Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A) the amount of the Advance; (B) the requested Funding Date; (C) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 3 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Roku, Inc), Loan and Security Agreement (Roku, Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 3 contracts
Samples: Loan and Security Agreement (Zillow Inc), Loan Agreement (Harmonic Inc), Loan and Security Agreement (Cardiac Science CORP)
Procedures for Borrowing. Subsection (a) of Section 3.4 1s deleted in its entirety and replaced with the following:
(a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s 's irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing Such notice shall be made by Borrower in the form attached hereto as Exhibit E and through Bank's online banking program, provided, however, if Borrower is not utilizing Bank's online banking program, then such notice shall be in a written format acceptable to Bank that is executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directorsthe Board. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances, provided that LIBOR Advances shall only be available when a Streamline Period is in effect; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail or through Bank's online banking program a Borrowing Base Report and such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
2.3 Section 3.5 (Conversion and Continuation Elections). Subsections (b) and (c) of Section 3.5 is hereby deleted in its entirety and replaced with the following:
Appears in 2 contracts
Samples: Loan and Security Agreement (Basis Global Technologies, Inc.), Loan and Security Agreement (Basis Global Technologies, Inc.)
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon the Administrative Borrower’s or the Singapore Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, executed by a Responsible Officer of the Administrative Borrower or the Singapore Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Each Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (ia) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (iib) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that each borrowing made hereunder, whether a LIBOR Advance or a Prime Rate Advance, shall be a minimum of $1,000,000 and integral multiples of $1,000,000 thereof; provided, further, that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement The proceeds of all such Advances will then be made available to Borrowers on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as the Administrative Borrower or the Singapore Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 2 contracts
Samples: Loan and Security Agreement (Aviat Networks, Inc.), Loan and Security Agreement (Aviat Networks, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 1:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars .
($1,000,000.00b) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 2 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Brightcove Inc)
Procedures for Borrowing. Subject To request the Lenders to make the Loans on the anticipated Borrowing Date, the Borrower shall notify the Administrative Agent of such request by telephone in accordance with Schedule 2.03(A). Such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the prior satisfaction Administrative Agent of all other applicable conditions a written Borrowing Request signed by the Borrower. Such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:
(a) the aggregate amount of the requested Borrowing,
(b) the anticipated Borrowing Date;
(c) subject to the making of an Advance limitations set forth in this AgreementSection 2.07(a), whether any of such Borrowing is to be an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of ABR Borrowing or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, a Eurodollar Borrowing;
(id) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceEurodollar Borrowing, specifying: the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(Ae) the location and number of the account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06. Notwithstanding anything to the contrary above in this Section 2.03, no such notice shall alter the information set forth on Schedule 2.03(B) unless such notice shall be written. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be deemed an ABR Borrowing. If no Interest Period is specified with respect to a requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of such Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of the Advance; (B) such Lender’s Loan to be made as part of the requested Funding Date; (C) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 2 contracts
Samples: Credit Agreement (Time Warner Inc.), Credit Agreement (Time Warner Cable Inc.)
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an a Term Loan Advance set forth in this Agreement, an a Term Loan Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by a Responsible Officer or without instructions if any Advance is Term Loan Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Term Loan Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Term Loan Advance; (B2) the requested Funding Date; (C3) whether the Term Loan Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Term Loan Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Five Million Dollars ($1,000,000.005,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretiona completed Payment/Advance Form executed by a Responsible Officer or his or her designee. On the Funding Date, Bank shall credit proceeds of an a Term Loan Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 2 contracts
Samples: Subordinated Loan and Security Agreement (Roku, Inc), Subordinated Loan and Security Agreement (Roku, Inc)
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance Advance, Borrower shall notify Bank (which notice shall be made upon Borrower’s irrevocable written notice delivered irrevocable) by electronic mail, facsimile, or telephone by 12:00 noon Pacific time on the Funding Date of the Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank in the form of by electronic mail or facsimile a completed Transaction Report and executed by a Notice of Borrowing Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Advances to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due.”
