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.
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Making of the Loans. (ai) Each Loan shall be made by the Bank Lenders in such amount as the Borrower shall request, provided that each borrowing shall be in an amount which is a -------- minimum of (a) A), with respect to any LIBOR Loan, $1,500,0005,000,000, and integral multiples of $250,000 1,000,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 1,000,000 and integral multiples of $100,000 500,000 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 Lenders to make any Loan is conditioned upon (w) the fact that the sum of the outstanding principal amount of the Loans, after giving effect to the making of such Loan, would not exceed the lesser of the Commitment or the Maximum Borrowing Amount as of the date of such Loan; (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 Loan Documents shall still be in full force and effect; and (z) the fact that the representations and warranties contained herein and in the Collateral Loan 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.
(bii) Subject to the satisfaction of the conditions set forth in Sections 2.2(a)(i) and 6, Loans shall be effected at the principal banking office of the Bank Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank Agent no later than 11:00 A.M. Cleveland, Ohio time (A) three Banking Business Days prior to the date of a requested LIBOR Loan and (B) one Banking Business 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 at an interest rate based upon on the Base Rate or the LIBOR Rate, and the Interest Period thereof, if applicable. The Bank Agent shall be entitled to rely on any such telephonic communication regardless of whether it is subsequently confirmed in writing.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Borrower's election pursuant to notice given to Agent shall promptly notify each Lender of the Bank not type, Interest Period, if applicable, amount and date of the proposed borrowing or conversion. Not later than 11:00 A.A.M. Cleveland time, on the date of a proposed borrowing of a Loan, each Lender shall provide the Agent at its address specified in Section 13.4 hereof with immediately available funds covering such Lender’s Ratable Share of the borrowing, and the Agent shall pay over such immediately available funds to the Borrower.
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Making of the Loans. (ai) Each Revolving Loan or Term Loan, as the case may be, shall be made by the Bank Banks in such amount as the Borrower shall request; provided, provided however, that each borrowing shall be in an amount which is a -------- minimum of of, (aA) with respect to any LIBOR Loan, $1,500,0001,000,000, and integral multiples of $250,000 500,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 500,000, and integral multiples of $100,000 200,000 in excess thereof thereof, or in respect of any Base Rate Loan or each case such lesser amount as may be equal to the then unused portion of the Revolving Commitment. The obligation of the Bank Banks to make any Loan is conditioned upon the fact that: (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 Loan Documents shall still be in full force and effect; and (z) the fact that the representations and warranties contained herein and in the Collateral Loan 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.
(bii) Loans shall be effected at the principal banking office of the Bank in Cleveland, OhioAdministrative Agent's Office, and shall be made at such times as the Borrower may request by notice to the Bank Administrative Agent no later than 11:00 A.M. Clevelanda.m., Ohio time Charlotte, North Carolina time, (A) three (3) Banking Days prior to the date of a requested LIBOR Loan and (B) one Banking Day prior to on 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.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Administrative Agent shall promptly notify each Bank of the type, Interest Period, if applicable, amount and date of the proposed borrowing. Not later than 1:00 p.m., Charlotte, North Carolina time, on the date of a proposed borrowing, each Bank shall provide the Administrative Agent at its address specified in Section 12.4 with immediately available funds covering such Bank's Ratable Share of the borrowing, and the Administrative Agent shall pay over such immediately available funds to the Borrower's election pursuant to notice given to the Bank not later than 11:00 A..
Appears in 1 contract
Sources: Loan Agreement (Gray Communications Systems Inc /Ga/)
Making of the Loans. (ai) Each Loan shall be made by the Bank Banks in such amount as the Borrower shall request, provided that each borrowing shall be in an amount which is a -------- minimum of (a) A), with - 32 - 39 respect to any LIBOR Loan, $1,500,0003,000,000, and integral multiples of $250,000 500,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 1,000,000 and integral multiples of $100,000 500,000 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 Banks to make any Loan is conditioned upon the fact that (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.
