Common use of Procedure for Revolving Credit Borrowing Clause in Contracts

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 6 contracts

Samples: Assignment and Assumption (Ibm Credit LLC), Day Credit Agreement (International Business Machines Corp), Credit Agreement (Ibm Credit LLC)

AutoNDA by SimpleDocs

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give the Administrative Agent irrevocable notice a borrowing request in the form of Exhibit B-1 hereto (hereinafter, a “Borrowing Request”) (which notice Borrowing Request must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of Base Rate Loans, provided that requests for Base Rate Loans not received prior to 11:00 A.M., New York City time, time on the requested Borrowing Date if shall be deemed received on the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three following Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansDay), specifying and must specify (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor; provided, however, that if the Borrower wishes to request Eurodollar Loans having an Interest Period of nine or twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 A.M. New York City time, four Business Days prior to the requested date of such borrowing, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M. New York City time, three Business Days before the requested date of such borrowing, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any Lender. If the Borrower requests a borrowing of Eurodollar Loans in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings of Base Rate Loans under the Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.4. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make its Revolving Credit Percentage of the amount of its each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Agent’s Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 4 contracts

Samples: Credit Agreement (White Mountains Insurance Group LTD), Assignment and Assumption (Symetra Financial CORP), Credit Agreement (Symetra Financial CORP)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give the Administrative Agent irrevocable notice a borrowing request in the form of Exhibit B-1 hereto (hereinafter, a “Borrowing Request”) (which notice Borrowing Request must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of Base Rate Loans, provided that requests for Base Rate Loans not received prior to 11:00 A.M., New York City time, time on the requested Borrowing Date if shall be deemed received on the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three following Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansDay), specifying and must specify (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor; provided, however, that if the Borrower wishes to request Eurodollar Loans having an Interest Period of nine or twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 A.M. New York City time, four Business Days prior to the requested date of such borrowing, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M. New York City time, three Business Days before the requested date of such borrowing, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any Lender. If the Borrower requests a borrowing of Eurodollar Loans in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $500,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $500,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 1,000,000 or a whole multiple of $5,000,000 500,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings of Base Rate Loans under the Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.4. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make its Revolving Credit Percentage of the amount of its each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Agent’s Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 3 contracts

Samples: Credit Agreement (OneBeacon Insurance Group, Ltd.), Credit Agreement (White Mountains Insurance Group LTD), Credit Agreement (OneBeacon Insurance Group, Ltd.)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.a.m., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M.10:00 a.m., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole an integral multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Credit Loans to be made to any Borrower, any Swing Line Loans made to such Borrower shall be then outstanding, the proceeds of such Revolving Credit Loans shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

Appears in 2 contracts

Samples: Credit Agreement (International Business Machines Corp), Credit Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. Each (a) The Borrower and the Regular Subsidiary Borrowers may borrow under the any Revolving Credit Commitments Facility during the Revolving Credit Commitment Period on any Business Day; provided that such the Borrower or the relevant Regular Subsidiary Borrower shall give the Administrative Agent irrevocable notice substantially in the form of Exhibit H attached hereto (which notice may be made by telephone and confirmed in writing promptly thereafter) (1) on the requested Borrowing Date, in the case of ABR Loans (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.1:00 P.M., New York City time), (2) three Business Days prior to the requested Borrowing Date, if all or any part in the case of LIBOR Loans in Dollars (which notice must be received by the requested Revolving Credit Loans are Administrative Agent prior to be initially Eurodollar Loans, (b) 11:00 A.M.1:00 P.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or ) and (c3) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all in the case of LIBOR Loans in euros or any part of the requested Revolving Credit Loans are to other Optional Currency (which notice must be initially EURIBOR Loansreceived by 1:00 P.M. London time), specifying (i) the identity of the Borrower or Regular Subsidiary Borrower borrowing and the amount and currency to be borrowed, (ii) the requested Borrowing Date, (iii) the Revolving Facility under which the borrowing is to be made, (iv) whether the borrowing is to be an ABR Loan (in the case of Eurodollar Loans, EURIBOR Loans, ABR Revolving Credit Loans in Dollars) or a LIBOR Loan or a combination thereof thereof, and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loansa LIBOR Loan, the respective amounts of each such amount to be a LIBOR Loan and the respective lengths length of the initial Interest Periods thereforPeriod for such LIBOR Loan. Each ABR borrowing under by the Borrower or any Regular Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in a minimum an aggregate principal amount of the lesser of (i) equal to $50,000,000 1,000,000 or a whole multiple of $5,000,000 250,000 in excess thereof (thereof. Each LIBOR borrowing in Dollars by the Borrower or €50,000,000 any Regular Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount equal to $1,000,000 or a whole multiple of €5,000,000 $1,000,000 in excess thereof. Each LIBOR borrowing in euros or any other Optional Currency by the Borrower or any Regular Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount equal to $2,500,000 or a whole multiple of $1,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Non-Dollar Currency Equivalent thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (Scotts Miracle-Gro Co), Credit Agreement (Scotts Miracle-Gro Co)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; , provided that the Parent Borrower (on behalf of itself or such other Borrower as the case may be) shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:30 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar LoansEurocurrency Loans made in Dollars, (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Eurocurrency Loans made in any Designated Foreign Currency, or (c) 12:30 P.M., New York City time, at least one Business Day prior to the requested Borrowing Date, for ABR Loans), ) specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Loans, EURIBOR Eurocurrency Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. All Revolving Credit Loans incurred and/or maintained during the first and second weeks following the Closing Date shall be incurred and/or maintained as ABR Loans (in the case of Revolving Credit Loans denominated in Dollars) or as Eurocurrency Loans (in the case of Loans made in Designated Foreign Currencies), with a one-week Interest Period applicable thereto. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate principal like amount of the lesser of (i) outstanding Reimbursement Obligations or Swing Line Loans, $50,000,000 2,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or, if the then Available Revolving Credit Commitments are (A) less than $2,000,000, $1,000,000 or €50,000,000 a whole multiple thereof or (B) less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, the Dollar Equivalent of the principal amount thereof shall be in an amount equal to), $5,000,000 or a whole multiple of €5,000,000 $1,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any the Parent Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender thereof. Subject to the satisfaction of the aggregate amount conditions precedent specified in subsection 6.2 (and subsection 6.3 in the case of such borrowing and of the amount of such Lender’s a Foreign Subsidiary Borrower), each Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its pro rata share of each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent specified in Section subsection 11.2 prior to 2:00 P.M.12:30 P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or at such other time as to which the Administrative Agent shall notify such Revolving Credit Lender and the Parent Borrower reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such the Parent Borrower in Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (VWR International, Inc.), Credit Agreement (VWR International, Inc.)

