Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currencies. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in Sterling, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Strategic Education, Inc.), Revolving Credit and Term Loan Agreement (Strategic Education, Inc.)
Procedure for Revolving Borrowings. The To request a Revolving Borrowing, a Borrower shall give notify the Administrative Agent written notice of such request by telephone (or telephonic notice promptly confirmed in writinga) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to Eurocurrency Borrowing under the requested Revolving Facility, not later than 1:00 p.m., New York City time, three Business Days before the date of each Eurocurrency the proposed Revolving Borrowing denominated if such Revolving Borrowing is in Alternative CurrenciesDollars, or four Business Days before the date of the proposed Revolving Borrower if such Revolving Borrowing is in a Multicurrency other than Dollars or (b) in the case of an ABR Borrowing under the Revolving Facility, not later than 1:00 p.m., New York City time, one Business Day before the date of the proposed Revolving Borrowing. Each Notice of Revolving such telephonic Borrowing Request shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as shall be confirmed promptly as practicable, notify by hand delivery or telecopy to the Administrative Agent that of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such transaction will not occur as scheduled) telephonic and written Borrowing Request shall specify: specify the following information in compliance with Section 2.02:
(i) the aggregate principal amount of such the requested Borrowing, ;
(ii) the date of such Borrowing (Borrowing, which shall be a Business Day), ;
(iii) the Type of whether such Revolving Loan comprising such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing, ;
(iv) in the case of a Eurocurrency Borrowing not denominated in SterlingBorrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of therefor, which shall be a period contemplated by the definition of the term “Interest Period”) and ;
(v) the name of the applicable Borrower and location and number of its account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04; and
(vi) whether such Borrowing is to be under the US Revolving Commitments or the Multicurrency Revolving Commitments and, if a Eurocurrency Borrowingthe latter, the currency of the Revolving Loans to be borrowed. If no election as to the Borrower fails to specify a currency in a Notice Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to a any requested Eurocurrency Borrowing, then the Revolving Loans so requested applicable Borrower shall be made in Dollars. Each Revolving Borrowing shall consist entirely deemed to have selected an Interest Period of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eightone month’s duration. Promptly following the receipt of a Notice of Revolving Borrowing Request in accordance herewithwith this Section 2.03(a), the Administrative Agent shall advise each applicable Revolving Loan Lender of the details thereof and of the amount of such Revolving Loan LenderXxxxxx’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Corelogic, Inc.), Credit Agreement (Corelogic, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) ): (xa) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or and each LIBOR Index Rate Borrowing, ; and (yb) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, ; (ii) the date of such Borrowing (which shall be a Business Day), ; (iii) the Type of such Revolving Loan comprising such Borrowing, ; (iv) whether such Revolving Loan is to be an Acquisition Revolving Loan or a Working Capital Revolving Loan; and (v) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, LIBOR Index Rate Loans or Eurocurrency LoansEurodollar Loans or a combination thereof, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall not be not less than $1,000,000 2,500,000 or a larger multiple of $1,000,000500,000 in excess thereof, and the aggregate principal amount of each Base Rate Revolving Borrowing and or LIBOR Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000 in excess thereof; provided, that Index Rate Revolving Loans or that, Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Interest Periods with respect to Eurodollar Borrowings outstanding at any time exceed eightsix (6). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Rotech Healthcare Holdings Inc.), Credit Agreement (Rotech Healthcare Holdings Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia New York time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, Borrowing and (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Eurodollar Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date all Revolving Loans shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000500,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings outstanding at any time exceed eightsix. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Stanley, Inc.), Revolving Credit and Term Loan Agreement (Stanley, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. 12:00 noon (RichmondNew York, Virginia New York time) on the same Business Day as the requested date day of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. 12:00 noon (RichmondNew York, Virginia New York time) three (3) Business Days prior to the requested date of each Eurocurrency Rate Borrowing in the case of a Eurocurrency Rate Borrowing denominated in Dollars Dollars, and (z) prior to 11:00 a.m. 5:00 P.M. (New York London time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Rate Borrowing in the case of a Eurocurrency Rate Borrowing denominated in Alternative Currenciesany Alternate Currency. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingRate Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and ), (v) if a Eurocurrency Borrowing, the currency Currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency requested Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Rate Loans, as the Borrower may request, and (vi) the account of the Borrower to which the proceeds of such Revolving Borrowing should be credited; provided, that any Revolving Loans funded on the Closing Date shall in any Alternate Currency may only be Index outstanding as Eurocurrency Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Rate Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000 (or in the case of Borrowings made in any Alternate Currency, minimum and multiple amounts of such Alternate Currency with comparable Dollar Equivalents of the preceding amounts, rounded upwards to the nearest 100,000 unit multiple in such Alternate Currency); provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 2.4, Section 2.13 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Rate Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Bristow Group Inc)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (xa) in the case of any Revolving Borrowing that is a Base Rate Borrowing denominated in Dollars in an aggregate principal amount not to exceed $40,000,000, 1:00 p.m. on the Business Day of the proposed Revolving Borrowing, (b) otherwise prior to 11:00 a.m. (Richmond, Virginia time) on the same 1:00 p.m. one Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (yc) prior to 11:00 a.m. 1:00 p.m. (Richmond, Virginia timei) three (3) Business Days prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in Dollars and (zii) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in the Alternative CurrenciesCurrency. