Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.03, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four (4) Borrowings of LIBO Loans may be outstanding at any time. (b) The Lead Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time. (c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Wet Seal Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 Section 2.18 and 2.25Section 2.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans or BA Equivalent Loans as the Lead Borrower on behalf of the Domestic Borrowers, or the Canadian Borrower, may request (which request shall, in the case of the Canadian Borrower, be made in the form attached hereto as Exhibit F, and in the case of Prime Rate Loans of the Canadian Borrower, indicate whether CD$ or $ advances are requested) subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and no more than ten (10) Borrowings of BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ ' prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO or BA Equivalent Loans Borrowing and one (1) Business Days’ Day's prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans or BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans and be in a minimum principal amount of CD$1,000,000 and increments of CD$500,000 in the case of BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans or BA Equivalent Loans and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at 40 Broad Street, Boston, Massachusetts 02109, no later than 12:00 ▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds▇▇▇▇ ▇▇nds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of at the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation Rate, or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 1:00 p.m., Boston time.
(c) The Administrative Agent or the Canadian Agent, as applicable, without the request of any the Lead Borrower or the Canadian Borrower, as applicable, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance or a Canadian Overadvance, as applicable, may result thereby. The Administrative Agent or the Canadian Borrower, as applicable, shall advise the Lead Borrower or the Canadian Borrower, as applicable, of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent or the Canadian Agent, as applicable, shall not constitute a waiver of the Administrative Agent’s 's or the Canadian Agent's, as applicable, rights and the Borrowers’ each Borrower's obligations under Section 2.18(a2.20(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.04(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
(d) Notwithstanding anything to the contrary herein contained, with respect to the Canadian Borrower, (i) all references to "the Lead Borrower" and "the Administrative Agent" in Section 2.04(b) and (c), Section 2.18, Section 2.19(a) and Section 2.21(a) shall mean and refer to the Canadian Borrower and the Canadian Agent , respectively, (ii) the address of the Canadian Agent to which each Lender must make its share of Borrowings to the Canadian Borrower available is 200 Front Street West, Toronto, Ontario, Canada, M5V 3L2, and (iii) ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇istrative Agent of each Borrowing by the Canadian Borrower, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Periods applicable thereto.
Appears in 1 contract
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO LIBOR Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.3, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four seven (47) Borrowings of LIBO LIBOR Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ ' prior telephonic notice (thereafter confirmed in writing) of each LIBOR Borrowing of LIBO Loans and one (1) Business Days’ Day's prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, 11:00 a.m. on the third Business Day in the case of LIBO LIBOR Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate LIBOR Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO LIBOR Loans and, if LIBO LIBOR Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO LIBOR Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time12:00 noon, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent 44[44] such Revolving Credit Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 3:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may advance any interest, fee, service charge, or other payment to which any the Agent or their its Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s 's rights and the Borrowers’ each Borrower's obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans[2.4]2.
Appears in 1 contract
Sources: Credit Agreement (GameStop Corp.)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.03, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four (4) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Wet Seal Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.18 and 2.252.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.4, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office (or transfer its Loans to another lending office) which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.4 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four fifteen (415) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent (i) in the case of each LIBO Borrowing, at least three (3) Business Days’ prior telephonic notice ', and (thereafter confirmed ii) in writing) of each Borrowing of LIBO Loans and one Business Days’ notice the case of each Borrowing of Prime Rate Loans. Loans on the date of the requested Borrowing, prior irrevocable written notice of borrowing (which may be by electronic transmission) delivered to the Administrative Agent in the form attached hereto as Exhibit F Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.noon., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on whichdate, and 1:00 p.m. Boston time one on the same Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there on which such Borrowing is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowingbe made. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans) and the date thereof (which shall be a Business Day) ). Unless otherwise directed in such notice and so long as no Cash Dominion Event has occurred and is continuing, the proceeds of Loans shall contain disbursement instructionsbe credited to Account No. 5045183372 maintained by the Borrowers with Bank of America. