Making of the Loans Clause Samples
The "Making of the Loans" clause defines the procedures and conditions under which a lender will provide loan funds to a borrower. It typically outlines the steps required for the borrower to request a loan drawdown, any documentation or certifications that must be provided, and the timing and method of disbursement. For example, it may specify that funds will be transferred upon satisfaction of certain conditions precedent or after submission of a formal borrowing request. This clause ensures clarity and structure in the loan disbursement process, helping both parties understand their obligations and reducing the risk of disputes over how and when funds are made available.
Making of the Loans. (a) If the Borrower desires to request a Borrowing it shall give the Agents a written notice in substantially the form set forth on Exhibit B hereto (each, a “Notice of Borrowing”), (i) in the case of a Term SOFR Borrowing, no later than 11:00 a.m., New York City time, three (3) Business Days prior to the day of the requested Borrowing, and (ii) in the case of an ABR Borrowing, no later than 2:00 pm, New York City time, two (2) Business Days prior to the requested date of any Borrowing. Following receipt of the Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the amount of its Percentage Share of the applicable Requested Amount.
(b) Each Notice of Borrowing shall be dated the date the request for the related Borrowing is being made, signed by an Authorized Officer of the Borrower and otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling during the Commitment Period.
(c) The amount of the Borrowing requested in each Notice of Borrowing (the “Requested Amount”) shall be equal to at least $250,000 and integral multiples of $1,000 in excess thereof (or, if less, the aggregate Undrawn Commitments).
(d) Each Notice of Borrowing shall be revocable by the Borrower only if written notice of such revocation is given to the applicable Lenders and the Administrative Agent (with a copy to the Collateral Agent) no later than 2:00 p.m. (New York City time) on the date that is one Business Day before the date of the related Borrowing. Notices of Borrowing shall otherwise be irrevocable.
(e) Each Lender shall, not later than 1:00 p.m. (New York City time) on each Borrowing Date in respect of the Loan to be funded by it hereunder, make its Percentage Share of the applicable Requested Amount available to the Borrower by disbursing such funds in Dollars to an account specified by the Borrower in the Notice of Borrowing; provided that if the Loan is not funded through an account with the Administrative Agent, the Borrower shall provide written notice to the Administrative Agent when funds are received.
(f) The failure of any Lender to fund any Loan on a Borrowing Date hereunder shall not relieve any other Lender of any obligation hereunder to fund any Loan on such date. Notwithstanding the foregoing and any other provision to the contrary contained herein, if any Lender shall have failed to fund its Percentage Share of a previously requested Loan on the applicabl...
Making of the Loans. (a) Each Loan shall be made by the Bank in such amount as the Borrower shall request, provided that each borrowing shall be in an amount which is a -------- minimum of (a) $1,500,000, and integral multiples of $250,000 in excess thereof in respect of LIBOR Loans, and (b) $500,000 and integral multiples of $100,000 in excess thereof in respect of any Base Rate Loan or such lesser amount as may be equal to the then unused portion of the Commitment. The obligation of the Bank to make any Loan is conditioned upon (x) the fact that no Possible Default or Event of Default shall then exist or immediately after the making of such Loan would exist; (y) the fact that all of the Collateral Documents shall still be in full force and effect; and (z) the fact that the representations and warranties contained herein and in the Collateral Documents shall be true and correct in all material respects as if made on and as of the date of such borrowing, except to the extent that any thereof expressly relate to an earlier date.
(b) Loans shall be effected at the principal banking office of the Bank in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank no later than 11:00 A.M. Cleveland, Ohio time (A) three Banking Days prior to the date of a requested LIBOR Loan and (B) one Banking Day prior to the date of a requested Base Rate Loan. Such notices shall be in writing, or by telephonic communication confirmed by telecopy or other facsimile transmission on the same day as the telephone request, and shall specify the proposed date and the amount of the requested Loan, whether it is to bear interest initially based upon the Base Rate or the LIBOR Rate, and the Interest Period thereof, if applicable. The Bank shall be entitled to rely on any such telephonic communication regardless of whether it is subsequently confirmed in writing.
(c) At the Borrower's election pursuant to notice given to the Bank not later than 11:00 A.
Making of the Loans. (a) On the Initial Closing Date, the Lenders with an Initial Loan Commitment made the Initial Loan to the Borrower pursuant to the terms of the Original Credit Agreement. The principal amount of the Initial Loan outstanding on the date hereof is $30,000,000. The Borrower hereby agrees that it is liable to repay the Initial Loan pursuant to the terms and conditions set forth in this Credit Agreement and in the other Loan Documents.
(b) Each Lender with an Additional Loan Commitment severally and not jointly with any other Lender, agrees, upon the terms and subject to the conditions herein set forth, on the Closing Date to make the Additional Loan to the Borrower in a single drawing in an aggregate principal amount not to exceed the amount of such Lender's Additional Loan Commitment; PROVIDED that the aggregate principal amount of the Additional Loan shall not exceed $20,000,000.
(c) The Additional Loan shall be made by the Lenders simultaneously and in accordance with their respective Additional Loan Commitments. The failure of any Lender to make its portion of the Additional Loan shall neither relieve any other Lender of its obligation to fund its portion of the Additional Loan in accordance with the provisions of this Credit Agreement nor increase the obligation of any such other Lender.
(d) Any portion of any Loan that is repaid may not be reborrowed.
(e) The Administrative Agent, without the request of 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 Borrower pursuant hereto or any other Loan Document and may charge the same to the Loan Account. The Administrative Agent shall advise the Borrower of any such advance or charge promptly after the making thereof. Any amount which is added to the principal balance of the Loan Account as provided in this Section 2.1(e) shall bear interest at the Interest Rate and shall be payable on the Maturity Date.
