowing or Conversion of Loans. (a) The Borrower Borrowers may obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of another Type by giving the Agent a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, which telephonic notice shall be irrevocable and which must be received no later than 2:00 p.m. Boston time (i) on the day on which the requested Loan is to be made as or converted to a Base Rate Loan, and (ii) three (3) Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Loan. Such Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, subject to the limitations set forth in Section 2.1, (ii) the interest rate option requested to be applicable thereto, thereto and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of the term “Interest Period”). If such Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower Borrowers shall be deemed to have requested a Base Rate Loan. If the written confirmation of any telephonic notification differs in any material respect from the action taken by the Agent, the records of the Agent shall control absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Microfinancial Inc), Credit Agreement (Microfinancial Inc)

Notice and Manner of Borrowing or Conversion of Loans. (a) The Borrower may Whenever the Borrowers desire to obtain or continue a Loan hereunder hereunder, or convert an outstanding Loan into a Loan of another Type by giving type provided for in this Agreement, the Company shall notify the Agent a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, (which telephonic notice shall be irrevocable and which must be irrevocable) by telefax or telephone received no later than 2:00 p.m. 10:00 a.m. Boston time (i) on the day Business Day on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, Loan and (ii) received no later than 10:00 a.m. Boston time on the date three Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Loan. Such Notice of Borrowing or Conversion notice shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, 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”Period and Section 2.6). If Each such notification (a "Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower of Borrowing or Conversion") shall be deemed to have requested immediately followed by a Base Rate Loan. If the written confirmation thereof by the Company in substantially the form of any telephonic notification Exhibit B --------- hereto, provided that if such written confirmation differs in any material -------- respect from the action taken by the Agent, the records of the Agent shall control absent manifest error. The Agent shall give the Lenders notice of each Notice of Borrowing or Conversion in accordance with the Agent's customary practice.

Appears in 1 contract

Samples: Credit Agreement (Brookstone Inc)

Notice and Manner of Borrowing or Conversion of Loans. (a) The Borrower may Whenever the Borrowers desire to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of another Type by giving type provided for in this Agreement, the Company shall notify the Agent a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, (which telephonic notice shall be irrevocable and which must be irrevocable) by telefax or telephone received no later than 2:00 p.m. 10:00 a.m. Boston time (i) on the day Business Day on which the requested Loan is to be made or continued as or converted to a Base Rate Loan, Loan and (ii) received no later than 10:00 a.m. Boston time on the date three Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Eurodollar Loan. Such Notice of Borrowing or Conversion notice shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, 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”Period and Section 2.6). If Each such notification (a "Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower of Borrowing or Conversion") shall be deemed to have requested immediately followed by a Base Rate Loan. If the written confirmation thereof by the Company in substantially the form of any telephonic notification Exhibit B hereto, provided that if such written --------- -------- confirmation differs in any material respect from the action taken by the Agent, the records of the Agent shall control absent manifest error. The Agent shall give the Lenders notice of each Notice of Borrowing or Conversion in accordance with the Agent's customary practice.

Appears in 1 contract

Samples: Credit Agreement (Brookstone Inc)

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Notice and Manner of Borrowing or Conversion of Loans. (a) The Borrower may Whenever the Borrowers desire to obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of another Type by giving Type, NAC shall give the Administrative Agent a written Notice of Borrowing or Conversion (or a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion), which telephonic notice Notice shall be irrevocable and which must be received no later than 2:00 3:00 p.m. Boston time on the date (i) on one Business Day before the day on which the requested Loan is to be made as or converted to a Base Rate Loan, and (ii) three Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Eurodollar Loan. Such Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, 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"). If such Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower Borrowers shall be deemed to have requested a Base Rate Loan. If the written confirmation of any telephonic notification differs in any material respect from the action taken by the Administrative Agent, the records of the Administrative Agent shall control absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Goldendale Aluminum Co)

Notice and Manner of Borrowing or Conversion of Loans. (a) The Borrower may obtain or continue a Loan hereunder or convert an outstanding Loan into a Loan of another Type by giving the Agent a telephonic notice promptly confirmed by a written Notice of Borrowing or Conversion, which telephonic notice shall be irrevocable and which must be received no later than 2:00 p.m. Boston time (i) on the day on which the requested Loan is to be made as or converted to a Base Rate Loan, and (ii) three (3) Business Days before the day on which the requested Loan is to be made or continued as or converted to a LIBOR Loan. Such Notice of Borrowing or Conversion shall specify (i) the effective date and amount of each Loan or portion thereof requested to be made, continued or converted, 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”). If such Notice fails to specify the interest rate option to be applicable to the requested Loan, then the Borrower shall be deemed to have requested a Base Rate Loan. If the written confirmation of any telephonic notification differs in any material respect from the action taken by the Agent, the records of the Agent shall control absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Microfinancial Inc)

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