2.8 Section 4.1 of the Loan Agreement is amended by inserting the following at the end thereof: “Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. The Notice Regardless of Borrowing the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be made deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by Borrower the first priority perfected security interest in the form attached hereto as Exhibit E Collateral granted herein (subject only to Permitted Liens that expressly have superior priority to Bank’s Lien in this Agreement). If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are satisfied in full, and shall be executed by an Authorized Signer. at such time, Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by shall, at Borrower’s board of directors. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific timesole cost and expense, (i) at least three (3) Business Days prior to the requested Funding Date, terminate its security interest in the case of any LIBOR AdvanceCollateral and all rights therein shall revert to Borrower. In the event (a) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (iib) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A) the amount of the Advance; (B) the requested Funding Date; (C) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Dateis terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to 105% (110% for letters of credit proceeds denominated in a currency other than Dollars), of an Advance the Dollar Equivalent of the face amount of all such letters of credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer Obligations relating to such other account as Borrower may instruct in the Notice letters of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advancecredit.”
2.9 Section 6.9 of the Loan Agreement is amended in its entirety and is replaced with the following:
Appears in 2 contracts
Samples: Loan and Security Agreement (Channeladvisor Corp), Loan and Security Agreement (Channeladvisor Corp)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars .
($1,000,000.00b) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 2 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Tenable Holdings, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances, provided that LIBOR Advances shall only be available when a Streamline Period is in effect; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Transaction Report executed by an Authorized Signer together with such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 2 contracts
Samples: Loan and Security Agreement (Basis Global Technologies, Inc.), Loan and Security Agreement (Basis Global Technologies, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s (via an individual duly authorized by an Administrator) irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such Notice of Borrowing shall be in the form attached hereto as Exhibit E D and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of Board has approved that such Authorized Signer may provide such notices and the requests for Advances have been approved by Borrower’s board of directorsrequest Advances. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the Currency in which such Advance shall be denominated; (3) the requested Funding Date; (C4) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D5) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Five Hundred Thousand Dollars ($1,000,000.00500,000) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00100,000). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance or Term Loan Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances or Term Loan Advances shall be deemed made to Borrower, and no interest shall accrue on any such Advance or Term Loan Advance, until the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advancerelated funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance a Credit Extension set forth in this Agreement, an each Advance (other than Advances under Sections 2.1.2 or 2.1.4) shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and Payment/Advance Form or a Notice of Borrowing Borrowing, as applicable, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Payment/Advance Form or Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any a LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: :
(Aa) the The amount of the Advance; , which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $1,000,000.00 or in any integral multiple of $1,000,000.00 in excess thereof;
(Bb) the The requested Funding Date; and
(Cc) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D) the The duration of the Interest Period applicable to any such LIBOR Advances Advance included in such noticeNotice of Borrowing; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR AdvancesAdvance, such Interest Period shall be one thirty (130) monthdays. Notwithstanding any terms in this Agreement The proceeds of such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Payment/Advance Form or Notice of Borrowing, as applicable. Notwithstanding anything herein to the contrary, a LIBOR No Advance shall only be deemed made if Borrower is Streamline Eligible to Borrower, and will remain Streamline Eligible after making no interest shall accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. BN 22796152v7
(a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Borrowing Base Certificate executed by an Authorized Signer together with such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit transfer proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 1 contract
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance (other than Advances under Sections 2.1.2 or 2.1.4), Borrowers shall notify Bank (which notice shall be made upon Borrower’s irrevocable written notice delivered irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time on the Funding Date of the Advance. Together with any such electronic or facsimile notification, Borrowers shall deliver to Bank in the form of by electronic mail or facsimile a Transaction Report and completed Payment/Advance Form executed by a Notice of Borrowing Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank may make Advances under this. Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The In the case of the Term Loan, a Notice of Borrowing shall be made by Borrower (in the form attached hereto as of Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Notice of Borrowing X-x) must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceTerm Loans, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceTerm Loans, specifying: (A1) the amount of the AdvanceTerm Loan; (B2) the requested Funding Date; (C3) whether the Advance Term Loan is to be comprised of LIBOR Advances Term Loans or Prime Rate AdvancesTerm Loans; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances Term Loans included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR AdvancesTerm Loan, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement The proceeds of all such Advances and the Term Loan will be made available to Borrowers on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances or Term Loan shall be deemed made to Borrowers, and no interest shall accrue on any such Credit Extension, until the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advancerelated funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Financial Engines, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s (via an individual duly authorized by an Administrator) irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such Notice of Borrowing shall be in the form attached hereto as Exhibit E C and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of Board has approved that such Authorized Signer may provide such notices and the requests for Advances have been approved by Borrower’s board of directorsrequest Advances. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, a Borrowing Base Report, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Limelight Networks, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Transaction Report executed by an Authorized Signer together with such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole good faith business discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, (i) time at least three one (31) Business Days Day prior to the requested Funding Date, in the case of any LIBOR Advance, and specifying:
(ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (Ai) the amount of the Advance; and
(Bii) the requested Funding Date; ;
(Cb) whether The proceeds of all such Advances will then be made available to Borrower on the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Ista Pharmaceuticals Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on at least one (1) Business Day prior to the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(A1) the amount of the Advance; , which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $500,000 or in any integral multiple of $500,000 in excess thereof;
(B2) the requested Funding Date; ;
(C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and and
(D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Sonic Innovations Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Such Notice of Borrowing shall must be made accompanied by Borrower in the form attached hereto as Exhibit E a Transaction Report and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific timeTime, on the requested Funding Date, specifying: (1) the amount of the Advance; and (2) the requested Funding Date. Such Notice of Borrowing must be accompanied by a Transaction Report and must be received by Bank prior to 12:00 p.m. Pacific Time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Borrower’s Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Ikanos Communications, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance Credit Extension set forth in this Agreement, an Advance each Credit Extension shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Credit Extensions are necessary to meet Obligations which have become due. The Notice of Borrowing Bank shall be made by Borrower in credit Credit Extensions to the form attached hereto as Exhibit E and shall be executed by an Authorized SignerDesignated Deposit Account. Bank shall have received satisfactory evidence that the provision of may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such notices and the requests for Advances have been approved by Borrower’s board of directorsreliance. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, 11:00 a.m. Eastern time (i) on the same day as the requested Funding Date, in the case of Prime Rate Credit Extensions, and (ii) at least three two (32) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceCredit Extensions, specifying: :
(A1) the amount of the Advance; Credit Extension, which, if a LIBOR Credit Extension is requested, shall be in an aggregate minimum principal amount of $500,000 or in any integral multiple of $500,000 in excess thereof;
(B2) the requested Funding Date; ;
(C3) whether the Advance Credit Extension is to be comprised of LIBOR Advances or Credit Extensions and/or Prime Rate AdvancesCredit Extensions; and and
(D4) the duration of the Interest Period applicable to any such LIBOR Advances Credit Extensions included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance Credit Extension comprised of LIBOR AdvancesCredit Extensions, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Credit Extensions will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Credit Extensions shall be deemed made to Borrower, and no interest shall accrue on any such Credit Extension, until the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advancerelated funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Mercury Computer Systems Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance, except in the form attached hereto case of Bank’s gross negligence or willful misconduct as Exhibit E and shall be executed finally determined by an Authorized Signera court of competent jurisdiction. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on at least one (1) Business Day prior to the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(A) the amount of the Advance; (Bi) the requested Funding Date; ;
(Cii) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and and
(Diii) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s Borrowers’ irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrowers or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, (i1) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii2) on at least one (1) Business Day prior to the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(A1) the amount of the Advance; , which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $1,000,000 or in any integral multiple of $1,000,000 in excess thereof;
(B2) the requested Funding Date; ;
(C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and and
(D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrowers on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower Borrowers may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrowers, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Covad Communications Group Inc)
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Concurrent Computer Corp/De)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Administrative Borrower’s or Singapore Borrower’s (in each case, via an individual duly authorized by an Administrator) irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such Notice of Borrowing shall be in the form attached hereto as Exhibit E C and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of Board has approved that such Authorized Signer may provide such notices and the requests for Advances have been approved by Borrower’s board of directorsrequest Advances. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the Currency in which such Advance shall be denominated; (3) the requested Funding Date; (C4) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D5) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) (or one million (1,000,000.00) of the applicable units for a LIBOR Advance to be made in an Optional Currency) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00) (or one hundred thousand (100,000.00) of the applicable units for a LIBOR Advance to be made in an Optional Currency). In addition to such Notice of Borrowing, either Administrative Borrower or Singapore Borrower, as applicable, must promptly deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. discretion (including an updated Borrowing Base Certificate signed by a Responsible Officer if the most recent Borrowing Base Certificate delivered pursuant to Section 6.2(e) is dated 30 days or more prior to the date of the Notice of Borrowing).
