Common use of Procedures for Borrowing; Advances Clause in Contracts

Procedures for Borrowing; Advances. (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans or an Advance-Non-Guaranteed Loan on any Business Day during the period from and including the Closing Date to and including the applicable Termination Date by delivering to Lender a written request for an Advance—Guaranteed Loans or an Advance—Non-Guaranteed Loans, as applicable, substantially in the form of Exhibit C attached hereto (each, a “Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be irrevocable and Borrower shall be bound thereby. (b) Each Request for Advance shall: (i) attach a schedule identifying the Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, as Lender shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably requested by Lender from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Lender and hold it harmless against any costs incurred by Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan as required by Section 8.1(f). (c) Unless otherwise agreed by Lender and Borrower, each Advance requested by Borrower and made by Lender hereunder shall be made to Borrower’s main operating account maintained with Lender.

Appears in 4 contracts

Samples: Loan Agreement (Newtek Business Services Corp.), Loan and Security Agreement (Newtek Business Services, Inc.), Loan and Security Agreement (Newtek Business Services, Inc.)

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Procedures for Borrowing; Advances. (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans Loan or an Advance-Non-Guaranteed Loan on any Business Day during the period from and including the Closing Date to and including the applicable Termination Date by delivering to Lender Administrative Agent a written request for an Advance—Guaranteed Loans Loan or an Advance—Non-Guaranteed LoansLoan, as applicable, substantially in the form of Exhibit C attached hereto (each, a “Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon 10:00 a.m. (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be irrevocable and Borrower shall be bound thereby. (b) Each Request for Advance shall: (i) attach a schedule identifying the Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, as Lender Administrative Agent shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably requested by Lender Administrative Agent from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Administrative Agent and each Lender and hold it them harmless against any costs incurred by Administrative Agent or any Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a7 (a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan as required by Section 8.1(f). (c) Unless otherwise agreed by Lender Administrative Agent and Borrower, each Advance requested by Borrower and made by Lender the Lenders hereunder shall be made to Borrower’s main operating account maintained with LenderAdministrative Agent.

Appears in 1 contract

Samples: Loan Agreement (Newtek Business Services Corp.)

Procedures for Borrowing; Advances. (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans or an Advance-Non-Guaranteed Loan hereunder, on any Business Day during the period from and including the Closing Date to and including the applicable Termination Date Date, by delivering to Lender Lender, a written request for an Advance—Guaranteed Loans or an Advance—Non-Guaranteed Loans, as applicable, Advance substantially in the form of Exhibit C attached hereto (each, a "Request for Advance"). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be irrevocable and Borrower shall be bound thereby. (b) Each Request for Advance shall: (i) attach a schedule identifying the Financed Guaranteed SBA Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, SBA Loan as Lender shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably requested by Lender from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Lender and hold it harmless against any costs incurred by Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed SBA Loan as required by Section 8.1(f). (c) Unless 8.1(f).Unless otherwise agreed by Lender and Borrower, each Advance requested by Borrower and made by Lender hereunder shall be made to Borrower’s 's main operating account maintained with Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Newtek Business Services Inc)

Procedures for Borrowing; Advances. (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans or an Advance-Non-Guaranteed Loan hereunder, on any Business Day during the period from and including the Closing Date to and including the applicable Termination Date Date, by delivering to Lender Lender, a written request for an Advance—Guaranteed Loans or an Advance—Non-Guaranteed Loans, as applicable, Advance substantially in the form of Exhibit C attached hereto (each, a “Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be irrevocable and Borrower shall be bound thereby. (b) Each Request for Advance shall: (i) attach a schedule identifying the Financed Guaranteed SBA Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, SBA Loan as Lender shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably requested by Lender from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Lender and hold it harmless against any costs incurred by Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed SBA Loan as required by Section 8.1(f). (c) Unless otherwise agreed by Lender and Borrower, each Advance requested by Borrower and made by Lender hereunder shall be made to Borrower’s main operating account maintained with Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Newtek Business Services Inc)