Procedure for Revolving Credit Borrowing. Each Any Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such Borrower shall give the Administrative Agent irrevocable notice notice, in substantially the form of Exhibit I (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts amount of each such Type of Revolving Credit Loan and the respective lengths length of the initial Interest Periods Period therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount equal to (x) in the case of the lesser of (i) ABR Loans, $50,000,000 500,000 or a whole multiple of $5,000,000 100,000 in excess thereof (or €50,000,000 or, if the aggregate Available Revolving Credit Commitments then in effect are less than $500,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple of €5,000,000 $500,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any such Borrower, the Administrative Agent shall promptly notify each such Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant such Borrower at the office of the Administrative Agent specified in Section subsection 11.2 prior to 2:00 1:00 P.M., New York City time, on the Borrowing Date requested by such Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant such Borrower by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (Cole National Group Inc), Credit Agreement (Cole National Corp /De/)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole an integral multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Credit Loans to be made to any Borrower, any Swing Line Loans made to such Borrower shall be then outstanding, the proceeds of such Revolving Credit Loans shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

Appears in 2 contracts

Samples: Credit Agreement (International Business Machines Corp), Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give the Administrative Agent irrevocable notice a borrowing request in the form of Exhibit B-1 hereto (hereinafter, a “Borrowing Request”) (which notice Borrowing Request must be received by the Administrative Agent prior to 11:00 A.M., (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of Base Rate Loans, provided that requests for Base Rate Loans not received prior to 11:00 A.M., New York City time, A.M. on the requested Borrowing Date if shall be deemed received on the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three following Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansDay), specifying and must specify (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor; provided, however, that if the Borrower wishes to request Eurodollar Loans having an Interest Period of nine or twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 A.M., four Business Days prior to the requested date of such borrowing, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M., three Business Days before the requested date of such borrowing, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any Lender. If the Borrower requests a borrowing of Eurodollar Loans in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings of Base Rate Loans under the Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.4. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make its Revolving Credit Percentage of the amount of its each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Agent’s Office prior to 2:00 P.M., New York City time12:00 Noon, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (White Mountains Insurance Group LTD), Credit Agreement (White Mountains Insurance Group LTD)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; , provided that such the Borrower shall give the Managing Administrative Agent irrevocable notice (which notice must be received by the Managing Administrative Agent prior to (a) 11:00 A.M.4:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar LIBOR Loans, or (b) 11:00 A.M.3:00 P.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three same Business Days prior to Day of the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR LIBOR Loans, ABR Loans Loans, or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR LIBOR Loans, the respective amounts of each such Type of Revolving Credit Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount of the lesser of (i) equal to at least $50,000,000 10,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of or, if the then aggregate Available Revolving Credit CommitmentsCommitments are less than $10,000,000, such lesser amount). Upon receipt of any such notice from any the Borrower, the Managing Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Except as contemplated by subsection 2.18(c), each Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Managing Administrative Agent for the account of the relevant Borrower at the office of the Managing Administrative Agent specified in Section 11.2 9.2 prior to 2:00 P.M., New York City time, to the extent the requested Revolving Credit Loans are to be initially LIBOR Loans, or 4:00 P.M., New York City time, otherwise, on the Borrowing Date requested by such the Borrower in funds immediately available to the Managing Administrative Agent. Such borrowing will then be made available to the relevant Borrower by the Managing Administrative Agent crediting the account of such the Borrower on the books of such office with the aggregate of the amounts made available to the Managing Administrative Agent by the Lenders and in like funds as received by the Managing Administrative Agent.

Appears in 2 contracts

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

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 10:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole an integral multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Credit Loans to be made to any Borrower, any Swing Line Loans made to such Borrower shall be then outstanding, the proceeds of such Revolving Credit Loans shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

Appears in 1 contract

Samples: Credit Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice Notice of Borrowing (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans and no Revolving Credit Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the Syndication Date; PROVIDED that the Eurodollar Rate shall be redetermined as of the Syndication Date (based on the Interest Period selected by the Borrower and communicated to the Administrative Agent in accordance with the terms hereof) and such redetermined Eurodollar Rate shall apply to all Eurodollar Loans outstanding as of the Syndication Date. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount equal to (x) in the case of the lesser of (i) Base Rate Loans, $50,000,000 500,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or, if the then aggregate Available Revolving Credit Commitments are less than $500,000 such lesser amount) and (y) in the case of Eurodollar Loans, $500,000 or a whole multiple of €5,000,000 in excess thereof in thereof; PROVIDED, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings under the Revolving Credit CommitmentsCommitments which are Base Rate Loans in other amounts pursuant to Section 2.24. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share PRO RATA share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Axiohm Transaction Solutions Inc)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.a.m., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, (b) 11:00 A.M.a.m., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (provided that any such notice of an borrowing of ABR Loans to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing), (c) 11:00 A.M. a.m. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans or (d) 11:00 a.m. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Loans are to be initially RFR Loans), specifying (i) the Agreed Currency and the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans, RFR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans and £50,000,000 or a whole multiple of £5,000,000 in excess thereof in the case of RFR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments; provided that a borrowing of an ABR Loan may be in an aggregate amount that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank.

