Common use of Procedure for Revolving Borrowing Clause in Contracts

Procedure for Revolving Borrowing. (a) Each Borrowing of a Revolving Loan shall be made upon the Borrower’s irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by Agent prior to 2:00 p.m. (i) on the requested Borrowing date of each Base Rate Loan equal to or less than $3,000,000, (ii) on the date which is one (1) Business Day prior to the requested Borrowing date of each Base Rate Loan in excess of $3,000,000 but equal to or less than $5,000,000, (iii) on the date which is two (2) Business Days prior to the requested Borrowing date of each Base Rate Loan in excess of $5,000,000 and (iv) on the day which is three (3) Business Days prior to the requested Borrowing date in the case of each LIBOR Rate Loan; provided that, with respect to any borrowing of a Revolving Loan that is to be made on the Restatement Effective Date, such Borrowing Notice must be received by Agent prior to 2:00 p.m. one (1) Business Day prior to the Restatement Effective Date. Such Notice of Borrowing shall specify: (i) the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof), except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing date, which shall be a Business Day; (iii) whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and (iv) if the Borrowing is to be LIBOR Rate Loans, the Interest Period applicable to such Loans. (b) Upon receipt of a Notice of Borrowing, Agent will promptly notify each Revolving Lender of such Notice of Borrowing and of the amount of such Lender’s Commitment Percentage of the Borrowing. (c) Unless Agent is otherwise directed in writing by the Borrower, the proceeds of each requested Borrowing after the Restatement Effective Date will be made available to the Borrower by Agent by wire transfer of such amount to the Borrower pursuant to the wire transfer instructions specified on the signature page hereto.

Appears in 4 contracts

Samples: Forbearance Agreement and First Amendment to Amended and Restated Credit Agreement (Spinal Elements Holdings, Inc.), Credit Agreement (Spinal Elements Holdings, Inc.), Credit Agreement (Spinal Elements Holdings, Inc.)

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Procedure for Revolving Borrowing. (a) Each Borrowing of a The Borrower may borrow under the Revolving Loan Commitments during the Commitment Period on any Business Day; provided that the Borrower shall be made upon give the Borrower’s Administrative Agent an irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, (which notice must be received by the Administrative Agent prior to 2:00 p.m. 11:00 A.M. (ia) on three (3) Business Days prior to the requested Borrowing date Date (which may be the anticipated Closing Date with respect to the Initial Revolving Borrowing), in the case of each Base Rate Loan equal to Eurodollar Loans, or less than $3,000,000, (iib) on the date which is one (1) Business Day prior to the requested Borrowing Date (which may be the anticipated Closing Date), in the case of ABR Loans) (provided that any such Notice of Borrowing of ABR Loans under the Revolving Facility to finance payments under Section 3.5(a) may be given not later than 11:00 A.M. on the date of the proposed borrowing), in each Base Rate Loan in excess such case specifying (i) the amount and Type of $3,000,000 but equal Revolving Loans to or less than $5,000,000be borrowed, (ii) the requested Borrowing Date, (iii) on in the date which is two (2) Business Days prior to case of Eurodollar Loans, the requested Borrowing date respective amounts of each Base Rate such Type of Loan in excess and the respective lengths of $5,000,000 the initial Interest Period therefor, and (iv) instructions for remittance of the proceeds of the Loans to be borrowed; provided that (a) the effectiveness of a Notice of Borrowing delivered in advance of the anticipated Closing Date may be conditioned on the day which is consummation of the Acquisition and (b) Revolving Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date may only consist of ABR Loans unless the Borrower delivers a funding indemnity letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the requested Borrowing date of the borrowing of such Revolving Loans. Each borrowing under the Revolving Commitments shall be in the case of each LIBOR Rate Loan; provided that, minimum amounts equal to (A) $100,000 with respect to any borrowing ABR Loans and (B) $1,000,000 with respect to Eurodollar Loans, or, in each case, a whole multiple of a $100,000 in excess thereof (or, if the then aggregate Available Revolving Loan that is to be made on the Restatement Effective DateCommitments are less than such required minimum amount, such Borrowing Notice must be received by Agent prior lesser amount); provided that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to 2:00 p.m. one (1) Business Day prior to the Restatement Effective DateSection 2.7. Such Upon receipt of any such Notice of Borrowing shall specify: (i) from the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof), except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing date, which shall be a Business Day; (iii) whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and (iv) if the Borrowing is to be LIBOR Rate LoansBorrower, the Interest Period applicable to such Loans. (b) Upon receipt of a Notice of Borrowing, Administrative Agent will shall promptly notify each Revolving Lender of such Notice of Borrowing and of thereof. Each Revolving Lender will make the amount of its pro rata share of each such Lender’s Commitment Percentage borrowing available to the Administrative Agent for the account of the Borrowing. (c) Unless Agent is otherwise directed in writing Borrower at the Funding Office prior to 12:00 P.M. on the Borrowing Date requested by the Borrower, Borrower in funds immediately available to the proceeds of each requested Borrowing after the Restatement Effective Date Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting such account as is designated in writing to the Administrative Agent by wire transfer of such amount to the Borrower pursuant to with the wire transfer instructions amount specified on in the signature page heretoNotice of Borrowing in immediately available funds.

