Common use of Requests for Advances Clause in Contracts

Requests for Advances. Borrower must give to Administrative --------------------- Agent written notice, or telephonic notice promptly confirmed in writing, of any requested Advances, which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the date of the requested Advances (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advances. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to Borrower. Each Request for Advances shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case of such Lender, or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other Lender shall be responsible for the failure of such Lender to make any Advance to be made by such Lender.

Appears in 1 contract

Sources: Credit Agreement (Nuevo Energy Co)

Requests for Advances. Bank’s obligation to make any Advances is subject to all of the terms and conditions of this Agreement. A Borrower must give may request an Advance to Administrative --------------------- Agent written noticebe deposited into such Borrower’s deposit account(s) with Bank (i) in writing, or telephonic notice (ii) by telephone promptly confirmed in writing, or (iii) using Bank’s internet based Dealer Access System service (provided that use of such service shall be subject to the terms of an agreement between the applicable Borrower(s) and Bank). Bank will (unless Bank determines that any requested Advances, which notice must applicable condition specified in Section 4 has not been satisfied) make the Advance to Borrowers within five (5) Business Days of such request. Requests for Advances to be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas deposited or forwarded elsewhere shall be in writing in such form and containing such information as Bank may require from time to time, . Each Borrower has the responsibility for ensuring that representatives of such Borrower contacting Bank to request Advances or submitting written requests for Advances are authorized. Bank shall be entitled to act on the date instructions of anyone identifying himself or herself as authorized to request Advances and each Borrower shall be bound thereby in the requested Advances same manner as if the person were actually so authorized. Bank is authorized to credit any of a Borrower’s accounts with Bank (or three Business Days prior any account a Borrower designates in writing) for Advances made to such Borrower. A Borrower’s failure to confirm any telephonic request or otherwise comply with the date provisions of this Section 2.4 shall not in any manner affect the requested Advances if Borrower is desires for all or any part obligation of such Advances Borrower to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advances. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to Borrower. Each Request for Advances shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made repay such Advance available to Administrative Agent in accordance with the terms of this section Agreement. Each Borrower agrees not to hold Bank liable for any errors or misunderstanding in complying with any written or oral directions for Advances; and Administrative Agent each Borrower agrees to indemnify and hold the Bank harmless from any and all claims, damages, liabilities, losses, costs and expenses (including attorneys’ fees) which may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to arise or be created by the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay acceptance of instructions (telephonic or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, otherwise) for each day from the date such amount is made available to Borrower until the date such amount is paid making Advances by wire transfer or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case of such Lenderotherwise, or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case for application of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other Lender shall be responsible for the failure of such Lender to make any Advance to be made by such Lenderpayments.

Appears in 1 contract

Sources: Loan and Security Agreement (Insurance Acquisition Corp.)

Requests for Advances. Borrower must give (a) As long as the provisions of the Autopay Agreement related to Administrative --------------------- Agent written noticeautomatic advances are in effect, Advances which are Prime Rate Advances may be made as provided in the Autopay Agreement, and Borrowers shall not be required to request an Advance directly from Lender by means of an Advance Request Form. (b) The provisions of this paragraph shall apply to all requests for Advances which are to be LIBOR Advances. The provisions of this paragraph shall also apply to Advances which are to be Prime Rate Advances if Borrowers so choose, or telephonic notice promptly confirmed in writing, of any requested Advances, which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on if the date provisions of the requested Advances Autopay Agreement related to automatic advances are not in effect, or if the Available Amount (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advances. Each such written request or confirmation must be made as defined in the form and substance of the "Autopay Agreement) is, or has been declared to be, equal to zero. Borrowers shall request each Advance by delivering to Lender an Advance Request for Advances" attached hereto as Exhibit B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas Form (i) stating the amount of the Advance, (ii) stating the date on which Borrowers desire that the Advance be funded (provided that without any date specified, an Advance that is to be a Prime Rate Advance shall be funded on the next Business Day and an Advance that is to be a LIBOR Advance shall be funded on the succeeding third Business Day following such Lender's Advance in immediately available fundsRequest Form), (iii) stating the Type of the Advance, and upon receipt of (iv) if such fundsAdvance is a LIBOR Advance, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make designating the Advances available to BorrowerInterest Period thereof. Each Request for Advances Such documents shall be irrevocable delivered to Lender at least (i) one (1) Business Day before the date on which Borrowers desire that the Advance be funded in the case of each Advance which is to be a Prime Rate Advance and binding (ii) at least three (3) Business Days before the date on Borrowerwhich Borrowers desire that the Advance be funded in the case of each Advance which is to be a LIBOR Advance; provided that no Advance which is a LIBOR Advance may be in an amount which is less that $500,000.00. Unless Administrative Agent shall have received prompt notice Borrowers at any time may redesignate the amounts of, and Convert and Continue the Advances, but only to be effective from and after the end of the Interest Period therefor if an Advance is to be Continued as, or Converted from, a Lender that such Lender will not make available to Administrative Agent such Lender's LIBOR Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and subject to the extent such terms and provisions of this Agreement, including Sections 3.7, 3.8 and 3.9 hereof. Prior to making any Advance, Lender shall not so make its Advance available may require that Borrowers deliver a Borrowing Base Certificate dated a recent date acceptable to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand evidencing that the amount of such the outstanding Advances plus the requested Advance together with interest thereon, for each day from plus the date such amount Letter of Credit Liabilities is made available to Borrower until less than the date such amount is paid or repaid to Administrative Agent, at lesser of (i) the Federal Funds Rate, in the case of such Lender, Commitment or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other Lender shall be responsible for the failure of such Lender to make any Advance to be made by such LenderBorrowing Base.