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and ), (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowedborrowed and (vi) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments. If the Borrower fails to specify a currency in a the Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. If the Borrower fails to specify a Class in the Notice of Revolving Borrowing, then the Loans so requested shall be deemed to be under the Multicurrency Commitments. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency LoansEurodollar Loans or a combination thereof, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000100,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings (that are Revolving Borrowings) outstanding at any time exceed eightsix (6). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount (and currency) of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currencies. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingBorrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Strategic Education, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia New York time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, Borrowing and (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Revolving Loans, Index Rate Revolving Loans or Eurocurrency Eurodollar Revolving Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date all Revolving Loans shall be Index Rate Revolving Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 100,000 or a larger multiple of $1,000,000100,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 50,000 or a larger multiple of $500,00050,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings outstanding at any time exceed eightfive. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The To request a Revolving Borrowing, a Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currencies. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, request by (iix) the date telephone or (y) delivery of such a written Borrowing Request (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iva) in the case of a Eurocurrency Borrowing under the Revolving Facility, not denominated in Sterlinglater than 1:00 p.m., New York City time, three Business Days before the duration date of the initial Interest Period applicable thereto (subject to proposed Revolving Borrowing if such Revolving Borrowing is in Dollars, or four Business Days before the provisions date of the definition proposed Revolving Borrower if such Revolving Borrowing is in a Multicurrency other than Dollars or (b) in the case of “Interest Period”) and (v) if an ABR Borrowing under the Revolving Facility, not later than 1:00 p.m., New York City time, one Business Day before the date of the proposed Revolving Borrowing; provided that any notice of a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or accompanied by a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant funding indemnity letter satisfactory to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent in its reasonable discretion. Any telephonic Borrowing Request shall advise each Revolving Loan Lender be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the details thereof Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: i. the aggregate amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.; ii. the date of such Borrowing, which shall be a Business Day;
Appears in 1 contract
Samples: Credit Agreement (Corelogic, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. 12:00 noon (RichmondNew York, Virginia New York time) on the same Business Day as the requested date day of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. 12:00 noon (RichmondNew York, Virginia New York time) three (3) Business Days prior to the requested date of each Eurocurrency Rate Borrowing in the case of a Eurocurrency Rate Borrowing denominated in Dollars Dollars, and (z) prior to 11:00 a.m. 5:00 P.M. (New York London time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Rate Borrowing in the case of a Eurocurrency Rate Borrowing denominated in Alternative Currenciesany Alternate Currency. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingRate Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and ), (v) if a Eurocurrency Borrowing, the currency Currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency requested Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Rate Loans, as the Borrower may request, and (vi) the account of the Borrower to which the proceeds of such Revolving Borrowing should be credited; provided, that any Revolving Loans funded on the Closing Date shall in any Alternate Currency may only be Index outstanding as Eurocurrency Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Rate Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000 (or in the case of Borrowings made in any Alternate Currency, minimum and multiple amounts of such Alternate Currency with comparable Dollar Equivalents of the preceding amounts, rounded upwards to the nearest 100,000 unit multiple in such Alternate Currency); provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 2.4, Section 2.14 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Rate Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower shall give deliver a Notice of Borrowing to the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) Agent, (x) prior to 11:00 a.m. one (Richmond, Virginia time1) on the same Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesSOFR Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: DB1/ 110470318.9 57 specify (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingSOFR Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency SOFR Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving SOFR Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided250,000, that Index Rate Revolving Loans or and the aggregate principal amount of each Base Rate Revolving Loans, respectively, Borrowing shall not be less than $500,000 or a larger multiple of $100,000; provided that Base Rate Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency SOFR Borrowings (including Revolving Borrowings and Term Loan Borrowings) outstanding at any time exceed eightten (10). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan LenderXxxxxx’s Revolving Loan to be made as part of the requested Revolving Borrowing. If the Borrower fails to specify a Type of Loan in a Notice of Borrowing, then the applicable Revolving Loans shall be made as Base Rate Loans. If the Borrower requests a Borrowing of SOFR Loans in any such Notice of Borrowing but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Amneal Pharmaceuticals, Inc.)