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Procedures for Borrowing; Advances. (a) Borrower may request Subject to the prior satisfaction of all other applicable conditions to the making of an Advance hereunder for set forth in this Agreement, an Advance-Guaranteed Loans or an Advance-Non-Guaranteed Loan on any Business Day during the period from and including the Closing Date Advance shall be made upon Borrower’s irrevocable written notice delivered to and including the applicable Termination Date Bank by delivering to Lender a written request for an Advance—Guaranteed Loans or an Advance—Non-Guaranteed Loans, as applicable, substantially electronic mail in the form of Exhibit C attached hereto a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advances is necessary to meet Obligations which have become due. Such Notice of Borrowing must be received by Bank prior to 12:00 noon Pacific time, (eachi) at least one (1) Business Days prior to the requested Funding Date, a “Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon in the case of any LIBOR Loan, and (New York City timeii) on the day requested Funding Date, in the case of a Prime Rate Loan, specifying: (1) the amount of the Advance; (2) the requested Funding Date; (3) whether the Loan is to be comprised of LIBOR Loans or Prime Rate Loans; and (4) the duration of the Interest Period applicable to any such proposed Advance. Once givenLIBOR Loans included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Loan comprised of LIBOR Loans, a Request for Advance such Interest Period shall be irrevocable one (1) month. In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Payment/Advance Form executed by an Authorized Signer together with such other reports and Borrower shall be bound thereby. information. Bank may make Advances under this Agreement (i) based on verbal/telephonic instructions from a Responsible Officer or his or her designee, so long as (a) such requests for Advances are Prime Rate Loans and (b) Each Request for Borrower promptly delivers to Bank by electronic mail a completed Payment Advance shall: (i) attach a schedule identifying the Financed Guaranteed Loans Form executed by an Authorized Signer; or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, as Lender shall reasonably request; (ii) specify without instructions if the requested funding date; Advances are necessary to meet Obligations which have become due.” and (iii) include such other matters as may be specified on inserting in lieu thereof the form of the Request for Advance or as may be reasonably requested by Lender from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Lender and hold it harmless against any costs incurred by Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan as required by Section 8.1(f). (c) Unless otherwise agreed by Lender and Borrower, each Advance requested by Borrower and made by Lender hereunder shall be made to Borrower’s main operating account maintained with Lender.following:

Appears in 1 contract

Samples: Loan Modification Agreement (Ari Network Services Inc /Wi)

Procedures for Borrowing; Advances. (a) Borrower may request an Advance hereunder for an Advance-Guaranteed Loans Loan or an Advance-Non-Guaranteed Loan on any Business Day during the period from and including the Closing Date to and including the applicable Termination Date by delivering to Lender Administrative Agent a written request for an Advance—Guaranteed Loans Loan or an AdvanceNon-Guaranteed LoansLoan, as applicable, substantially in the form of Exhibit C attached hereto (each, a “Request for Advance”). Borrower shall deliver each Request for Advance with respect to each proposed Advance no later than noon 10:00 a.m. (New York City time) on the day of such proposed Advance. Once given, a Request for Advance shall be irrevocable and Borrower shall be bound thereby. (b) Each Request for Advance shall: (i) attach a schedule identifying the Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, that Borrower proposes to fund using the proceeds of the Advance, which schedule shall contain such information with respect to each Financed Guaranteed Loans or Financed Non-Guaranteed Loans, as applicable, as Lender Administrative Agent shall reasonably request; (ii) specify the requested funding date; and (iii) include such other matters as may be specified on the form of the Request for Advance or as may be reasonably requested by Lender Administrative Agent from time to time. Each Advance shall be in a minimum amount of $100,000 or an integral multiple thereof. Borrower shall indemnify Administrative Agent and each Lender and hold it them harmless against any costs incurred by Administrative Agent or any Lender as a result of any failure of Borrower to timely deliver to FTA the SBA 7(a7 (a) Loan Note relating to any Financed Guaranteed Loan or Financed Non-Guaranteed Loan as required by Section 8.1(f). (c) Unless otherwise agreed by Lender Administrative Agent and Borrower, each Advance requested by Borrower and made by Lender the Lenders hereunder shall be made to Borrower’s main operating account maintained with LenderAdministrative Agent.

Appears in 1 contract

Samples: Loan and Security Agreement (Newtek Business Services Corp.)

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