Common use of Revolving Credit Borrowing Clause in Contracts

Revolving Credit Borrowing. The Borrower shall give the Administrative -------------------------- Agent irrevocable telephonic notice (promptly confirmed in writing in a Borrowing Notice) (which notice must be received by the Administrative Agent prior to Noon, Chicago time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans (accompanied in the case of the initial Loans consisting of Eurodollar Loans on the Closing Date by appropriate indemnification letters to protect the Administrative Agent and Revolving Credit Lenders in the event such Eurodollar Loans are not disbursed on the date set forth in such notice), or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans (excluding Swingline Loans and Revolving Loans made pursuant to a Mandatory Borrowing)), specifying (i) the amount and Type of Loans to be borrowed, (ii) the requested Borrowing Date, and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing shall be in an amount equal to (x) in the case of Base Rate Loans $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans $1,000,000 or a whole multiple of $500,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall notify each Revolving Credit Lender of the receipt of the Borrower's request prior to the end of business on the day the Administrative Agent timely receives such notice from the Borrower. Each Revolving Credit Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Administrative Agent's Payment Office prior to 1:00 P.M., Chicago time, on the requested Borrowing Date in funds immediately available to the Administrative Agent. Such borrowing will then be made available, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent (or, in the event that the Borrower specifies in the relevant Borrowing Notice a different account into which such amounts should be transferred, the Administrative Agent shall, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, transfer to such account the aggregate amount made available to the Administrative Agent by the Revolving Credit Lenders in immediately available funds).

Appears in 1 contract

Samples: Credit Agreement (Grubb & Ellis Co)

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Revolving Credit Borrowing. The Borrower Except as otherwise provided in Section 2.02(b) or Section 2.03(c), each Revolving Credit Borrowing shall give the Administrative -------------------------- Agent irrevocable telephonic notice be made on notice, given not later than (promptly confirmed in writing in a Borrowing Noticex) 11:00 A.M. (which notice must be received by the Administrative Agent prior to Noon, Chicago New York City time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans (accompanied in the case of the initial Loans consisting of Eurodollar Loans on the Closing Date by appropriate indemnification letters to protect the Administrative Agent and Revolving Credit Lenders in the event such Eurodollar Loans are not disbursed on the date set forth in such notice), or (b) one third Business Day prior to the requested date of the proposed Revolving Credit Borrowing Date, in the case of a Revolving Credit Borrowing consisting of Eurodollar Rate Advances, or (y) 11:00 A.M. (New York City time) on the date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Base Rate Loans Advances, by the Borrower to the Agent, which shall give to each Lender prompt notice thereof by telecopier. Each such notice of a Revolving Credit Borrowing (excluding Swingline Loans and a “Notice of Revolving Loans made pursuant to a Mandatory Credit Borrowing))”) shall be by telephone, confirmed immediately in writing, or telecopier in substantially the form of Exhibit B hereto, specifying therein the requested (i) the amount and Type date of Loans to be borrowedsuch Revolving Credit Borrowing, (ii) the requested Borrowing DateType of Advances comprising such Revolving Credit Borrowing, (iii) aggregate amount of such Revolving Credit Borrowing, and (iiiiv) in the case of a Revolving Credit Borrowing consisting of Eurodollar LoansRate Advances, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period thereforfor each such Revolving Credit Advance. Each borrowing shall be in an amount equal to Lender shall, before 11:00 A.M. (xNew York City time) in on the case date of Base Rate Loans $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then aggregate Available such Revolving Credit Commitments are less than $1,000,000Borrowing, such lesser amount) and (y) in the case of Eurodollar Loans $1,000,000 or a whole multiple of $500,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall notify each Revolving Credit Lender of the receipt of the Borrower's request prior to the end of business on the day the Administrative Agent timely receives such notice from the Borrower. Each Revolving Credit Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of its Applicable Lending Office to the Agent at the applicable Agent’s Account, in same day funds, such Lender’s ratable portion of such Revolving Credit Borrowing. After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower at the Administrative Agent's Payment Office prior ’s address referred to 1:00 P.M.in Section 9.02 or at such other address as may be designated in writing to the Agent by the Borrower; provided, Chicago timehowever, that the Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances made by the Swing Line Banks and by any other Lender and outstanding on the requested Borrowing Date in funds immediately date of such Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Administrative Agent. Such borrowing will then be made available, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, to the Borrower by the Administrative Agent crediting the account of the Borrower on the books Swing Line Banks and such other Lenders for repayment of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent (or, in the event that the Borrower specifies in the relevant Borrowing Notice a different account into which such amounts should be transferred, the Administrative Agent shall, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, transfer to such account the aggregate amount made available to the Administrative Agent by the Revolving Credit Lenders in immediately available funds)Swing Line Advances.

Appears in 1 contract

Samples: Credit Agreement (Sra International Inc)

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Revolving Credit Borrowing. The Borrower may borrow under -------------------------- the Revolving Credit Commitments during the Revolving Credit Commitment Period on any Business Day (each a "Borrowing"), provided that the Borrower shall give -------- the Administrative -------------------------- Agent irrevocable telephonic notice (promptly confirmed in writing in a Borrowing Notice) (which notice must be received by the Administrative Agent prior to Noon, Chicago time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans (accompanied in the case of the initial Revolving Credit Loans consisting of Eurodollar Loans on the Closing Date by appropriate indemnification letters to protect the Administrative Agent and Revolving Credit Lenders in the event such Eurodollar Loans are not disbursed on the date set forth in such notice), or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans (excluding Swingline Loans and Revolving Loans made pursuant to a Mandatory Borrowing)), specifying (i) the amount and Type of Revolving Credit Loans to be borrowed, (ii) the requested Borrowing Date, and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans $1,000,000 or a whole multiple of $500,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall notify each Revolving Credit Lender of the receipt of the Borrower's request prior to the end of business on the day the Administrative Agent timely receives such notice from the Borrower. Each Revolving Credit Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the Administrative Agent's Payment Office prior to 1:00 P.M., Chicago time, on the requested Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Credit Lenders and in like funds as received by the Administrative Agent (or, in the event that the Borrower specifies in the relevant Borrowing Notice a different account into which such amounts should be transferred, the Administrative Agent shall, no later than 2:00 P.M., Chicago time, on the requested Borrowing Date, transfer to such account the aggregate amount made available to the Administrative Agent by the Revolving Credit Lenders in immediately available funds).

Appears in 1 contract

Samples: Credit Agreement (Grubb & Ellis Co)

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