Common use of Making the Advances Clause in Contracts

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 5 contracts

Sources: Credit Agreement, Credit Agreement, Credit Agreement

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesBorrowing consisting of Eurocurrency Rate Advances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower requesting the Borrowing at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) no Borrower may select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than 12 separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Borrower requesting the Borrowing. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, the Borrower requesting such Borrower Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower requesting such Borrowing on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such a Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 5 contracts

Sources: 364 Day Credit Agreement (At&t Inc.), Credit Agreement (At&t Inc.), Credit Agreement (At&t Inc.)

Making the Advances. (a) Each Borrowing under Section 2.01 shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate SOFR Advances, not later than 11:00 a.m. A.M. (New York City time) on the third (3rd) U.S. Government Securities Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. 1:00 P.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be transmitted by facsimile or email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) wire instructions of the Borrower, and (E) in the case of a Borrowing comprising Eurodollar Rate SOFR Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising SOFR Advances, and (y) 3:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower in such manner as the Borrower at shall have specified in the Administrative Agent’s aforesaid addressapplicable Notice of Borrowing. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate SOFR Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired acquired, or the hedging of the interest rate risks associated with respect to such funds, by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances under Section 2.01 that such Lender will not make available to the Administrative Agent such Lender▇▇▇▇▇▇’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent’s demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing under Section 2.01 shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any BorrowingBorrowing under Section 2.01.

Appears in 5 contracts

Sources: Credit Agreement (Entergy Mississippi, LLC), Credit Agreement (Entergy Mississippi, LLC), Credit Agreement (Entergy Mississippi, LLC)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be transmitted by email or any other electronic manner reasonably acceptable to the Administrative Agent, facsimile in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) wire instructions of the Borrower, and (E) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising Eurodollar Rate Advances, and (y) 1:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent’s demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 5 contracts

Sources: Credit Agreement (Entergy Texas, Inc.), Credit Agreement (Entergy Texas, Inc.), Credit Agreement (Entergy Texas, Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. Advances or (y) 1:00 P.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by facsimile. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Revolving Credit Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, facsimile in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative AgentBorrower’s aforesaid address. (b) Each Notice account as specified in writing by two Financial Officers of Borrowing delivered the Borrower; provided, however, that the Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances made by the Swing Line Banks and by any Borrower shall be irrevocable other Lender and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Banks and such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage other Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementSwing Line Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Credit Agreement (Gatx Corp), Credit Agreement (Gatx Corp), Credit Agreement (Gatx Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 10:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in any Major Currency, not later than (y) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars or (z) 9:00 A.M. (New York City time) on the day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower the Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Major Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion (as determined in accordance with Section 2.01) of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s aforesaid addressaddress or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, the Company may not select Eurocurrency Rate Advances for any proposed Borrowing if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.09 or 2.12. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Company. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower the Company to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, Borrowing the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such Borrowerthe Company, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.and

Appears in 4 contracts

Sources: Credit Agreement (Honeywell International Inc), 364 Day Credit Agreement (Honeywell International Inc), 364 Day Credit Agreement (Honeywell International Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than (ix) 1:00 P.M. (New York City time) on the second Business Day prior to either the Closing Date or (if applicable) the Pre-Funding Date, in the case of a Borrowing comprising Eurodollar Eurocurrency Rate AdvancesAdvance, not later than 11:00 a.m. or (y) noon (New York City time) on the third Business Day prior to either the date of Closing Date or (if applicable) the proposed BorrowingPre-Funding Date, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed BorrowingAdvance, by any Borrower the Company to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by in writing, via email or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) the Class of Advances comprising such Borrowing, (iv) aggregate amount of such Borrowing, and (Dv) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitment of such Lender. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.02, subject to Section 3.03 (if applicable), the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) [Reserved] (c) Anything in subsection (a) above to the contrary notwithstanding, (i) the Company may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or is not in an integral multiple of $1,000,000 in excess thereof, or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Borrowings. (d) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Company; provided however, that any Notice of Borrowing may be conditioned on the occurrence of any event, in which case such Borrowernotice may be revoked by the Company (by notice delivered to the Agent on or prior to the date of the proposed Borrowing (whether into the Pre-Funded Account pursuant to Section 3.03 or otherwise)) if such condition is not satisfied (it being understood that any revocation of a Notice of Borrowing shall be subject to the provisions in the succeeding sentence). In the case of any a Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIISection 3.02, including, without limitation, any loss (including excluding any loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrowerthe Company, the higher of the interest rate applicable at the time to the Advances made in connection with comprising such Borrowing and the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, the higher of the Federal Funds RateRate and the cost of funds incurred by the Agent in respect of such amount, plus any administrative, processing or similar fees customarily charged by the Agent in connection with the foregoing. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (df) The obligations of the Lenders hereunder to make Advances are several and not joint. [Reserved] (g) The failure of any Lender to make the Advance Advances to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Term Loan Credit Agreement (Nutrition & Biosciences, Inc.), Term Loan Credit Agreement (International Flavors & Fragrances Inc), Term Loan Credit Agreement (International Flavors & Fragrances Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of Borrowing if a Borrowing comprising Alternate Base consists of Eurodollar Rate Advances, or not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing if a Borrowing consists of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email or any other electronic manner reasonably acceptable to the Administrative Agenttelephone, confirmed immediately by telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case if such Borrowing consists of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing; provided, however, that if a Notice of Borrowing in respect of a proposed Borrowing consisting of Base Rate Advances is given on the date of such Borrowing, the Lenders shall so make available their ratable portions of such Borrowing before 3:00 P.M. (New York City time) on such date. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressBankers Trust Company, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. (b) Each Notice of Borrowing delivered by any Anything in subsection (a) above to the contrary notwithstanding, the Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting may not select Eurodollar Rate Advances, such Advances for any Borrowing if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07(e). (c) The Borrower shall indemnify each Lender against any lossactual and documented loss (excluding any loss of profit and/or margin), cost or expense reasonably incurred by such Lender as a result of (i) the revocation by the Borrower of (x) any Notice of Borrowing if it specifies that the Borrowing is to be comprised of Eurodollar Rate Advances or (y) any notice given by the Borrower pursuant to Section 2.08 of the Conversion of Base Rate Advances to Eurodollar Rate Advances and (ii) any failure by such Borrower to fulfill on or before the date specified in a Notice of Borrowing for a Borrowing that such Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances the applicable conditions set forth in Article III, including, without limitationlimitation in each such case, any loss (including excluding loss of anticipated profitsprofit and/or margin), cost or expense reasonably incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing or as a result of such Conversion when such Advance, as a result of such revocation or failure, is not made on the date specified therefor in the relevant Notice of Borrowing or when such dateBase Rate Advances, as a result of such revocation, are not converted to Eurodollar Rate Advances, but excluding, however, any such losses, costs and expenses resulting from any such revocation or failure which has occurred more than 60 days prior to demand being made to the Borrower by such Lender for indemnification. The payment of such indemnity to a Lender shall be made within 30 days of a demand by such Lender complying with Section 8.04(d). (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Credit Agreement (Mirant Corp), Credit Agreement (Mirant Corp), Credit Agreement (Mirant Americas Generating LLC)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than Advances or (y) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than eight separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Base Rate Advances made in connection with such Borrowing and (ii) in the case of such Lender, the greater of the Federal Funds RateRate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances and to make payments pursuant to Section 8.04(c) are several and not joint. The failure of any Lender to make the any Advance or to be made by it as part of make any Borrowing payment under Section 8.04(c) on any date required hereunder shall not relieve any other Lender of its obligationcorresponding obligation to do so on such date, if any, hereunder to make its Advance on the date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to so make the its Advance or to be made by such other Lender on the date of any Borrowingmake its payment under Section 8.04(c).