Appears in 1 contract

Samples: Credit Agreement (Kyndryl Holdings, Inc.)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice Notice of Borrowing (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans and no Revolving Credit Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the Syndication Date; PROVIDED that the Eurodollar Rate shall be redetermined as of the Syndication Date (based on the Interest Period selected by the Borrower and communicated to the Administrative Agent in accordance with the terms hereof) and such redetermined Eurodollar Rate shall apply to all Eurodollar Loans outstanding as of the Syndication Date. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount equal to (x) in the case of the lesser of (i) Base Rate Loans, $50,000,000 500,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or, if the then aggregate Available Revolving Credit Commitments are less than $500,000, such lesser amount) and (y) in the case of Eurodollar Loans, $500,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share PRO rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Dardel Technologies E U R L)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice Notice of Borrowing (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans and no Revolving Credit Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the Syndication Date; PROVIDED that the Eurodollar Rate shall be redetermined as of the Syndication Date (based on the Interest Period selected by the Borrower and communicated to the Administrative Agent in accordance with the terms hereof) and such redetermined Eurodollar Rate shall apply to all Eurodollar Loans outstanding as of the Syndication Date. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 2,500,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share PRO rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Axiohm Transaction Solutions Inc)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent Agent, except as expressly set forth in subsections 3.4 and 4.10, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to day of the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount of the lesser of (i) equal to $50,000,000 1,000,000 or a whole multiple of $5,000,000 500,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of or, if the then aggregate Available Revolving Credit CommitmentsCommitments are less than $500,000, such lesser amount). Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section subsection 11.2 prior to 2:00 1:00 P.M., New York City time, on the Borrowing Date requested by such the Borrower in funds immediately available to the Administrative Agent, PROVIDED that, the Borrower shall give the Administrative Agent and the Revolving Credit Lenders irrevocable notice by 11:00 A.M. New York City time one Business Day before the requested Borrowing Date, if the Closing Date is a Borrowing Date, and on such date each Revolving Credit Lender shall make such funds available to the Administrative Agent prior to 10:00 A.M., New York City time. Such borrowing will then be made available to the relevant Borrower by the Administrative Agent crediting the account of such the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Aftermarket Technology Corp)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice in a Notice of Borrowing (which notice Notice of Borrowing must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the first day of the Revolving Credit Commitment Period shall initially be Base Rate Loans, and no Revolving Credit Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the Syndication Date. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount equal to (x) in the case of the lesser of (i) Base Rate Loans, $50,000,000 1,000,000 or a whole $250,000 multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of EURIBOR Eurodollar Loans) and (ii) , $3,000,000 or a $500,000 multiple in excess thereof; PROVIDED that the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings under the Revolving Credit CommitmentsCommitments which are Base Rate Loans in other amounts pursuant to Section 2.7. Upon receipt of any such notice Notice of Borrowing from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share PRO RATA share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Tsi Finance Inc)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.a.m., New York City time, three U.S. Government Securities Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar EurodollarTerm SOFR Loans, (b) 11:00 A.M.a.m., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. a.m. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar EurodollarTerm SOFR Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar EurodollarTerm SOFR Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Three Year Credit Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. (a) Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such the Parent Borrower (on behalf of any Parent Borrower) shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.3:00 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar LoansEurocurrency Loans made in Dollars, (b) 11:00 A.M.3:00 P.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three at least four Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Eurocurrency Loans made in any Designated Foreign Currency, or (c) 12:30 P.M., New York City time, on the requested Borrowing Date, for ABR Loans), in each case specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Loans, EURIBOR Eurocurrency Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, Unless the Administrative Agent otherwise agrees, all Revolving Loans incurred and/or maintained during the first week following the Closing Date shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereofbe incurred and/or maintained in Dollars as ABR Loans or Eurocurrency Loans with a one week Interest Period applicable thereto. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to Unless the Administrative Agent for otherwise agrees, all Revolving Loans incurred and/or maintained until the account earlier of the relevant Borrower at Syndication Date or 90 days after the office Closing Date shall be incurred and/or maintained as ABR Loans or as Eurocurrency Loans with a one month Interest Period applicable thereto (with the first day of the Administrative Agent specified in Section 11.2 prior first Interest Period therefor to 2:00 P.M., New York City time, commence on the Borrowing Date requested by such Borrower in funds immediately available to date that is one week after the Administrative Agent. Such borrowing will then be made available to the relevant Borrower by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative AgentClosing Date).

Appears in 1 contract

Samples: Revolving Credit Agreement (Servicemaster Co)

Procedure for Revolving Credit Borrowing. Each (a) The Borrower and the Subsidiary Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day, subject to the limitation for Foreign Subsidiary Borrowers in subsection 2.4; provided that such the Borrower or the relevant Subsidiary Borrower shall give the Administrative Agent irrevocable notice (1) (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time) on the requested Borrowing Date, in the case of ABR Loans, (2) (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit LIBOR Loans are to in Dollars and (3) (which notice must be initially Eurodollar Loans, (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) received by 11:00 A.M. London time) two Business Days prior to the requested Borrowing Date, in the case of LIBOR Loans in Sterling and (4) (which notice must be received by the Administrative Agent prior to 11:00 A.M., London time) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit LIBOR Loans are to be initially EURIBOR Loans)in an Optional Currency other than Sterling, specifying (i) identity of the Borrower or Subsidiary Borrower borrowing and the amount and currency to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be an ABR Loan (in the case of Eurodollar Loans, EURIBOR Loans, ABR Revolving Credit Loans in Dollars) or a LIBOR Loan or a combination thereof thereof, and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loansa LIBOR Loan, the respective amounts of each such amount to be a LIBOR Loan and the respective lengths length of the initial Interest Periods thereforPeriod for such LIBOR Loan. Each ABR borrowing under by the Borrower or any Domestic Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in a minimum an aggregate principal amount of the lesser of (i) equal to $50,000,000 1,000,000 or a whole multiple of $5,000,000 500,000 in excess thereof (thereof. Each LIBOR borrowing in Dollars by the Borrower or €50,000,000 any Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount equal to $1,000,000 or a whole multiple of €5,000,000 $1,000,000 in excess thereof. Each LIBOR borrowing in an Optional Currency by the Borrower or any Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount equal to $2,500,000 or a whole multiple of $1,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Optional Currency Equivalent thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.48 42

