Procedure for Borrowing Loans Sample Clauses
The "Procedure for Borrowing Loans" clause outlines the steps and requirements a party must follow to request and obtain a loan under an agreement. Typically, this clause details the process for submitting a borrowing request, including necessary documentation, notice periods, and any conditions that must be satisfied before funds are disbursed. By clearly defining the process, this clause ensures both parties understand the expectations and reduces the risk of disputes or delays in accessing loan funds.
Procedure for Borrowing Loans. (a) Each Borrower may borrow Acquisition Facility Loans, Working Capital Facility Loans and Swing Line Loans during the applicable Commitment Period on any Business Day; provided that the Borrowers’ Agent shall give the Administrative Agent, irrevocable notice (which notice must be received by the Administrative Agent, (x) in the case of a Working Capital Facility Loan or Acquisition Facility Loan, prior to 12:30 p.m. (New York City time), (A) three (3) Business Days prior to the requested Borrowing Date, if all or any part of the requested Working Capital Facility Loans or Acquisition Facility Loans are to be initially Eurodollar Loans, or (B) one Business Day prior to the requested Borrowing Date, otherwise, and (y) in the case of a Swing Line Loan, prior to 12:00 noon (New York City time) on the requested Borrowing Date, in each case, in the form attached hereto as Annex I-A (the “Borrowing Notice”), specifying:
(i) whether the borrowing is to be an Acquisition Facility Loan, Working Capital Facility Loan or a Swing Line Loan;
(ii) the amount to be borrowed;
(iii) the requested Borrowing Date;
(iv) in the case of a Working Capital Facility Loan or an Acquisition Facility Loan, whether the borrowing is to be a Base Rate Loan, a Eurodollar Loan or a combination thereof; and
(v) in the case of a Working Capital Facility Loan or an Acquisition Facility Loan, if the borrowing is to be entirely or partly of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor;
(b) Each borrowing of Acquisition Facility Loans, Working Capital Facility Loans and Swing Line Loans shall be in an amount equal to (x) in the case of Base Rate Loans, $500,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Commitments applicable to such Loans of all Lenders of such Loans are less than $500,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof.
(c) Upon receipt of any notice from the Borrowers’ Agent pursuant to Section 2.4(a) with respect to a requested borrowing of Acquisition Facility Loans, the Administrative Agent shall promptly notify each Acquisition Facility Lender thereof, and upon receipt of any notice from the Borrowers’ Agent pursuant to Section 2.4(a) with respect to a requested borrowing of Working Capital Facility Loans, the Administrative Agent shall promptly notify each Working...
Procedure for Borrowing Loans. (a) The Borrower may borrow RC Loans on any Business Day occurring during the RC Commitment Period, PROVIDED that, with respect to any requested borrowing, the Borrower shall notify the Administrative Agent (by telephone or telecopy) no later than 1:00 P.M., three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, and no later than 1:00 P.M., one Business Day prior to the requested Borrowing Date, in the case of ABR Loans, specifying (i) the aggregate amounts to be borrowed under the RC Commitments, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be a Eurodollar Loan, an ABR Loan, or a combination thereof, and (iv) if the borrowing is to be a Eurodollar Loan, the length of the initial Interest Period for such Eurodollar Loan. Each such notice shall be irrevocable and confirmed immediately by delivery to the Administrative Agent of a Borrowing Request. Each borrowing of RC Loans, consisting of ABR Loans shall be in an aggregate principal amount equal to $1,000,000 or such amount plus an integral multiple of $100,000 in excess thereof or, if less, the unused amount of the RC Commitments. Each borrowing of RC Loans, as the case may be, consisting of Eurodollar Loans shall be in a minimum aggregate principal amount equal to $2,000,000 or an integral multiple of $250,000 in excess thereof. Upon receipt of each notice of borrowing from the Borrower, the Administrative Agent shall promptly notify each Lender (by telephone or otherwise, such notice to be confirmed by telecopy or other writing) of the requested borrowing. Subject to its receipt of the notice referred to in the preceding sentence and to the other terms and conditions of this Agreement, each Lender will make the amount of its applicable RC Commitment Percentage, of each borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent set forth in Section 11.2 not later than 12:00 Noon, on the Borrowing Date requested by the Borrower, in funds immediately available to the Administrative Agent at such office. The amounts so made available to the Administrative Agent on a Borrowing Date will then, subject to the satisfaction of the terms and conditions of this Agreement as determined by the Administrative Agent, be made available on such date to the Borrower by the Administrative Agent, in immediately available funds, at the office of the Administrative Agent specified in Section 11.2 by cred...