Procedure for Revolving Borrowings. The To request a Revolving Borrowing, a Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currencies. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, request by (iix) the date telephone or (y) delivery of such a written Borrowing Request (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iva) in the case of a Eurocurrency Borrowing under the Revolving Facility, not denominated later than 1:00 p.m., New York City time, three Business Days before the date of the proposed Revolving Borrowing if such Revolving Borrowing is in SterlingDollars, or four Business Days before the date of the proposed Revolving Borrower if such Revolving Borrowing is in a Multicurrency other than Dollars or (b) in the case of an ABR Borrowing under the Revolving Facility, not later than 1:00 p.m., New York City time, one Business Day before the date of the proposed Revolving Borrowing; provided that any notice of a Eurocurrency Borrowing on the Closing Date shall be accompanied by a funding indemnity letter satisfactory to the Administrative Agent in its reasonable discretion. Any telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: the aggregate amount of the requested Borrowing; the date of such Borrowing, which shall be a Business Day; whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; in the case of a Eurocurrency Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of therefor, which shall be a period contemplated by the definition of the term “Interest Period”) ; the name of the applicable Borrower and (v) location and number of its account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04; and whether such Borrowing is to be under the US Revolving Commitments or the Multicurrency Revolving Commitments and, if a Eurocurrency Borrowingthe latter, the currency of the Revolving Loans to be borrowed. If no election as to the Borrower fails to specify a currency in a Notice Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to a any requested Eurocurrency Borrowing, then the Revolving Loans so requested applicable Borrower shall be made in Dollars. Each Revolving Borrowing shall consist entirely deemed to have selected an Interest Period of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eightone month’s duration. Promptly following the receipt of a Notice of Revolving Borrowing Request in accordance herewithwith this Section 2.03(a), the Administrative Agent shall advise each applicable Revolving Loan Lender of the details thereof and of the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Corelogic, Inc.)
Procedure for Revolving Borrowings. The (a) Subject to the terms and conditions of this Agreement, at any time that Truist Bank is the only Lender under this Agreement and notwithstanding the other procedures for Revolving Borrowings hereunder, Truist Bank, as the sole Lender, may make Revolving Loans hereunder into Borrowers’ designated operating account or other designated deposit account maintained with Truist Bank upon receipt of the written or oral request of Borrower Representative or in accordance with any treasury management services agreement between Borrowers and Truist Bank, such requested Revolving Loan shall be a LIBOR Index Rate Loan and (b) at any time that Truist Bank is not the sole Lender hereunder, the Borrower Representative shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each request for a Revolving Borrowing Loan, substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”) (x) ), prior to 11:00 a.m. one (Richmond, Virginia time1) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesBorrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: specify (i) the aggregate principal amount of such Borrowing, Borrowing and (ii) the date of such Borrowing (which shall be a Business Day), .
(iiib) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in Sterling, the duration of the initial Interest Period applicable thereto (subject Subject to the provisions of the definition of “Interest Period”) Section 2.18 and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Section 2.19 each Revolving Borrowing shall consist entirely of Base Rate Loans, LIBOR Index Rate Loans or Eurocurrency Loans, as the Borrower Representative may request.
