Whenever Borrower Clause Samples
The 'Whenever Borrower' clause establishes specific obligations or actions that the borrower must undertake whenever certain conditions or events occur during the term of an agreement. For example, it may require the borrower to notify the lender, provide documentation, or take corrective action whenever they incur additional debt or experience a material change in their financial status. This clause ensures that the lender remains informed and can respond appropriately to changes in the borrower's circumstances, thereby managing risk and maintaining transparency throughout the lending relationship.
Whenever Borrower draws funds, Borrower shall complete a Borrowing Voucher and shall provide any such documents and information that Lender may request.
Whenever Borrower is required to make deposits under this Section 3.1(b) and fails to do -------------- so on the day such deposit is due, Administrative Agent or any Bank may, without notice to Borrower, make such deposit (whether by application of proceeds of any collateral for the Obligations, by transfers from other accounts maintained with any Bank or otherwise) using any funds then available to any Bank of any Credit Party, any guarantor, or any other party liable for repayment of the Obligations. Notwithstanding anything to the contrary contained herein, Borrower hereby agrees to reimburse Administrative Agent immediately upon demand by Administrative Agent, and in immediately available funds, for any payment or disbursement made by Administrative Agent under any Letter of Credit issued by it. Payment shall be made by Borrower with interest on the amount so paid or disbursed by Administrative Agent from and including the date payment is made under any Letter of Credit to and including the date of payment, at the lesser of (i) the Maximum Lawful Rate, or (ii) the Default Rate. The obligations of Borrower under this paragraph will continue until all Letters of Credit have expired and all reimbursement obligations with respect thereto have been paid in full by Borrower and until all other Obligations shall have been paid in full. Borrower shall be obligated to reimburse Administrative Agent upon demand for all amounts paid under Letters of Credit as set forth in the immediately preceding paragraph hereof; provided, however, if Borrower for any -------- ------- reason fails to reimburse Administrative Agent in full upon demand, Banks shall reimburse Administrative Agent in accordance with each Banks' Commitment Percentage for amounts due and unpaid from Borrower as set forth hereinbelow; provided, however, that no such reimbursement made by Banks shall discharge -------- ------- ---- Borrower's obligations to reimburse Administrative Agent. All reimbursement amounts payable by any Bank under this Section 3.1(b) shall include interest -------------- thereon at the Federal Funds Rate, from the date of the payment of such amounts by Administrative Agent to the date of reimbursement by such Bank. No Bank shall be liable for the performance or nonperformance of the obligations of any other Bank under this paragraph. The reimbursement obligations of Banks under this paragraph shall continue after the Termination Date and shall survive termination of this Agreement and the othe...
Whenever Borrower gives notice to Lender pursuant to this Section ------- 8.7 with respect to a matter that reasonably could be expected to result in --- liability to Borrower or any Subsidiary in excess of $100,000 in the aggregate, Borrower shall, at Lender's request and Borrower's expense, (i) cause an independent environmental engineer acceptable to Lender to conduct such tests of the site where the noncompliance or alleged noncompliance with Environmental Laws has occurred and prepare and deliver to Lender a report setting forth the results of such tests, a proposed plan to bring Borrower or such Subsidiary into compliance with such Environmental Laws and an estimate of the costs thereof, and (ii) provide to Lender a supplemental report of such engineer whenever the scope of the noncompliance or the response thereto or the estimated costs thereof shall materially change.