Procedure for Drawing. (i) Each Drawing shall be made on the Borrower’s irrevocable notice to the Global Agent, which may be given by telephone. Each such notice must be received by the Global Agent not later than 12:00 noon not less than three (3) Business Days prior to the requested date of any Drawing. Each telephonic notice by the Borrower pursuant to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Drawing Notice (whether telephonic or in writing) shall specify (A) the Drawing Date, (B) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes to be accepted and purchased (or purchased, as the case may be); and (C) the Contract Maturity Date for the Bankers’ Acceptance or BA Equivalent Notes. (ii) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. on an applicable Drawing Date, each Multicurrency Revolving Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby created for the Drawing Price; or (ii) purchase such BA Equivalent Note for the Drawing Price and, in each case, pay to the Global Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent Note, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance). Upon satisfaction of the applicable conditions set forth in Section 4.02, the Global Agent shall make all Drawing Proceeds so received available to the Borrower in like funds as received by the Global Agent either by (i) crediting the account of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. (iii) Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the Contract Maturity Date or sold by it at any time prior to that date in such Person's sole discretion.
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Samples: Revolving Credit and Term Loan Agreement (Waste Connections, Inc.), Revolving Credit and Term Loan Agreement (Waste Connections, Inc.), Revolving Credit and Term Loan Agreement (Waste Connections, Inc.)
Procedure for Drawing. (i1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Borrower’s irrevocable notice Borrower to the Global Agent, which may be given by telephone. Each such notice must be received by the Global Administrative Agent not later than 12:00 noon 10:00 a.m. (Toronto time) not less than three (3) two Business Days prior to the requested date of any Drawing. Each telephonic notice by on which the Borrower pursuant Drawing is to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borroweroccur. Each Drawing Notice (whether telephonic or shall be in writing) substantially the form of Schedule 1, shall be irrevocable and binding on the Borrower and shall specify (Ai) the Drawing Date, ; (Bii) the Credit Facility under which the Drawing is to be made; (iii) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes Drafts to be accepted and purchased (or purchased, as the case may be); and (Civ) the Contract Maturity Date contract maturity date for the Bankers’ Acceptance or BA Equivalent NotesDrafts.
(ii2) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. (Toronto time) on an applicable Drawing Date, each Multicurrency Revolving Lender or Facility B-2 Lender, as applicable, shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby created for the Drawing Price; or (ii) purchase such BA Equivalent Note Drafts for the Drawing Price Price, and, in each case, pay to the Global Administrative Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent NoteDraft, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance)be. Upon satisfaction receipt of the Drawing Proceeds and upon fulfillment of the applicable conditions set forth in Section 4.02Article 6, the Global Administrative Agent shall make all Drawing Proceeds so received funds available to the Borrower in like funds as received by accordance with Article 2.
(3) The Borrower shall, at the Global Agent either by request of any applicable Lender, issue one or more non-interest bearing promissory notes (ieach a “BA Equivalent Note”) crediting payable on the account date of maturity of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such fundsunaccepted Draft referred to below, in each case such form as the applicable Lender may specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Drafts which such Lender has purchased or has arranged to have purchased in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided aboveSection 4.03(2).
(iii4) Bankers’ Acceptances purchased by a Revolving Lender or Facility B-2 Lender, as applicable, or Participant may be held by it for its own account until the Contract Maturity Date contract maturity date or sold by it at any time prior to that date in any relevant Canadian market in such Person's ’s sole discretion.
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Procedure for Drawing. (i) Each Drawing shall be made on the Borrower’s irrevocable notice to the Global Agent, which may be given by telephone. Each such notice must be received by the Global Agent not later than 12:00 noon not less than three (3) Business Days prior to the requested date of any Drawing. Each telephonic notice by the Borrower pursuant to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Drawing Notice (whether telephonic or in writing) shall specify (A) the Drawing Date, (B) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes to be accepted and purchased (or purchased, as the case may be); and (C) the Contract Maturity Date for the Bankers’ Acceptance or BA Equivalent Notes.
