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Common use of Procedures for Revolving Credit Borrowing Clause in Contracts

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Commitments, the Canadian Borrower may borrow under the Canadian Commitments, and the U.K. Borrower may borrow under the U.K. Commitments, in each case from time to time prior to the Facility Termination Date on any Business Day. (b) The Company shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., Detroit time) (i) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Loans, or (ii) one Business Day prior to the requested Borrowing Date otherwise, specifying in each case (w) the amount to be borrowed, (x) the requested Borrowing Date, (y) whether the borrowing is to be of Eurocurrency Loans, Floating Rate Loans or a combination thereof and (z) if the borrowing is to be entirely or partly of Eurocurrency Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate available U.S. Commitments are less than $100,000, such lesser amount) and (B) in the case of Eurocurrency Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof. Upon receipt of any such notice from the Company, the Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m., Detroit time on each requested Borrowing Date each Lender shall make an amount equal to its Pro Rata Share of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Agent at its Detroit office specified in Section 14.1 in U.S. Dollars and in immediately available funds. The Agent shall on such date credit the account of the Company on the books of such office with the aggregate of the amounts made available to the Agent by the Lenders and in like funds as received by the Agent. (c) Each Foreign Subsidiary Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., local time of the Agent's funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Borrower shall be in Canadian Dollars or Dollars and each borrowing by the U.K. Borrower shall be in British Pounds Sterling. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Currency which is 1,000,000 units or a whole multiple of 100,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the Agent. Upon receipt of any such notice from any such Borrower, the Agent shall promptly notify the relevant Lenders with respect to such Borrower. Not later than 2:00 p.m., local time of the Agent's funding office for such Borrower, on the requested Borrowing Date, each such Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Revolving Loans requested to be made on such Borrowing Date available to the Agent at the Agent's funding office for

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Revolving Credit Commitments, the Canadian Borrower may borrow under the Canadian Revolving Credit Commitments, the Danish Borrower may borrow under the Danish Revolving Credit Commitments, each Euro Borrower may borrow under the Euro Revolving Credit Commitments and the U.K. Borrower may borrow under the U.K. Revolving Credit Commitments, in each case from time to time prior to the Facility Termination Date on any Business Day. (b) The Company shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m.10:00 a.m., Detroit time) (i) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Eurodollar Loans, or (ii) one Business Day prior to the requested Borrowing Date otherwise, specifying in each case (w) the amount to be borrowed, (x) the requested Borrowing Date, (y) whether the borrowing is to be of Eurocurrency Eurodollar Loans, Floating Rate Loans or a combination thereof and (z) if the borrowing is to be entirely or partly of Eurocurrency Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Revolving Credit Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 5,000,000 or a whole multiple of $100,000 1,000,000 in excess thereof (or, if the then aggregate available U.S. Revolving Credit Commitments are less than $100,0005,000,000, such lesser amount) and (B) in the case of Eurocurrency Eurodollar Loans, $1,000,000 5,000,000 or a whole multiple of $100,000 1,000,000 in excess thereof. Upon receipt of any such notice from the Company, the Agent shall promptly notify each Revolving Credit Lender thereof. Not later than 11:00 a.m., Detroit time on each requested Borrowing Date each Revolving Credit Lender shall make an amount equal to its Pro Rata Share of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Agent at its Detroit office specified in Section 14.1 in U.S. Dollars and in immediately available funds. The Agent shall on such date credit the account of the Company on the books of such office with the aggregate of the amounts made available to the Agent by the Revolving Credit Lenders and in like funds as received by the Agent. (c) Each Foreign Subsidiary Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m.10:00 a.m., local London time of the Agent's funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Danish Borrower shall be in Canadian Dollars or Dollars and Danish Krone, each borrowing by a Euro Borrower shall be in Euro, each borrowing by the U.K. Borrower shall be in British Pounds SterlingSterling and each borrowing by the Canadian Borrower shall be in Dollars or Canadian Dollars. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Available Foreign Currency which is 1,000,000 5,000,000 units or a whole multiple of 100,000 1,000,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the Agent. Upon receipt of any such notice from any such Borrower, the Agent shall promptly notify the relevant Revolving Credit Lenders with respect to such Borrower. Not later than 2:00 p.m., local time of the Agent's funding office for such Borrower, on the requested Borrowing Date, each such Revolving Credit Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Revolving Loans requested to be made on such Borrowing Date available to the Agent at the Agent's funding office forfor such Borrower specified by the Agent from time to time by notice to such Revolving Credit Lenders and in immediately available or other same day funds customarily used for settlement in the relevant Available Foreign Currency. The amounts made available by each such Revolving Credit Lender will then be made available to the relevant Borrower at the funding office for such Borrower and in like funds as received by the Agent.