(bii) Loans shall be effected at the principal banking office of the Bank Administrative Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank 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, 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.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Borrower's election pursuant to notice given to Administrative Agent shall promptly notify each Bank of the Bank not type, Interest Period, if applicable, amount and date of the proposed borrowing. Not later than 11:00 A.A.M. Cleveland time, on the date of a proposed borrowing of a Loan, each Bank shall provide the Administrative Agent at its address specified in Section 12.4 hereof with immediately available funds covering such Bank's Ratable Share of such Loan, and the Administrative Agent shall pay over such immediately available funds to the Borrower.
Appears in 1 contract
Making of the Loans. (ai) Each Loan shall be made by the Bank Banks in such amount as the Borrower shall request, provided PROVIDED that each borrowing shall be in an amount which is a -------- minimum of (a) A), with respect to any LIBOR Loan, $1,500,0001,000,000, and integral multiples of $250,000 1,000,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 and integral multiples of $100,000 500,000 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 Reducing Commitment or the Acquisition Commitment, as the case may be. The obligation of the Bank Banks to make any Loan is conditioned upon the fact that (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.
(bii) Loans shall be effected at the principal banking office of the Bank Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank 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, 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.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Borrower's election pursuant to notice given to Agent shall promptly notify each Bank of the Bank not type, Interest Period, if applicable, amount and date of the proposed borrowing. Not later than 11:00 A.A.M. Cleveland time, on the date of a proposed borrowing, each Bank shall provide the Agent at its address specified in Section 12.4 hereof with immediately available funds covering such Bank's Ratable Share of the borrowing, and the Agent shall pay over such immediately available funds to the Borrower.
Appears in 1 contract
Making of the Loans. (ai) Each Revolving Loan or Term Loan, as the case may be, shall be made by the Bank Banks in such amount as the Borrower shall request, provided PROVIDED that each borrowing shall be in an amount which is a -------- minimum of (a) A), with respect to any LIBOR Loan, $1,500,0001,000,000, and integral multiples of $250,000 200,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 and integral multiples of $100,000 200,000 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 Revolving Commitment or Term Commitment, as the case may be. The obligation of the Bank Banks to make any Loan is conditioned upon the fact that (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.
(bii) Loans shall be effected at the principal banking office of the Bank Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank 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, 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.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Borrower's election pursuant to notice given to Agent shall promptly notify each Bank of the Bank not type, Interest Period, if applicable, amount and date of the proposed borrowing. Not later than 11:00 A.A.M. Cleveland time, on the date of a proposed borrowing, each Bank shall provide the Agent at its address specified in Section 12.4 with immediately available funds covering such Bank's Ratable Share of the borrowing, and the Agent shall pay over such immediately available funds to the Borrower.
Appears in 1 contract
Sources: Loan Agreement (Gray Communications Systems Inc /Ga/)
Making of the Loans. (ai) Each Loan shall be made by the Bank Banks in such amount as the Borrower shall request, provided that each borrowing shall be in an amount which is a -------- minimum of (a) A), with respect to any LIBOR Loan, $1,500,0005,000,000, and integral multiples of $250,000 1,000,000 in excess thereof in respect of LIBOR Loansthereof, and (bB) with respect to any Base Rate Loan, $500,000 1,000,000 and integral multiples of $100,000 500,000 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 Banks to make any Loan is conditioned upon (w) the fact that the sum of the outstanding principal amount of the Loans, after giving effect to the making of such Loan, plus the aggregate stated amount of all outstanding Letters of Credit would not exceed the Borrowing Base as of the date of such Loan; (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.
(bii) Subject to the satisfaction of the conditions set forth in Section 6, Loans shall be effected at the principal banking office of the Bank Agent in Cleveland, Ohio, and shall be made at such times as the Borrower may request by notice to the Bank 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, and shall specify the proposed date and the amount of the requested Loan, whether it is to bear interest initially at an interest rate based upon on 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.
(ciii) At Upon receipt of each borrowing notice for a Loan, the Borrower's election pursuant to notice given to Agent shall promptly notify each Bank of the Bank not type, Interest Period, if applicable, amount and date of the proposed borrowing or conversion. Not later than 11:00 A.A.M. Cleveland time, on the date of a proposed borrowing of a Loan, each Bank shall provide the Agent at its address specified in Section 12.4 hereof with immediately available funds covering
Appears in 1 contract