(ii) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. on an applicable Drawing Date, each Multicurrency Revolving Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby created for the Drawing Price; or (ii) purchase such BA Equivalent Note for the Drawing Price and, in each case, pay to the Global Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent Note, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance). Upon satisfaction of the applicable conditions set forth in Section 4.02, the Global Agent shall make all Drawing Proceeds so received available to the Borrower in like funds as received by the Global Agent either by (i) crediting the account of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.
(iii) Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the Contract Maturity Date or sold by it at any time prior to that date in such Person's ’s sole discretion.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Waste Connections, Inc.)
Procedure for Drawing. (i) Each Drawing shall be made on notice (a “Drawing Notice”), substantially in the Borrower’s irrevocable form of Exhibit A-2 (which shall be in-evocable and may be by telephonic notice which must be confirmed by delivery to the Global AgentAdministrative Agent on the day of such request of a Drawing Notice), which may be given by telephone. Each such notice must be received by the Global Borrower to the Administrative Agent not later than 12:00 noon not less than three (3New York City time) at least two (2) Business Days prior to the requested date of any the requested Drawing. Each telephonic notice by the Borrower pursuant to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Drawing Notice shall be in-evocable, except as provided in paragraph (whether telephonic or in writingf) of this Section 2.03, shall be binding on the Borrower and shall specify (Ai) the Drawing Date, ; (Bii) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes Drafts to be accepted accepted, if applicable, and purchased (or purchased, as the case may be); and (Ciii) the Contract Maturity Date for the Bankers’ Acceptance or BA Equivalent Notesterm thereof.
(ii) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. 12:00 noon (New York City time) on an applicable Drawing Date, each Multicurrency Revolving Credit Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby so created for the Drawing Price; or (ii) purchase such BA Equivalent Note the Drafts for the Drawing Price and, in Price. In each case, pay to upon receipt by the Global Administrative Agent of funds from the Revolving Credit Lenders on account of the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent Note, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance). Upon satisfaction Price and upon fulfillment of the applicable conditions set forth in Section 4.02Article IV, the Global Administrative Agent shall make all Drawing Proceeds so received such funds available to the Borrower in like funds as received by the Global Agent either by (i) crediting the account of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided aboveSection 2.02.
(iii) The Borrower shall, at the request of any Revolving Credit Lender, issue one or more non-interest bearing, promissory notes (each, a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as such Revolving Credit Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which such Revolving Credit Lender has purchased in accordance with paragraph (c)(i) of this Section 2.03.
(iv) Bankers’ Acceptances Acceptances, Drafts and BA Equivalent Notes purchased by a Revolving Credit Lender may be held by it for its own account until the Contract Maturity Date maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Person's Revolving Credit Lender’s sole discretion.
Appears in 1 contract
Procedure for Drawing. (i1) Each Drawing shall be made on notice (a “Drawing Notice”) given by the Borrower’s irrevocable notice Borrower to the Global Agent, which may be given by telephone. Each such notice must be received by the Global Administrative Agent not later than 12:00 noon 10:00 a.m. (Toronto time) not less than three (3) two Business Days prior to the requested date of any Drawing. Each telephonic notice by on which the Borrower pursuant Drawing is to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borroweroccur. Each Drawing Notice (whether telephonic or shall be in writing) substantially the form of Schedule 1, shall be irrevocable and binding on the Borrower and shall specify (Ai) the Drawing Date, ; (Bii) the fact that the Drawing is to be made under Facility A or Term Facility C; (iii) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes Drafts to be accepted and purchased (or purchased, as the case may be); and (Civ) the Contract Maturity Date contract maturity date for the Bankers’ Acceptance or BA Equivalent NotesDrafts.