Appears in 1 contract

Samples: Credit Agreement (Scotts Company)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period applicable to such Commitments on any Business Day; , provided that such the applicable Borrower shall give the Administrative Agent or the Canadian Agent, as applicable, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:30 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans made in Dollars, Bankers’ Acceptances or BA Equivalent Loans, (b) 11:00 A.M.9:00 AM, New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans)Eurocurrency Loans made in any Designated Foreign Currency, (c) 12:30 p.m., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially ABR Loans made in any Designated Foreign Currency or (d) 10:00 a.m., New York City time, on the requested Borrowing Date, for ABR Loans made in a currency other than a Designated Foreign Currency) specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Eurocurrency Loans, EURIBOR Bankers’ Acceptances or BA Equivalent Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans Eurocurrency Loans, Bankers’ Acceptances or EURIBOR BA Equivalent Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate like amount of outstanding Reimbursement Obligations or Swing Line Loans, in multiples of $1,000,000 (or, if the Commitments then available (as calculated in accordance with Sections 2.1(a) and (b)) are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, Bankers’ Acceptances or BA Equivalent Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, Bankers’ Acceptances and BA Equivalent Loans, the Dollar Equivalent of the principal amount thereof) shall be in an amount equal to $5,000,000 (or, in the case of Loans made to the lesser of (iCanadian Borrowers, Cdn$5,000,000) $50,000,000 or a whole multiple of $5,000,000 in excess thereof 1,000,000 (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof or, in the case of EURIBOR LoansLoans made to the Canadian Borrowers, Cdn$1,000,000) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsin excess thereof. Upon receipt of any such notice from any a Borrower, the Administrative Agent or the Canadian Agent, as applicable, shall promptly notify each applicable Revolving Credit Lender thereof. Subject to the satisfaction of the aggregate amount of such borrowing and of the amount of such Lender’s conditions precedent specified in Section 6.2, each applicable Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its pro rata share of each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent or the Canadian Agent, as applicable, for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent or the Canadian Agent, as applicable, specified in Section 11.2 prior to 2:00 P.M.12:30 P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or the Canadian Agent, as applicable, or at such other time as to which the Administrative Agent or the Canadian Agent, as applicable, shall notify such Borrower reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such Borrower in Dollars, Canadian Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent or the Canadian Agent, as applicable. In relation to Bankers’ Acceptances and BA Equivalent Loans, the Administrative Agent or the Canadian Agent, as applicable, shall credit to the applicable Canadian Borrower’s account on the applicable Borrowing Date the BA Proceeds less the applicable BA Fee with respect to each Bankers’ Acceptance purchased and each BA Equivalent Loan advanced by a Lender on that Borrowing Date. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent or the Canadian Agent, as applicable, crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent or the Canadian Agent, as applicable, by the Revolving Lenders and in like funds as received by the Administrative Agent or the Canadian Agent, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Hertz Corp)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 10:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans)Date otherwise, specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof thereof, (iv) whether and to what extent the proceeds of the borrowing will be used to finance an acquisition and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts amount of each such Type of Loan and the respective lengths length of the initial Interest Periods Period therefor. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a minimum aggregate principal amount whole multiple thereof (or, if the then Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 100,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 subsection 10.2 prior to 2:00 P.M.11:00 A.M., New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Recoton Corp)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., A.M. New York City timelime, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall shah be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole an integral multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s 's Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Credit Loans to be made to any Borrower, any Swing Line Loans made to such Borrower shall be then outstanding, the proceeds of such Revolving Credit Loans shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

Appears in 1 contract

Samples: Credit Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. Each The Primary Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; provided Period, PROVIDED that such the Primary Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurocurrency Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; PROVIDED, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Primary Borrower, borrowings of Base Rate Loans under the Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 3.4. Upon receipt of any such notice from any the Primary Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender of the aggregate amount of such borrowing and thereof. Each Revolving Credit Lender will make its Revolving Credit Percentage of the amount of such Lender’s each borrowing of Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Primary Borrower at the office of the Administrative Agent specified in Section 11.2 relevant Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the Primary Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Primary Borrower by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Premier Parks Inc)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; , provided that such the applicable Borrower shall give the Administrative Agent or the Canadian Agent, as applicable, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:30 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans made in Dollars, Bankers’ Acceptances or BA Equivalent Loans, (b) 11:00 A.M.9:00 AM, New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans)Eurocurrency Loans made in any Designated Foreign Currency, (c) 12:30 p.m., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially ABR Loans made in any Designated Foreign Currency or (d) 10:00 a.m., New York City time, on the requested Borrowing Date, for ABR Loans made in a currency other than a Designated Foreign Currency) specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Eurocurrency Loans, EURIBOR Bankers’ Acceptances or BA Equivalent Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans Eurocurrency Loans, Bankers’ Acceptances or EURIBOR BA Equivalent Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate like amount of outstanding Reimbursement Obligations or Swing Line Loans, in multiples of $1,000,000 (or, if the Commitments then available (as calculated in accordance with subsections 2.1(a) and (b)) are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, Bankers’ Acceptances or BA Equivalent Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, Bankers’ Acceptances and BA Equivalent Loans, the Dollar Equivalent of the principal amount thereof shall be in an amount equal to $5,000,000 (or, in the case of Loans made to the lesser of (iCanadian Borrowers, Cdn$5,000,000) $50,000,000 or a whole multiple of $5,000,000 in excess thereof 1,000,000 (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof or, in the case of EURIBOR LoansLoans made to the Canadian Borrowers, Cdn$1,000,000) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsin excess thereof. Upon receipt of any such notice from any a Borrower, the Administrative Agent or the Canadian Agent, as applicable, shall promptly notify each applicable Revolving Credit Lender thereof. Subject to the satisfaction of the aggregate amount of such borrowing and of the amount of such Lender’s conditions precedent specified in subsection 6.2, each applicable Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its pro rata share of each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent or the Canadian Agent, as applicable, for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent or the Canadian Agent, as applicable, specified in Section subsection 11.2 prior to 2:00 P.M.12:30 P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or the Canadian Agent, as applicable, or at such other time as to which the Administrative Agent or the Canadian Agent, as applicable, shall notify such Borrower reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such Borrower in Dollars, Canadian Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent or the Canadian Agent, as applicable. In relation to Banker’s Acceptances and BA Equivalent Loans, the Administrative Agent or the Canadian Agent, as applicable, shall credit to the applicable Canadian Borrower’s account on the applicable Borrowing Date the BA Proceeds less the applicable BA Fee with respect to each Bankers’ Acceptance purchased and each BA Equivalent Loan advanced by a Lender on that Borrowing Date. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent or the Canadian Agent, as applicable, crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent or the Canadian Agent, as applicable, by the Revolving Lenders and in like funds as received by the Administrative Agent or the Canadian Agent, as applicable.