Appears in 4 contracts

Sources: Credit Agreement (Celgene Corp /De/), Credit Agreement (Celgene Corp /De/), Credit Agreement (Celgene Corp /De/)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be transmitted by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed immediately in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, and (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising Eurodollar Rate Advances, and (y) 1:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent's demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Credit Agreement (Entergy Corp /De/), Credit Agreement (Entergy Arkansas Inc), Credit Agreement (Entergy Arkansas Inc)

Making the Advances. (a) Each Borrowing (other than with respect to Swingline Advances) shall be in an amount not less than $10,000,000 (or, if less, the Available Commitments at such time) or an integral multiple of $1,000,000 in excess thereof and shall consist of Advances (other than Swingline Advances) of the same Type made on the same day by the Lenders ratably according to their respective Commitment Percentages. Each Borrowing (other than with respect to Swingline Advances) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) A.M. on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. (New York time) 9:30 A.M. on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofwritten notice. Each such notice of a Borrowing under this Section 2.02 (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, fax in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of Borrowing Date for such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York time) 12:00 noon on the date of such Borrowingapplicable Borrowing Date, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of the Borrowing to be made on such BorrowingBorrowing Date. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to the Borrower in such manner as the Borrower at shall have specified in the applicable Notice of Borrowing and as shall be reasonably acceptable to the Administrative Agent’s aforesaid address. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.12(c), 2.12(f) or 2.16, and (ii) there shall be not more than 20 Borrowings at any one time outstanding. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to comprise Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission by courier or fax from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day any Borrowing Date or, in the case of a Base Rate Advance, prior to the date time of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances Borrowing, that such Lender will not make available to the Administrative Agent such Lender’s Percentage Advance as part of the Borrowing to be made on such BorrowingBorrowing Date, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing Date in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent maymay (but it shall not be required to), in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Credit Agreement (Southwestern Electric Power Co), Credit Agreement (Southwestern Electric Power Co), Credit Agreement (American Electric Power Co Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 10:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Alternative Currency Term Rate Advances, not later than (y) 11:00 a.m. A.M. (New York City time) on the second Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Term SOFR Advances or (z) 9:00 A.M. (New York City time) on the day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower the Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Term Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and not later than the Applicable Time on the date of such Borrowing, in the case of a Borrowing consisting of Term Advances denominated in any Alternative Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Office, in same day funds, such Lender▇▇▇▇▇▇’s Percentage ratable portion (as determined in accordance with Section 2.01) of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s aforesaid address. (b) Anything in subsection (a) above to the contrary notwithstanding, the Company may not select Term Rate Advances for any proposed Borrowing if the obligation of the Lenders to make Term Rate Advances shall then be suspended pursuant to Section 2.09, 2.12 or 2.19. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Company. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Term Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower the Company to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender▇▇▇▇▇▇’s Percentage ratable portion of such Borrowing, Borrowing the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such Borrowerthe Company, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiB) the cost of funds incurred by the Administrative Agent in respect of such amount and (y) in the case of such Lender, the greater of (1)(A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in any Alternative Currency and (2) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: 364 Day Credit Agreement (Honeywell International Inc), 364 Day Credit Agreement (Honeywell International Inc), 364 Day Credit Agreement (Honeywell International Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 11:00 A.M. (iNew York City time) on the day of such proposed Borrowing, in the case of a Borrowing comprising Eurodollar comprised of Base Rate Advances, not later than 11:00 a.m. (New York time) or on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier, confirmed promptly in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, which Borrowing the Administrative Agent shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity promptly notify each Lender of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable interest rate under Section 2.06(b). Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case Borrower and, in respect of any Notice Borrowing comprised of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost loss or expense incurred by such Lender as a result of any failure by such the Borrower to fulfill on or before the date specified in for such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost ) or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of any Borrowing (in the case of a Eurodollar Borrowing) or the time of any Borrowing comprising Eurodollar (in the case of a Base Rate Advances or (BBorrowing) 12:00 p.m. (New York time) on the date of a any Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent (without duplication), forthwith on demand demand, such corresponding amount amount, together with interest thereon, thereon for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiy) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (e) If, for any reason, a Borrowing is not made on the date specified in any Notice of Borrowing, the Administrative Agent hereby agrees to repay to each Lender the amount, if any, that such Lender has made available to the Administrative Agent as such Lender’s ratable portion of such Borrowing, together with interest thereon for each day from the date such amount is made available to the Administrative Agent until the date such amount is repaid to such Lender, at the Federal Funds Rate.

Appears in 4 contracts

Sources: Credit Agreement (Progress Energy Inc), Credit Agreement (Carolina Power & Light Co), Credit Agreement (Progress Energy Inc)

Making the Advances. (a) Each Borrowing (other than pursuant to a Conversion) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 10:00 A.M. (New York Chicago time) on the third Business Day prior to the date of the any proposed BorrowingBorrowing comprising Eurodollar Rate Advances, and (ii) in on the case date of a any proposed Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower a Borrowing") shall be sent by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed immediately in writing, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall the Advances to be subject to the limitations stated made in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting connection with such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York Chicago time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice of a Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of a Borrowing delivered by any Borrower requesting specifies is to comprise Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of a Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (e) Notwithstanding anything to the contrary contained herein, no more than sixteen (16) Borrowings comprising Eurodollar Rate Advances may be outstanding at any time.

Appears in 4 contracts

Sources: Revolving Credit Agreement (Peco Energy Co), Revolving Credit Agreement (Peco Energy Co), 364 Day Credit Agreement (Peco Energy Co)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. Advances or (y) 1:00 P.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Revolving Credit Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice Borrower's account as specified in writing by two Financial Officers of Borrowing delivered the Borrower; provided, however, that the Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances made by the Swing Line Banks and by any Borrower shall be irrevocable other Lender and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Banks and such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage other Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementSwing Line Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Annual Report, Credit Agreement (Gatx Financial Corp), Five Year Credit Agreement (Gatx Financial Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 10:00 A.M. (iNew York City time) on the day of such proposed Borrowing, in the case of a Borrowing comprising Eurodollar comprised of Base Rate Advances, not later than 11:00 a.m. (New York time) or on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier, confirmed promptly in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, which Borrowing the Administrative Agent shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity promptly notify each Lender of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable interest rate under Section 2.06(b). Each Lender shall, before 1:00 p.m. 12:00 P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case Borrower and, in respect of any Notice Borrowing comprised of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost loss or expense incurred by such Lender as a result of any failure by such the Borrower to fulfill on or before the date specified in for such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost ) or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent (without duplication), forthwith on demand demand, such corresponding amount amount, together with interest thereon, thereon for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiy) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (e) If, for any reason, a Borrowing is not made on the date specified in any Notice of Borrowing, the Administrative Agent hereby agrees to repay to each Lender the amount, if any, that such Lender has made available to the Administrative Agent as such Lender's ratable portion of such Borrowing, together with interest thereon for each day from the date such amount is made available to the Administrative Agent until the date such amount is repaid to such Lender, at the Federal Funds Rate.

