Loan Procedures Clause Samples
The Loan Procedures clause outlines the specific steps and requirements that must be followed for the disbursement, management, and repayment of a loan. It typically details the process for submitting drawdown requests, the documentation needed for each disbursement, and the timelines for lender responses. By clearly defining these operational steps, the clause ensures both parties understand their obligations, reduces the risk of misunderstandings, and facilitates smooth administration of the loan agreement.
Loan Procedures. (a) In order to request a Borrowing, the Borrower --------------- shall hand deliver or telecopy (or notify by telephone and promptly confirm by hand delivery or telecopy) to the Agent the completed Borrowing Request (i) in the case of a Eurodollar Borrowing, not later than 2:00 p.m., Philadelphia time, three Business Days before a proposed Borrowing and (ii) in the case of a Base Rate Borrowing, not later than 11:00 a.m., Philadelphia time, on the day of a proposed Borrowing. Such notice shall be irrevocable and shall in each case specify (x) whether the Borrowing then being requested is to be a Eurodollar Borrowing or a Base Rate Borrowing; (y) the date of such Borrowing (which shall be a Business Day) and the amount thereof; and (z) if such Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto. If no election as to the Type of Borrowing is specified in any such notice, then the requested Revolving Borrowing shall be a Base Rate Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Agent shall promptly advise the Lenders of any notice given pursuant to this Section 2.2 and of each Lender's portion of the requested Borrowing.
(b) Subject to Section 2.3(a), each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to the designated account of the Agent in Philadelphia, Pennsylvania, not later than 2:00 p.m., Philadelphia time, and the Agent shall by 3:00 p.m., Philadelphia time, wire transfer the amounts so received to the designated account of the Borrower or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. Unless the Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Agent such Lender's portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Borrowing in accordance with this paragraph (b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have made such portion available to the Agent, such Lender and the Bo...
Loan Procedures. □ (a) Loans will be provided under the default loan procedures set forth in Section 13 of the Plan, unless modified under this Appendix B.
Loan Procedures. (a) [Reserved].
Loan Procedures. 19 2.2.1 Various Types of Loans........................................................................19 2.2.2 Borrowing Procedures..........................................................................19 2.2.3 Conversion and Continuation Procedures........................................................20 2.3
Loan Procedures. The maximum number of days per request may not exceed thirty (30) days. No more than the number of total days in the bank as of July 1 may be advanced in any school year.
Loan Procedures. The Borrower may receive Loans in one or more series or classes hereunder by issuing a Promissory Note to the Lender.
(a) Each such Loan (herein called a “Promissory Note”) shall be in the form of Exhibit A and shall specify the Lender, initial Loan Term, Interest Period, therefore and shall include the date and Principal Amount of Loan. There shall be an initial series of Loans entitled Secured Loans, Series I. The Loans (Series I) shall be issued as various classes of Loans substantially in the form set forth in Exhibit A hereto. The Loans (Series I) shall be issued in initial minimum denominations of $25,000 (unless the Borrower otherwise approves a smaller denomination). Each Loan (Series I) shall be payable as provided in the form of Loan and in this Agreement. The Loans (Series I) shall be issued in the maturities and class denominations with interest rates upon the unpaid principal amounts thereof based on the table set forth in Exhibit A-1, as such table may be amended and updated from time to time by the Borrower based on the interest rates then in effect for each class denomination.
(b) The Loans may be issued by the Borrower with different maturity dates based on the class or series designation for the Loans, but in no event may a Loan have a different rank in security to that of other Lenders under this Agreement. Interest rates may vary as among the series and classes of Loans and upon the date of issuance of such Loan. Following execution and delivery of this Agreement, a Promissory Note shall be executed by the Borrower, and delivered to Lender only after the receipt of the Loan issuance proceeds equal to the aggregate issue price of the Loan. Unless stated on Exhibit A-1, the Loans bear simple interest at their respective stated rates of interest per annum.
Loan Procedures. Customer may obtain Loans under this Agreement as provided in (a), (b) or (c) below.
(a) X Customer shall give Lender at least ___________ business days' prior notice or TELEPHONIC NOTICE FOLLOWED BY NEXT BUSINESS DAY WRITTEN CONFIRMATION of any Loan requested under this Agreement, specifying the date and amount of the Loan. Lender will make the Loan available to Customer X by crediting the amount of the Loan to Customer's account (acct. no. ▇▇▇▇▇▇▇) with lender or ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Each Loan which is less than the full amount available to Customer under this Agreement shall be in an amount not less than $ 1000.00.
(b) Lender will credit Customer's account (acct. no,__________) with Lender whenever the ledger balance in the account is less than $_________ on any banking day (the "Target Amount"), far whatever reason. The Loan will be in an amount within the Credit Limit and Borrowing Base sufficient to increase the balance to the Target Amount. Lender may decline to make any Loan and may refuse to pay any check drawn on the account if the amount available to Customer under this Agreement would not be sufficient to increase the balance in the account to the Target Amount.
(c) ▇▇▇▇▇▇'s obligation to make each Loan (including the initial Loan) is subject to the further condition that Lender shall have received a certificate signed by Customer, dated the date of the Loan request and stating that the representations and warranties in section 5 are true and correct as of the date of the request and that no event of default has occurred and is continuing or would result from such Loan.
Loan Procedures. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(b) Each Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum.
Loan Procedures. (a) On the Closing Date, each Lender shall advance to Borrower an amount equal to its Pro Rata Share of the Term Loan, upon ▇▇▇▇▇▇▇▇’s satisfaction of the conditions to closing described in Section 4 of this Agreement.
(a) ▇▇▇▇▇▇▇▇, Agent and ▇▇▇▇▇▇▇ hereby agree and acknowledge that, as of May 7, 2019, the outstanding principal balance of the Term Loan is $12,500,000.
(b) On or about May 7, 2019, Lenders shall make an additional term loan in the original principal amount of $2,500,000, resulting in an aggregate outstanding principal balance of the Term Loan of $15,000,000. Upon the funding of such additional term loan amount under this Section 2.2.2, Borrower shall pay to Agent, for its own account, an origination fee in the amount of $37,500, which origination fee shall be deemed fully earned and non-refundable as of the funding of such subsequent term loan. All such term loan advances described in this Section 2.2 shall be deemed a single term Loan (each such loan, individually and collectively, the “Term Loan”) which shall be in an aggregate principal amount equal to the Term Loan Commitment
Loan Procedures. The Company shall give written notice or telephonic notice (followed immediately by written confirmation thereof) to the Agent of each proposed borrowing not later than 10:00 A.M., Detroit time, on the proposed date of such borrowing. Each such notice shall be effective upon receipt by the Agent, shall be irrevocable, and shall specify the date and amount of borrowing. Promptly upon receipt of such notice, the Agent shall advise each Lender thereof. Not later than 1:00 P.M., Detroit time, on the date of a proposed borrowing, each Lender shall provide the Agent at the office specified by the Agent with immediately available funds covering such Lender's Pro Rata Share of such borrowing and, so long as the Agent has not received written notice that the conditions precedent set forth in Section 10 with respect to such borrowing have not been satisfied, the Agent shall pay over the funds received by the Agent to the Company on the requested borrowing date. Each borrowing shall be on a Business Day.