Appears in 1 contract

Samples: Mortgage, Security Agreement (Hertz Corp)

AutoNDA by SimpleDocs

Procedure for Revolving Credit Borrowing. Each (a) The Borrower and the Regular Subsidiary Borrowers may borrow under the any Revolving Credit Commitments Facility during the Revolving Credit Commitment Period on any Business Day; provided that such the Borrower or the relevant Regular Subsidiary Borrower shall give the Administrative Agent irrevocable notice (1) (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time) on the requested Borrowing Date, in the case of ABR Loans, (2) (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit LIBOR Loans are to in Dollars and (3) (which notice must be initially Eurodollar Loans, (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) received by 11:00 A.M. London time, ) three Business Days prior to the requested Borrowing Date, if all in the case of LIBOR Loans in euros or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans)an Optional Currency, specifying (i) the identity of the Borrower or Regular Subsidiary Borrower borrowing and the amount and currency to be borrowed, (ii) the requested Borrowing Date, (iii) the Revolving Facility under which the borrowing is to be made, (iv) whether the borrowing is to be an ABR Loan (in the case of Eurodollar Loans, EURIBOR Loans, ABR Revolving Credit Loans in Dollars) or a LIBOR Loan or a combination thereof thereof, and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loansa LIBOR Loan, the respective amounts of each such amount to be a LIBOR Loan and the respective lengths length of the initial Interest Periods thereforPeriod for such LIBOR Loan. Each ABR borrowing under by the Borrower or any Regular Subsidiary Borrower pursuant to the Revolving Credit Commitments shall be in a minimum an aggregate principal amount of the lesser of (i) equal to $50,000,000 1,000,000 or a whole multiple of $5,000,000 250,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.excess

Appears in 1 contract

Samples: Credit Agreement (Scotts Company)

Procedure for Revolving Credit Borrowing. Each A Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such Borrower shall give the Administrative Agent irrevocable notice a borrowing request in the form of Exhibit B-1 hereto (hereinafter, a “Borrowing Request”) (which notice Borrowing Request must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of Base Rate Loans, provided that requests for Base Rate Loans not received prior to 11:00 A.M., New York City time, time on the requested Borrowing Date if shall be deemed received on the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three following Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansDay), specifying and must specify (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor; provided, however, that if a Borrower wishes to request Eurodollar Loans having an Interest Period of nine or twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 A.M. New York City time, four Business Days prior to the requested date of such borrowing, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M. New York City time, three Business Days before the requested date of such borrowing, the Administrative Agent shall notify such Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any Lender. If a Borrower requests a borrowing of Eurodollar Loans in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple thereof; provided, that the Swing Line Lender may request, on behalf of €5,000,000 in excess thereof in any Borrower, borrowings of Base Rate Loans under the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.4. Upon receipt of any such notice from any a Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make its Revolving Credit Percentage of the amount of its each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant such Borrower at the office of the Administrative Agent specified in Section 11.2 Agent’s Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant such Borrower by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (White Mountains Insurance Group LTD)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give the Administrative Agent irrevocable notice a borrowing request in the form of Exhibit B-1 hereto (hereinafter, a “Borrowing Request”) (which notice Borrowing Request must be received by the Administrative Agent prior to 11:00 A.M., (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of Base Rate Loans, provided that requests for Base Rate Loans not received prior to 11:00 A.M., New York City time, A.M. on the requested Borrowing Date if shall be deemed received on the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three following Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansDay), specifying and must specify (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor; provided, however, that if the Borrower wishes to request Eurodollar Loans having an Interest Period of twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 A.M., four Business Days prior to the requested date of such borrowing, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M., three Business Days before the requested date of such borrowing, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any Lender. If the Borrower requests a borrowing of Eurodollar Loans in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings of Base Rate Loans under the Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.4. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make its Revolving Credit Percentage of the amount of its each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Agent’s Office prior to 2:00 P.M., New York City time12:00 Noon, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (White Mountains Insurance Group LTD)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period applicable to such Commitments on any Business Day; , provided that such the applicable Borrower shall give the Administrative Agent or the Canadian Agent, as applicable, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:30 P.M., New York City time, at least three Business Days (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans made in Dollars, Bankers’ Acceptances or BA Equivalent Loans, (b) 11:00 A.M.9:00 AM, New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, at least three Business Days (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR LoansEurocurrency Loans made in any Designated Foreign Currency or (c) 10:00 a.m., New York City time, on the requested Borrowing Date (or such later time as may be agreed by 106 the Administrative Agent in its reasonable discretion), for ABR Loans made in a currency other than a Designated Foreign Currency) specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Eurocurrency Loans, EURIBOR Bankers’ Acceptances or BA Equivalent Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans Eurocurrency Loans, Bankers’ Acceptances or EURIBOR BA Equivalent Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate like amount of outstanding Reimbursement Obligations or Swing Line Loans, in multiples of $1,000,000 (or, if the Commitments then available (as calculated in accordance with Sections 2.1(a) and (b)) are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, Bankers’ Acceptances or BA Equivalent Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, Bankers’ Acceptances and BA Equivalent Loans, the Dollar Equivalent of the principal amount thereof) shall be in an amount equal to $5,000,000 (or, in the case of Loans made to the lesser of (iCanadian Borrowers, Cdn$5,000,000) $50,000,000 or a whole multiple of $5,000,000 in excess thereof 1,000,000 (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof or, in the case of EURIBOR LoansLoans made to the Canadian Borrowers, Cdn$1,000,000) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsin excess thereof. Upon receipt of any such notice from any a Borrower, the Administrative Agent or the Canadian Agent, as applicable, shall promptly notify each applicable Revolving Credit Lender thereof. Subject to the satisfaction of the aggregate amount of such borrowing and of the amount of such Lender’s conditions precedent specified in Section 6.2, each applicable Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its pro rata share of each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent or the Canadian Agent, as applicable, for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent or the Canadian Agent, as applicable, specified in Section 11.2 prior to 2:00 P.M.12:30 P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or the Canadian Agent, as applicable, or at such other time as to which the Administrative Agent or the Canadian Agent, as applicable, shall notify such Borrower reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such Borrower in Dollars, Canadian Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent or the Canadian Agent, as applicable. In relation to Bankers’ Acceptances and BA Equivalent Loans, the Administrative Agent or the Canadian Agent, as applicable, shall credit to the applicable Canadian Borrower’s account on the applicable Borrowing Date the BA Proceeds less the applicable BA Fee with respect to each Bankers’ Acceptance purchased and each BA Equivalent Loan advanced by a Lender on that Borrowing Date. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent or the Canadian Agent, as applicable, crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent 107 or the Canadian Agent, as applicable, by the Revolving Credit Lenders and in like funds as received by the Administrative Agent or the Canadian Agent, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Herc Holdings Inc)