Appears in 4 contracts

Sources: Credit Agreement (Progress Energy Inc), Credit Agreement (Progress Energy Inc), Credit Agreement (Progress Energy Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 1:00 P.M. (New York City time) on the date one Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesAccount; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowingany Issuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make Swing Line Bank or such Issuing Bank, as the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 4 contracts

Sources: Credit Agreement (Five Star Quality Care, Inc.), Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. 1:00 P.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be transmitted by facsimile or email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) wire instructions of the Borrower, and (E) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising Eurodollar Rate Advances, and (y) 3:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower in such manner as the Borrower at shall have specified in the Administrative Agent’s aforesaid addressapplicable Notice of Borrowing. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent’s demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 4 contracts

Sources: Credit Agreement (Entergy New Orleans, LLC), Credit Agreement (Entergy New Orleans, LLC), Credit Agreement (Entergy New Orleans, LLC)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 12:00 Noon (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesAccount; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowingany Issuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make Swing Line Bank or such Issuing Bank, as the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 4 contracts

Sources: Credit Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurodollar Rate Advances, or the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing or any other electronic manner reasonably acceptable to the Administrative Agent, by telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) remittance instructions and (v) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.06 or 2.10 and (ii) Eurodollar Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the proposed date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage share of such Borrowing, the Administrative Agent may assume that such Lender has made such portion share available to the Administrative Agent on the such date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to In such event, if a Lender has not in fact made its share of the extent that such Lender shall not have so made such Percentage of such applicable Borrowing available to the Administrative Agent, such then the applicable Lender and such the Borrower severally agree to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from and including the date such amount is made available to such the Borrower until to but excluding the date such amount is repaid of payment to the Administrative Agent, at (i) in the case of a payment to be made by such BorrowerLender, the interest greater of the Federal Funds Effective Rate and a rate applicable at determined by the time to Advances made Agent in connection accordance with such Borrowing banking industry rules on interbank compensation and (ii) in the case of such Lendera payment to be made by the Borrower, the Federal Funds Rateinterest rate applicable to Base Rate Advances. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pays such amount to the Administrative Agent such corresponding amountAgent, then such amount so repaid shall constitute such Lender’s Advance as part of included in such Borrowing for purposes of this AgreementBorrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: 364 Day Term Loan Agreement (Oracle Corp /De/), 364 Day Term Loan Agreement (Oracle Corp /De/), 364 Day Term Loan Agreement (Oracle Corp /De/)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than Advances or (y) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the applicable Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date and Facility of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.03, the Administrative Agent will shall make such funds available to the Borrower that requested such Advance by depositing such funds to such account as such Borrower at the Administrative Agent’s aforesaid addressshall specify. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than fifteen separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Borrower giving such BorrowerNotice. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, the Borrower giving such Borrower Notice shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIISection 3.03, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of any Borrowing under a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of Facility under which such Lender has a Borrowing comprising Alternate Base Rate Advances Commitment that such Lender Lender, contrary to its Commitment, will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay without duplication to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. Nothing herein shall be deemed to prejudice any rights which any Borrower may have against a Lender as a result of any default by a Lender hereunder.

Appears in 3 contracts

Sources: Credit Agreement (Lubrizol Corp), Credit Agreement (Lubrizol Corp), Credit Agreement (Lubrizol Corp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing shall be made on notice, given (i) in by the case of a Borrowing comprising Eurodollar Rate Advances, Borrower not later than 11:00 a.m. 2:00 p.m. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or electronic mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other telecopier or electronic manner reasonably acceptable to the Administrative Agentmail, in substantially the form of Exhibit C heretoB, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day immediately available funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitment of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will shall make such funds available to such Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrower, by crediting the Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesAccount; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such any L/C Borrowings made by any Issuing Bank and by any Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance outstanding on the date of such Borrowing, but no Lender shall be responsible for the failure plus interest accrued and unpaid thereon to and as of any other Lender such date, available to make the Advance to be made by such Issuing Bank or such other Lender on Lender, as the date case may be, for repayment of any such L/C Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Allegheny Energy, Inc), Credit Agreement (Allegheny Energy, Inc), Credit Agreement (Allegheny Energy, Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03(a) and except with respect to Advances made pursuant to Section 2.03(c), each Revolving Credit Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 10:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Revolving Credit Borrowing in the case of a Revolving Credit Borrowing comprising Alternate Base consisting of Eurocurrency Rate Advances, not later than 11:00 a.m. Advances or (y) 12:00 noon (New York City time) on the date of the proposed BorrowingRevolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent (and, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in Swiss Francs, simultaneously to the Sub-Agent), which shall give to each Lender prompt notice thereofthereof by facsimile. Each such notice of a Revolving Credit Borrowing (a “Notice of Borrowing by any Borrower Revolving Credit Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, facsimile in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Revolving Credit Borrowing, (Bii) Type of Advances to be made in connection with comprising such Revolving Credit Borrowing, (Ciii) aggregate amount of such Revolving Credit Borrowing, and (Div) in the case of a Revolving Credit Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance; provided, which Borrowing however, that if any such notice shall fail to specify a currency, Dollars shall be subject deemed to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any datehave been specified. Each Lender shall, before 1:00 p.m. 2:00 P.M. (New York City time) on the date of such Revolving Credit Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Revolving Credit Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the applicable Borrower requesting the Revolving Credit Borrowing at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In address referred to in Section 9.02 or, in the case of any Notice a Revolving Credit Borrowing in a Committed Currency, at the applicable Payment Office, as the case may be; provided, however, that the Agent shall first make a portion of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result funds equal to the aggregate principal amount of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be Swing Line Advances made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent Swing Line Banks and outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage Swing Line Banks for repayment of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementSwing Line Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Interpublic Group of Companies, Inc.), Credit Agreement (Interpublic Group of Companies, Inc.), 3 Year Credit Agreement (Interpublic Group of Companies, Inc.)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. a.m. (New York timei) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. Advances and (New York timeii) on the date of the proposed Borrowing, in the case of a Borrowing comprised of Base Rate Advances, in each case by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier, telex or cable. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, in substantially the form of Exhibit C 2.2 (a) hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with comprising such Borrowing, (C) aggregate amount of such Borrowing, Borrowing and (D) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York timex) 12:00 noon on the date of such Borrowing, in the case of a Borrowing comprised of Eurodollar Rate Advances, and (y) 1:00 p.m. on the date of such Borrowing, in the case of a Borrowing comprised of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.028.2, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage Advance as part of such Borrowing, the Administrative Agent may assume that such Lender has made such portion Advance available to the Administrative Agent on the date time of such Borrowing in accordance with subsection (aSection 2.2(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date time a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date time such amount is made available to such the Borrower until the date time such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be transmitted by email or any other electronic manner reasonably acceptable to the Administrative Agent, facsimile in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) wire instructions of the Borrower, and (E) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising Eurodollar Rate Advances, and (y) 1:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower in such manner as the Borrower at shall have specified in the Administrative Agent’s aforesaid addressapplicable Notice of Borrowing. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent’s demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Entergy Arkansas Inc), Credit Agreement (Entergy Arkansas Inc), Credit Agreement (Entergy Arkansas Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. a.m. (New York timei) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. Advances and (New York timeii) on the date of the proposed Borrowing, in the case of a Borrowing comprised of Base Rate Advances, in each case by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier, telex or cable. Each such Notice notice of a Borrowing by any Borrower (a "NOTICE OF BORROWING") shall be by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, in substantially the form of Exhibit C 2.02 (a) hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with comprising such Borrowing, (C) aggregate amount of such Borrowing, Borrowing and (D) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York timex) 12:00 noon on the date of such Borrowing, in the case of a Borrowing comprised of Eurodollar Rate Advances, and (y) 1:00 p.m. on the date of such Borrowing, in the case of a Borrowing comprised of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's Advance as part of such Borrowing, the Administrative Agent may assume that such Lender has made such portion Advance available to the Administrative Agent on the date time of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date time a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date time such amount is made available to such the Borrower until the date time such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Alliant Energy Corp), Credit Agreement (Interstate Power & Light Co), Credit Agreement (Wisconsin Power & Light Co)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 p.m. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurodollar Rate Advances or (y) 1:00 p.m. (New York City time) on the day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 and will disburse such funds in accordance with the Borrower’s instructions. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than six separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementAgreement and the Borrower shall not also be required to repay such amount to the Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Autodesk Inc), Credit Agreement (Autodesk Inc), Credit Agreement (Autodesk Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. a.m. (New York timei) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. Advances and (New York timeii) on the date of the proposed Borrowing, in the case of a Borrowing comprised of Base Rate Advances, in each case by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier, telex or cable. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, in substantially the form of Exhibit C 2.02(a) hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with comprising such Borrowing, (C) aggregate amount of such Borrowing, Borrowing and (D) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York timex) 12:00 noon on the date of such Borrowing, in the case of a Borrowing comprised of Eurodollar Rate Advances, and (y) 1:00 p.m. on the date of such Borrowing, in the case of a Borrowing comprised of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage Advance as part of such Borrowing, the Administrative Agent may assume that such Lender has made such portion Advance available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than 11:00 a.m. (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 1:00 P.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or email. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier or email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to the Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, Lender (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, obligation hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Juniper Networks Inc), Credit Agreement (Juniper Networks Inc), Credit Agreement (Juniper Networks Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 1:00 P.M. (New York City time) on the date one Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility to which such Borrowing relates, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments in respect of such applicable Facility of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advancesadvances under the Revolving Credit Facility, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by any Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such BorrowingIssuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to such Swing Line Bank or Issuing Bank, as the failure of any other Lender to make the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 3 contracts