Appears in 3 contracts

Samples: Credit Agreement (Ribbon Communications Inc.), Credit Agreement (Ribbon Communications Inc.), Credit Agreement (Ribbon Communications Inc.)

Procedure for Revolving Borrowing. Each Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period on any Banking Day, provided that the Company shall give the Administrative Agent irrevocable notice (a) Each Borrowing of a Revolving Loan shall be made upon the Borrower’s irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by the Administrative Agent prior to 2:00 p.m. 8:30 A.M., San Francisco time, (ia) on three Banking Days prior to the requested Borrowing date Date, if all or any part of each Base Rate Loan equal the requested Revolving Loans are to or less than $3,000,000be initially Eurodollar Loans, (iib) on four Banking Days prior to the date which is requested Borrowing Date, if all or any part of the requested Revolving Loans are to be initially Revolving Offshore Loans or (c) one (1) Business Banking Day prior to the requested Borrowing date of each Base Rate Loan in excess of $3,000,000 but equal to or less than $5,000,000, (iii) on the date which is two (2) Business Days prior to the requested Borrowing date of each Base Rate Loan in excess of $5,000,000 and (iv) on the day which is three (3) Business Days prior to the requested Borrowing date in the case of each LIBOR Rate Loan; provided that, with respect to any borrowing of a Revolving Loan that is to be made on the Restatement Effective Date, such Borrowing Notice must be received by Agent prior to 2:00 p.m. one (1) Business Day prior to the Restatement Effective Date. Such Notice of Borrowing shall specify: otherwise), specifying (i) the amount of the Borrowing (which shall to be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof)borrowed, except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing dateDate, which shall be a Business Day; (iii) whether the Borrowing borrowing is to be comprised of LIBOR Rate Loans or Eurodollar Loans, Base Rate Loans; and , Revolving Offshore Loans or a combination thereof and (iv) if the Borrowing borrowing is to be LIBOR entirely or partly of Eurodollar Loans or Revolving Offshore Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor and, in the case of Revolving Offshore Loans, the type and amount of the Eligible Offshore Currency or Currencies in which such Loans are to be 35 29 denominated. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the Interest Period applicable then Available Revolving Commitment is less than $5,000,000, such lesser amount) and (y) in the case of Eurodollar Loans or Revolving Offshore Loans, $5,000,000 (or the Offshore Currency Equivalent thereof, in the case of Revolving Offshore Loans) or a whole multiple of $1,000,000 (or 1,000,000 units of the relevant Eligible Offshore Currency, in the case of Revolving Offshore Loans) in excess thereof, provided, further, that Y&R (Delaware) may not borrow under the Revolving Commitments prior to such Loans. (b) the consummation of the Company Merger. Upon receipt of a Notice of Borrowingany such notice from the Company, the Administrative Agent will shall promptly notify each Lender and, if such notice relates to a borrowing of Revolving Offshore Loans, the European Payment Agent thereof. Each Lender of such Notice of Borrowing and of will make the amount of such Lender’s Commitment Percentage its pro rata share of each borrowing available to the Administrative Agent or, in the case of Revolving Offshore Loans, the European Payment Agent, for the account of the Borrowing. (c) Unless Agent is otherwise directed in writing relevant Borrower at the Administrative Agent's Payment Office prior to 11:00 A.M., local time of such office, on the Borrowing Date requested by the BorrowerCompany in funds immediately available to the Administrative Agent in Dollars or in the Eligible Offshore Currency, as the proceeds case may be, of each requested Borrowing after the Restatement Effective Date such borrowing. Such borrowing will then be made available to the relevant Borrower by the Administrative Agent or the European Payment Agent, as the case may be, crediting the account of the relevant Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by wire transfer of such amount to the Borrower pursuant to Lenders and in like funds as received by the wire transfer instructions specified on the signature page heretoAdministrative Agent.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Young & Rubicam Inc)