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 3:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 3:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may may, to the extent not timely paid, advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower in writing of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s 's rights and the Borrowers’ each Borrower's obligations under Section 2.18(a2.4(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.4(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Brown Shoe Co Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.3, provided that and all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO Loans and one prior telephonic notice on the same Business Days’ notice Day of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston New York time, on the third Business Day in the case of LIBO Loans prior to the date on whichto, and 1:00 p.m. Boston time one by 11:00 a.m. on the same Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇4▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 2:00 p.m., Boston New York time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use commercially reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 3:00 p.m., Boston New York time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.3(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.3(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Genesco Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.18 and 2.252.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ ' prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO Loans and one (1) Business Days’ Day's prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at 40 Broad Street, Boston, Massachusetts 02109, no later than 12:00 ▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available ▇▇le funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of at the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation Rate, or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 1:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s 's rights and the Borrowers’ each Borrower's obligations under Section 2.18(a). 2.20
(a) Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.04(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, (i) Domestic Loans (other than Swingline Loans) by the Revolving Credit Domestic Lenders to the Domestic Borrowers shall be either Domestic Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Domestic Borrowers may request subject to and in accordance with this Section 2.032.3, provided that (ii) all Swingline Loans shall be only Domestic Prime Rate Loans, and (iii) Canadian Loans by the Canadian Lenders to the Canadian Borrower shall be either Canadian Prime Rate Loans or BA Equivalent Loans (if made in Canadian Dollars), or LIBO Loans or U.S. Index Rate Loans (if made in Dollars). All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower or Canadian Borrower, as applicable, shall give the Administrative Agent or the Canadian Agent, as applicable, three (3) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO Loans and one BA Equivalent Loan Borrowing and prior telephonic notice on the same Business Days’ notice Day of each Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, or U.S. Index Rate Loans, as applicable. Any such notice, to be effective, must be received by the Administrative Agent or the Canadian Agent, as applicable, not later than 12:00 p.m.11:00 a.m., Boston New York time, on the third Business Day in the case of LIBO Loans and BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing and, in the case of Domestic Prime Rate Loans thatLoans, Canadian Prime Rate Loans, or U.S. Index Rate Loans, by 11:00 a.m. on the same Business Day of, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO LoansLoans and CD$100,000, and in an integral multiple of $500,000, and but not less than $100,000 CD$1,000,000 in the case of Prime Rate BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans, LIBO Loans or LIBO Loans BA Equivalent Loans, and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Domestic Prime Rate Loans or Canadian Prime Rate Loans, as applicable. The Administrative Agent or the Canadian Agent, as applicable, shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇Administrative Agent’s Office or the Canadian Agent’s Office, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇as applicable, no later than 1:00 2:00 p.m., Boston New York time, in immediately available funds. Unless the Administrative Agent or the Canadian Agent, as applicable, shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent or the Canadian Agent, as applicable, such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent or the Canadian Agent, as applicable, may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the applicable Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent or the Canadian Agent, as applicable, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent or the Canadian Agent, as applicable, forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent or the Canadian Agent, as applicable, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Domestic Prime Rate Loans or Canadian Prime Rate Loans, as applicable. If such Revolving Credit Lender pays such amount to the Administrative Agent or the Canadian Agent, as applicable, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent or the Canadian Agent, as applicable, shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower or the Canadian Borrower, as applicable, and shall use commercially reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Domestic Borrowers or the Canadian Borrower, as applicable, no later than 4:00 3:00 p.m., Boston New York time.
(c) The Administrative Agent, without the request of any the Lead Borrower or the Canadian Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby; provided that in no event shall the Administrative Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions (including any Overadvance or proposed Overadvance) would exceed the Total Commitments. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s or the Canadian Agent’s, as applicable, rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.3(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.3(c) shall bear interest at the interest rate then and thereafter applicable to Domestic Prime Rate Loans or Canadian Prime Rate Loans, as applicable.
Appears in 1 contract
Sources: Credit Agreement (Genesco Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.03, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender Bank may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender Bank to make such Loan; but provided that any such use of a lending office shall not affect the obligation of the Borrowers Borrower to repay such Loan in accordance with the terms of the applicable Notethis Agreement. Each Revolving Credit Lender Bank shall, subject to its overall policy considerations, use reasonable best efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers Borrower pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four (4) Borrowings of LIBO Loans may be outstanding at any time2.12.