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account denominated in the same Currency as the Currency requested with respect to the Advance and, subsequently, shall transfer such proceeds by wire transfer to such other account as the applicable Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein Except for protective payments pursuant to the contrarySection 9.3, a LIBOR Advance no Advances shall only be deemed made if Borrower is Streamline Eligible to any Borrower, and will remain Streamline Eligible after making no interest shall accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing Bank shall be made by Borrower in credit Advances to the form attached hereto as Exhibit E and shall be executed by an Authorized SignerDesignated Deposit Account. Bank shall have received satisfactory evidence that the provision of may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such notices and the requests for Advances have been approved by Borrower’s board of directorsreliance. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, time (i) on the same day as the requested Funding Date, in the case of Prime Rate Advances, and (ii) at least three two (32) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(A1) the amount of the Advance; , which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $500,000 or in any integral multiple of $500,000 in excess thereof;
(B2) the requested Funding Date; and
(C3) whether the Advance is to be comprised of LIBOR Advances or and/or Prime Rate Advances; and .
(Db) The proceeds of all such Advances will then be made available to Borrower on the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of BorrowingBorrowing or Payment/Advance Form, as the case may be. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this the Loan Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(A1) the amount of the Advance; ;
(B2) the requested Funding Date; ;
(C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and and
(D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. noon Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the Currency in which such Advance shall be denominated; (3) the requested Funding Date; (C4) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D5) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Transaction Report executed by an Authorized Signer together with such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account andAccount. No Advances shall be deemed made to Borrower, subsequentlyand no interest shall accrue on any such Advance, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct until the related funds have been deposited in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advanceapplicable Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Rubicon Technology, Inc.)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the Currency in which such Advance shall be denominated; (3) the requested Funding Date; (C4) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D5) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars .
($1,000,000.00b) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account denominated in the same Currency as the Currency requested with respect to the Advance and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank Lender in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or without instructions if his or her designee. Any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any Advance is necessary other agreement with Lender, or with respect to meet Obligations any other Obligation, which have shall become due. The Notice of Borrowing , shall be made by Borrower deemed a request for an Advance as of the date such payment is due, in the form attached hereto as Exhibit E amount required to pay in full such interest, fee, charge or Obligation under this Agreement, or any other agreement with Lender and such request shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The irrevocable.
(b) Each Notice of Borrowing must be received by Bank Lender on a prior to 12:00 p.m. Pacific 1:00 PM (Florida time, (i) on a Business Day that is at least three one (31) Business Days Day prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the AdvanceAdvance which amount shall be in a minimum amount of $20,000; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised purpose of LIBOR Advances or Prime Rate Advancesthe Advance; and (D4) a duly completed Schedule 3.1(g) listing the duration information set forth in Section 3.1(g) above.
(c) The proceeds of all such Advances will then be made available by Lender and paid to the creditor(s) of the Interest Period applicable Borrower listed on Schedule 3.1(g). Prior to Lender making any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail payments to specify the duration creditor(s) of the Interest Period for any Advance comprised Borrower, Borrower shall inform such creditors that Lender will be making the payments directly to the creditor(s) at the instruction of LIBOR AdvancesBorrower.
(d) For the avoidance of doubt, such Interest Period the Creditor Parties hereby acknowledge that all Advances made pursuant to this Agreement, including the initial Advance, shall be one (1) monthmade directly to creditors of the Borrower and not to a Credit Party or any Affiliate thereof. Notwithstanding any terms in this Agreement The Advances shall solely be used to satisfy accounts payable of the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct incurred in the Notice ordinary course of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such AdvanceBorrower's business.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. 11:00 a.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceAdvances, and (ii) on at least one (1) Business Day prior to the requested Funding Date, in the case of a Prime Rate AdvanceAdvances, specifying: :
(Ai) the amount of the Advance; , which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $500,000 or in any integral multiple of $500,000 in excess thereof;
(Bii) the requested Funding Date; ;
(Ciii) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and and
(Div) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Samples: Loan and Security Agreement (Ista Pharmaceuticals Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 1:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Two Hundred Fifty Thousand Dollars ($1,000,000.00250,000.00) and shall be in a multiple of One Hundred Fifty Thousand Dollars ($100,000.0050,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. .
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars .
