Common use of Procedure for Revolving Loans Clause in Contracts

Procedure for Revolving Loans. Any request by the Borrower for a Revolving Loan hereunder shall be in writing or by telephone and must be given so as to be received by the Bank not later than 2:00 pm (Minneapolis time) on the requested Revolving Loan Date. Each request for a Revolving Loan hereunder shall be irrevocable and shall be deemed a representation by the Borrower that on the requested Revolving Loan Date and after giving effect to the requested Revolving Loan the applicable conditions specified in Article III have been and will be satisfied. Each request for a Revolving Loan hereunder shall specify (i) the requested Revolving Loan Date, and (ii) the amount of the Revolving Loan to be made on such date. The Bank may rely on any telephone request by the Borrower for a Revolving Loan hereunder which it believes in good faith to be genuine; and the Borrower hereby waives the right to dispute the Bank’s record of the terms of such telephone request. Unless the Bank determines that any applicable condition specified in Article III has not been satisfied, the Bank will make available to the Borrower at the Bank’s principal office in Minneapolis, Minnesota in Immediately Available Funds not later than 4:00 pm (Minneapolis time) on the requested Revolving Loan Date the amount of the requested Revolving Loan.

Procedure for Revolving Loans. Any request by the Borrower Borrowers for a Revolving Loan Loans hereunder shall be made by PACC, on behalf of the Borrowers, in writing or by telephone and must be given so as to be received by the Bank not later than 2:00 pm 12:00 noon (Minneapolis time) on the requested Revolving Loan Date. Each request for a Revolving Loan Loans hereunder shall be irrevocable and shall be deemed a representation by the Borrower that on the requested Revolving Loan Date and after giving effect to the requested Revolving Loan Loans, the applicable conditions specified in Article III have been and will be satisfied. Each request for a Revolving Loan Loans hereunder shall specify (i) the requested Revolving Loan Date, and (ii) the aggregate amount of the Revolving Loan Loans to be made on such date, which shall be in a minimum amount of $100,000 or, if more, an integral multiple thereof, and (iii) whether such Revolving Loans are to be funded as Reference Rate Advances or Eurodollar Rate Advances. The Bank may rely on any telephone request by the Borrower for a Revolving Loan Loans hereunder which it believes in good faith to be genuine; , and the Borrower Borrowers hereby waives waive the right to dispute the Bank’s 's record of the terms of such telephone request. Unless the Bank determines that any applicable condition specified in Article III has not been satisfied, the Bank will make available to the Borrower at the Bank’s 's principal office in Minneapolis, Minnesota in Immediately Available Funds not later than 4:00 pm 3:00 p.m. (Minneapolis time) on the requested Revolving Loan Date the amount of the requested Revolving LoanLoans.