(b) The Lead Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing hereunder of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time at least one Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, Day; such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall not be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans750,000) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether notice, to be effective, must be received by the Agent not later than 12:00 noon, New York City time, on the first Business Day preceding the date on which such Borrowing then being requested is to be a Borrowing made except as provided in the last sentence of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loansthis Section 2.05(b). The Administrative Agent shall promptly notify each Revolving Credit Lender Bank of its proportionate share of such Borrowing, Borrowing and the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender Bank shall make its share of the Borrowing available at the office of Fleet the Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m.12:00 noon, Boston New York City time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders Banks to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders Banks available to the Borrowers Borrower no later than 4:00 p.m., Boston 2:00 p.m. New York City time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Revolving Credit and Guaranty Agreement (Family Golf Centers Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.18 and 2.252.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.4, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office (or transfer its Loans to another lending office) which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.4 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four fifteen (415) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent (i) in the case of each LIBO Borrowing, at least three (3) Business Days’ prior telephonic notice ’, and (thereafter confirmed ii) in writing) of each Borrowing of LIBO Loans and one Business Days’ notice the case of each Borrowing of Prime Rate Loans. Loans on the date of the requested Borrowing, prior irrevocable written notice of borrowing (which may be by electronic transmission) delivered to the Administrative Agent in the form attached hereto as Exhibit E. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.noon., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on whichdate, and 1:00 p.m. Boston time one on the same Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there on which such Borrowing is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowingbe made. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans) and the date thereof (which shall be a Business Day) ). Unless otherwise directed in such notice and so long as no Cash Dominion Event has occurred and is continuing, the proceeds of Loans shall contain disbursement instructionsbe credited to Account No. 5045183372 maintained by the Borrowers with Bank of America. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇1▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 3:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 3:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may may, to the extent not timely paid, advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby; provided that in no event shall the Administrative Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions (including any Overadvance or proposed Overadvance) would exceed the Total Commitments. The Administrative Agent shall advise the Lead Borrower in writing of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.4(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.4(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Brown Shoe Co Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.18 and 2.252.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers Borrower to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four six (46) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three two (2) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one (unless the Administrative Agent notifies the Borrower in writing that three (3) Business Days’ is required) of each LIBO Borrowing and one (1) Business Day’s prior telephonic notice (thereafter confirmed in writing) of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, 1:00 p.m. on the second (or third if applicable) Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to the date on which, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $500,000, but not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, Loans and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate pro rata share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers Borrower a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined in good faith by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the BorrowersBorrower, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet ▇▇▇▇▇ Fargo Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers Borrower no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ Borrower’s obligations under Section 2.18(a2.20(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.04(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Stage Stores Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 SECTION 2.16 and 2.25SECTION 2.24, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Base Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section SECTION 2.03, provided that all Swingline Loans shall be only Prime Base Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Revolving Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25SECTION 2.23. Subject to the other provisions of this Section SECTION 2.03 and the provisions of Section 2.25SECTION 2.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four five (45) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ Day’s prior notice of each Borrowing of Prime Base Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Base Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Base Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Base Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Base Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Jo-Ann Stores Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.032.4, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.24. Subject to the other provisions of this Section 2.03 2.4 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO Loans and one (1) Business Days’ Day’s prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇4▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m.12:00 noon, Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 3:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.4(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.4(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Gamestop Corp)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four (4) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet Bank of America at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Bank of America Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.04(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Wet Seal Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, Tranche A Loans (other than Swingline Loans) by the Revolving Credit Tranche A Lenders shall be either Prime Base Rate Loans or LIBO Eurodollar Loans as ▇▇▇▇▇▇-▇▇▇▇▇▇ on behalf of the Lead Borrower Loan Parties may request subject to and in accordance with this Section 2.03, provided that all Swingline Loans shall be only Prime Base Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers Loan Parties to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers Loan Parties pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Eurodollar Loans may be outstanding at any time.