Appears in 1 contract

Sources: Loan Agreement (Oyo Geospace Corp)

Requests for Advances. Borrower must give to Administrative --------------------- Agent written notice, or telephonic notice promptly confirmed in writing, of any requested Advances, which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the date of the requested Advances (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advances. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to Borrower. Each Request for Advances shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case of such Lender, or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other Lender shall be responsible for the failure of such Lender to make any Advance to be made by such Lender.

Appears in 1 contract

Sources: Credit Agreement (Nuevo Energy Co)

Requests for Advances. Borrower Prior to 11:00 a.m. Dallas time, on the date requested by Borrowers for the making of any Advances, Borrowers must give to Administrative --------------------- Agent written notice, or telephonic notice promptly confirmed in writing, of any requested Advancessuch request, after which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the date of the requested Advances (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advancesthereof. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit B, duly completedcompleted and signed by an Authorized Officer of Borrowers. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower Borrowers as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas favor of Borrowers the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have neither been neither met nor waived by Lenders as provided herein, Administrative Agent shall promptly make the Advances available to BorrowerBorrowers in immediately available funds at Agent's office in Dallas, Texas. Each Request for Advances shall be irrevocable and binding on BorrowerBorrowers. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to BorrowerBorrowers. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower Borrowers severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower Borrowers until the date such amount is paid or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case of such Lender, or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other no Lender shall be responsible for the failure of such any other Lender to make any Advance to be made by such other Lender.

Appears in 1 contract

Sources: Credit Agreement (Devon Energy Corp /Ok/)

Requests for Advances. Prior to 11:00 a.m. Dallas time, on the date requested by Borrower for the making of any Advances, Borrower must give to Administrative --------------------- Agent written notice, or telephonic notice promptly confirmed in writing, of any requested Advancessuch request, after which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the date of the requested Advances (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advancesthereof. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit B, duly completedcompleted and signed by an Authorized Officer of Borrower, Parent and DEOC. Each such telephonic request shall be deemed a representation, warranty, acknowledgment acknowledgement and agreement by Borrower Borrower, Parent and DEOC as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallas, Texas favor of Borrower the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have neither been neither met nor waived by Lenders as provided herein, Administrative Agent shall promptly make the Advances available to BorrowerBorrower in immediately available funds at Agent's office in Dallas, Texas. Each Request for Advances shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case of such Lender, or (ii) the interest rate applicable at the time to the other Advances made on such date, in the case of Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other no Lender shall be responsible for the failure of such any other Lender to make any Advance to be made by such other Lender.

Appears in 1 contract

Sources: Credit Agreement (Devon Energy Corp /Ok/)

Requests for Advances. If Borrower must give desires to Administrative receive a Revolving --------------------- Advance, Borrower shall deliver a notice to Agent written notice, or telephonic notice promptly confirmed substantially in writing, the form of any requested Advances, which notice must be received by Administrative Agent not Exhibit D no later than 10:00 a.m., Dallas, Texas 2:00 p.m. (California time, ) on the date of the requested Advances (or three second Business Days Day prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice of the requested Advancesproposed Revolving Advance. Each such written request or confirmation must notice (a "Notice of Revolving Advance") shall be made from an Authorized Financial Representative. Agent and Revolving Lenders shall be entitled to rely upon and shall be fully protected under this Agreement in the form and substance relying upon any Notice of Revolving Advance reasonably believed by Agent to be genuine. Agent shall deliver notice of its receipt of the "Request for Advances" attached hereto as Exhibit B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as Notice of Revolving Advance to each Revolving Lender on or before 11:00 a.m. (California time) on the Business Day prior to the matters which are required date of the proposed Revolving Advance, and each of the other Revolving Lenders shall wire its Percentage of such Revolving Advance to be set out in the Disbursement Account (with notice to Agent that such written confirmation. If all conditions precedent to such Advances have wire has been met, each Lender will made) on or before 11:00 a.m. (California time) on the date requested promptly remit to Administrative Agent at Administrative Agent's office of the proposed Revolving Advance. Upon the close of business on the date of the proposed Revolving Advance, the funds in Dallas, Texas the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to Borrower. Each Request for Advances Disbursement Account shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until by the date bank at which the Disbursement Account is held, unless such amount is paid or repaid bank shall have been instructed by Agent to Administrative Agentwithhold such funds, at (iwhich instructions Agent may deliver if Agent has determined that Borrower has failed to fulfill the applicable conditions set forth in Article IV. All notices delivered pursuant to this Section 2.1(b) the Federal Funds Rate, in the case of such Lender, or (ii) the interest rate applicable at the time shall be delivered by facsimile to the facsimile number set forth in Section 13.12 or to such other Advances made on such date, facsimile number as a party hereto shall designate in writing pursuant to the case provisions of BorrowerSection 13.12. The failure of any Revolving Lender (such Revolving Lender, a "Non-Funding Lender") to make any Revolving Advance to be made by it hereunder on the date specified therefor shall not relieve any other Revolving Lender ("Other Lender") of its obligation hereunder, if any, to make its AdvanceRevolving Advance on such date, but neither Administrative Agent, Syndication Agent, Documentation Agent, any Other Lender nor any other Lender Agent shall be responsible for the failure of such any Non-Funding Lender to make any an Advance to be made by such Non- Funding Lender.