(c) Unless otherwise agreed to by Administrative Agent from time to time, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,00050,000; provided, provided that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 2.3(d), Section 2.3(e), Section 2.4, Section 2.6 or Section 2.23(d2.24(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eight. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
(d) Unless payment is otherwise made by the Borrowers, the becoming due of any Obligation (whether principal, interest, fees, expenses or other charges, including for any Secured Bank Product Obligations) shall be deemed to be a request for a Revolving Borrowing on the due date in the amount due and the Revolving Loan proceeds shall be disbursed as direct payment of such Obligation. In addition, the Administrative Agent may, at its option, charge such amount against any operating, investment or other account of the Borrowers maintained with the Administrative Agent or any of its Affiliates.
(e) The presentation for payment of a payment item in any operating account of any Borrower maintained at Truist Bank when there are insufficient funds to cover it shall be deemed to be a request for a Revolving Borrowing on the presentation date, in the amount of the payment item. Proceeds of the Revolving Loan may be disbursed directly to such operating account.
(f) Any request for Revolving Loans other than Swingline Loans under this Agreement (including any deemed requests for Revolving Loans) shall be deemed to be a request, first, for Tranche A-1 Revolving Loans, up to an aggregate amount equal to the Tranche A-1 Availability less the amount of the Tranche A Overadvance and, second, for Tranche A Revolving Loans, up to an aggregate amount equal to Tranche A Availability. To the extent there is at any time any change in the Aggregate Tranche A-1 Revolving Commitment, the Tranche A-1 Borrowing Base, the Aggregate Tranche A Revolving Commitment or the Tranche A Borrowing Base, the Administrative Agent shall be authorized and empowered to convert any Tranche A-1 Revolving Loans into Tranche A Revolving Loans, or vice versa, accordingly.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (HireQuest, Inc.)
Procedure for Revolving Borrowings. (a) The Borrower Borrowers shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “"Notice of Revolving Borrowing”") (x) prior to 11:00 a.m. noon (RichmondAtlanta, Virginia Georgia time) on the same one (1) Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (y) prior to 11:00 a.m. noon (RichmondAtlanta, Virginia Georgia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Eurodollar Loans, as the Borrower Borrowers may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 5,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 100,000 or a larger multiple of $500,00050,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings outstanding at any time exceed eightfive (5). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s 's Revolving Loan to be made as part of the requested Revolving Borrowing.
(b) Unless payment is otherwise timely made by the Borrowers, the becoming due of any amount required to be paid under this Agreement or any of the other Loan Documents as principal, accrued interest, fees or other charges, including all reimbursable expenses of the Agents and the Lenders, shall be deemed irrevocably to be a request for a Revolving Borrowing on the due date of (provided the Borrowers shall not be deemed to have made any representations under Section 3.2(b) in connection therewith), and in an aggregate amount required to pay, such principal, accrued interest, fees or other charges, and the proceeds of a Revolving Loan made pursuant thereto may be dispersed by way of direct payment of the relevant Obligation and shall bear interest as a Base Rate Borrowing. Administrative Agent and the Lenders shall have no obligation to Borrowers to honor any such deemed request for a Revolving Loan, but may do so in their sole discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default.
Appears in 1 contract
Samples: Revolving Credit Agreement (Delek US Holdings, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia New York time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia New York time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars (or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currencies. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingBorrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. Each Revolving Borrowing shall consist entirely of Base Rate Revolving Loans, Index Rate Revolving Loans or Eurocurrency Revolving Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date all Revolving Loans shall be Index Rate Revolving Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 100,000 or a larger multiple of $1,000,000100,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 50,000 or a larger multiple of $500,00050,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eightfive. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia New York time) on the same one (1) Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, Borrowing and (y) prior to 11:00 a.m. (Richmond, Virginia New York time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Eurodollar Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date all Revolving Loans shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000500,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings outstanding at any time exceed eightsix. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Stanley, Inc.)
Procedure for Revolving Borrowings. The Borrower shall give deliver a Notice of Borrowing to the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) Agent, (x) prior to 11:00 a.m. one (Richmond, Virginia time1) on the same Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesEurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: specify (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, Borrowing and (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Eurodollar Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Eurodollar Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000; provided250,000, that Index Rate Revolving Loans or and the aggregate principal amount of each Base Rate Revolving Loans, respectively, Borrowing shall not be less than $500,000 or a larger multiple of $100,000; provided that Base Rate Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings (including Revolving Borrowings and Term Loan Borrowings) outstanding at any time exceed eightten (10). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing. If the Borrower fails to specify a Type of Loan in a Notice of Borrowing, then the applicable Revolving Loans shall be made as Base Rate Loans. If the Borrower requests a Borrowing of Eurodollar Loans in any such Notice of Borrowing but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Amneal Pharmaceuticals, Inc.)