(b) The Lead Borrower ▇▇▇▇▇▇-▇▇▇▇▇▇ shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate LoansBorrowing. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Eurodollar Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the same Business Day prior to the date of Borrowing in the case of Prime Base Rate Loans thaton, which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate Eurodollar Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Base Rate Loans or LIBO Eurodollar Loans and, if LIBO Eurodollar Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Eurodollar Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Base Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such BorrowingBorrowing (but in any event by 12:00 noon (Boston time) if the Borrowing is to be made on the same Business Day), the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 2:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Tranche A Lender prior to the proposed date of any Borrowing that such Revolving Credit Tranche A Lender will not make available to the Administrative Agent such Revolving Credit Tranche A Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Tranche A Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers Loan Parties a corresponding amount. In such event, if a Revolving Credit Tranche A Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Tranche A Lender and the Borrowers Loan Parties severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers Loan Parties to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Tranche A Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the BorrowersLoan Parties, the interest rate applicable to Prime Base Rate Loans. If such Revolving Credit Tranche A Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Tranche A Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Tranche A Lenders to fund any Borrowing borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower ▇▇▇▇▇▇-▇▇▇▇▇▇ and shall use reasonable efforts to make the funds so received from the Revolving Credit Tranche A Lenders available to the Borrowers Loan Parties no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Debtor in Possession Credit Agreement (Heilig Meyers Co)
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, (i) Loans (other than Swingline Loans) by the Revolving Credit Domestic Lenders to the Domestic Borrowers shall be either Domestic Prime Rate Loans Loans, or LIBO Loans as the Lead Borrower on behalf of the Domestic Borrowers may request subject to and in accordance with this Section 2.032.3, provided that (ii) all Swingline Loans shall be only Domestic Prime Rate Loans, (iii) Canadian Loans by the Canadian Lenders to the Canadian Borrower shall be either Canadian Prime Rate Loans or BA Equivalent Loans (if made in Canadian Dollars), or LIBO Loans or U.S. Index Rate Loans (if made in Dollars), (iv) UK Loans (other than, for the avoidance of doubt, UK Swingline Loans) by the UK Lenders to the UK Borrower shall only be LIBO Loans and may be made in Optional Currency or in Dollars, and (v) UK Swingline Loans by the UK Swingline Lender to the UK Borrower shall only be UK Base Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, shall give the Administrative Agent three (3) Business Days’ (or, with respect to any Loans made in Optional Currency, four (4) Business Days’) prior telephonic electronic notice (thereafter confirmed in writingpursuant to a Notice of Borrowing) of each LIBO Borrowing and BA Equivalent Loan Borrowing, and prior electronic notice (pursuant to a Notice of Borrowing) on the same Business Day of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans or UK Swingline Loans, as applicable. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston timeLocal Time, on the third Business Day in the case of LIBO Loans and BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing and, in the case of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans thatand UK Swingline Loans, by 11:00 a.m. Local Time on the same Business Day of, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO LoansLoans and CD$100,000, and in an integral multiple of $500,000, and but not less than $100,000 CD$1,000,000 in the case of Prime Rate BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans, UK Swingline Loans, LIBO Loans or LIBO Loans BA Equivalent Loans, and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Notice of Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such noticeNotice of Borrowing, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Agent’s Office no later than 1:00 2:00 p.m., Boston timeLocal Time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent Agent, such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the applicable Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent Agent, forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation applicable to such Loan or (ii) in the case of the Borrowers, the interest rate applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice Notice of borrowing Borrowing delivered by the Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, and shall use commercially reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers Domestic Borrowers, the Canadian Borrower or the UK Borrower, as applicable, no later than 4:00 3:00 p.m., Boston timeLocal Time.
(c) The Administrative Agent, without the request of any the Lead Borrower, the Canadian Borrower or the UK Borrower, may advance any interest, fee, service charge, or other payment to which any the Agent or their its Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby; provided that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions (including any Overadvance or proposed Overadvance) would exceed the Total Commitments, the principal amount of the Domestic Credit Extensions would exceed the Domestic Total Commitments, the principal amount of the Canadian Credit Extensions would exceed the Canadian Total Commitments, or the principal amount of the UK Credit Extensions would exceed the UK Loan Cap. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.3(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.3(b) shall bear interest at the interest rate then and thereafter applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable.
Appears in 1 contract
Sources: Credit Agreement (Genesco Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25contemplated by Section 2.11, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate ABR Loans or LIBO Eurodollar Loans as the Lead Canadian Borrower may request subject to and in accordance with this Section 2.032.6, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment Canadian Commitment, if any, with respect to any Eurodollar Loan or ABR Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but provided that any such use of a lending office shall not affect the obligation of the Borrowers Canadian Borrower to repay such Loan in accordance with the terms of the applicable Notethis Agreement. Each Revolving Credit Lender having a Canadian Commitment shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers Canadian Borrower pursuant to Section 2.252.15. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.252.12, Borrowings of Loans of more than one Type may be incurred at the same time, but provided that no more than four (4) Borrowings of LIBO Eurodollar Loans may be outstanding at any time.