(ii2) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. (Toronto time) on an applicable Drawing Date, each Multicurrency Revolving Facility A Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby created for the Drawing Price; or (ii) purchase such BA Equivalent Note Drafts for the Drawing Price Price, and, in each case, pay to the Global Administrative Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent NoteDraft, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance)be. Upon satisfaction receipt of the Drawing Proceeds and upon fulfilment of the applicable conditions set forth in Section 4.02Article 6, the Global Administrative Agent shall make all Drawing Proceeds so received funds available to the Borrower in like funds as received by accordance with Article 2.
(3) The Borrower shall, at the Global Agent either by request of any Facility A Lender or Term Facility C Lender, issue one or more non-interest bearing promissory notes (ieach a “BA Equivalent Note”) crediting payable on the account date of maturity of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such fundsunaccepted Draft referred to below, in each case such form as the Facility A Lender or Term Facility C Lender may specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Drafts which the Facility A Lender or Term Facility C Lender has purchased or has arranged to have purchased in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided aboveSection 4.03(2).
(iii4) Bankers’ Acceptances purchased by a Facility A Lender, a Term Facility C Lender or a Participant may be held by it for its own account until the Contract Maturity Date contract maturity date or sold by it at any time prior to that date in any relevant Canadian market in such Person's ’s sole discretion.
Appears in 1 contract
Samples: Credit Agreement (Sun Media Corp)
Procedure for Drawing. (i) Each Drawing shall be made on notice (a “Drawing Notice”), substantially in the Borrower’s form of Exhibit A-2 (which shall be irrevocable and may be by telephonic notice which must be confirmed by delivery to the Global AgentAdministrative Agent on the day of such request of a Drawing Notice), which may be given by telephone. Each such notice must be received by the Global Borrower to the Administrative Agent not later than 12:00 noon not less than three 10:00 a.m. (3Toronto time) at least two (2) Business Days prior to the requested date of any the requested Drawing. Each telephonic notice by the Borrower pursuant to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Drawing Notice shall be irrevocable, except as provided in paragraph (whether telephonic or in writingf) of this Section 2.03, shall be binding on the Borrower and shall specify (Ai) the Drawing Date, ; (Bii) the aggregate Face Amount of Bankers’ Acceptance or BA Equivalent Notes Drafts to be accepted accepted, if applicable, and purchased (or purchased, as the case may be); and (Ciii) the Contract Maturity Date for the Bankers’ Acceptance or BA Equivalent Notesterm thereof.
(ii) Following receipt of a Drawing Notice, the Global Agent shall promptly notify each Multicurrency Revolving Lender of the amount of its Multicurrency Revolving Commitment Percentage of the applicable Drawing. Not later than 1:00 p.m. 12:00 noon (Toronto time) on an applicable Drawing Date, each Multicurrency Revolving Credit Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a BA Equivalent Note, in a Face Amount and for a term identical to the Face Amount and term of the Bankers’ Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, one or more Drafts in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby banker’s acceptances so created for the Drawing Price; or (ii) purchase such BA Equivalent Note the Drafts for the Drawing Price and, in Price. In each case, pay to upon receipt by the Global Administrative Agent of funds from the Revolving Credit Lenders on account of the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent Note, as the case may be (determined in the case of a BA Equivalent Note, as if such BA Equivalent Note were a Bankers’ Acceptance). Upon satisfaction Price and upon fulfillment of the applicable conditions set forth in Section 4.02Article IV, the Global Administrative Agent shall make all Drawing Proceeds so received such funds available to the Borrower in like funds as received by the Global Agent either by (i) crediting the account of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided aboveSection 2.02.
(iii) Bankers’ Acceptances The Borrower shall, at the request of any Revolving Credit Lender, issue one or more non-interest bearing, promissory notes (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as such Revolving Credit Lender may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which such Revolving Credit Lender has purchased in accordance with paragraph (c)(i) of this Section 2.03.
(iv) Banker’s Acceptances, Drafts and BA Equivalent Notes purchased by a Revolving Credit Lender may be held by it for its own account until the Contract Maturity Date maturity date thereof or sold by it at any time prior to that date in any relevant Canadian market in such Person's Revolving Credit Lender’s sole discretion.
Appears in 1 contract
Samples: First Lien Credit Agreement (SMART Technologies Inc.)
