Examples of Overnight Loan in a sentence
The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Overnight Loan Sublimit, Swing Line Sublimit or the Aggregate Revolving Commitments under this Section 2.05.
Notwithstanding anything herein to the contrary, in no event shall the Borrower be permitted to borrow an Overnight Loan if, immediately after giving effect thereto, the aggregate outstanding principal amount of all Overnight Loans would exceed $35,000,000.
All payments and prepayments of principal and interest on any Overnight Loan and all payments of commitment fees payable under Section 2.10(c) hereof shall be made by the Borrower by paying the same in United States Dollars and in immediately available funds to U.S. Bank at its Commercial Loan Service Center, Portland, Oregon not later than 3:00 p.m. (Portland time) on the date on which such payment or prepayment shall become due.
If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.05, the Overnight Loan Sublimit or the Swing Line Sublimit exceed the Aggregate Revolving Commitments at such time, the Overnight Loan Sublimit or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.
Notwithstanding anything herein to the contrary, in no event shall the Borrower be permitted to borrow an Overnight Loan if, immediately after giving effect thereto, the aggregate outstanding principal amount of all Overnight Loans would exceed $40,000,000.
Each Overnight Loan shall bear interest as set forth in Section 2.05.
To request a Loan, the Borrower shall make a telephonic Borrowing Request to the Administrative Agent, not later than (i) in the case of an ABR Loan or an Overnight Loan, 12:00 noon, New York City time, on the Business Day of the proposed Loan, and (ii) in the case of a LIBOR Loan, 12:00 noon, New York City time, three (3) Business Days before the date of the proposed Loan.
Upon request by the Borrowers in a Notice of Borrowing, the Banks shall advance (in the amount of their pro rata Commitment percentage) to either Borrower an overnight loan (such Loan is hereinafter referred to as an "Overnight Loan"); provided, however, that, in no event shall the aggregate outstanding principal balance of all Overnight Loans exceed $10,000,000 at any one time.
If the Borrower shall fail to give the Bank the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted into a Prime Loan (or Overnight Loan, after that method of interest calculation has been substituted by Borrower for the Prime Loan method) on the last day of the Interest Period for such Loan.
Notwithstanding any provision of this Agreement to the contrary, the Borrower shall not be entitled to request any Overnight Loan or Eurodollar Loan hereunder following March 19, 1997.