(b) The Lead Canadian Borrower shall give the Administrative Agent three Business Days’ prior telephonic notice (thereafter confirmed in writing) of each Borrowing hereunder of LIBO at least three Business Days for Eurodollar Loans and one Business Days’ notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, on the third Business Day in the case of LIBO for ABR Loans prior to the date on which, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing(subject, in the case of Prime Rate ABR Loans, provided that there is only one Revolving Credit Lender under to the last sentence of this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such Section); such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall not be not less than $1,000,000 (and integral multiples of $500,000) in the case of LIBO Loans, Eurodollar Loans and in an $1,000,000 (and integral multiple multiples of $500,000, and not less than $100,000 100,000) in the case of Prime Rate ABR Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice, to be effective, must be received by the Agent not later than 1:00 p.m., New York City time, on the third Business Day in the case of Eurodollar Loans and 12:00 noon, New York City time on the first Business Day in the case of ABR Loans, preceding the date on which such Borrowing is to be made. Notwithstanding the foregoing, if the Canadian Borrower shall give the Agent such notice not later than 10:00 a.m., New York City time requesting a proposed Borrowing of an ABR Loan for between $1,000,000 and $2,000,000, such proposed Borrowing (a "Same-Day Borrowing") shall be made on the date such notice is given. All such notices shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate ABR Loans or LIBO Loans and, if LIBO Eurodollar Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.for
Appears in 1 contract
Sources: Credit, Guarantee and Security Agreement (Gentek Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 and 2.25, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower on behalf of the Borrowers may request subject to and in accordance with this Section 2.03, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.24. Subject to the other provisions of this Section 2.03 and the provisions of Section 2.25, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four six (46) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three Business Days’ ' prior telephonic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate LoansLoans on the proposed day of each Borrowing. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one on the Business Day prior to the date of Borrowing in the case of Prime Rate Loans that, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $500,000, but not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, Loans and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s 's share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s 's Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any the Lead Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereofthereof and will endeavor, but not be obligated, to furnish one Business Day's notice prior to making any such advance or charge. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s 's rights and the Borrowers’ each Borrower's obligations under Section 2.18(a). 2.19
(a) Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Tweeter Home Entertainment Group Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 Section 2.18 and 2.25Section 2.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans or BA Equivalent Loans as the Lead Borrower on behalf of the Domestic Borrowers, or the Canadian Borrower, may request (which request shall, in the case of the Domestic Borrowers, be made in the form attached hereto as Exhibit E, and in the case of the Canadian Borrower, be made in the form attached hereto as Exhibit F, and in the case of Prime Rate Loans of the Canadian Borrower, indicate whether CD$ or $ advances are requested) subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and no more than ten (10) Borrowings of BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO or BA Equivalent Loans Borrowing and one (1) Business Days’ Day’s prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans or BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans and be in a minimum principal amount of CD$1,000,000 and increments of CD$500,000 in the case of BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans or BA Equivalent Loans and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m.12:00 noon, Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of at the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation Rate, or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 1:00 p.m., Boston time.
(c) The Administrative Agent or the Canadian Agent, as applicable, without the request of any the Lead Borrower or the Canadian Borrower, as applicable, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance or a Canadian Overadvance, as applicable, may result thereby. The Administrative Agent or the Canadian Agent, as applicable, shall advise the Lead Borrower or the Canadian Borrower, as applicable, of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent or the Canadian Agent, as applicable, shall not constitute a waiver of the Administrative Agent’s or the Canadian Agent’s, as applicable, rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.20(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.04(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.
(d) Notwithstanding anything to the contrary herein contained, with respect to the Canadian Borrower, (i) all references to “the Lead Borrower” and “the Administrative Agent” in Section 2.04(b) and (c), Section 2.18, Section 2.19(a) and Section 2.21(a) shall mean and refer to the Canadian Borrower and the Canadian Agent, respectively, (ii) the address of the Canadian Agent to which each Canadian Lender must make its share of Borrowings to the Canadian Borrower available is ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇, and (iii) the Canadian Agent shall promptly notify the Administrative Agent of each Borrowing by the Canadian Borrower, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Periods applicable thereto.