Appears in 1 contract

Sources: Credit Agreement (Beringer Wine Estates Holdings Inc)

Requests for Advances. Borrower must give to Administrative --------------------- Agent written notice, or telephonic notice promptly confirmed in writing, of any requested Advances, which notice must be received by Administrative Agent not later than 10:00 11:00 am., Central time, at least one Business Day's prior written notice of any requested Advances which shall bear interest at the Base Rate and not later than 11:00 a.m., Dallas, Texas Central time, on the date at least three Business Day's prior written notice of the any requested Advances (or three Business Days prior to which shall bear interest at the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Adjusted LIBOR Rate, after which Administrative Agent shall give each Lender prompt notice of the requested Advancesthereof. Each such written request or confirmation must be made in the form and substance of the "Request for Advances" attached hereto as Exhibit BC, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will not later than 12:00 noon, Central time, on the date requested promptly remit to Administrative Agent at Administrative Agent's office in Dallasat ▇▇▇ ▇. ▇▇▇▇▇▇▇ Street, Texas 11W, Chicago, Illinois 60603, with a copy to ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to BorrowerBorrower in immediately available funds. Each Request for Advances shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days two Business Days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, to be calculated as to such Lender at (i) the Federal Funds Rate, in the case of such Lender, or (ii) and to be calculated as to Borrower at the interest rate applicable at the time to the other Advances made on such date. If any Lender fails to make such payment to Administrative Agent within such two Business Day period, such Lender shall in addition to such amount pay interest thereon, for each day from the case of Borrowerdate such Advance is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, at the interest rate applicable at the time to the other Advances made on such date. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other no Lender shall be responsible for the failure of such any other Lender to make any Advance to be made by such other Lender.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Spinnaker Exploration Co)

Requests for Advances. Borrower must give to Administrative --------------------- Agent at least three Business Days' prior written notice, or telephonic notice promptly confirmed in writing, of any requested Advances, after which notice must be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the date of the requested Advances (or three Business Days prior to the date of the requested Advances if Borrower is desires for all or any part of such Advances to make up a Tranche of Fixed Rate Portions on such date). After receiving any such notice Administrative Agent shall give each Lender prompt notice thereof within twenty-four hours of the Agent's receipt of such requested Advances. Each such written request or confirmation must be made in the form and substance of the "Request for AdvancesAdvance" attached hereto as Exhibit EXHIBIT B, duly completed. Each such telephonic request shall be deemed a representation, warranty, acknowledgment and agreement by Borrower as to the matters which are required to be set out in such written confirmation. If all conditions precedent to such Advances have been met, each Lender will on the date requested promptly remit to Administrative Agent at Administrative Agent's office in DallasNew York, Texas New York the amount of such Lender's Advance in immediately available funds, and upon receipt of such funds, unless to its actual knowledge any conditions precedent to such Advances have been neither met nor waived as provided herein, Administrative Agent shall promptly make the Advances available to Borrower. Each Request for Advances Advance shall be irrevocable and binding on Borrower. Unless Administrative Agent shall have received prompt notice from a Lender that such Lender will not make available to Administrative Agent such Lender's Advance, Administrative Agent may in its discretion assume that such Lender has made such Advance available to Administrative Agent in accordance with this section and Administrative Agent may if it chooses, in reliance upon such assumption, make such Advance available to Borrower. If and to the extent such Lender shall not so make its Advance available to Administrative Agent, such Lender and Borrower severally agree to pay or repay to Administrative Agent within three days after demand the amount of such Advance together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Administrative Agent, at (i) the Federal Funds Rate, in the case ; provided that Agent shall first notify such Lender and if Agent does not receive such Lender's Advance immediately upon receipt of such Lendernotice, or then Borrower shall pay such amount within three (ii3) the interest rate applicable at the time to the other Advances days after demand therefor is made on such date, in the case of upon Borrower. The failure of any Lender to make any Advance to be made by it hereunder shall not relieve any other Lender of its obligation hereunder, if any, to make its Advance, but neither Administrative Agent, Syndication Agent, Documentation Agent, nor any other no Lender shall be responsible for the failure of such any other Lender to make any Advance to be made by such other Lender.

Appears in 1 contract

Sources: Credit Agreement (Forcenergy Inc)