Procedure for Revolving Credit Borrowing. Each Borrower The Company may borrow Revolving Credit Loans under the Aggregate Revolving Credit Commitments Commitment during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such Borrower the Company shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Eurocurrency Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Eurocurrency Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts amount of each such Type of Loan and the respective lengths length of the initial Interest Periods Period therefor. Each borrowing under the Aggregate Revolving Credit Commitments Commitment (other than any borrowing of Swing Line Loans or of Revolving Credit Loans the proceeds of which are used to refund Swing Line Loans) shall be in a minimum aggregate principal an amount equal to (x) in the case of the lesser of (i) ABR Loans, $50,000,000 2,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or, if the then Available Revolving Credit Commitments are less than $2,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, $2,000,000 or a whole multiple of €5,000,000 $1,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any Borrowerthe Company, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share Commitment Percentage of each such borrowing available to the Administrative Agent for the account of the relevant Borrower Company at the office of the Administrative Agent specified in Section 11.2 subsection 14.3 prior to 2:00 1:00 P.M., New York City time, on the Borrowing Date requested by such Borrower the Company in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Borrower Company by the Administrative Agent crediting the account of such Borrower the Company on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders Revolving Credit Xxxxxx and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Hexcel Corp /De/)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such the Borrower Representative (on behalf of any Borrower) shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.1:00 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Eurocurrency Loans (b) 11:00 A.M.1:00 P.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR for ABR Loans), in each case specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be a Tranche A Loan or a Tranche A-1 Loan, (v) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, Eurocurrency Loans or ABR Loans or a combination thereof and (ivvi) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefor; provided, further that the Borrower Representative (on behalf of any Borrower) shall not request, and the Tranche A Lenders shall be under no obligation to fund, any Tranche A Loan unless Tranche A-1 Loans are outstanding in an amount equal to the full amount of the lesser of the Tranche A-1 Borrowing Base and the Tranche A-1 Commitments. Except as otherwise provided in subsection 2.3(a), all Letters of Credit and Swing Line Loans shall be Tranche A Loans. All Revolving Loans incurred and/or maintained during the first week following the Closing Date shall be incurred and/or maintained as ABR Loans or Eurocurrency Loans with a one week Interest Period Applicable thereto. All Revolving Loans incurred and/or maintained until the earlier of the completion of syndication of the Facilities (as reasonably determined by the Lead Arrangers) or 90 days after the Closing Date shall be incurred and/or maintained as ABR Loans or as Eurocurrency Loans with a one-month Interest Period applicable thereto (with the first day of the first Interest Period therefor to commence on the date that is one week after the Closing Date). Each borrowing under the Revolving Credit Commitments (other than the Agent Advances) shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate principal like amount of the lesser of (i) outstanding Reimbursement Obligations or Swing Line Loans, $50,000,000 2.0 million or a whole multiple of $5,000,000 1.0 million in excess thereof (or, if the then Available Commitments are (A) less than $2.0 million, $1.0 million or €50,000,000 a whole multiple thereof or (B) less than $1.0 million, such lesser amount) and (y) in the case of Eurocurrency Loans $5.0 million or a whole multiple of €5,000,000 $1.0 million in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any Borrowerthe Borrower Representative, the Administrative Agent shall promptly notify each applicable Lender thereof. Subject to the satisfaction of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each conditions precedent specified in subsection 6.2, each applicable Lender will shall make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing of Tranche A Loans or Tranche A-1 Loans, as the case may be, available to the Administrative Agent for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent specified in Section subsection 11.2 prior to 2:00 P.M.P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or at such other time as to which the Administrative Agent shall notify such Lender and the Borrower Representative reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such the Parent Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Pooling Agreement (Great North Imports, LLC)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent Agent, except as expressly set forth in subsections 3.4 and 4.9, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, Loans or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to day of the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal an amount of the lesser of (i) equal to $50,000,000 1,000,000 or a whole multiple of $5,000,000 500,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of or, if the then aggregate Available Revolving Credit CommitmentsCommitments are less than $500,000, such lesser amount). Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section subsection 11.2 prior to 2:00 1:00 P.M., New York City time, on the Borrowing Date requested by such the Borrower in funds immediately available to the Administrative Agent, PROVIDED that, the Borrower shall give the Agent and the Revolving Credit Lenders irrevocable notice by 11:00 A.M. New York City time one Business Day before the requested Borrowing Date, if the Closing Date is a Borrowing Date, and on such date each Revolving Credit Lender shall make such funds available to the Agent prior to 10:00 A.M., New York City time. Such borrowing will then be made available to the relevant Borrower by the Administrative Agent crediting the account of such the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Aftermarket Technology Corp)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.a.m., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, (b) 11:00 A.M.a.m., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. a.m. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Year Credit Agreement (Ibm Credit LLC)