Procedure for Borrowing Loans. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and received by Agent no later than 10:00 a.m.
(i) on the Business Day that is the requested Funding Date in the case of a request for a Revolver Swing Loan or a Floorplan Swing Loan, (ii) on the Business Day that is 1 Business Day prior to the requested Funding Date in the case of all other requests for Base Rate Loans and (iii) on the Business Day that is 3 Business Days prior to the requested Funding Date in the case of all other requests for LIBOR Rate Loans, in each case specifying (A) whether such Borrowing is a request for Revolving Loans or Floorplan Loans, (B) the amount of such Borrowing, and (C) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 10:00 a.m. on the applicable Business Day. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request.
Procedure for Borrowing Loans. (a) To make a borrowing of the Loans on the Closing Date, the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 11:00 a.m. New York City time) on the same Business Day as the requested Borrowing Date, in the form attached hereto as Annex I (the “Borrowing Notice”), specifying:
(i) the amount to be borrowed;
(ii) the requested Borrowing Date, which shall be a Business Day;
(iii) the initial Interest Period to be applicable thereto (including specifying the duration of such Interest Period and the last day of such Interest Period), which shall be a period contemplated by the definition of the term “Interest Period”; and
(iv) whether the borrowing is to be a Eurocurrency Loan or, to the extent Eurocurrency Loans are not available as provided herein, a Base Rate Loan;
(b) [Reserved]. Table of Contents
(c) Upon receipt of any Borrowing Notice from the Borrower pursuant to Section 2.2(a) with respect to a requested borrowing of Loans, the Administrative Agent shall promptly notify each applicable Lender thereof. With respect to any requested Loan and subject to the satisfaction of the conditions contained in Section 5.1, each applicable Lender will make the amount of its Commitment Percentage of each Loan available to the Administrative Agent for the account of the Borrower at the Administrative Agent’s office specified in Section 10.2 prior to 3:00 p.m. (New York City time) on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Each Loan will then promptly be made available on the Borrowing Date to the Borrower by the Administrative Agent by wire transfer to the account(s) set forth on the Borrowing Notice in like funds as received by the Administrative Agent.
Procedure for Borrowing Loans. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and received by Agent no later than 12:00 p.m. Eastern on the Business Day that is three (3) Business Days prior to the requested Funding Date, specifying (A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 12:00 p.m. Eastern on the applicable Business Day. With respect to each request for a Borrowing pursuant to this Section 2.3(a), each Lender agrees that Agent may in Agent’s sole discretion, but Agent shall not be obligated to, make such requested Borrowing to Borrower on behalf of the Lenders as an Interim Advance.
Procedure for Borrowing Loans. (a) The Borrowers may borrow Acquisition Facility Loans, Working Capital Facility Loans and Swing Line Loans during the applicable Commitment Period on any Business Day; provided that the applicable Borrower shall give the Administrative Agent (in the case of Loans denominated in United States Dollars) or the Canadian Agent (in the case of Loans denominated in Canadian Dollars) and (solely in the case of Swing Line Loans) the Relevant Swing Line Lenders, irrevocable notice (which notice must be received by the Administrative Agent or the Canadian Agent, as applicable, (x) in the case of a Working Capital Facility Loan or Acquisition Facility Loan, prior to 1:00 p.m. (New York City time), (A) three (3) Business Days prior to the requested Borrowing Date, if all or any part of the requested Working Capital Facility Loans or Acquisition Facility Loans are to be initially Eurocurrency Loans, or (B) on the same Business Day of the requested Borrowing Date, otherwise, and (y) in the case of a Swing Line Loan, prior to 3:00 p.m. (New York City time) on the requested Borrowing Date, in each case, in the form attached hereto as Annex I (the “Borrowing Notice”), specifying: (i) whether the borrowing is to be an Acquisition Facility Loan, Dollar
(b) Each borrowing of Acquisition Facility Loans, Working Capital Facility Loans and Swing Line Loans shall be in an amount equal to (x) in the case of Base Rate Loans or Prime Rate Loans, $100,000 or C$100,000, as applicable, or a whole multiple of $100,000 or C$100,000, as applicable, in excess thereof (or, if the then aggregate Available Commitments applicable to such Loans of all Lenders of such Loans are less than $100,000 or the Dollar Equivalent of C$100,000, as applicable, such lesser amount) and (y) in the case of Eurocurrency Loans, $1,000,000 or C$1,000,000, as applicable, or a whole multiple of $100,000 or C$100,000, as applicable in excess thereof.