Sources: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement

Making the Advances. (a1) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. 1:00 P.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be transmitted by facsimile or email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) wire instructions of the Borrower, and (E) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender shall, before 1:00 p.m. (x) 12:00 noon (New York City time) on the date of such Borrowingany Borrowing comprising Eurodollar Rate Advances, and (y) 3:00 P.M. (New York City time) on the date of any Borrowing comprising Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower in such manner as the Borrower at shall have specified in the Administrative Agent’s aforesaid addressapplicable Notice of Borrowing. (b2) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c3) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and the Borrower (following the Administrative Agent’s demand on such Borrower Lender for the corresponding amount) severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d4) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Entergy Arkansas, LLC), Credit Agreement (Entergy Arkansas, LLC), Credit Agreement (Entergy Arkansas, LLC)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.02, the Administrative Agent will make such funds available to the Borrower in same day funds on the date of such Borrower Borrowing at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances for the requested currency shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Ca, Inc.), Credit Agreement (Ca, Inc.), Credit Agreement (Ca, Inc.)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than Advances or (y) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be in writing or by email or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $25.0 million or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than fifteen (15) separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementAgreement (and any interest paid by such Lender shall be paid to the Borrower for any period where the Borrower has made payments under this subsection (d)). (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: 364 Day Bridge Term Loan Agreement, Credit Agreement (Twenty-First Century Fox, Inc.), 364 Day Bridge Term Loan Agreement (Twenty-First Century Fox, Inc.)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York Cleveland, Ohio time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 1:00 P.M. (New York Cleveland, Ohio time) on the date one Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York Cleveland, Ohio time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (Cleveland, Ohio time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid addressAccount. (b) [Intentionally Omitted.] (c) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07(d)(ii), 2.09 or 2.10 and (ii) there may not be more than five (5) separate Interest Periods in effect hereunder at any time. (d) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay or pay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the such time under Section 2.07 to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay pay to the Administrative Agent such corresponding amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreementall purposes. (df) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agentby telecopier, in substantially the form of Exhibit C B hereto, specifying therein (i) whether the Borrower is requesting a Term Borrowing or a Revolving Credit Borrowing, (ii) the requested (A) date of such Borrowing, (Biii) the requested Type of Advances to be made in connection with comprising such Borrowing, (Civ) the requested aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Revolving Credit Borrowing, the Administrative Agent may assume that shall first make a portion of such Lender has made such portion available funds equal to the Administrative Agent aggregate principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or any Issuing Bank, as the case may be, and by any other Revolving Credit Lender and outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Bank or such date a corresponding amount. If Issuing Bank, as the case may be, and to the extent that such Lender shall not have so made such Percentage other Revolving Credit Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender Swing Line Advances and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case Letter of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementCredit Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Alliance Resource Partners Lp), Credit Agreement (Alliance Holdings GP, L.P.), Credit Agreement (Alliance Resource Partners Lp)

Making the Advances. (a) Each (i) Except as otherwise provided in Section 2.02(a)(ii), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 (x) 10:00 a.m. (New York City time) on the date of a proposed Borrowing consisting of Base Rate Advances and (y) 12:00 noon (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case Borrowing consisting of a Borrowing comprising Alternate Base Eurocurrency Rate Advances, not later than 11:00 a.m. (New York time) on in each case by the date of the proposed Borrowing, by any Borrower Company to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier or electronic mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email electronic mail or any other telephone, confirmed immediately in writing by hand delivery or electronic manner reasonably acceptable to the Administrative Agentmail, in each case in substantially the form of Exhibit C A hereto, specifying therein the requested (A) date of such Borrowing, (B) Type Facility of Advances to be made in connection with such Borrowing, (C) Type of Advances comprising such Borrowing, (D) aggregate amount of such Borrowing, and (DE) in the case of a Borrowing comprising Eurodollar comprised of Eurocurrency Rate Advances, the initial Interest Period for each such Advance. The Company may, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01conditions herein provided, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that borrow more than one Borrowing be made on any dateBusiness Day. Each Appropriate Lender shall, before 1:00 p.m. (New York City time) in the case of a Borrowing consisting of Base Rate Advances or before 11:00 a.m. (New York City time) in the case of a Borrowing consisting of Eurocurrency Rate Advances, in each case on the requested date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.029.02, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon Upon fulfillment of the applicable conditions set forth in Article IIISection 3.01, 3.02 or 3.03, as applicable, the Administrative Agent will make such funds available to the Company in like funds as received by the Administrative Agent either by (1) crediting the account of the Company on the books of the Administrative Agent with the amount of such Borrower funds or (2) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Company; provided, however, that if the Company has an outstanding Swing Line Advance at the Administrative Agent’s aforesaid address. (b) Each Notice time of a requested Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Revolving Loan Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available made to the Administrative Agent such Lender’s Percentage of such Borrowing, Company by the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made Swing Line Banks or held by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make the Advance to be made by Swing Line Banks and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances.

Appears in 3 contracts

Sources: Credit Agreement (Perspecta Inc.), Credit Agreement (Perspecta Inc.), Credit Agreement (Perspecta Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than 11:00 a.m. (y) 3:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Foreign Currency, or (z) 12:00 P.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent (and, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Foreign Currency, simultaneously to the Sub-Agent), which shall give to each relevant Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is requested, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing (Dv) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated and (vi) in the definition case of “Interest Period” in Section 1.01a Borrowing consisting of Multicurrency Revolving Credit Advances, and (E) the identity currency of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateAdvances. Each Lender with a Commitment in respect of the applicable Facility shall, before 1:00 p.m. 2:00 P.M. (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Advances denominated in Dollars, and before 3:00 P.M. (London time) on the date of such Borrowing in the case of a Borrowing consisting of Eurocurrency Advances denominated in any Committed Foreign Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders in respect of the applicable Facility. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advancesunder the U.S. Dollar Revolving Credit Facility, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowingany Issuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make Swing Line Bank or such Issuing Bank, as the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Digital Realty Trust, L.P.), Revolving Credit Agreement (Digital Realty Trust, L.P.), Revolving Credit Agreement (Digital Realty Trust, Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Paying Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agentby telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) if the proceeds of such Borrowing will be used to fund cash distributions to the holders of the MLP Units, aggregate amount of such Borrowing to be so used and aggregate amount of Cash Distribution Advances outstanding immediately prior to such Borrowing to the extent such Advances have not been prepaid prior to such time pursuant to Section 2.06(a) and (v) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Paying Agent at its address referred to in Section 8.02the Paying Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Paying Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Paying Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Revolving Credit Borrowing, the Administrative Paying Agent may assume that shall first make a portion of such Lender has made such portion available funds equal to the Administrative Agent aggregate principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or any Issuing Bank, as the case may be, and by any other Lender and outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Bank or such date a corresponding amount. If Issuing Bank, as the case may be, and to the extent that such Lender shall not have so made such Percentage other Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender Swing Line Advances and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case Letter of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementCredit Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (Alliance Resource Partners Lp), Credit Agreement (Alliance Holdings GP, L.P.), Credit Agreement (Alliance Resource Partners Lp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the applicable Borrower to the Administrative Agent (and, in the case of a Borrowing consisting of Eurocurrency Rate Advances, simultaneously to the Sub-Agent), which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the applicable Borrower at the Administrative Agent’s aforesaid address's address referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances for the requested currency shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Borrower requesting such BorrowerBorrowing. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the applicable Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at at (i) in the case of such a Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Five Year Credit Agreement (Omnicom Group Inc), Five Year Credit Agreement (Omnicom Group Inc), Five Year Credit Agreement (Omnicom Group Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b), or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base (other than the initial Borrowing hereunder) consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances or the initial Borrowing hereunder, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed promptly in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing Advance (except that the initial Interest Period for the Advances made on the Funding Date shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and two (E2) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any datemonths). Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, (i) in the case of the initial Borrowing hereunder, the Administrative Agent will deposit such funds into the Escrow Account on the Funding Date in accordance with the Escrow Agreement or (ii) in the case of any Borrowing on or after the Escrow Release Date, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or such Borrower at other account as the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such daterequest. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Senior Secured Term Facility Credit Agreement (Chemtura CORP), Senior Secured Term Facility Credit Agreement (Chemtura CORP), Senior Secured Term Facility Credit Agreement (Chemtura CORP)