Procedure for Revolving Credit Borrowing. Each (a) The Borrower may borrow under the Dollar Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give deliver to the Administrative Agent irrevocable notice a Borrowing Notice (which notice Borrowing Notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (i) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans, (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (cii) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all in the case of Base Rate Loans, in each case, or any part of such later time as is acceptable to the requested Administrative Agent). Any Dollar Revolving Credit Loans are made on the Closing Date were initially Eurocurrency Loans with an Interest Period of one month and such Interest Period with respect to be initially EURIBOR Loans), specifying (i) such Loans shall remain in effect on the amount to be borrowed, (ii) the requested Borrowing Restatement Effective Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing of Dollar Revolving Credit Loans under the Dollar Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurocurrency Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Dollar Swing Line Lender may request, on behalf of the then Available Borrower, borrowings of Base Rate Loans under the Dollar Revolving Credit CommitmentsCommitments in other amounts pursuant to Section 2.7(a). Upon receipt of any such notice Borrowing Notice from any the Borrower, the Administrative Agent shall promptly notify each Dollar Revolving Credit Lender of the aggregate amount of such borrowing and thereof. Each Dollar Revolving Credit Lender will make its Dollar Revolving Credit Percentage of the amount of such Lender’s each borrowing of Dollar Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Bucyrus International Inc)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR ABR Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods Period therefor. Any Revolving Credit Loans made on the Closing Date shall initially be ABR Loans, and no Revolving Credit Loan may be made as, converted into or continued as a Eurodollar Loan having an Interest Period in excess of one month prior to the date which is 60 days after the Closing Date. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City time, on the Borrowing Date requested by such the 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 such the Borrower on the books of such office the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Friendlys Restaurants Franchise Inc)

Procedure for Revolving Credit Borrowing. Each Borrower The Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; , provided that such Borrower the Borrowers shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 Noon, Houston, Texas time, (a) 11:00 A.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar LoansEurocurrency Loans made in Dollars, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three four Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Eurocurrency Loans made in any Designated Foreign Currency or (c) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Eurocurrency Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods thereforPeriod therefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans, and no Revolving Credit Loan may be made as, converted into or continued as a Eurocurrency Loan having an Interest Period in excess of one month prior to the date which is 60 days after the Closing Date. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, the approximate Dollar Equivalent of the principal amount of the lesser of (i) thereof shall be in an amount equal to), $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; provided, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrowers, borrowings under the Revolving Credit CommitmentsCommitments which are Base Rate Loans in other amounts pursuant to Section 2.7. Upon receipt of any such notice from any Borrowerthe Borrowers, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share pro rata share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower Borrowers at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.12:00 Noon, New York City timeHouston, Texas time (except with respect to the Closing Date in which case such amounts will be made available by 10:00 A.M. Houston, Texas, Time) on the Borrowing Date requested by such Borrower the Borrowers in Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the relevant Borrower Borrowers by the Administrative Agent crediting the account of such Borrower the Borrowers on the books of such office the Funding Office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Grove Investors Capital Inc)

Procedure for Revolving Credit Borrowing. Each Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided that such Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.a.m., New York City time, three U.S. Government Securities Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Loans, EurodollarTerm Benchmark Loans or (b) 11:00 A.M.10:00 a.m., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loansotherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, EURIBOR EurodollarTerm Benchmark Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR EurodollarTerm Benchmark Loans, the respective amounts of each such Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Credit Commitments shall be in a minimum aggregate principal amount of the lesser of (i) $50,000,000 or a whole an integral multiple of $5,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitments. Upon receipt of any such notice from any Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Credit Loans to be made to any Borrower, any Swing Line Loans made to such Borrower shall be then outstanding, the proceeds of such Revolving Credit Loans shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

Appears in 1 contract

Samples: Five Year Credit Agreement (International Business Machines Corp)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; provided , PROVIDED that such the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.1:00 P.M., New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods Period therefor. Unless the Lenders otherwise agree, any Revolving Credit Loans made on the Closing Date shall initially be Base Rate Loans. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 2,500,000 or a whole multiple of $5,000,000 500,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in thereof; PROVIDED, that the case of EURIBOR Loans) and (ii) the aggregate amount Swing Line Lender may request, on behalf of the then Available Borrower, borrowings under the Revolving Credit CommitmentsCommitments which are Base Rate Loans in other amounts pursuant to Section 2.7. Upon receipt of any such notice from any the Borrower, the Administrative Agent shall promptly notify each Lender of the aggregate amount of such borrowing and of the amount of such Lender’s Revolving Credit Borrowing Share (if any) Lender thereof. Each Revolving Credit Lender will make the amount of its Revolving Credit Borrowing Share PRO RATA share of each such borrowing available to the Administrative Agent for the account of the relevant Borrower at the office Funding Office prior to 1:00 P.M. (or 10:00 A.M., in the case of the Administrative Agent specified in Section 11.2 prior to 2:00 P.M.initial borrowing hereunder), New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.. Notwithstanding any of the

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Day International Group Inc)