Procedure for Revolving Borrowing. (a) Each Borrowing of a The Borrower may borrow under the Revolving Loan Commitments during the Commitment Period on any Business Day; provided that the Borrower shall be made upon give the Borrower’s irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Administrative Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, (which notice must be received by the Administrative Agent prior to 2:00 p.m. 11:00 A.M. (ia) on the requested Borrowing date of each Base Rate Loan equal to or less than $3,000,000, three (ii3) on the date which is one (1) Business Day prior to the requested Borrowing date of each Base Rate Loan in excess of $3,000,000 but equal to or less than $5,000,000, (iii) on the date which is two (2) U.S. Government Securities Business Days prior to the requested Borrowing date Date, in the case of each Base Rate Loan in excess of $5,000,000 and SOFR Loans, or (ivb) on the day which is three (3) Business Days prior to the requested Borrowing date Date, in the case of ABR Loans), in each LIBOR Rate Loan; provided that, with respect to any borrowing of a Revolving Loan that is to be made on the Restatement Effective Date, such Borrowing Notice must be received by Agent prior to 2:00 p.m. one (1) Business Day prior to the Restatement Effective Date. Such Notice of Borrowing shall specify: case specifying (i) the amount and Type of the Borrowing (which shall Revolving Loans to be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof)borrowed, except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing dateDate, which shall be a Business Day; (iii) whether in the Borrowing is to be comprised case of LIBOR Rate Loans or Base Rate SOFR Loans; and , the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor, and (iv) instructions for remittance of the proceeds of the Loans to be borrowed; provided that Revolving Loans made on any of the three (3) Business Days following the Closing Date may only consist of ABR Loans unless the Borrower delivers a funding indemnity letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the date of the borrowing of such Revolving Loans. Each borrowing under the Revolving Commitments shall be in minimum amounts equal to (A) $250,000 with respect to ABR Loans and (B) $1,000,000 with respect to SOFR Loans, or, in each case, a whole multiple of $100,000 in excess thereof (or, if the Borrowing is to be LIBOR Rate Loansthen aggregate Available Revolving Commitments are less than such required minimum amount, the Interest Period applicable to such Loans. (b) lesser amount). Upon receipt of a any such Notice of BorrowingBorrowing from the Borrower, the Administrative Agent will shall promptly notify each Revolving Lender of such Notice of Borrowing and of thereof. Each Revolving Lender will make the amount of its pro rata share of each such Lender’s Commitment Percentage borrowing available to the Administrative Agent for the account of the Borrowing. (c) Unless Agent is otherwise directed in writing Borrower at the Funding Office prior to 12:00 P.M. on the Borrowing Date requested by the Borrower, Borrower in funds immediately available to the proceeds of each requested Borrowing after the Restatement Effective Date Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting such account as is designated in writing to the Administrative Agent by wire transfer of such amount to the Borrower pursuant to with the wire transfer instructions amount specified on in the signature page heretoNotice of Borrowing in immediately available funds.

Appears in 1 contract

Samples: Credit Agreement (Ribbon Communications Inc.)

