Examples of Overnight Advance in a sentence
If Borrower submits an Overnight Advance Request, the Overnight Lender shall promptly, but not later than 3:00 P.M. (Central time) on the same Banking Day, fund such Overnight Advance and advise the Administrative Agent in writing of the amount and Overnight Rate of such Overnight Advance.
In the event of any failure by a Syndication Party to fund its risk participation of an Overnight Advance in accordance with Section 3.9, such Syndication Party will be treated as a Delinquent Syndication Party under Section 15.4 hereof, and the Overnight Lender will be treated as a Contributing Syndication Party under such Section.
Borrower’s request for an Overnight Advance (“Overnight Advance Request”) shall be made in writing by facsimile or electronic mail, must be directed to the Overnight Lender, and must specify the amount of such Advance.
At the sole discretion of the Overnight Lender, any Overnight Advance may be paid off at any time by a 5-Year Advance requested by the Overnight Lender pursuant to Section 2.3. If for any reason such Overnight Advance cannot be so paid off, each Syndication Party shall, at the request of the Overnight Lender, promptly fund its risk participation in such Overnight Advance directly to the Overnight Lender.
Each Overnight Advance shall bear interest at the applicable Overnight Rate and shall be payable in full, including interest, on the earliest of: (a) the fifth day of the next succeeding month following the date of the Advance, (b) one Banking Day following demand for repayment by the Overnight Lender at its sole discretion or (c) the 5-Year Maturity Date (the “Overnight Maturity Date”).
The Overnight Lender may terminate or suspend its commitment to make Overnight Advances at any time in its sole discretion upon notice to Borrower and the Overnight Lender shall not be required to fund any Overnight Advances unless it is satisfied that it will have no Fronting Exposure after giving effect to such Overnight Advance.
Each Overnight Advance shall bear interest at the applicable Overnight Rate and shall be payable in full, including interest, on the Overnight Maturity Date applicable to such Overnight Advance.
Immediately upon the making of an Overnight Advance in accordance with the terms hereof, each Syndication Party (other than the Overnight Lender) shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Overnight Lender a risk participation in such Syndication Party’s Applicable Percentage of such Overnight Advance, which shall be funded in accordance with this Section.
If Borrower submits an Overnight Advance Request, the Overnight Lender shall promptly, but not later than 3:30 P.M. on the same Banking Day, fund such Overnight Advance and advise the Administrative Agent in writing of the amount, Overnight Rate, and Overnight Maturity Date of such Overnight Advance.
Borrower’s request for an Overnight Advance (“Overnight Advance Request”) may be made orally or in writing by facsimile (if orally, shall be confirmed in writing on the same Banking Day), must be directed to the Overnight Lender, and must specify (a) the amount of such Advance, and (b) the date when such Overnight Advance will be due and payable (“Overnight Maturity Date”), which may not be later than the fifth (5th) Banking Day thereafter.