Appears in 1 contract
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, (i) Loans (other than Swingline Loans) by the Revolving Credit Domestic Lenders to the Domestic Borrowers shall be either Domestic Prime Rate Loans Loans, or LIBO Loans as the Lead Borrower on behalf of the Domestic Borrowers may request subject to and in accordance with this Section 2.032.3, provided that (ii) all Swingline Loans shall be only Domestic Prime Rate Loans, (iii) Canadian Loans (other than Canadian Swingline Loans) by the Canadian Lenders to the Canadian Borrower shall be either Canadian Prime Rate Loans or BA Equivalent Loans (if made in Canadian Dollars), or LIBO Loans or U.S. Index Rate Loans (if made in Dollars), (iv) all Canadian Swingline Loans shall be Canadian Prime Rate Loans or U.S. Index Rate Loans, (v) UK Loans (other than, for the avoidance of doubt, UK Swingline Loans) by the UK Lenders to the UK Borrower shall only be LIBO Loans and may be made in Optional Currency or in Dollars, and (vi) all UK Swingline Loans by the UK Swingline Lender to the UK Borrower shall only be UK Base Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, shall give the Administrative Agent three (3) Business Days’ (or, with respect to any Loans made in Optional Currency, four (4) Business Days’) prior telephonic electronic notice (thereafter confirmed in writingpursuant to a Notice of Borrowing) of each LIBO Borrowing and BA Equivalent Loan Borrowing, and prior electronic notice (pursuant to a Notice of Borrowing) on the same Business Day of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans or UK Swingline Loans, as applicable. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston timeLocal Time, on the third Business Day in the case of LIBO Loans and BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing and, in the case of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans thatand UK Swingline Loans, by 11:00 a.m. Local Time on the same Business Day of, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of $100,000, but not less than $1,000,000 in the case of LIBO LoansLoans and CD$100,000, and in an integral multiple of $500,000, and but not less than $100,000 CD$1,000,000 in the case of Prime Rate BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans, UK Swingline Loans, LIBO Loans or LIBO Loans BA Equivalent Loans, and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Notice of Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such noticeNotice of Borrowing, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Agent’s Office no later than 1:00 2:00 p.m., Boston timeLocal Time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent Agent, such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the applicable Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent Agent, forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation applicable to such Loan or (ii) in the case of the Borrowers, the interest rate applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice Notice of borrowing Borrowing delivered by the Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, and shall use commercially reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers Domestic Borrowers, the Canadian Borrower or the UK Borrower, as applicable, no later than 4:00 3:00 p.m., Boston timeLocal Time.
(c) The Administrative Agent, without the request of any the Lead Borrower, the Canadian Borrower or the UK Borrower, may advance any interest, fee, service charge, or other payment to which any the Agent or their its Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby; provided that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions (including any Overadvance or proposed Overadvance) would exceed the Total Commitments, the principal amount of the Domestic Credit Extensions would exceed the Domestic Total Commitments, the principal amount of the Canadian Credit Extensions would exceed the Canadian Total Commitments, the principal amount of the UK Credit Extensions would exceed the UK Loan Cap, or the principal amount of the Canadian Credit Extensions plus the principal amount of the UK Credit Extensions would exceed fifty percent (50%) of the Loan Cap. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.3(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.3(c) shall bear interest at the interest rate then and thereafter applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable.
Appears in 1 contract
Sources: Credit Agreement (Genesco Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 2.18 and 2.252.26, Revolving Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or LIBO Loans as the Lead Borrower may request subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit such Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any such Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers Borrower to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four six (46) Borrowings of LIBO Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three two (2) Business Days’ prior telephonic electronic notice (thereafter confirmed in writing) (unless the Administrative Agent notifies the Borrower in writing that three (3) Business Days’ is required) of each LIBO Borrowing and one (1) Business Day’s prior electronic notice (thereafter confirmed in writing) of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Prime Rate Loans, in each case through Administrative Agent’s Commercial Electronic Office Portal or through such other electronic portal provided by Administrative Agent (the “Portal”). Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m., Boston time, 1:00 p.m. on the second (or third if applicable) Business Day in the case of LIBO Loans prior to the date on which, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to the date on which, such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,000, and not less than $100,000 in the case of Prime Rate Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans and, if LIBO Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m., Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.59
Appears in 1 contract
Sources: Fifth Amendment to Second Amended and Restated Credit Agreement (Stage Stores Inc)
Making of Loans. (a) Except as set forth in Sections 2.17 Section 2.18 and 2.25Section 2.26, Loans (other than Swingline Loans) by the Revolving Credit Lenders shall be either Prime Rate Loans or, with respect to the Domestic Borrowers, LIBO Loans or LIBO with respect to the Canadian Borrower, BA Equivalent Loans as the Lead Borrower on behalf of the Domestic Borrowers, or the Canadian Borrower, may request (which request shall, in the case of the Domestic Borrowers, be made substantially in the form attached hereto as Exhibit E, and in the case of the Canadian Borrower, be made substantially in the form attached hereto as Exhibit F, and in the case of Prime Rate Loans of the Canadian Borrower, indicate whether CD$ or $ advances are requested) subject to and in accordance with this Section 2.032.04, provided that all Swingline Loans shall be only Prime Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.25. Subject to the other provisions of this Section 2.03 2.04 and the provisions of Section 2.252.26, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four eight (4) 8) Borrowings of LIBO Loans and no more than eight (8) Borrowings of BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower shall give the Administrative Agent three (3) Business Days’ prior telephonic notice (thereafter confirmed in writing) of each LIBO Borrowing of LIBO or BA Equivalent Loans Borrowing and one (1) Business Days’ Day’s prior notice of each Borrowing of Prime Rate Loans. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston time, on the third Business Day in the case of LIBO Loans or BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one on the first Business Day prior to the date of Borrowing in the case of Prime Rate Loans thatprior to, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be not less than $1,000,000 in the case of LIBO Loans, and in an integral multiple of $500,0001,000,000, and but not less than $100,000 5,000,000 in the case of Prime Rate LIBO Loans and be in a minimum principal amount of CD$1,000,000 and increments of CD$500,000 in the case of BA Equivalent Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Prime Rate Loans or LIBO Loans or BA Equivalent Loans and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such notice, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet the Administrative Agent at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, no later than 1:00 p.m.12:00 noon, Boston time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, the greater of at the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the BorrowersRate, the interest rate applicable to Prime Rate Loans. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice of borrowing delivered by the Lead Borrower and shall use reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers no later than 4:00 p.m., Boston time.
