Common use of Agent's Election Clause in Contracts

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank to make a Non-Ratable Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank declines in its sole discretion to make a Non-Ratable Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 11 contracts

Sources: Loan Agreement (Nicholas Financial Inc), Loan Agreement (Nicholas Financial Inc), Loan Agreement (Nicholas Financial Inc)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank BABC to make a Non-Ratable BABC Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank BABC declines in its sole discretion to make a Non-Ratable BABC Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 11 contracts

Sources: Loan and Security Agreement (Gt Bicycles Inc), Loan and Security Agreement (Sweetheart Holdings Inc \De\), Loan and Security Agreement (Merisel Inc /De/)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank ▇▇▇▇▇ Fargo to make a Non-Ratable Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank ▇▇▇▇▇ Fargo declines in its sole discretion to make a Non-Ratable Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 5 contracts

Sources: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank W▇▇▇▇ Fargo to make a Non-Ratable Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank W▇▇▇▇ Fargo declines in its sole discretion to make a Non-Ratable Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 2 contracts

Sources: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b2.1(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g2.1(g) apply to such requested Borrowing, or (ii) to request the Bank BABC to make a Non-Ratable BABC Loan pursuant to the terms of Section 2.2(h2.1(h) in the amount of the requested Borrowing; provided, however, that if the Bank BABC declines in its sole discretion to make a Non-Ratable BABC Loan pursuant to Section 2.2(h2.1(h), the Agent shall elect to have the terms of Section 2.2(g2.1(g) apply to such requested Borrowing.

Appears in 1 contract

Sources: Loan and Security Agreement (Mercury Finance Co)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank to make a Non-Ratable Bank Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank declines in its sole discretion to make a Non-Ratable Bank Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 1 contract

Sources: Loan and Security Agreement (Spiegel Inc)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank BMO Lender to make a Non-Ratable Non‑Ratable Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank BMO Lender declines in its sole discretion to make a Non-Ratable Non‑Ratable Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 1 contract

Sources: Loan and Security Agreement (Regional Management Corp.)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank of America to make a Non-Ratable BANA Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank of America declines in its sole discretion to make a Non-Ratable BANA Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing.

Appears in 1 contract

Sources: Loan and Security Agreement (LDM Technologies Inc)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g) apply to such requested Borrowing, or (ii) to request the Bank BABC to make a Non-Ratable BABC Loan pursuant to the terms of Section 2.2(h) in the amount of the requested Borrowing; provided, however, that if the Bank BABC declines in its sole discretion to make a Non-Ratable BABC Loan pursuant to Section 2.2(h), the Agent shall elect to have the terms of Section 2.2(g) apply to such requested Borrowing. Nothing in this Section 2.2(f) or in Section 2.2(g) or Section 2.2(h) shall be interpreted to relieve BABC of its obligation to make Revolving Loans under its commitment.

Appears in 1 contract

Sources: Loan and Security Agreement (Centrum Industries Inc)

Agent's Election. Promptly after receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) pursuant to Section 2.2(b), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.2(g2.2(i) apply to such requested Borrowing, or (ii) to request the Bank GMAC CF to make a Non-Ratable Rateable Loan pursuant to the terms of Section 2.2(h2.2(j) in the amount of the requested Borrowing; provided, however, that if the Bank GMAC CF declines in its sole discretion to make a Non-Ratable Rateable Loan pursuant to Section 2.2(h2.2(j), the Agent shall elect to have the terms of Section 2.2(g2.2(i) apply to such requested Borrowing.

Appears in 1 contract

Sources: Loan Agreement (Ainsworth Lumber Co LTD)