Appears in 1 contract

Samples: Loan Agreement (Myers Industries Inc)

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Commitments, the Canadian Borrower may borrow under the Canadian Commitments, and the U.K. Borrower may borrow under the U.K. Commitments, in each case Commitments from time to time prior to the Facility Commitment Termination Date on any Business Day. (b) The Company , provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 p.m.11:00 a.m., Detroit time) (ia) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Eurodollar Loans, or (iib) one Business Day prior to on the requested Borrowing Date Date, otherwise, specifying in each case (wi) the amount to be borrowed, (xii) the requested Borrowing Date, (yiii) whether the borrowing is to be of Eurocurrency Eurodollar Loans, Floating Rate Loans or a combination thereof and (ziv) if the borrowing is to be entirely or partly of Eurocurrency Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 5,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof (or, if the then aggregate available U.S. Available Commitments of all the Lenders are less than $100,0005,000,000, such lesser amount) and (B) in the case of Eurocurrency Eurodollar Loans, $1,000,000 10,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof. Upon receipt of any such notice from the CompanyBorrower, the Administrative Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m.12:00 noon, Detroit time time, on each requested Borrowing Date each Lender shall make an amount equal to its Pro Rata Share Commitment Percentage of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Administrative Agent at its Detroit office specified in Section 14.1 13.1 or such other office notified by the Administrative Agent to the Lenders in U.S. Dollars and in immediately available funds. The Administrative Agent shall on such date credit the account of the Company Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. (c) Each Foreign Subsidiary Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., local time of the Agent's funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Borrower shall be in Canadian Dollars or Dollars and each borrowing by the U.K. Borrower shall be in British Pounds Sterling. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Currency which is 1,000,000 units or a whole multiple of 100,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the Agent. Upon receipt of any such notice from any such Borrower, the Agent shall promptly notify the relevant Lenders with respect to such Borrower. Not later than 2:00 p.m., local time of the Agent's funding office for such Borrower, on the requested Borrowing Date, each such Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Revolving Loans requested to be made on such Borrowing Date available to the Agent at the Agent's funding office for

Appears in 1 contract

Samples: 364 Day Credit Agreement (Arvinmeritor Inc)

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Commitments, the Canadian Borrower may borrow under the Canadian Commitments, and the U.K. Borrower may borrow under the U.K. Commitments, in each case Revolving Credit Commitments from time to time prior to the Facility Termination Date on any Business Day. (b) The , provided that the Company shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 p.m.11:00 a.m., Detroit time) (ia) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Eurodollar Loans, or (iib) one Business Day prior to on the requested Borrowing Date Date, otherwise, specifying in each case (wi) the amount to be borrowed, (xii) the requested Borrowing Date, (yiii) whether the borrowing is to be of Eurocurrency Eurodollar Loans, Floating Rate Loans or a combination thereof and (ziv) if the borrowing is to be entirely or partly of Eurocurrency Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Revolving Credit Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 5,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof (or, if the then aggregate available U.S. Available Revolving Credit Commitments of all the Lenders are less than $100,0005,000,000, such lesser amount) and (B) in the case of Eurocurrency Eurodollar Loans, $1,000,000 10,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof. Upon receipt of any such notice from the Company, the Administrative Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m.12:00 noon, Detroit time time, on each requested Borrowing Date each Lender shall make an amount equal to its Pro Rata Share Revolving Credit Commitment Percentage of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Administrative Agent at its Detroit office specified in Section 14.1 or such other office notified by the Administrative Agent to the Lenders in U.S. Dollars and in immediately available funds. The Administrative Agent shall on such date credit the account of the Company on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. (c) Each Foreign Subsidiary Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., local time of the Agent's funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Borrower shall be in Canadian Dollars or Dollars and each borrowing by the U.K. Borrower shall be in British Pounds Sterling. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Currency which is 1,000,000 units or a whole multiple of 100,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the Agent. Upon receipt of any such notice from any such Borrower, the Agent shall promptly notify the relevant Lenders with respect to such Borrower. Not later than 2:00 p.m., local time of the Agent's funding office for such Borrower, on the requested Borrowing Date, each such Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Revolving Loans requested to be made on such Borrowing Date available to the Agent at the Agent's funding office for

Appears in 1 contract

Samples: Revolving Credit Agreement (Arvinmeritor Inc)