(c) The Administrative Agent, without the request of any Borrower, may advance any interest, fee, service charge, or other payment to which any Agent or their Affiliates or any Lender is entitled from the Borrowers pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.18(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c) shall bear interest at the interest rate then and thereafter applicable to Prime Rate Loans.or
Appears in 1 contract
Sources: Senior Secured, Super Priority, Debtor in Possession Credit Agreement
Making of Loans. (a) Except as set forth in Sections 2.17 2.16 and 2.252.24, (i) Loans (other than Swingline Loans but including the FILO Loans) by the Revolving Credit Domestic Lenders to the Domestic Borrowers shall be either Domestic Prime Rate Loans Loans, or LIBO Loans as the Lead Borrower on behalf of the Domestic Borrowers may request subject to and in accordance with this Section 2.032.3, provided that (ii) all Swingline Loans shall be only Domestic Prime Rate Loans, (iii) Canadian Loans (other than Canadian Swingline Loans) by the Canadian Lenders to the Canadian Borrower shall be either Canadian Prime Rate Loans or BA Equivalent Loans (if made in Canadian Dollars), or LIBO Loans or U.S. Index Rate Loans (if made in Dollars), (iv) all Canadian Swingline Loans shall be Canadian Prime Rate Loans or U.S. Index Rate Loans, (v) UK Loans (other than, for the avoidance of doubt, UK Swingline Loans) by the UK Lenders to the UK Borrower shall only be LIBO Loans and may be made in Optional Currency or in Dollars, and (vi) all UK Swingline Loans by the UK Swingline Lender to the UK Borrower shall only be UK Base Rate Loans. All Revolving Credit Loans made pursuant to the same Borrowing shall, unless otherwise specifically provided herein, be Loans of the same Type. Each Revolving Credit Lender may fulfill its Commitment with respect to any Loan by causing any lending office of such Revolving Credit Lender to make such Loan; but any such use of a lending office shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of the applicable Note. Each Revolving Credit Lender shall, subject to its overall policy considerations, use reasonable efforts (but shall not be obligated) to select a lending office which will not result in the payment of increased costs by the Borrowers pursuant to Section 2.252.23. Subject to the other provisions of this Section 2.03 2.3 and the provisions of Section 2.252.24, Borrowings of Loans of more than one Type may be incurred at the same time, but no more than four ten (410) Borrowings of LIBO Loans and BA Equivalent Loans may be outstanding at any time.