(c) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to a requested borrowing of Acquisition Facility Loans, the Administrative Agent shall promptly notify each Acquisition Facility Lender thereof, upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to a requested borrowing of Dollar Working Capital Facility Loans, the Administrative Agent shall promptly notify each Dollar Working Capital Facility Lender thereof and upon receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect t...
Procedure for Borrowing Loans. Borrower must deliver to the Agent a written request by an Authorized Person of any requested Loan to be made by the Lenders, which notice must (i) be received by the Agent no later than 1:00 p.m. on the Business Day that is one Business Day prior to the date on which any such Loans are to be made (the “Funding Date”) and (ii) specify the aggregate amount of any such Loan to be made on the Funding Date (which shall be a Business Day); provided, that the Agent may, in its sole discretion, elect to accept as timely requests that are received later than 1:00 p.m. on the applicable Business Day. At the Agent’s election, in lieu of delivering the above described written request, any Authorized Person may give the Agent telephonic notice of such request by the required time. In such circumstances, the Borrower agrees that any such telephonic notice will be confirmed in writing by Borrower within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request.
Procedure for Borrowing Loans. The Borrower may request a maximum of one (1) Borrowing per calendar month under the Loan during the Availability Period by delivering a Borrowing Notice to the Agent not later than 1:00 p.m. (Toronto time) ten (10) Business Days prior to the proposed Funding Date; provided, however, that the Borrowing Notice for the initial Borrowing may be delivered at such time as may be agreed between the Borrower and the Agent. Each proposed Funding Date shall be subject to the approval of the Agent.
Procedure for Borrowing Loans. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent (and, during any Third Party Agent Retention Period, also to the Third Party Agent) and received by Agent (and, during any Third Party Agent Retention Period, also to the Third Party Agent) no later than 1:00 p.m. on the Business Day that is three (3) Business Days prior to the requested Funding Date, specifying (i) the amount of such Borrowing, and (ii) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 1:00 p.m. on the applicable Business Day.
Procedure for Borrowing Loans. (a) The Company may request a borrowing from time to time under the Aggregate Commitment prior to the Termination Date on any Business Day (if the Loans to be borrowed are Alternate Base Rate Loans) or on any Working Day (if the Loans to be borrowed are Eurodollar Loans) by giving irrevocable notice to the Administrative Agent, specifying (i) the aggregate principal amount to be borrowed, (ii) the requested borrowing date, (iii) whether the Loans to be borrowed are to be Eurodollar Loans or Alternate Base Rate Loans or a combination thereof and, if a combination, the respective aggregate amount of each type of borrowing and (iv) if the Loans to be borrowed are Eurodollar Loans, the length of the Interest Period or Interest Periods applicable thereto. Any such notice of borrowing must be signed by a Responsible Officer of the Company and be received by the Administrative Agent prior to 11:00 A.M., New York City time, three Working Days prior to the requested borrowing date, in the case of Eurodollar Loans, and one Business Day prior to the requested borrowing date, in the case of Alternate Base Rate Loans. Each borrowing under the Commitments shall be in an aggregate principal amount equal to the lesser of (x) $1,000,000 or a whole multiple of $100,000 in excess thereof or (y) the