Reduction in Funding Requests Sample Clauses

Reduction in Funding Requests. Notwithstanding anything to the contrary in the Transaction Documents, the Issuer agrees that, absent the prior written consent of the Controlling Party (which consent may be withheld in the exercise of the sole and absolute discretion of the Controlling Party) the Issuer shall not request and the Noteholders shall not fund any Funding (a) between January 1 and June 30, 2000, unless after giving effect to such Funding, the Note Balance is less than Twenty-two Million Dollars ($22,000,000); and (b) after July 1, 2000, unless after giving effect to such Funding the Note Balance is less than Fifteen Million Dollars ($15,000,000). Additional conditions to any Funding are that (a) Issuer must provide reasonable documentary support, in form and substance satisfactory to the Controlling Party, for the Issuer's representation that the Receivables to be purchased in connection with such Funding satisfy the requirements of Section 2.04(l) of the Indenture, and that such requirements would be satisfied after the addition of such Receivables to the Trust Estate, and (b) the Controlling Party gives written notice to the Noteholders that the Controlling Party is aware of the request for such Funding and that it has no objection to such Funding taking place, based upon the conditions to such Funding set forth herein and in the Transaction Documents (it being understood that the additional condition set forth in this clause (b) shall not imply that the Controlling Party makes any representation or warranty whatsoever with respect to the satisfaction of the conditions to such Funding, nor shall it imply any exercise of any degree of diligence whatsoever in determining whether or not such conditions have been satisfied) and the Controlling Party agrees to give such notice if it has no such objection. The Trustee shall have no responsibility to determine whether any condition precedent to a Funding has occurred, except to the extent that a Responsible Officer of the Trustee has knowledge that any such condition has not been satisfied.
Sample 1
AutoNDA by SimpleDocs

Related to Reduction in Funding Requests

  • Funding Request The Borrower hereby requests the Funding pursuant to Section 2.1 and Section 2.3 of the Loan Agreement.

  • Borrowing Requests Whenever the Borrower desires to make a ------------------ Borrowing hereunder, it shall give Advance Notice in the form of a Borrowing Request, specifying, subject to the provisions hereof, (i) the aggregate principal amount of the Loans to be made pursuant to such Borrowing, (ii) the date of Borrowing (which shall be a Business Day), (iii) whether the Loans being made pursuant to such Borrowing are to be ABR Loans or Eurodollar Loans, and (iv) in the case of Eurodollar Loans, the Interest Period to be applicable thereto.

  • Funding Date The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Notice to Lenders; Funding of Loans (a) Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the contents thereof and of such Lender’s share of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

  • Borrowing Request The Administrative Agent shall have received a Borrowing Request in accordance with Section 2.03.

  • Notice to Banks; Funding of Loans (a) Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Bank of the contents thereof and of such Bank's share (if any) of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

  • Mandatory Repayments and Commitment Reductions (a) (i) On any day on which the (other than during an Agent Advance Period) Aggregate Exposure exceeds the lesser of (x) the Total Commitment at such time and (y) the Borrowing Base at such time (based on the Borrowing Base Certificate last delivered), the Borrower shall prepay on such day the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the lesser of (A) the Total Commitment at such time, and (B) the Borrowing Base at such time (based on the Borrowing Base Certificate (as delivered)), the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Reduction of Commitment Prepayment of Loans Section 2.05 of the Financing Agreement is hereby amended as follows:

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