Procedure for Drawing. (i1) Each Drawing shall be made on the Borrower’s irrevocable notice to the Global Agent, which may be (a "DRAWING NOTICE") given by telephone. Each such notice must be received by the Global Agent not later than 12:00 noon not less than three 11:00 a.m. (3Montreal time) at least two Business Days prior to the requested date of any Drawing. Each telephonic notice the proposed Drawing by the Borrower pursuant to this Section 2.05(c) must be confirmed promptly by delivery to the Global Agent of a written Drawing Notice, appropriately completed and signed by a Responsible Officer of the BorrowerAgent. Each Drawing Notice shall be in substantially the form of SCHEDULE 7 and shall specify: (whether telephonic or in writing) shall specify (Ai) the requested date for such Drawing Date, (Bthe "DRAWING DATE"); (ii) the Credit Facility under which such Drawing is to be made; (iii) the aggregate Face Amount of Bankers’ Acceptance or Drafts to be accepted and BA Equivalent Notes to be accepted and purchased (or purchased, as the case may be)in Canadian Dollars; and (Civ) the Contract Maturity Date contract maturity date for the Bankers’ Acceptance or such Drafts and BA Equivalent Notes. The Borrower shall not in any Drawing Notice select a contract maturity date which ends after the Relevant Maturity Date or which conflicts with the repayments or prepayments provided for in this Agreement.
(ii2) Following Upon receipt of a Drawing Notice, the Global Agent shall promptly notify advise each Multicurrency Revolving BA Lender of the amount of its Multicurrency Revolving Commitment Percentage aggregate Face Amount of the applicable DrawingBankers' Acceptances to be accepted by it, and advise each Non-BA Lender of the aggregate Face Amount of the BA Equivalent Note to be purchased by it. Not later than 1:00 p.m. on an applicable Drawing Date, The aggregate Face Amount of the Bankers' Acceptances to be accepted by each Multicurrency Revolving Lender shall complete a Bankers’ Acceptance or, in the case of a Non BA Lender, a and the aggregate Face Amount of the BA Equivalent NoteNote to be purchased by each Non-BA Lender, in a Face Amount and for a term identical shall be determined by the Agent by reference to the Pro Rata Shares of the Lenders, except that, if the Face Amount and term of the a Bankers’ ' Acceptance that such Non BA Lender would have been required to accept on such Drawing Date if it were a BA Lender, in accordance with the Drawing Notice and either (i) accept the Drafts and purchase the Bankers’ Acceptances thereby created for the Drawing Price; or (ii) purchase such BA Equivalent Note for the Drawing Price and, in each case, pay to the Global Agent the Drawing Proceeds in respect of such Bankers’ Acceptance or BA Equivalent Note, as the case may be (determined in the case of a BA Equivalent Note, as if such Lender or the Face Amount of a BA Equivalent Note were in the case of a Bankers’ Acceptance). Upon satisfaction of Non-BA Lender would not be $100,000 or a whole multiple thereof, such Face Amount shall be increased or reduced by the applicable conditions set forth Agent in Section 4.02, the Global Agent shall make all Drawing Proceeds so received available its sole discretion to the Borrower in like funds as received by the Global Agent either by (i) crediting the account nearest whole multiple of the Borrower on the books of the Global Agent with the amount of such funds or (ii) wire transfer of such funds$100,000, in each case in accordance with instructions provided to (and reasonably acceptable to) the Global Agent by the Borrower; provided, however, that even if, on any Drawing Date, there are L/C Borrowings outstanding, then the applicable Drawing Proceeds first, shall be applied, to the payment in full as a result of any such L/C Borrowingsincrease, and second, the Total Outstandings in respect of such BA Lender or Non-BA Lender shall be made available to the Borrower as provided aboveexceed its Individual Commitment.
(iii) Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the Contract Maturity Date or sold by it at any time prior to that date in such Person's sole discretion.
Appears in 1 contract
Samples: Credit Agreement (Aas Capital Corp)