Procedure for Revolving Borrowings. (a) The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”"NOTICE OF REVOLVING BORROWING") (x) prior to 11:00 a.m. (Richmond, Virginia time) 12:00 noon on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (y) prior to 11:00 a.m. (Richmond, Virginia time) 12:00 noon three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesBorrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the identity of the Borrower or Designated Borrower and the country (which shall be reasonably satisfactory to the Administrative Agent) from which the Borrower or Designated Borrower will make a Borrowing, (ii) the aggregate principal amount of such Borrowing, (iiiii) the date of such Borrowing (which shall be a Business Day), (iiiiv) the Type of such Revolving Loan comprising such Borrowing, and (ivv) in the case of a Eurocurrency Borrowing not denominated in SterlingBorrowing, the requested currency and duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 5,000,000 (or, if applicable, the Dollar Equivalent thereof in the Foreign Currency in which such Eurocurrency Borrowing is denominated) or a larger multiple of $1,000,000, (or, if applicable, the Dollar Equivalent thereof in the Foreign Currency in which such Eurocurrency Borrowing is denominated) and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 2.5 or Section 2.23(d2.24(c) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eightten. In addition, at no time shall the total number of Eurocurrency Borrowings outstanding at any time denominated in a Foreign Currency exceed six. Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s 's Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (xa) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (yb) prior to 11:00 a.m. 1:00 p.m. (Richmond, Virginia timei) three (3) Business Days prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in Dollars and (zii) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in the Alternative CurrenciesCurrency. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and ), (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowedborrowed and (vi) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments. If the Borrower fails to specify a currency in a the Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. If the Borrower fails to specify a Class in the Notice of Revolving Borrowing, then the Loans so requested shall be deemed to be under the Multicurrency Commitments. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency LoansEurodollar Loans or a combination thereof, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000100,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings outstanding at any time exceed eight. six (6) Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount (and currency) of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower Borrowers shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”) (x) prior to 11:00 a.m. (Richmond, Virginia timex) on the same one (1) Business Day as prior to the requested date of each Base Rate Borrowing or Index Rate Borrowing, (y) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency LIBO Rate Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative Currenciesa Foreign Currency. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, which on the Closing Date shall be Base Rate Loans and (iv) in the case of a Eurocurrency LIBO Rate Borrowing, the requested Foreign Currency (if such Borrowing is not denominated in Sterling, Dollars) and the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowed. If the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars). Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency LIBO Rate Loans, as the Borrower Borrowers may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving LIBO Rate Borrowing shall be not less than $1,000,000 (or, if applicable, the Dollar Equivalent thereof in the Foreign Currency in which such LIBO Rate Borrowing is denominated) or a larger multiple of $1,000,000100,000, (or, if applicable, the Dollar Equivalent thereof in the Foreign Currency in which such LIBO Rate Borrowing is denominated) and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 2.5 or Section 2.23(d2.25(e) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency LIBO Rate Borrowings of Term Loans and Revolving Loans outstanding at any time (including, without limitation, any Borrowings outstanding at such time denominated in a Foreign Currency) exceed eightfourteen (14). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Credit Lender of the details thereof and the amount of such Revolving Loan Credit Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Crawford & Co)
