Common use of Term Loan Borrowing Clause in Contracts

Term Loan Borrowing. The Borrowers shall submit an appropriate Notice of Borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Date, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Date, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice of Borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, and (ii) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers shall fail to deliver such Notice of Borrowing to the Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Agent for the account of the Borrower, or in such other manner as the Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date in Dollars and in funds immediately available to the Agent.

Appears in 1 contract

Samples: Credit Agreement (Speedway Motorsports Inc)

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Term Loan Borrowing. The Borrowers Borrower shall submit an appropriate Notice of Borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Date, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Date, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice of Borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, and (ii) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers Borrower shall fail to deliver such Notice of Borrowing to the Administrative Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Administrative Agent for the account of the Borrower, or in such other manner as the Administrative Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date in Dollars and in funds immediately available to the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (School Specialty Inc)

Term Loan Borrowing. The Borrowers Borrower shall submit an appropriate Notice notice of Borrowing borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Date, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Date, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice notice of Borrowing borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, and (ii) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers Borrower shall fail to deliver such Notice notice of Borrowing borrowing to the Administrative Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. The Administrative Agent shall give notice to each Term Lender promptly upon receipt of such notice of borrowing pursuant to this Section 2.4(b), of the contents thereof and each such Term Lender's share of any borrowing to be made pursuant thereto. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Administrative Agent for the account of the Borrower, or in such other manner as the Administrative Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date in Dollars and in funds immediately available to the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (C&d Technologies Inc)

Term Loan Borrowing. The Borrowers Borrower shall submit an appropriate Notice ------------------- of Borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Date, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Date, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice of Borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, and (ii) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers Borrower shall fail to deliver such Notice of Borrowing to the Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Agent for the account of the Borrower, or in such other manner as the Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date in Dollars and in funds immediately available to the Agent.

Appears in 1 contract

Samples: Credit Agreement (Access Worldwide Communications Inc)

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Term Loan Borrowing. The Borrowers Borrower shall submit an appropriate Notice of Borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Datedate of the requested borrowing, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Datedate of the requested borrowing, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice of Borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, (ii) the date of the requested borrowing, and (iiiii) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers shall fail to deliver such Notice of Borrowing to the Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Administrative Agent for the account of the Borrower, or in such other manner as the Administrative Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date date of the requested borrowing in Dollars and in funds immediately available to the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Railworks Corp)

Term Loan Borrowing. The Borrowers Borrower shall submit an appropriate Notice of Borrowing relating to the Term Loan not later than 11:00 A.M. (Charlotte, North Carolina time) on the Closing Datedate of the requested borrowing, with respect to the portion of the Term Loan initially consisting of a Base Rate Loan, or on the third Business Day prior to the Closing Datedate of the requested borrowing, with respect to the portion of the Term Loan initially consisting of one or more Eurodollar Loans, which Notice of Borrowing shall be irrevocable and shall ot specify (i) that the funding of the Term Loan is requested, (ii) the date of the requested borrowing, (iii) the principal amount of the requested borrowing, and (iiiv) whether the funding of the Term Loan shall be comprised of Base Rate Loans, Eurodollar Loans or combination thereof, and if Eurodollar Loans are requested, the Interest Period(s) therefor. If the Borrowers shall fail to deliver such Notice of Borrowing to the Agent by 11:00 A.M. (Charlotte, North Carolina time) on the third Business Day prior to the Closing Date, then the full amount of the Term Loan shall be initially comprised of Base Rate Loans. Each Term Lender shall make its Term Loan Commitment Percentage of the Term Loan available to the Administrative Agent for the account of the Borrower, or in such other manner as the Administrative Agent may specify in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the Closing Date date of the requested borrowing in U.S. Dollars and in funds immediately available to the Administrative Agent.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Railworks Corp)

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