Procedure for Revolving Credit Borrowing. Each The Borrower may borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period on any Business Day; Period, provided that such the Borrower shall give deliver to the Administrative Agent irrevocable notice a Borrowing Notice (which notice Borrowing Notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially Eurodollar Loans, or (b) 11:00 A.M., New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, three one Business Days Day prior to the requested Borrowing Date, if all or any part in the case of the requested Revolving Credit Loans are to be initially EURIBOR Base Rate Loans), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, Date and (iii) whether in the borrowing is to be case of Eurodollar Loans, EURIBOR Loans, ABR Loans or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans or EURIBOR Loans, the respective amounts of each such Loan and the respective lengths length of the initial Interest Periods Period therefor. Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a minimum whole multiple thereof (or, if the then aggregate principal amount Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of the lesser of (i) Eurodollar Loans, $50,000,000 5,000,000 or a whole multiple of $5,000,000 1,000,000 in excess thereof (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof in the case of EURIBOR Loans) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsthereof. Upon receipt of any such notice Borrowing Notice from any the Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender of the aggregate amount of such borrowing and thereof. Each Revolving Credit Lender will make its Revolving Credit Percentage of the amount of such Lender’s each borrowing of Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent for the account of the relevant Borrower at the office of the Administrative Agent specified in Section 11.2 Funding Office prior to 2:00 P.M.p.m., New York City time, on the Borrowing Date requested by such the 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 such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; provided that if on the Borrowing Date of any Revolving Loans to be made to the Borrower, any Swingline Loans made to the Borrower or Reimbursement Obligation for the account of the Borrower shall be then outstanding, the proceeds of such Revolving Loans shall first be applied to pay in full such Swingline Loans or Reimbursement Obligation, with any remaining proceeds to be made available to the Borrower as provided above; and provided further that ABR Revolving Loans made to finance the reimbursement of an L/C Borrowing as provided in Section 3.3(c) shall be remitted by the Administrative Agent to the Issuing Lender.

Appears in 1 contract

Samples: Credit Agreement (Mylan Laboratories Inc)

Procedure for Revolving Credit Borrowing. Each Borrower of the Borrowers may borrow under the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day; , provided that such the applicable Borrower shall give the Administrative Agent or the Canadian Agent, as applicable, irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 11:00 A.M.12:30 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurodollar Eurocurrency Loans made in Dollars, Bankers’ Acceptances or BA Equivalent Loans, (b) 11:00 A.M.9:00 AM, New York City time, on the requested Borrowing Date if the requested Revolving Credit Loans are to be initially ABR Loans or (c) 11:00 A.M. London time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially EURIBOR Loans)Eurocurrency Loans made in any Designated Foreign Currency, (c) 12:30 p.m., New York City time, at least three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially ABR Loans made in any Designated Foreign Currency or (d) 10:00 a.m., New York City time, on the requested Borrowing Date, for ABR Loans made in a currency other than a Designated Foreign Currency) specifying (i) the identity of the Borrower, (ii) the amount to be borrowed, (iiiii) the requested Borrowing Date, (iiiiv) whether the borrowing is to be of Eurodollar Eurocurrency Loans, EURIBOR Bankers’ Acceptances or BA Equivalent Loans, ABR Loans or a combination thereof and (ivv) if the borrowing is to be entirely or partly of Eurodollar Loans Eurocurrency Loans, Bankers’ Acceptances or EURIBOR BA Equivalent Loans, the respective amounts of each such Loan and Type of Loan, the respective lengths of the initial Interest Periods therefortherefor and, if the Eurocurrency Loans in respect of such borrowing are to be made entirely or partly in any Designated Foreign Currency, the Designated Foreign Currency thereof. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of ABR Loans, except any ABR Loan to be used solely to pay a minimum aggregate like amount of outstanding Reimbursement Obligations or Swing Line Loans, in multiples of $1,000,000 (or, if the Commitments then available (as calculated in accordance with Sections 2.1(a) and (b)) are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, Bankers’ Acceptances or BA Equivalent Loans (or, in the case of Eurocurrency Loans to be made in any Designated Foreign Currency, Bankers’ Acceptances and BA Equivalent Loans, the Dollar Equivalent of the principal amount thereof) shall be in an amount equal to $5,000,000 (or, in the case of Loans made to the lesser of (iCanadian Borrowers, Cdn$5,000,000) $50,000,000 or a whole multiple of $5,000,000 in excess thereof 1,000,000 (or €50,000,000 or a whole multiple of €5,000,000 in excess thereof or, in the case of EURIBOR LoansLoans made to the Canadian Borrowers, Cdn$1,000,000) and (ii) the aggregate amount of the then Available Revolving Credit Commitmentsin excess thereof. Upon receipt of any such notice from any a Borrower, the Administrative Agent or the Canadian Agent, as applicable, shall promptly notify each applicable Revolving Credit Lender thereof. Subject to the satisfaction of the aggregate amount of such borrowing and of the amount of such Lender’s conditions precedent specified in Section 6.2, each applicable Revolving Credit Borrowing Share (if any) thereof. Each Lender will make the amount of its pro rata share of each borrowing of Revolving Credit Borrowing Share of each such borrowing Loans available to the Administrative Agent or the Canadian Agent, as applicable, for the account of the relevant Borrower identified in such notice at the office of the Administrative Agent or the Canadian Agent, as applicable, specified in Section 11.2 prior to 2:00 P.M.12:30 P.M. (or 10:00 A.M., in the case of the initial borrowing hereunder), New York City time, or at such other office of the Administrative Agent or the Canadian Agent, as applicable, or at such other time as to which the Administrative Agent or the Canadian Agent, as applicable, shall notify such Borrower reasonably in advance of the Borrowing Date with respect thereto, on the Borrowing Date requested by such Borrower in Dollars, Canadian Dollars or the applicable Designated Foreign Currency and in funds immediately available to the Administrative Agent or the Canadian Agent, as applicable. In relation to Bankers’ Acceptances and BA Equivalent Loans, the Administrative Agent or the Canadian Agent, as applicable, shall credit to the applicable Canadian Borrower’s account on the applicable Borrowing Date the BA Proceeds less the applicable BA Fee with respect to each Bankers’ Acceptance purchased and each BA Equivalent Loan advanced by a Lender on that Borrowing Date. Such borrowing will then be made available to the relevant Borrower identified in such notice by the Administrative Agent or the Canadian Agent, as applicable, crediting the account of such Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent or the Canadian Agent, as applicable, by the Revolving Lenders and in like funds as received by the Administrative Agent or the Canadian Agent, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Hertz Global Holdings Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.