Making the Advances. (a) Each Borrowing shall be in an amount not less than $10,000,000 (or, if less, the Available Commitments at such time) or an integral multiple of $1,000,000 in excess thereof and shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitment Percentages. Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) A.M. on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. (New York time) 1:00 P.M. on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofwritten notice. Each such notice of a Borrowing under this Section 2.02 (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, fax in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of Borrowing Date for such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York time) 3:00 P.M. on the date of such Borrowingapplicable Borrowing Date, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of the Borrowing to be made on such BorrowingBorrowing Date. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.02, the Administrative Agent will promptly make such funds available to the Borrower in such manner as the Borrower at shall have specified in the applicable Notice of Borrowing and as shall be reasonably acceptable to the Administrative Agent’s aforesaid address. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.12(b), 2.12(e) or 2.16, and (ii) there shall be not more than 20 Borrowings at any one time outstanding. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to comprise Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIISection 3.02, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission by courier or fax from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day any Borrowing Date or, in the case of a Base Rate Advance, prior to the date time of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances Borrowing, that such Lender will not make available to the Administrative Agent such Lender’s Percentage Advance as part of the Borrowing to be made on such BorrowingBorrowing Date, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing Date in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent maymay (but it shall not be required to), in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 3 contracts

Sources: Credit Agreement (AEP Texas Inc.), Credit Agreement (Southwestern Electric Power Co), Credit Agreement (Southwestern Electric Power Co)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 11:00 a.m. A.M. (New York City time) on the fifth Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Sterling, or (z) 11:00 A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower Agent to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed promptly in writing, and signed by a duly authorized officer of the Borrower Agent, or any other electronic manner reasonably acceptable to employee of the Administrative Borrower Agent that is authorized by the President or Chief Financial Officer of the Borrower Agent, in substantially the form of Exhibit C B-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period for each and whether such Advance, which Borrowing Advance shall be subject to the limitations stated in the definition of “Interest Period” Dollars or in Section 1.01Sterling, and (Ev) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable Borrower. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day fundsSame Day Funds, such Lender’s Percentage Pro Rata Share of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the applicable Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02; provided, however, that if, on the date the Notice of Borrowing with respect to such Borrowing is given by the Borrower Agent, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the applicable Borrower as provided above. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 (or the Equivalent thereof in Sterling) or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.09 or 2.13 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Borrowers. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such Borrower the Borrowers shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made such portion amount available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, but shall have no obligation to, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing amount available to the Administrative Agent, such Lender and such Borrower the Borrowers severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the applicable Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrowerthe Borrowers, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Overnight Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, amount such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement, and thereafter, the Borrowers’ obligation to repay such amount to the Administrative Agent in accordance with this subsection (d) shall no longer be required; provided that the Borrowers shall not be relieved of their obligation to pay the interest on such amount referred to herein unless and only to the extent that such Lender has paid the interest on such amount referred to herein. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Invesco Ltd.), Credit Agreement (Invesco Ltd.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent (and, in the case of a Borrowing consisting of Eurocurrency Rate Advances, simultaneously to the Sub-Agent), which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.02, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other same day funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing at the Agent’s address referred to in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to 8.02 or at the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative AgentPayment Office, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreementmay be. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Computer Associates International Inc), Credit Agreement (Ca, Inc.)

Making the Advances. (a) Each The Borrower may borrow under the Commitments during the Commitment Period on any Business Day, provided that each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurodollar Rate Advances or the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing or any other electronic manner reasonably acceptable to the Administrative Agent, by telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing (Div) remittance instructions and (v) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIIIV, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02. (b) [RESERVED]. (c) [RESERVED]. (d) [RESERVED]. (e) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) Eurodollar Rate Advances may not be outstanding at any time as part of more than ten separate Borrowings. (f) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIIIV, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cg) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date proposed time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage share of such Borrowing, the Administrative Agent may assume that such Lender has made such portion share available to the Administrative Agent on the such date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to In such event, if a Lender has not in fact made its share of the extent that such Lender shall not have so made such Percentage of such applicable Borrowing available to the Administrative Agent, then such Lender and such the Borrower severally agree to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from and including the date such amount is made available to such the Borrower until to but excluding the date such amount is repaid of payment to the Administrative Agent, at (i) in the case of a payment to be made by such BorrowerLender, the interest greater of the Federal Funds Effective Rate and a rate applicable at determined by the time to Advances made Agent in connection accordance with such Borrowing banking industry rules on interbank compensation and (ii) in the case of such Lendera payment to be made by the Borrower, the Federal Funds Rateinterest rate applicable to Base Rate Advances. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pays such amount to the Administrative Agent such corresponding amountAgent, then such amount so repaid shall constitute such Lender’s Advance as part of included in such Borrowing for purposes of this AgreementBorrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Agent. (dh) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: 364 Day Revolving Credit Agreement (Oracle Corp), 364 Day Revolving Credit Agreement (Oracle Corp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in Borrowing by the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, or electronic mail (containing the Notice of Borrowing as an electronic attachment containing a hand-written signature, confirmed immediately by any Borrower shall be by email telephone or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier) or telecopier, in substantially the form of Exhibit C B-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with Advance comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesRevolving Credit Borrowing, the Administrative Agent shall first apply such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result funds to prepay ratably the aggregate principal amount of any failure by Swing Line Advances and Letter of Credit Advances outstanding at such Borrower time, together with interest accrued and unpaid thereon to fulfill on or before the date specified in such Notice and as of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (ci) Unless the Administrative Agent Each Swing Line Borrowing shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. be made on notice, given not later than 1:00 P.M. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York City time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available the proposed Swing Line Borrowing, by the Borrower to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 Swing Line Bank and the Administrative Agent may, in reliance upon Agent. Each such assumption, make available to the applicable Borrower on such date notice of a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Swing Line Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.a “

Appears in 2 contracts

Sources: Credit Agreement (Grubb & Ellis Co), Credit Agreement (Grubb & Ellis Co)