Procedure for Revolving Borrowing. (a) Each Borrowing of a The Borrower may borrow under the Revolving Loan Commitments during the Commitment Period on any Business Day; provided that the Borrower shall be made upon give the Borrower’s Administrative Agent an irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, (which notice must be received by the Administrative Agent prior to 2:00 p.m. 10:00 A.M. (ia) on three (3) Business Days prior to the requested Borrowing date Date, in the case of each Base Rate Loan equal to Eurodollar Loans, or less than $3,000,000, (iib) on the date which is one (1) Business Day prior to the requested Borrowing date Date, in the case of ABR Loans) (in each Base Rate Loan in excess of $3,000,000 but equal case, with originals to or less than $5,000,000, (iii) on the date which is two (2) Business Days prior to the requested Borrowing date of each Base Rate Loan in excess of $5,000,000 and (iv) on the day which is follow within three (3) Business Days prior to the requested Borrowing date in extent required by the case of each LIBOR Rate Loan; Administrative Agent) (provided that, with respect to that any borrowing of a Revolving Loan that is to be made on the Restatement Effective Date, such Borrowing Notice must be received by Agent prior to 2:00 p.m. one (1) Business Day prior to the Restatement Effective Date. Such Notice of Borrowing shall specify: of ABR Loans under the Revolving Facility to finance payments under Section 3.5(a) may be given not later than 10:00 A.M. on the date of the proposed borrowing), in each such case specifying (i) the amount and Type of the Borrowing (which shall Revolving Loans to be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof)borrowed, except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing dateDate, which shall be a Business Day; (iii) whether in the Borrowing is to be comprised case of LIBOR Rate Loans or Base Rate Eurodollar Loans; and , the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor, and (iv) instructions for remittance of the proceeds of the Loans to be borrowed. Each borrowing under the Revolving Commitments shall be in minimum amounts equal to (A) $100,000 with respect to ABR Loans and (B) $1,000,000 with respect to Eurodollar Loans, or, in each case, a whole multiple of $100,000 in excess thereof (or, if the Borrowing is then aggregate Available Revolving Commitments are less than such required minimum amount, such lesser amount); provided that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to be LIBOR Rate Loans, the Interest Period applicable to such Loans. (b) Section 2.7. Upon receipt of a any such Notice of BorrowingBorrowing from the Borrower, the Administrative Agent will shall promptly notify each Revolving Lender of such Notice of Borrowing and of thereof. Each Revolving Lender will make the amount of its pro rata share of each such Lender’s Commitment Percentage borrowing available to the Administrative Agent for the account of the Borrowing. (c) Unless Agent is otherwise directed in writing Borrower at the Funding Office prior to 12:00 P.M. on the Borrowing Date requested by the Borrower, Borrower in funds immediately available to the proceeds of each requested Borrowing after the Restatement Effective Date Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting such account as is designated in writing to the Administrative Agent by wire transfer the Borrower with the aggregate of such amount the amounts made available to the Borrower pursuant to Administrative Agent by the wire transfer instructions specified on Revolving Lenders and in like funds as received by the signature page heretoAdministrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Ribbon Communications Inc.)

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Procedure for Revolving Borrowing. (a) Each Borrowing of a Borrower may borrow US Revolving Loan Loans during the Revolving Commitment Period on any Business Day; provided, that the relevant Borrower shall be made upon give the Borrower’s Administrative Agent irrevocable notice (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by the Administrative Agent prior to 2:00 p.m. (i) on the requested Borrowing date of each Base Rate Loan equal to or less than $3,000,00011:00 A.M., New York City time, (iia) on the date which is one (1) Business Day prior to the requested Borrowing date of each Base Rate Loan in excess of $3,000,000 but equal to or less than $5,000,000, (iii) on the date which is two (2) three Business Days prior to the requested Borrowing date Date, if all or any part of each Base Rate Loan in excess the requested Revolving Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, otherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of $5,000,000 Eurodollar Loans, ABR Loans, or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Period therefor. Each borrowing of US Revolving Loans shall be in an amount equal to (x) in the case of ABR Loans, $200,000 or a whole multiple of $100,000 in excess thereof (or, if the then Available US Revolving Commitments are less than $200,000, such lesser amount) and (y) in the case of Eurodollar Loans, $500,000 or a whole multiple of $100,000 in excess thereof. Upon receipt of any such notice from the relevant Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the relevant Borrower at the domestic office of the Administrative Agent specified in Section 11.2 prior to 12:00 noon, New York City time, on the day Borrowing Date requested by the relevant Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Borrower by the Administrative Agent crediting the account of the relevant Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent. (b) HCLP may borrow Euro Revolving Loans during the Revolving Commitment Period on any Business Day; provided, that HCLP shall give the Administrative Agent irrevocable notice (which is notice must be received by the Administrative Agent prior to 11:00 A.M., London time three (3) Business Days prior to the requested Borrowing date in the case of each LIBOR Rate Loan; provided thatDate), with respect to any borrowing of a Revolving Loan that is to be made on the Restatement Effective Date, such Borrowing Notice must be received by Agent prior to 2:00 p.m. one (1) Business Day prior to the Restatement Effective Date. Such Notice of Borrowing shall specify: specifying (i) the amount of the Borrowing (which shall to be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof)borrowed, except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing date, which shall be a Business Day; Date and (iii) whether the Borrowing is to be comprised length of LIBOR Rate Loans or Base Rate Loans; and (iv) if the Borrowing is to be LIBOR Rate Loans, the initial Interest Period applicable therefor. Each borrowing of Euro Revolving Loans shall be in an amount equal to such Loans. (b) €500,000 or a whole multiple of €100,000 in excess thereof. Upon receipt of a Notice of Borrowingany such notice from HCLP, the Administrative Agent will shall promptly notify each Revolving Lender of such Notice of Borrowing and of thereof. Each Revolving Lender will make the amount of such Lender’s Commitment Percentage its pro rata share of each Euro borrowing available to the Administrative Agent for the account of HCLP at the London office of the Borrowing. (c) Unless Administrative Agent is otherwise directed specified in writing Section 11.2 prior to 12:00 noon, London time on the Borrowing Date requested by HCLP in funds immediately available to the Borrower, the proceeds of each requested Borrowing after the Restatement Effective Date Administrative Agent. Such borrowing will then be made available to HCLP by the Borrower by Administrative Agent crediting the account of HCLP on the books of such office with the aggregate of the amounts made available to the Administrative Agent by wire transfer of such amount to the Borrower pursuant to Revolving Lenders and in like funds as received by the wire transfer instructions specified on the signature page heretoAdministrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Hanover Compressor Co /)