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Revolving Borrowing”) (xa) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (yb) prior to 11:00 a.m. 1:00 p.m. (Richmond, Virginia timei) three (3) Business Days prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in Dollars and (zii) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency any Borrowing of Eurodollar Loans denominated in the Alternative CurrenciesCurrency; provided that any Revolving Borrowing made on the Closing Date shall be a Base Rate Borrowing unless a funding indemnity letter in form and substance reasonably satisfactory to the Administrative Agent is received together with the applicable Notice of Revolving Borrowing by the relevant deadline set forth above. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: (i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing, (iv) in the case of a Eurocurrency Borrowing not denominated in SterlingEurodollar Borrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”) and ), (v) if a Eurocurrency Borrowing, the currency of the Revolving Loans to be borrowedborrowed and (vi) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments. If the Borrower fails to specify a currency in a the Notice of Revolving Borrowing with respect to a Eurocurrency Borrowing, then the Revolving Loans so requested shall be made in Dollars. If the Borrower fails to specify a Class in the Notice of Revolving Borrowing, then the Loans so requested shall be deemed to be under the Multicurrency Commitments. Each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency LoansEurodollar Loans or a combination thereof, as the Borrower may request, provided, that any Revolving Loans funded on the Closing Date shall be Index Rate Loans. The aggregate principal amount of each Eurocurrency Revolving Eurodollar Borrowing shall be not less than $1,000,000 or a larger multiple of $1,000,000100,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 500,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Eurodollar Borrowings (that are Revolving Borrowings) outstanding at any time exceed eightsix (6). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount (and currency) of such Revolving Loan Lender’s Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract
Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”) "NOTICE OF REVOLVING BORROWING")
(xa) prior to 11:00 a.m. (Richmond, Virginia time) on the same Business Day as the requested date of each Base Rate Borrowing or Index Rate Borrowing, and (yb) prior to 11:00 a.m. (Richmond, Virginia time) three (3) Business Days prior to the requested date of each Eurocurrency Borrowing denominated in Dollars and (z) prior to 11:00 a.m. (New York time) three (3) Business Days (or four (4) Business Days in the case of Australian Dollars or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of each Eurocurrency Borrowing denominated in Alternative CurrenciesBorrowing. Each Notice of Revolving Borrowing shall be irrevocable (unless contingent on the consummation of an anticipated transaction and the Borrower shall, as promptly as practicable, notify the Administrative Agent that such transaction will not occur as scheduled) and shall specify: :
(ia) the aggregate principal amount of such Borrowing and, in the case of a Eurocurrency Borrowing, if applicable, the Foreign Currency in which such Eurocurrency Borrowing is to be funded,
(iib) the date of such Borrowing (which shall be a Business Day), ,
(iiic) the Type of such Revolving Loan comprising such Borrowing, ,
(ivd) in the case of a Eurocurrency Borrowing not denominated in SterlingBorrowing, the duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of “Interest Period”), and
(e) the location and (v) if a Eurocurrency Borrowing, the currency number of the Revolving Loans Borrower's account to which funds are to be borrowed. If disbursed, which shall comply with the requirements of Section 2.6 or other disbursement instructions that shall have been given by the Borrower fails to specify a currency in a Notice of Revolving Borrowing with respect the Administrative Agent. Subject to a Eurocurrency BorrowingSection 2.15, then the Revolving Loans so requested shall be made in Dollars. Each each Revolving Borrowing shall consist entirely of Base Rate Loans, Index Rate Loans or Eurocurrency Loans, as the Borrower may request, ; provided, that any Revolving Loans Borrowings funded on in Foreign Currency may only be outstanding as Eurocurrency Loans. If any Notice of Revolving Borrowing requests a Eurocurrency Borrowing but does not specify a currency, the Closing Date Borrower shall be Index deemed to have selected a currency in U.S. Dollars. If no Type of Borrowing is specified, then the requested Borrowing shall be (a) in the case of a Borrowing denominated in U.S. Dollars, a Base Rate LoansBorrowing, and (b) in the case of any other Borrowing, a Eurocurrency Borrowing. The aggregate principal amount of each Eurocurrency Revolving Borrowing shall be not less than $1,000,000 2,500,000 or a larger multiple of $1,000,000500,000 or, in the case of a Eurocurrency Borrowing funded in a Foreign Currency, not less than the U.S. Dollar Equivalent of $2,500,000 or a larger multiple of the U.S. Dollar Equivalent of $500,000, and the aggregate principal amount of each Base Rate Revolving Borrowing and Index Rate Revolving Borrowing shall not be less than $1,000,000 or a larger multiple of $500,000100,000; provided, that Index Rate Revolving Loans or Base Rate Revolving Loans, respectively, Loans made pursuant to Section 2.4 or Section 2.23(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurocurrency Borrowings outstanding at any time exceed eightten (10). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Revolving Loan Lender of the details thereof and the amount of such Revolving Loan Lender’s 's Revolving Loan to be made as part of the requested Revolving Borrowing.
Appears in 1 contract