Making the Advances. (a) Each Borrowing shall be made on notice, given notice by the applicable Borrower to the Administrative Agent (a "NOTICE OF BORROWING") received by the Administrative Agent: (i) in the case of a proposed Borrowing comprising comprised of Prime Rate Advances or Base Rate Advances on the day of notice, provided that notice is received by the Administrative Agent not later than 9:00 A.M. (Calgary local time) on the Business Day of such proposed Borrowing; (ii) in the case of a proposed Borrowing comprised of Eurodollar Rate Advances, not later than 11:00 10:00 a.m. (New York Calgary local time) on the third Business Day prior to the date of such proposed Borrowing; and (iii) in the case of a proposed Borrowing comprised of B/A Advances, not later than 10:00 a.m. (Calgary local time) on the second Business Day prior to the date of such proposed Borrowing or, if such Borrowing shall include B/A Loans, on the third Business Day prior to the date of such proposed Borrowing. Each Notice of Borrowing shall be by telecopy, telefax or other teletransmission or by telephone (and if by telephone, confirmed promptly by telecopier, telefax or other teletransmission), in substantially the form of Exhibit B hereto, specifying therein the requested (w) date of such Borrowing, (x) Type of Advances comprising such Borrowing and, additionally, whether such Borrowing consists of Revolving Advances or Term Advances, (y) aggregate amount of such Borrowing, and (iiz) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, the initial Interest Period and currency for each such Advance, and in the case of a B/A Advance, the initial Contract Period for such B/A Advance. Promptly following receipt of the Notice of Borrowing (and in any event not later than 11:00 10:00 a.m. (New York Calgary local time) on the date of the proposed Borrowing), by any Borrower to the Administrative Agent, which Agent shall give to advise each Lender prompt notice thereof. Each such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially details thereof and of the form of Exhibit C hereto, specifying therein the requested (A) date amount of such Borrowing, (B) Type of Advances Lender's Advance to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity as part of the Borrower requesting such requested Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 a.m. (New York Calgary local time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent in care of its Payment Office, or at its address referred such other location designated by notice from the Administrative Agent to in the Lenders pursuant to Section 8.029.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After Immediately after the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III3, but no later than 12:00 noon (Calgary local time) on the same date the Administrative Agent will make such funds available to such the applicable Borrower at the Payment Office of the Administrative Agent’s aforesaid address, or at any account of the applicable Borrower maintained by the Administrative Agent (or any successor Administrative Agent) designated by the applicable Borrower and agreed to by the Administrative Agent (or such successor Administrative Agent), in same day funds. (b) If no election as to the Type or duration of Advance is specified, then the requested Advance shall be a Prime Rate Advance (if denominated in Cdn. Dollars) or a Base Rate Advance (if denominated in U.S. Dollars). If no currency is specified, the Advance shall be denominated in Cdn. Dollars. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the applicable Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specified is to be comprised of Eurodollar Rate Advances, if such Advances are not made as a result of any failure to fulfill on or before the date specified for such Borrowing the applicable conditions set forth in Article 3, the applicable Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of such failure, including any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateBorrowing. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection subsections (a) and (c) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the applicable Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of Prime Rate for such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rateday. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance to the applicable Borrower as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Canadian Credit Agreement (Burlington Resources Inc), Canadian Credit Agreement (Burlington Resources Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b), 2.02(h), 2.02(i) or 2.03, each Borrowing (other than the Sterling Term Loan Advance and the US Term Loan Advance) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 2:00 P.M. (New York City time) on the (i) third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate AdvancesAdvances denominated in U.S. dollars, not later than 11:00 a.m. (New York timeii) on fourth Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances denominated in Foreign Currencies or (iii) the first Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances denominated in U.S. dollars, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, (Div) the applicable currency of such Borrowing and (vi) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 2:00 ▇.▇. (New York ▇▇▇ ▇▇▇▇ ▇▇▇▇ time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day fundsfunds and in the applicable currency, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In Account; provided, however, that, in the case of any Notice of Revolving Credit Borrowing delivered by any Borrower requesting Eurodollar Rate Advancesdenominated in U.S. dollars, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Issuing Bank, as the case may be, and by any other Revolving Credit Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent and outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Bank or the Issuing Bank, as the case may be, and such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage other Revolving Credit Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender Swing Line Advances and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case Letter of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementCredit Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Esterline Technologies Corp), Credit Agreement (Esterline Technologies Corp)

Making the Advances. (a) Each Except as provided in Section 4.03 with respect to LC Facility Borrowings, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier or electronic communication. Each such Notice notice of a Borrowing by any Borrower shall be in writing, or by email telecopier, electronic communication or any other electronic manner reasonably acceptable to the Administrative Agentby telephone, confirmed immediately in writing, in substantially the form of Exhibit C hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Senior Secured Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, Advance and (vi) the account into which the proceeds of such Borrowing shall be subject to the limitations stated deposited (which shall be, in the definition case of Tranche A Advances and Delayed Draw Advances, except as expressly provided in the funds flow memorandum provided pursuant to Section 6.01(m), the Construction Disbursement Account or the Debt Service Reserve Account) (each such notice, a Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such BorrowingFunding Notice”). Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 12:00 P.M. (New York City time) on the date of such Borrowing, make available by wire transfer for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing, in accordance with the respective Commitments under the applicable Senior Secured Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment or waiver of the applicable conditions set forth in Article IIIVI, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 Depositary Agreement and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreementother Loan Documents. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit and Guaranty Agreement (Enviva Partners, LP), Credit and Guaranty Agreement (Enviva Partners, LP)

Making the Advances. (a) Each (i) Except as otherwise provided in Section 2.02(a)(ii), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 (x) 10:00 a.m. (New York City time) on the date of a proposed Borrowing consisting of Base Rate Advances and (y) 12:00 noon (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case Borrowing consisting of a Borrowing comprising Alternate Base Eurocurrency Rate Advances, not later than 11:00 a.m. (New York time) on in each case by the date of the proposed Borrowing, by any Borrower Company to the Administrative applicable Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier or electronic mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable (x) in the case of delivery to the Pro Rata Administrative Agent, by electronic mail or telephone, confirmed immediately in writing by hand delivery or electronic mail and (y) in the case of delivery to the Term Loan B Administrative Agent, by telecopier or telephone, confirmed immediately in writing by hand delivery or telecopier, in each case in substantially the form of Exhibit C A hereto, specifying therein the requested (A) date of such Borrowing, (B) Type Facility of Advances to be made in connection with such Borrowing, (C) Type of Advances comprising such Borrowing, (D) aggregate amount of such Borrowing, and (DE) in the case of a Borrowing comprising Eurodollar comprised of Eurocurrency Rate Advances, the initial Interest Period for each such Advance. The Company may, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01conditions herein provided, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that borrow more than one Borrowing be made on any dateBusiness Day. Each Appropriate Lender shall, before 1:00 p.m. (New York City time) in the case of a Borrowing consisting of Base Rate Advances or before 11:00 a.m. (New York City time) in the case of a Borrowing consisting of Eurocurrency Rate Advances, in each case on the requested date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative applicable Agent at its applicable address referred to in Section 8.029.02, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon Upon fulfillment of the applicable conditions set forth in Article IIISection 3.01, 3.02 or 3.03, as applicable, the Administrative applicable Agent will make such funds available to the Company in like funds as received by the applicable Agent either by (1) crediting the account of the Company on the books of the applicable Agent with the amount of such Borrower funds or (2) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the applicable Agent by the Company; provided, however, that if the Company has an outstanding Swing Line Advance at the Administrative Agent’s aforesaid address. (b) Each Notice time of a requested Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Revolving Loan Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Pro Rata Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available made to the Administrative Agent such Lender’s Percentage of such Borrowing, Company by the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made Swing Line Banks or held by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make the Advance to be made by Swing Line Banks and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances.

Appears in 2 contracts

Sources: Credit Agreement (CSRA Inc.), Credit Agreement (CSRA Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b), or 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower the Borrowers to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed promptly in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrowers by crediting the Borrower’s Account or such Borrower at other account as the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower Borrowers shall be irrevocable and binding on such Borrower. In request; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Revolving Credit Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior first apply such funds to (A) 5:00 p.m. (New York time) one Business Day prior to prepay ratably the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding aggregate principal amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part Letter of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance Credit Advances outstanding on the date of such Borrowing, but no Lender shall be responsible for the failure plus interest accrued and unpaid thereon to and as of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingdate.