Making of the Loans. Subject to SECTION 11.3, Agent shall make the proceeds of the Loans available to Borrower on the Closing Date and shall disburse such funds in Dollars in immediately available funds to repay loans outstanding under the Revolving Facility.
Making of the Loans. (a) If the Borrower desires to request a Borrowing it shall give the Agents a written notice in substantially the form set forth on Exhibit B hereto (each, a “Notice of Borrowing”), which Notice of Borrowing shall promptly be sent by the Administrative Agent (i) to each Revolving Lender not later than 2:00 p.m. (New York City time) at least one Business Day prior to the day of the requested Borrowing and (ii) to each Term Lender not later than 2:00 p.m. (New York City time) at least three Business Days prior to the day of the requested Borrowing.
(b) Each Notice of Borrowing shall be dated the date the request for the related Borrowing is being made, signed by an Authorized Officer of the Borrower and otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be (i) in the case of the Term Loans, the Initial Borrowing Date and (ii) in the case of the Revolving Loans, a Business Day falling during the Commitment Period.
(c) The amount of the Borrowing requested in each Notice of Borrowing (the ““ Requested Amount””) shall be equal to (i) in the case of a Borrowing of Revolving Loans, at least $250,000 and integral multiples of $1,000 in excess thereof (or, if less, the aggregate Undrawn Commitments) and (ii) in the case of a Borrowing of Term Loans, the Total Term Commitment.
Making of the Loans. (i) Each Loan shall be made by the Lenders in such amount as the Borrower shall request, provided that, in addition to the restriction set forth in Section 2.2(b) with respect to the Term Loans, each borrowing shall be in an amount which is a minimum of (A), with respect to any LIBOR Loan, $5,000,000, and integral multiples of $1,000,000 in excess thereof, and (B) with respect to any Base Rate Loan, $1,000,000 and integral multiples of
(ii) Loans shall be effected at the principal banking office of the Administrative Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Administrative Agent no later than 11:00 A.M. Cleveland, Ohio time (A) three Banking Days prior to the date of a requested LIBOR Loan and (B) one Banking Day prior to the date of a requested Base Rate Loan. Such notices shall be in writing, or by telephonic communication confirmed by telecopy or other facsimile transmission on the same day as the telephone request, shall be irrevocable and shall specify the proposed date and the amount of the requested Loan, whether it is a Term Loan or a Revolving Loan, whether it is to bear interest initially based upon the Base Rate or the LIBOR Rate, and the Interest Period thereof, if applicable. The Administrative Agent shall be entitled to rely on any such telephonic communication regardless of whether it is subsequently confirmed in writing.
(iii) Upon receipt of each borrowing notice for a Loan, the Administrative Agent shall promptly notify each Lender of the type, Interest Period, if applicable, amount and date of the proposed borrowing. Not later than 11:00 A.M. Cleveland time, on the date of a proposed borrowing of a Loan, each Lender shall provide the Administrative Agent at its address specified in Section 13.4 with immediately available funds covering such Lender's Ratable Share, if any, of such Loan, and the Administrative Agent shall pay over such immediately available funds to the Borrower.
Making of the Loans. The Companies and the Bank acknowledge and agree that the Bank (a) on March 31, 1993, advanced funds to the Companies on a joint and several basis for the purposes of funding the acquisition of the Arizona Real Estate, and (b) on April 14, 1992 advanced funds to the Companies on a joint and several basis for the purpose of funding the acquisition of the Fort ▇▇▇▇▇▇ Real Estate. The Bank agrees to make an additional advance to the Companies, on a joint and several basis, on December 15, 1997, in an amount equal to the sum of (i) $6,000,000, minus (ii) the aggregate outstanding principal amount of the advances referred to in the immediately preceding sentence (such previous advances and such additional advances are herein collectively referred to as the "Real Estate Term Loans"). The proceeds of such additional advance shall be used solely to (i) repay Revolving Credit Loans that were incurred to finance the acquisition of the Companies' facility in Beverly, Massachusetts and (ii) pay costs and expenses incurred by the Companies in connection with such acquisition and the amendment of the Loan Documents to reflect such additional advance.
Making of the Loans. Each Loan shall be made on notice by the Borrower (a "Notice of Borrowing"), in substantially the form of Exhibit B, given not later than 11:00 a.m. (New York City time) on the Business Day on which such Loan is proposed to be made, specifying therein the requested date such Loan is to be made and the principal amount of such Loan. Provided that all conditions precedent specified in Section 3.1 hereof applicable thereto have been satisfied, the Lender will make such funds available to the Borrower by deposit to the Borrower's Account before 12:00 noon on the Business Day specified in the Notice of Borrowing. Each Notice of Borrowing shall be irrevocable and binding on the Borrower.
Making of the Loans. The Borrower shall give each Lender (with a copy to the Agent) written notice (which notice shall be irrevocable and effective only upon receipt by the Agent) of its request for the Loans (the “Notice of Borrowing”) not later than the Business Day immediately prior to the CLO Closing Date. The Notice of Borrowing shall be substantially in the form of Exhibit B hereto. Subject to the terms and conditions of this Agreement, one (1) Business Day prior to the CLO Closing Date, each Lender shall, in immediately available funds, make the amount of its Loan to be funded by it available to the Borrower by depositing the same into the account designated by the Borrower in the Notice of Borrowing (and subject to an escrow arrangement acceptable to the Agent and the Required Lenders).
Making of the Loans. Article 2 is hereby amended by replacing the existing Section 2.1(d) with the following, by replacing the existing Section 2.1(e) with the existing Section 2.1(d), and by adding a new Section 2.1(f) which includes the existing Section 2.1(e):