(b) The Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, shall give the Administrative Agent three (3) Business Days’ (or, with respect to any Loans made in Optional Currency, four (4) Business Days’) prior telephonic electronic notice (thereafter confirmed in writingpursuant to a Notice of Borrowing) of each LIBO Borrowing and BA Equivalent Loan Borrowing, and prior electronic notice (pursuant to a Notice of Borrowing) on the same Business Day of each Borrowing of LIBO Loans and one Business Days’ notice of each Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans or UK Swingline Loans, as applicable. Any such notice, to be effective, must be received by the Administrative Agent not later than 12:00 p.m.11:00 a.m., Boston timeLocal Time, on the third Business Day in the case of LIBO Loans and BA Equivalent Loans prior to the date on whichto, and 1:00 p.m. Boston time one Business Day prior to the date of Borrowing and, in the case of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans thatand UK Swingline Loans, by 11:00 a.m. Local Time on the same Business Day of, the date on which such Borrowing is to be made. Notwithstanding the foregoing, in the case of Prime Rate Loans, provided that there is only one Revolving Credit Lender under this Agreement, the Lead Borrower shall give the Administrative Agent notice each Borrowing of Prime Rate Loan prior to 1:00 p.m. Boston time on the Business Day of the requested Borrowing. Such notice shall be irrevocable and shall specify the amount of the proposed Borrowing (which shall be in an integral multiple of (i) $100,000, but not less than $1,000,000 in the case of LIBO Loans; (ii) CD$100,000, and but not less than CD$1,000,000 in an integral multiple the case of BA Equivalent Loans; (iii) $500,000100,000, and but not less than $100,000 in the case 250,000 for each of Prime Rate Loans and U.S. Index Rate Loans; and (iv) not less than CD$100,000 for Canadian Swing Line Loans) and the date thereof (which shall be a Business Day) and shall contain disbursement instructions. Such notice shall specify whether the Borrowing then being requested is to be a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans, U.S. Index Rate Loans, UK Swingline Loans, LIBO Loans or LIBO Loans BA Equivalent Loans, and, if LIBO Loans or BA Equivalent Loans, the Interest Period with respect thereto. If no election of Interest Period is specified in any such notice for a Notice of Borrowing of LIBO Loans or BA Equivalent Loans, such notice shall be deemed a request for an Interest Period of one month. If no election is made as to the Type of Loan, such notice shall be deemed a request for a Borrowing of Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. The Administrative Agent shall promptly notify each Revolving Credit Lender of its proportionate share of such Borrowing, the date of such Borrowing, the Type of Borrowing being requested and the Interest Period or Interest Periods applicable thereto, as appropriate. On the borrowing date specified in such noticeNotice of Borrowing, each Revolving Credit Lender shall make its share of the Borrowing available at the office of Fleet at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Agent’s Office no later than 1:00 2:00 p.m., Boston timeLocal Time, in immediately available funds. Unless the Administrative Agent shall have received notice from a Revolving Credit Lender prior to the proposed date of any Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent Agent, such Revolving Credit Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Credit Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the applicable Borrowers a corresponding amount. In such event, if a Revolving Credit Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Revolving Credit Lender and the Borrowers severally agree to pay to the Administrative Agent Agent, forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Revolving Credit Lender, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation applicable to such Loan or (ii) in the case of the Borrowers, the interest rate applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable. If such Revolving Credit Lender pays such amount to the Administrative Agent, then such amount shall constitute such Revolving Credit Lender’s Loan included in such Borrowing. Upon receipt of the funds made available by the Revolving Credit Lenders to fund any Borrowing hereunder, the Administrative Agent shall disburse such funds into a Fleet Disbursement Account or otherwise in the manner specified in the notice Notice of borrowing Borrowing delivered by the Lead Borrower, the Canadian Borrower or the UK Borrower, as applicable, and shall use commercially reasonable efforts to make the funds so received from the Revolving Credit Lenders available to the Borrowers Domestic Borrowers, the Canadian Borrower or the UK Borrower, as applicable, no later than 4:00 3:00 p.m., Boston timeLocal Time.
(c) The Administrative Agent, without the request of any the Lead Borrower, the Canadian Borrower or the UK Borrower, may advance any interest, fee, service charge, or other payment to which any the Agent or their its Affiliates or any Lender is entitled from the Borrowers any Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby; provided that in no event shall the Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions (including any Overadvance or proposed Overadvance) would exceed the Total Commitments, the principal amount of the Domestic Credit Extensions would exceed the Revolving Domestic Total Commitments, the principal amount of the Canadian Credit Extensions would exceed the Canadian Total Commitments, the principal amount of the UK Credit Extensions would exceed the UK Loan Cap, or the principal amount of the Canadian Credit Extensions plus the principal amount of the UK Credit Extensions would exceed fifty percent (50%) of the Loan Cap. The Administrative Agent shall advise notify the Lead Borrower of any such advance or charge promptly after no later than one Business Day prior to the making thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ each Borrower’s obligations under Section 2.18(a2.3(a). Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.03(c2.3(c) shall bear interest at the interest rate then and thereafter applicable to Domestic Prime Rate Loans, Canadian Prime Rate Loans or UK Swingline Loans, as applicable.
Appears in 1 contract
Sources: Credit Agreement (Genesco Inc)