Appears in 2 contracts

Sources: Senior Secured Revolving Facility Credit Agreement (Chemtura CORP), Senior Secured Revolving Facility Credit Agreement (Chemtura CORP)

Making the Advances. (a) Each Borrowing shall be made on noticenotice by the Borrower, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York x) 9:00 A.M. (Chicago time) on the third Business Day prior to the date of Closing Date (or, at such later time as the proposed BorrowingAdministrative Agent, and (iiin its reasonable discretion, may agree to) in the case of a Borrowing comprising Alternate consisting of Eurocurrency Rate Advances or (y) 9:00 A.M. (Chicago time) on the Closing Date in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or other electronic communication. Each such The notice of a Borrowing (the “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, including by telecopier (or any other electronic manner reasonably acceptable to the Administrative Agent, communication) in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such BorrowingBorrowing (which shall be a Business Day), (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which if such Borrowing shall be subject is to the limitations stated in the definition consist of “Interest Period” in Section 1.01Eurocurrency Rate Advances, and (Ev) account or accounts in which the identity proceeds of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing should be made on any datecredited. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York Chicago time) on the date of such Borrowing, Closing Date make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at in immediately available funds to the account or accounts specified by the Borrower to the Administrative Agent’s aforesaid addressAgent in the Notice of Borrowing relating to the applicable Borrowing. (b) Each Anything in Section 2.02(a) to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) The Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing Closing Date the applicable conditions set forth in Article III, including, without limitation, any reasonable loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing Closing Date in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the greater of the Federal Funds RateRate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pay to the Administrative Agent such corresponding principal amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such BorrowingClosing Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of Closing Date. (f) If any BorrowingLender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

Appears in 2 contracts

Sources: Three Year Term Loan Credit Agreement (AbbVie Inc.), 364 Day Term Loan Credit Agreement (AbbVie Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b), 2.03 or 2.21, each Borrowing shall be made on notice, given not later than 11:00 A.M. (iNew York City time) (or (5:30 P.M. (New York City time) in the case of a Borrowing comprising Eurodollar any Base Rate Advances, not later than 11:00 a.m. (New York timeAdvance in the Initial Extension of Credit)) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed promptly in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or such Borrower at other account as the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In request; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Non-rollup Revolving Credit Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior first apply such funds to (A) 5:00 p.m. (New York time) one Business Day prior to prepay ratably the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding aggregate principal amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part Letter of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance Credit Advances outstanding on the date of such Borrowing, but no Lender shall be responsible for the failure plus interest accrued and unpaid thereon to and as of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingdate.

Appears in 2 contracts

Sources: Senior Secured Debtor in Possession Credit Agreement (Chemtura CORP), Senior Secured Debtor in Possession Credit Agreement (Chemtura CORP)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency RateTerm SOFR Advances denominated in Dollars, (y) 4:00 P.M. (London time) on the thirdfifth Business Day prior to the date of the proposed Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate AdvancesAdvances or Daily Simple ▇▇▇▇▇ Advances denominated in anythe respective Committed Currency, not later than or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Revolving Credit Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by e-mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable to the Administrative Agenttelephone, confirmed immediately in writing in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date and Facility of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Term SOFR Advances and/or Eurocurrency Rate Advances, the initial Interest Period and, if a Revolving Credit Borrowing, currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, shall (1) before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency RateTerm SOFR Advances denominated in Dollars, (2) before 11:00 A.M. (London time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances or Daily Simple ▇▇▇▇▇ Advances denominated in any Committed Currency and (3) before 1:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Term SOFR Advances, Eurocurrency Rate Advances or Daily Simple ▇▇▇▇▇ Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Ratesuch Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Term SOFR Advances, Eurocurrency Rate Advances or Daily Simple ▇▇▇▇▇ Advances may not be outstanding as part of more than six separate Term Borrowings, Term 2 Borrowings, Tranche B Borrowings or Tranche B2 Borrowings and ten separate Revolving Credit Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate specifies is to be comprised of Term SOFR Advances, such Eurocurrency Rate Advances or Daily Simple ▇▇▇▇▇ Advances, the Borrower shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIIherein, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) or (b) of this Section 2.02 2.02, as applicable, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to the Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances and to make payments pursuant to Section 9.04(c) are several and not joint. The failure of any Appropriate Lender to make the any Advance or to be made by it as part of make any Borrowing payment under Section 9.04(c) on any date required hereunder shall not relieve any other Appropriate Lender of its obligation, if any, hereunder corresponding obligation to make its Advance do so on the such date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to make the its Advance or to be made by such other Lender on the date of any Borrowingmake its payment under Section 9.04(c).

Appears in 2 contracts

Sources: Fifth Amendment to Credit Agreement (Science Applications International Corp), Credit Agreement (Science Applications International Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 p.m. (New York City time) on the third U.S. Government Securities Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of SOFR Advances or (y) 1:00 p.m. (New York City time) on the day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or e-mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email in writing, sent via telecopier or any other electronic manner reasonably acceptable to the Administrative Agent, e-mail in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar Rate consisting of SOFR Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender▇▇▇▇▇▇’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower either by (i) crediting the account of the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 or (ii) wire transfer of such funds, in each case as designated by the Borrower. (a) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select SOFR Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make SOFR Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the SOFR Advances may not be outstanding as part of more than ten separate Borrowings. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate specifies is to be comprised of SOFR Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender▇▇▇▇▇▇’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender ▇▇▇▇▇▇ has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementAgreement and the Borrower shall not also be required to repay such amount to the Agent. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Autodesk, Inc.), Credit Agreement (Autodesk, Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York timex) 12:00 noon on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. Advances or (New York timey) 12:00 noon on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by facsimile. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be in writing or by email or any other electronic manner reasonably acceptable to the Administrative Agent, facsimile in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, in the case of a Borrowing consisting of Base Rate Advances, before 1:00 2:00 p.m. (New York time) on the date of such Borrowing, and in the case of a Borrowing consisting of Eurodollar Rate Advances, before 11:00 a.m. on date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage Ratable Share of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 or as requested by the Borrower in the applicable Notice of Borrowing. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) at no time shall there be more than fifteen different Interest Periods outstanding for Eurodollar Rate Advances. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense reasonably incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a the applicable Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage Ratable Share of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Ratable Share available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on within one Business Day after demand for such Lender and within three Business Days after demand for the Borrower such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Pinnacle West Capital Corp), Credit Agreement (Pinnacle West Capital Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York City time) (i) on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. Advances and (New York timeii) on the date of the proposed Borrowing, in the case of a Borrowing comprised of Base Rate Advances, in each case by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier, telex or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, in substantially the form of Exhibit C 2.02 (a) hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with comprising such Borrowing, (C) aggregate amount of such Borrowing, Borrowing and (D) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York timex) 12:00 noon on the date of such Borrowing, in the case of a Borrowing comprised of Eurodollar Rate Advances, and (y) 1:00 p.m. on the date of such Borrowing, in the case of a Borrowing comprised of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's Advance as part of such Borrowing, the Administrative Agent may assume that such Lender has made such portion Advance available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 11:00 A.M. (iNew York City time) on the day of such proposed Borrowing, in the case of a Borrowing comprising Eurodollar comprised of Base Rate Advances, not later than 11:00 a.m. (New York time) or on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex, telecopier or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telex, telecopier or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed promptly in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, which Borrowing the Administrative Agent shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity promptly notify each Lender of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable interest rate under Section 2.07(b). Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case Company and, in respect of any Notice Borrowing comprised of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost loss or expense incurred by such Lender as a result of any failure by such Borrower the Company to fulfill on or before the date specified in for such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost ) or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent (without duplication), forthwith on demand demand, such corresponding amount amount, together with interest thereon, thereon for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such Borrowerthe Company, at the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiy) in the case of such Lender, at the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (e) If, for any reason, a Borrowing is not made on the date specified in any Notice of Borrowing, the Administrative Agent hereby agrees to repay to each Lender the amount, if any, which such Lender has made available to the Administrative Agent as such Lender's ratable portion of such Borrowing, together with interest thereon for each day from the date such amount is made available to the Administrative Agent until the date such amount is repaid to such Lender, at the Federal Funds Rate.