($1,000,000.00b) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account requested with respect to the Advance and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance a Credit Extension set forth in this Agreement, an Advance each Credit Extension shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Credit Extensions are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceCredit Extensions, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceCredit Extensions, specifying: (A1) the amount of the AdvanceCredit Extension; (B2) the requested Funding Date; (C3) whether the Advance Credit Extension is to be comprised of LIBOR Advances Credit Extensions or Prime Rate AdvancesCredit Extensions; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances Credit Extensions included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance Credit Extension comprised of LIBOR AdvancesCredit Extensions, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Each Advance shall not be less than One Million Dollars or Term Loan ($1,000,000.00as applicable) and shall be in a minimal amount equal to $1,000,000 or a whole multiple of One Hundred Thousand Dollars $100,000 in excess thereof.
($100,000.00). In addition b) The proceeds of all such Credit Extensions will then be made available to such Notice of Borrowing, Borrower must promptly deliver to on the Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Credit Extensions shall be deemed made to Borrower, and no interest shall accrue on any such Credit Extension, until the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advancerelated funds have been deposited in the Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. Subsection (a)(i) of Section 3.5 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
(i) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing or without instructions if any Advance Advances is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower through Bank’s online banking program; provided, however, if Borrower is not utilizing Bank’s online banking program, then such Notice of Borrowing shall be in the form attached hereto as Exhibit E F and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directorsthe Board. The Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the requested Funding Date; (C3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (D4) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.001,000,000). In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein to the contrary, a LIBOR Advance shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making such Advance.”
2.8 Section 3.6 (
Appears in 1 contract
Samples: Loan and Security Agreement (Aerohive Networks, Inc)
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Transaction Report and a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advance is necessary to meet Obligations which have become due. The Notice of Borrowing shall be made by Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signer. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. noon Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested Funding Date, in the case of a Prime Rate Advance, specifying: (A1) the amount of the Advance; (B2) the Currency in which such Advance shall be denominated; (3) the requested Funding Date; and (C4) whether the Advance is to be comprised of a LIBOR Advances Advance or a Prime Rate Advances; and (D) the duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement to the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00)Advance. In addition to such Notice of Borrowing, Borrower must promptly deliver to Bank by electronic mail a completed Transaction Report executed by an Authorized Signer together with such other supporting reports and information, including without limitation, sales journals, cash receipts journals, and accounts receivable aging reports, as Bank may request in its sole discretion. reasonably request.
(b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit Account denominated in the same Currency as the Currency requested with respect to the Advance and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the applicable Designated Deposit Account.”
Appears in 1 contract
Procedures for Borrowing. (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an each Advance shall be made upon Borrower’s irrevocable written notice delivered to Bank in the form of a Transaction Report and a Notice of Borrowing Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if any Advance is the Advances are necessary to meet Obligations which have become due. The Notice of Borrowing shall be made Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower in the form attached hereto as Exhibit E and shall be executed by an Authorized Signerwill indemnify Bank for any loss Bank suffers due to such reliance. Bank shall have received satisfactory evidence that the provision of such notices and the requests for Advances have been approved by Borrower’s board of directors. The Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Pacific time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR AdvanceLoans, and (ii) on the requested Funding Date, in the case of a Prime Rate AdvanceLoans, specifying: :
(A1) the amount of the Advance; , which, if a LIBOR Loan is requested, shall be in an aggregate principal amount of not less than $1,000,000;
(B2) the requested Funding Date; ;
(C3) whether the Advance is to be comprised of LIBOR Advances Loans or Prime Rate AdvancesLoans; and and
(D4) the duration of the Interest Period applicable to any such LIBOR Advances Loans included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR AdvancesLoans, such Interest Period shall be one (1) month. Notwithstanding any terms in this Agreement .
(b) The proceeds of all such Advances will then be made available to Borrower on the contrary, each LIBOR Advance shall not be less than One Million Dollars ($1,000,000.00) and shall be in a multiple of One Hundred Thousand Dollars ($100,000.00). In addition to such Notice of Borrowing, Borrower must promptly deliver to Funding Date by Bank by electronic mail such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. On the Funding Date, Bank shall credit proceeds of an Advance transfer to the Designated Deposit Account or to such other account(s) as specified by Borrower and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. Notwithstanding anything herein No Advances shall be deemed made to the contraryBorrower, a LIBOR Advance and no interest shall only be made if Borrower is Streamline Eligible and will remain Streamline Eligible after making accrue on any such Advance, until the related funds have been deposited in the Designated Deposit Account or such other account(s).”
Appears in 1 contract
Samples: Loan and Security Agreement (Mips Technologies Inc)