Common use of Procedure for Loan Borrowing Clause in Contracts

Procedure for Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 1:00 P.M., New York City time, (a) three Business Days prior to the Closing Date, in the case of LIBOR Loans, or (b) on the Closing Date, in the case of Base Rate Loans), substantially in the form of Exhibit H, specifying (i) the amount and Type of Loans requested to be borrowed on the Closing Date and (ii) in the case of LIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Date in form and substance reasonably satisfactory to the Administrative Agent. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of Loans to be made by such Lender available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Date in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent wiring the money in accordance with instructions from the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 4 contracts

Samples: Credit Agreement (Qwest Corp), Credit Agreement (Lumen Technologies, Inc.), Credit Agreement (Qwest Corp)

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Procedure for Loan Borrowing. (a) The Borrower Borrowers may borrow under the Commitments during the Commitment Period on any Business Day, provided the Company shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent (i) prior to 1:00 P.M.12:00 Noon, New York City time, (a) three five Business Days (or such later time as may be agreed to by Administrative Agent in its sole discretion) prior to the Closing requested Borrowing Date, in the case of LIBOR Eurodollar Loans, or (bii) on prior to 12:00 Noon, New York City time three Business Days (or such later time as may be agreed to by Administrative Agent in its sole discretion) prior to the Closing requested Borrowing Date, in the case of Base Rate LoansABR Loans (including for purposes of financing payments required by Section 3.5), substantially in the form of Exhibit H, specifying (iA) the amount and Type of Loans requested to be borrowed on borrowed, (B) the Closing Date requested Borrowing Date, (C) the account to which such Borrowing should be credited or wired, and (iiD) in the case of LIBOR Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless Notwithstanding the Borrower has provided foregoing, the notice for LIBOR Loans Borrowers may notify Administrative Agent by telephone or electronic communication of any such request within the time periods set forth herein as long as Borrower thereafter promptly sends written notice containing the information specified in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR this Section 2.5. Any Loans made on the Closing Date shall initially be ABR Loans. Each borrowing under the Commitments shall be in form and substance reasonably satisfactory an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the Administrative Agentthen aggregate Available Commitments are less than $1,000,000, such lesser amount). Upon receipt of any such notice from the a Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of Loans to be made by such Lender its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower Borrowers at the Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Closing Borrowing Date (or such later time as may be agreed to by Administrative Agent in its sole discretion) requested by the Company in funds immediately available to the Administrative Agent. Such borrowing The Administrative Agent will then be made make the borrowings available to the Borrower by the Administrative Agent wiring the money Borrowers in accordance with instructions from the Borrower with the aggregate of the this Section in such amounts as made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative AgentAgent from the Lenders.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Genon Americas Generation LLC), Revolving Credit Agreement (NRG Energy, Inc.)

Procedure for Loan Borrowing. The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 1:00 P.M., New York City time, (a) three Business Days prior to the Closing Date, in the case of LIBOR Loans, or (b) on the Closing Date, in the case of Base Rate Loans), substantially in the form of Exhibit H, specifying (i) the amount and Type of Loans requested to be borrowed on the Closing Date and (ii) in the case of LIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Date in form and substance reasonably satisfactory to the Administrative AgentAgent1. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of Loans to be made by such Lender available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Date in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent wiring the money in accordance with instructions from the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

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

Procedure for Loan Borrowing. The Borrower may borrow under the Commitments during the Commitment Period on any Business Day; provided, that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 1:00 P.M., New York City time, (a) three Business Days prior to the Closing requested Borrowing Date, in the case of LIBOR Loans, or (b) on the Closing requested Borrowing Date, in the case of Base Rate Loans), substantially in the form of Exhibit HJ, specifying (i) the amount and Type of Loans requested to be borrowed on borrowed, (ii) the Closing requested Borrowing Date and (iiiii) in the case of LIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. All Any Loans made on the Restatement Effective Date shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Restatement Effective Date in form and substance reasonably satisfactory to the Administrative Agent. Each borrowing under the Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Commitments are less than $1,000,000, such lesser amount) and (y) in the case of LIBOR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof; provided, that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Commitments that are Base Rate Loans in other amounts pursuant to Section 2.22. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of Loans to be made by such Lender its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent wiring the money in accordance with instructions from the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

