-Year Borrowing Notice Sample Clauses
The Year Borrowing Notice clause establishes the requirement for a borrower to provide advance written notice to the lender when they intend to borrow funds during a specified year. Typically, this clause outlines the minimum notice period, the information that must be included in the notice (such as the amount to be borrowed and the intended borrowing date), and any conditions that must be met before the borrowing can proceed. Its core practical function is to ensure that the lender has sufficient time to prepare for the disbursement of funds, thereby facilitating smooth financial planning and reducing the risk of misunderstandings or delays.
-Year Borrowing Notice. Borrower shall give the Administrative Agent prior written notice by facsimile or electronic mail (effective upon receipt) of each request for a 3-Year Advance (other than an Overnight Advance, which shall be subject to Section 3.9) (a) in the case of a Base Rate Loan, on or before 11:00 A.M. (Central time) on the requested Banking Day of making such Base Rate Loan, and (b) in the case of a LIBO Rate Loan, on or before 11:00 A.M. (Central time) at least three (3) Banking Days prior to the date of making such LIBO Rate Loan. Each notice must be in substantially the form of Exhibit 2.3 hereto (“3-Year Borrowing Notice”) and must specify (w) the amount of such 3-Year Advance (which must be a minimum of $10,000,000.00 and in incremental multiples of $1,000,000.00), (x) the proposed date of making such 3-Year Advance, (y) whether Borrower requests that the 3-Year Advance will bear interest at (i) the Base Rate or (ii) the LIBO Rate, and (z) in the case of a LIBO Rate Loan, the initial LIBO Rate Period applicable thereto. The Administrative Agent shall, on or before 12:00 noon (Central time) of the same Banking Day, notify each Syndication Party (“3-Year Funding Notice”) of its receipt of each such 3-Year Borrowing Notice and the amount of such Syndication Party’s Funding Share thereunder. Not later than 2:00 P.M. (Central time) on the date of a 3-Year Advance, each Syndication Party will make available to the Administrative Agent at the Administrative Agent’s Office, in immediately available funds, such Syndication Party’s Funding Share of such 3-Year Advance. After the Administrative Agent’s receipt of such funds, but (if so received) not later than 3:00 P.M. (Central time) on such Banking Day (or if not so received by such time, promptly following receipt thereof), and upon fulfillment of the applicable conditions set forth in Article 10 hereof, the Administrative Agent will make such 3-Year Advance available to Borrower, in immediately available funds, and will transmit such funds by wire transfer to Borrower’s Account. A 3-Year Advance may be requested by the Overnight Lender as provided in Section 3.9 hereof, by a written notice to the Administrative Agent generally complying with the requirements set forth above for a 3-Year Borrowing Notice, provided that such amount shall initially bear interest at the Base Rate, and such notice may be provided on or before 11:00 A.M. (Central Time) on the day of making such 3-Year Advance (and such notice shall be deem...