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Commitments, Commitments and the Canadian Borrower may borrow under the Canadian Commitments, and the U.K. Borrower may borrow under the U.K. Commitments, in each case from time to time prior to the Facility Termination Date on any Business Day. (b) The Company shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., Detroit time) (i) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Loans, or (ii) one Business Day prior to the requested Borrowing Date otherwise, specifying in each case (w) the amount to be borrowed, (x) the requested Borrowing Date, (y) whether the borrowing is to be of Eurocurrency Loans, Floating Rate Loans or a combination thereof and (z) if the borrowing is to be entirely or partly of Eurocurrency Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate available U.S. Commitments are less than $100,000, such lesser amount) and (B) in the case of Eurocurrency Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof. Upon receipt of any such notice from the Company, the Agent shall promptly notify each U.S. Lender thereof. Not later than 11:00 a.m., Detroit time on each requested Borrowing Date each U.S. Lender shall make an amount equal to its Pro Rata Share of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Agent at its Detroit office specified in Section 14.1 in U.S. Dollars and in immediately available funds. The Agent shall on such date credit the account of the Company on the books of such office with the aggregate of the amounts made available to the Agent by the U.S. Lenders and in like funds as received by the Agent. (c) Each Foreign Subsidiary The Canadian Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., local time of the Agent's Canadian funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Borrower shall be in Canadian Dollars or Dollars and each borrowing by the U.K. Borrower shall be in British Pounds Sterling. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Currency which is 1,000,000 units or a whole multiple of 100,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the AgentDollars. Upon receipt of any such notice from any such the Canadian Borrower, the Agent shall promptly notify the relevant Lenders with respect to such Borrowereach Canadian Lender thereof. Not later than 2:00 p.m., local time of the Agent's Canadian funding office for such Borrower, on the requested Borrowing Date, each such Canadian Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Canadian Revolving Credit Loans requested to be made on such Borrowing Date available to the Agent at the Agent's Canadian funding office forspecified by the Agent from time to time by notice to such Canadian

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Procedures for Revolving Credit Borrowing. (a) The Company may borrow under the U.S. Commitments, the Canadian Borrower may borrow under the Canadian Commitments, and the U.K. Borrower may borrow under the U.K. Commitments, in each case Commitments from time to time prior to the Facility Termination Date on any Business Day. (b) The Company , provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 p.m.11:00 a.m., Detroit time) (ia) three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Eurocurrency Eurodollar Loans, or (iib) one Business Day prior to on the requested Borrowing Date Date, otherwise, specifying in each case (wi) the amount to be borrowed, (xii) the requested Borrowing Date, (yiii) whether the borrowing is to be of Eurocurrency Eurodollar Loans, Floating Rate Loans or a combination thereof and (ziv) if the borrowing is to be entirely or partly of Eurocurrency Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Periods therefor. Each borrowing under the U.S. Commitments shall be in an amount equal to (A) in the case of Floating Rate Loans, $100,000 5,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof (or, if the then aggregate available U.S. Available Commitments of all the Lenders are less than $100,0005,000,000, such lesser amount) and (B) in the case of Eurocurrency Eurodollar Loans, $1,000,000 10,000,000 or a whole multiple of $100,000 5,000,000 in excess thereof. Upon receipt of any such notice from the CompanyBorrower, the Administrative Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m.12:00 noon, Detroit time time, on each requested Borrowing Date each Lender shall make an amount equal to its Pro Rata Share Commitment Percentage of the principal amount of the Revolving Credit Loans requested to be made on such Borrowing Date available to the Administrative Agent at its Detroit office specified in Section 14.1 13.1 or such other office notified by the Administrative Agent to the Lenders in U.S. Dollars and in immediately available funds. The Administrative Agent shall on such date credit the account of the Company Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. (c) Each Foreign Subsidiary Borrower shall give the Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 p.m., local time of the Agent's funding office three Business Days prior to the requested Borrowing Date) specifying in each case (i) the amount to be borrowed, (ii) the requested Borrowing Date and (iii) the length of the initial Interest Period therefor. Each borrowing by the Canadian Borrower shall be in Canadian Dollars or Dollars and each borrowing by the U.K. Borrower shall be in British Pounds Sterling. Each borrowing by any Foreign Subsidiary Borrower shall be in an amount equal to an amount in the relevant Agreed Currency which is 1,000,000 units or a whole multiple of 100,000 units in excess thereof or such other amounts as may be agreed upon among the Company and the Agent. Upon receipt of any such notice from any such Borrower, the Agent shall promptly notify the relevant Lenders with respect to such Borrower. Not later than 2:00 p.m., local time of the Agent's funding office for such Borrower, on the requested Borrowing Date, each such Lender shall make an amount equal to its Pro Rata Share of the principal amount of such Revolving Loans requested to be made on such Borrowing Date available to the Agent at the Agent's funding office for

Appears in 1 contract

Samples: Revolving Credit Agreement (Arvinmeritor Inc)