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

Procedure for Loan Borrowing. The Company and any Subsidiary Borrower may borrow the Commitments during the Commitment Period on any Business Day, provided that the Company or the relevant Subsidiary Borrower shall give the Administrative Agent irrevocable written notice (which or telephonic notice must be received by the Administrative Agent promptly confirmed in writing) prior to 1:00 P.M.(a) 12:00 Noon, New York City time, (a) three Business Days prior to the Closing requested Borrowing Date, in the case of LIBOR RFR Loans, or (b) 12:00 Noon, New York City time, on the Closing Datedate of the proposed borrowing, in the case of Base Rate ABR Loans), substantially in the form of Exhibit H, specifying (i) the amount and Type of Loans requested to be borrowed on the Closing Date and (ii) in the case of LIBOR Loans, requested Borrowing Date. If no election as to the respective amounts of each such Type of a Loan and is specified in any such notice, then the respective lengths requested borrowing shall be an ABR Loan. Each borrowing shall be in an amount equal to (i) the then aggregate Available Commitments or (ii) $50,000,000 or a whole multiple of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth $10,000,000 in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Date in form and substance reasonably satisfactory to the Administrative Agentexcess thereof. Upon receipt of any such notice from the Company or any Subsidiary Borrower, the Administrative Agent shall promptly notify each Lender thereofof such notice. Each Lender will make the amount of Loans to be made by such Lender its pro rata share of each borrowing available to the Administrative Agent for the account of the Company or the relevant Subsidiary Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Borrowing Date requested by the Company or such Subsidiary Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Company or the relevant Subsidiary Borrower by the Administrative Agent wiring crediting the money in accordance with instructions from account of the Company or the relevant Subsidiary Borrower on the books of such office or such other account as the Company or relevant Subsidiary Borrower may specify to the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

Samples: Day Revolving Credit Agreement (Ford Motor Co), Revolving Credit Agreement (Ford Motor Co)

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Procedure for Loan Borrowing. The Term A Loan Borrower or the Term B Loan Borrower, as applicable, shall give the Administrative Agent an irrevocable notice Borrowing Notice (which notice must be received by the Administrative Agent prior to 1:00 P.M., New York City time, (a) three 12:00 pm on the Business Days Day prior to the Closing Date, or at such other time reasonably acceptable to the Administrative Agent in the case advance of LIBOR Loans, or (b) on the Closing Date, in the case of Base Rate Loans), substantially in the form of Exhibit H, specifying (i) the amount and Type of Loans requested to be borrowed on the Closing Date and (ii) in the case of LIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Date in form and substance reasonably satisfactory to the Administrative Agent. Upon receipt of any such notice from the BorrowerBorrowing Notice, the Administrative Agent shall promptly notify each applicable Lender thereof. Each Not later than 12:00 Noon on the Closing Date, each Lender will shall, subject to the terms and conditions in this Agreement, make the amount of Loans to be made by such Lender available to the Administrative Agent for the account (by wire transfer of the Borrower immediately available funds) at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Date an amount in funds immediately available funds equal to its Term A Loan Commitment (less the Administrative AgentTerm A Funding Discount) or Term B Loan Commitment (less the Term B Funding Discount), as applicable. Such borrowing will then be made available Upon confirmation of its receipt of all such net Term A Loan Commitments or net Term B Loan Commitments, as applicable, and satisfaction of all conditions to the Borrower by Closing set forth in Section 5, the Administrative Agent wiring shall (at the money direction of the Required Lenders) credit the account of each Borrower specified in accordance with instructions from the Borrower Borrowing Notice (by wire transfer of immediately available funds) with the aggregate of the amounts of Term A Loans or Term B Loans, as applicable (and, in each case, less the applicable Term A or Term B Funding Discount), made available on the Closing Date to the Administrative Agent by the Lenders less any fees and in like funds as received by expenses then due to the Administrative AgentAgent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (21st Century Oncology Holdings, Inc.)

Procedure for Loan Borrowing. The Borrower Company may borrow the Commitments under any Facility during the applicable Commitment Period on any Business Day, provided that the Company shall give the Administrative Agent irrevocable written notice (which or telephonic notice must be received by the Administrative Agent promptly confirmed in writing) prior to 1:00 P.M.(a) 12:00 Noon, New York City time, (a) three Business Days prior to the Closing requested Borrowing Date, in the case of LIBOR RFR Loans, or (b) 12:00 Noon, New York City time, on the Closing Datedate of the proposed borrowing, in the case of Base Rate ABR Loans), substantially in the form of Exhibit H, specifying (i) the amount amount, Facility and Type of Loans requested to be borrowed on the Closing Date and (ii) in the case of LIBOR Loans, requested Borrowing Date. If no election as to the respective amounts of each such Type of a Loan and is specified in any such notice, then the respective lengths requested borrowing shall be an ABR Loan. Each borrowing under a Facility shall be in an amount equal to (i) the then aggregate Available Commitments in respect of the initial Interest Period therefor. All Loans shall initially be Base Rate Loans unless the Borrower has provided the notice for LIBOR Loans set forth such Facility or (ii) $50,000,000 or a whole multiple of $10,000,000 in clause (a) above and has entered into a pre-funding indemnity agreement with respect to such borrowing of LIBOR Loans on the Closing Date in form and substance reasonably satisfactory to the Administrative Agentexcess thereof. Upon receipt of any such notice from the BorrowerCompany, the Administrative Agent shall promptly notify each Lender thereofholding Commitments under the applicable Facility of such notice. Each Lender holding Commitments under the applicable Facility will make the amount of Loans to be made by such Lender its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower Company at the Funding Office prior to 2:00 P.M., New York City time, on the Closing Borrowing Date requested by the Company in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower Company by the Administrative Agent wiring crediting the money in accordance with instructions from account of the Borrower Company on the books of such office or such other account as the Company may specify to the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ford Motor Co)

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