Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iii) five (5) Business Days prior to the requested issuance date of a Letter of Credit, specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate minimum principal amount of (i) Two Hundred Fifty Thousand dollars ($250,000) for Reference Rate Borrowings or Swing Loans, and (ii) One Million dollars ($1,000,000) for any LIBOR Rate Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty (30) days. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight (8) different Interest Periods in effect. 2.5
Appears in 2 contracts
Samples: Credit Agreement (Bedford Property Investors Inc/Md), Credit Agreement (Bedford Property Investors Inc/Md)
Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iii) five (5) Business Days prior to the requested issuance date of a Letter of Credit, specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of (i) Two Hundred Fifty Thousand dollars ($250,000) for Reference Rate Borrowings or Swing LoansBorrowings, and (ii) One Million dollars ($1,000,000) for any LIBOR Rate Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing and the purpose of such Borrowing; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty (30) days. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight (8) different Interest Periods in effect. 2.52.4
Appears in 1 contract
Samples: Unsecured Credit Agreement (Bedford Property Investors Inc/Md)
Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company in the form of a Borrowing Notice signed by a Designated Representative (which notice must be received by the Administrative Agent prior to 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iii) five (5) Business Days prior to the requested issuance date of a Letter of Credit, specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of (i) Two Hundred Fifty Thousand dollars ($250,000) for Reference Rate Borrowings or Swing LoansBorrowings, and (ii) One Million dollars ($1,000,000) for any LIBOR Rate Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; and (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty (30) days. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight five (8) 5) different Interest Periods in effect. 2.52.4
Appears in 1 contract
Samples: Credit Agreement (Bedford Property Investors Inc/Md)
Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company Borrower in the form of a Notice of Borrowing Notice or Conversion/Continuation and, with respect to a Letter of Credit request, a Letter of Credit Application (which notice and, if applicable, Letter of Credit Application, must be received by the Administrative Agent prior to 9:30 10:00 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Reference Rate Loans, or (iiiii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iiiiv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate minimum principal amount of not less than (i) Two Hundred Fifty Thousand dollars $100,000 ($250,000or the remaining Availability, if less) for Reference Rate Borrowings or Swing Loans, and (ii) One Million dollars ($1,000,000) 1,000,000 and increments of $500,000 in excess thereof for any LIBOR Rate Borrowings; (b) the requested borrowing Borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Notice of Borrowing Notice or Conversion/Continuation fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty one (301) daysmonth. Unless the Required Lenders otherwise agree, during the existence of a Default or Event of Default, Borrower may not elect to have a Loan made as, or converted into or continued as, a LIBOR Loan. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the CompanyBorrower's Notice of Borrowing Notice or Conversion/Continuation expressly requests a LIBOR Rate Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan (unless the Swing Line Lender declines to make a Swing Loan, in which case the requested Borrowing shall be funded as a Reference Rate Borrowing in accordance with this Section 2.4), and shall be subject to the provisions of Section 2.2. Unless the Majority Banks Required Lenders otherwise agree, during the existence of a Default or Event of Default, the Company Borrower may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight seven (8) 7) different Interest Periods in effect. 2.5Borrower indemnifies and excuses Administrative Agent (including its officers, employees and agents) from all liability, loss and costs in connection with any act resulting from facsimile instructions that Administrative Agent reasonably believes are made by any individual authorized by Borrower to give such instructions, except to the extent such liability, loss or cost are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted directly from Administrative Agent's gross negligence or willful misconduct. This indemnity and excuse will survive the termination of this Agreement.
Appears in 1 contract
Samples: Revolving Credit Agreement (Essex Property Trust Inc)
Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Loans, or (ii) one (1) Business Day prior to the requested borrowing date, in the case of Prime Rate Loans, or (iiiii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iiiiv) five (5) Business Days prior to the requested issuance date of a Letter of Credit), specifying: (a) the amount of the Borrowing or the Letter of Credit, which in the case of a Borrowing shall be in an aggregate minimum principal amount of (i) Two Hundred Fifty Thousand dollars ($250,000) and increments of Fifty Thousand dollars ($50,000) in excess thereof for Reference Prime Rate Borrowings or Swing Loans, and (ii) One Million Five Hundred Thousand dollars ($1,000,000500,000) and increments of One Hundred Thousand dollars ($100,000) in excess thereof for any LIBOR Rate Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty (30) days. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, a Reference Prime Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight six (8) 6) different Interest Periods in effect. 2.5
Appears in 1 contract
Samples: Credit Agreement (Bedford Property Investors Inc/Md)
Procedure for Obtaining Credit. Each Borrowing shall be made and each Letter of Credit shall be issued upon the irrevocable written notice (including notice via facsimile confirmed immediately by a telephone call) of the Company in the form of a Borrowing Notice (which notice must be received by the Administrative Agent prior to 9:30 a.m., San Francisco time, (i) three (3) Business Days prior to the requested borrowing date, in the case of LIBOR Rate Loans, or (ii) on the requested borrowing date, in the case of Reference Rate Loans or Swing Loans), or (iii) five (5) Business Days prior to the requested issuance date of a Letter of Credit, specifying: (a) the amount of the Borrowing or the Letter of CreditBorrowing, which in the case of a Borrowing shall be in an aggregate minimum principal amount of (i) Two Hundred Fifty Thousand dollars ($250,000) for Reference Rate Borrowings or Swing Loans, and (ii) One Million dollars ($1,000,000) for any LIBOR Rate Borrowings; (b) the requested borrowing or Letter of Credit issuance date, which shall be a Business Day; (c) in the case of a Borrowing, the Type of Loans comprising the Borrowing; (d) in the case of a LIBOR Rate Borrowing, the duration of the Interest Period applicable to the Loans comprising such LIBOR Rate Borrowing. If the Borrowing Notice fails to specify the duration of the Interest Period for the Loans comprising a LIBOR Rate Borrowing, such Interest Period shall be thirty (30) days. Notwithstanding the foregoing provisions of this Section 2.4, any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal) other than disbursement of Loan proceeds under this Section 2.4. Unless the Company's Borrowing Notice expressly requests a LIBOR Rate Borrowing, a Reference Rate Borrowing in an amount in excess of the Swing Line Availability or the issuance of a Letter of Credit, each requested Borrowing shall initially be funded as a Swing Loan, and shall be subject to the provisions of Section 2.2. Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Company may not elect to have a Loan made as, or converted into or continued as, a LIBOR Rate Loan. After giving effect to any Loan, there shall not be more than eight (8) different Interest Periods in effect. 2.5
Appears in 1 contract
Samples: Credit Agreement (Bedford Property Investors Inc/Md)