Overnight Loan definition
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.
The Borrower's right to select an Interim Rate to apply to an Overnight Loan or any portion thereof shall be subject to the following conditions: (i) the aggregate of all Overnight Loans or portions thereof to accrue interest at a particular Interim Rate shall be an integral multiple of One Hundred Thousand Dollars ($100,000) and not less than One Million Dollars ($1,000,000); and (ii) no Default or Event of Default shall have occurred and be continuing.
Any individual who becomes an employee of the company for the purpose of installing and maintaining the equipment covered by this Agreement, after the signing of this Agreement shall, as a condition of employment, become a member of the Union on or before thirty-one (31) days after his date of employment.
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.
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.
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.
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.
Any LIBOR Loan outstanding at the commencement of any such suspension shall be converted at the end of the then current Interest Period for such LIBOR Loan into an Overnight Loan unless such suspension has then ended.
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.