Procedure for Revolving Borrowing. (a) Each Borrowing of a The Borrower may borrow under the Revolving Loan Commitments during the Commitment Period on any Business Day; provided that the Borrower shall be made upon give the Borrower’s Administrative Agent an irrevocable (subject to Section 10.5) written notice delivered (including by Electronic Transmission) to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, (which notice must be received by the Administrative Agent prior to 2:00 p.m. 11:00 A.M. (ia) on three (3) Business Days prior to the requested Borrowing date Date (which may be the anticipated Closing Date with respect to the Initial Revolving Borrowing), in the case of each Base Rate Loan equal to Eurodollar Loans, or less than $3,000,000, (iib) on the date which is one (1) Business Day prior to the requested Borrowing Date (which may be the anticipated Closing Date), in the case of ABR Loans) (provided that any such Notice of Borrowing of ABR Loans under the Revolving Facility to finance payments under Section 3.5(a) may be given not later than 11:00 A.M. on the date of the proposed borrowing), in each Base Rate Loan in excess such case specifying (i) the amount and Type of $3,000,000 but equal Revolving Loans to or less than $5,000,000be borrowed, (ii) the requested Borrowing Date, (iii) on in the date which is two (2) Business Days prior to case of Eurodollar Loans, the requested Borrowing date respective amounts of each Base Rate such Type of Loan in excess and the respective lengths of $5,000,000 the initial Interest Period therefor, and (iv) instructions for remittance of the proceeds of the Loans to be borrowed; provided that (a) the effectiveness of a Notice of Borrowing delivered in advance of the anticipated Closing Date may be conditioned on the day which is consummation of the Acquisition and (b) Revolving Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date may only consist of ABR Loans unless the Borrower delivers a funding indemnity letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the requested Borrowing date of the borrowing of such Revolving Loans. Each borrowing under the Revolving Commitments shall be in the case of each LIBOR Rate Loan; provided that, minimum amounts equal to (A) $100,000 with respect to any borrowing ABR Loans and (B) $1,000,000 with respect to Eurodollar Loans, or, in each case, a whole multiple of a $100,000 in excess thereof (or, if the then aggregate Available Revolving Loan that is to be made on the Restatement Effective DateCommitments are less than such required minimum amount, such Borrowing Notice must be received by Agent prior lesser amount); provided that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Revolving Commitments that are ABR Loans in other amounts pursuant to 2:00 p.m. one (1) Business Day prior to the Restatement Effective DateSection 2.7. Such Upon receipt of any such Notice of Borrowing shall specify: (i) from the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000 (and multiples of $50,000 in excess thereof), except with respect to any initial Incremental Revolving Borrowing, to the extent otherwise provided in the related Incremental Revolving Loan Assumption Agreement; (ii) the requested Borrowing date, which shall be a Business Day; (iii) whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and (iv) if the Borrowing is to be LIBOR Rate LoansBorrower, the Interest Period applicable to such Loans. (b) Upon receipt of a Notice of Borrowing, Administrative Agent will shall promptly notify each Revolving Lender of such Notice of Borrowing and of the amount of such Lender’s Commitment Percentage of the Borrowing. (c) Unless Agent is otherwise directed in writing by the Borrower, the proceeds of each requested Borrowing after the Restatement Effective Date will be made available to the Borrower by Agent by wire transfer of such amount to the Borrower pursuant to the wire transfer instructions specified on the signature page hereto.

Appears in 1 contract

Samples: Credit Agreement (Ribbon Communications Inc.)

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