Appears in 2 contracts

Sources: Credit Agreement (Florida Progress Corp), Credit Agreement (Florida Progress Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 12:00 Noon (iNew York City time) (or, in the case of a Borrowing comprising Eurodollar Rate Advancesin an Alternate Currency, not later than 11:00 a.m. (New York London time) on the third Business Day prior to next preceding the date of the proposed Borrowing, and (ii) such Borrowing in the case of a Borrowing comprising Alternate consisting of Eurocurrency Rate Advances, or 11:30 A.M. (New York City time) on the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any either Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing or any other electronic manner reasonably acceptable to the Administrative Agentby telecopier, in substantially the form of Exhibit C heretoB, specifying therein the requested (Ai) date of such Borrowing, (Bii) Currency and Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 10:00 A.M. (Local Time) on the date of such Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances, or 1:00 p.m. P.M. (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account for the relevant Currency, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will will, not later than 11:00 A.M. (Local Time) on the date of such Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances, or 2:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make such funds available to such Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Ambac Financial Group Inc), Revolving Credit Agreement (Ambac Financial Group Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) by the Company to the Agent, in the case of a proposed Borrowing comprised of Base Rate Advances, on the date of such proposed Borrowing and in the case of a proposed Borrowing comprised of Eurodollar Rate Advances, three Business Days prior to the date of such proposed Borrowing. The Agent shall give each Bank prompt notice thereof by telecopy, telex or cable. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telecopy, telex or cable, confirmed immediately in writing, in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) in the case of a proposed Borrowing comprised of Eurodollar Rate Advances, initial Interest Period for each such Advance and (iv) aggregate amount of such Borrowing. The Company shall certify, in each Notice of Borrowing, the Credit Ratings, if any, then in effect. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, the Agent shall promptly notify each Bank and the Company of the applicable interest rate under Section 2.07(b). (b) Each Bank shall make available for the account of its Applicable Lending Office: (i) in the case of a Borrowing comprising Eurodollar comprised of Base Rate Advances, not later than 11:00 a.m. to the Agent before 12:00 noon (New York City time)(or, if the applicable Notice of Borrowing shall have been given on the date of such Borrowing, before 4:00 P.M. (New York City time)) on the third Business Day prior date of such Borrowing, at such account maintained at the Payment Office as shall have been notified by the Agent to the date Banks prior thereto and in same day funds, such Bank’s ratable portion of the proposed such Borrowing, and ; and (ii) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date comprised of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, Agent before 1:00 p.m. 12:00 noon (New York City time) on the date of such Borrowing, make available for at such account maintained at the account of its Applicable Lending Payment Office as shall have been notified by the Agent to the Administrative Agent at its address referred to in Section 8.02, Banks prior thereto and in same day funds, such LenderBank’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s aforesaid addressapplicable Payment Office. (bc) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Company. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such Borrower the Company shall indemnify each Lender Bank against any loss, cost or expense reasonably incurred by such Lender Bank as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender Bank to fund the Advance to be made by such Lender Bank as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day Bank prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender Bank will not make available to the Administrative Agent such LenderBank’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender Bank has made such portion available to the Administrative Agent it on the date of such Borrowing in accordance with subsection (ab) of this Section 2.02 and the Administrative Agent it may, in reliance upon such assumption, make (but shall not be required to make) available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender Bank shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender Bank and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, Agent at (i) in the case of such Borrowerthe Company, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such LenderBank, the Federal Funds RateRate or the Agent’s overdraft cost, if higher. If such Lender Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such LenderBank’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender Bank to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender Bank of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender Bank shall be responsible for the failure of any other Lender Bank to make the Advance to be made by such other Lender Bank on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Ecolab Inc), Credit Agreement (Ecolab Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 12:00 p.m. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 Advances or (y) 10:00 a.m. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing Borrowing”) shall be authorized by any a Financial Officer of the Borrower and shall be by email electronic delivery, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date and Facility of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in a period contemplated by the definition of the term “Interest Period” in Section 1.01, and (Ev) the identity location and number of the Borrower requesting such BorrowingBorrower’s account to which funds are to be disbursed. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 12:00 P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing; provided, that Swing Line Advances shall be made as provided in Section 2.02(b). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower consistent with the instructions set forth in the Notice of Borrowing; provided, however, that, in the case of a Revolving Credit Borrowing, the Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances made by the Swing Line Bank and by any Revolving Credit Lender and outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Line Bank and such other Lenders for repayment of such Swing Line Advances. If no election as to the Type of Advance is specified, then the requested Borrowing shall be a Base Rate Advance. If no Interest Period is specified with respect to any requested Eurodollar Rate Advance then the Borrower at shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Notice of Borrowing in accordance with this Section 2.02, the Administrative AgentAgent shall advise each Lender of the details thereof and of the amount of such Lender’s aforesaid addressLoan to be made as part of the requested Borrowing. (b) Each Swing Line Borrowing shall be made on notice, given not later than 2:00 P.M. (New York City time) on the date of the proposed Swing Line Borrowing by the Borrower to the Swing Line Bank and the Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be authorized by a Financial Officer of the Borrower and shall be by electronic delivery, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the tenth Business Day after the requested date of such Borrowing). After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower consistent with the instructions set forth in the Notice of Borrowing. Upon written demand by the Swing Line Bank, with a copy of such demand to the Agent not later than 12:00 P.M. (New York City time), each Revolving Credit Lender will purchase from the Swing Line Bank, and the Swing Line Bank shall sell to each such other Lender, a participation representing such other Lender’s Ratable Share of such outstanding Swing Line Advance, by making available for the account of its Applicable Lending Office to the Agent for the account of the Swing Line Bank, by deposit to the Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of the participation in such Swing Line Advance to be purchased by such Lender. The Borrower hereby agrees to each such sale and assignment. Each Revolving Credit Lender agrees to purchase a participation representing its Ratable Share of an outstanding Swing Line Advance (i) by 5:00 P.M. (New York City time) on the Business Day on which demand therefor is made by the Swing Line Bank, provided that notice of such demand is given not later than 12:00 P.M. (New York City time) on such Business Day or (ii) by 10.00 A.M. (New York City time) the first Business Day next succeeding such demand if notice of such demand is given after such time. The Agent shall notify the Borrower of any participation in any Swing Line Advance acquired pursuant to this paragraph (b), and thereafter payments in respect of such Swing Line Advance shall be made to the Agent and not to such Swing Line Bank. Any amounts received by such Swing Line Bank from a Borrower (or other party on behalf of such Borrower) in respect of a Swing Line Advance after receipt by such Swing Line Bank of the proceeds of a sale of participation therein shall be promptly remitted to the Agent; any such amounts received by the Agent shall be promptly remitted by the Agent to the Revolving Credit Lenders that shall have made their payments pursuant to this paragraph and to such Swing Line Bank, as their interests may appear; provided, that any such payment so remitted shall be repaid to such Swing Line Bank or to the Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swing Line Advance pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. Upon any such assignment by the Swing Line Bank to any Revolving Credit Lender of a portion of a Swing Line Advance, the Swing Line Bank represents and warrants to such other Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to the Swing Line Advance, this Agreement, the other Loan Documents or the Borrower. If and to the extent that any Revolving Credit Lender shall not have so made the amount of such Swing Line Advance available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such Lender is required to have made such amount available to the Agent until the date such amount is paid to the Agent, at the greater of the NYFRB Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such Lender shall pay to the Agent such amount for the account of the Swing Line Bank on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Lender (with interest on such Swing Line Advance payable to such Lender) on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by the Swing Line Bank shall be reduced by such amount on such Business Day. (c) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than ten separate Revolving Credit Borrowings. (d) Each Notice of Borrowing delivered by any Borrower and Notice of Swing Line Borrowing shall be irrevocable and binding on such Borrowerthe Borrower (other than any notice in respect of the Effective Date, which may be conditioned upon the occurrence of the Effective Date). In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Base Rate Advances made in connection with such Borrowing and (ii) in the case of such LenderLender or Swing Line Bank, the Federal Funds Rategreater of the NYFRB Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. The foregoing shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Agent. (df) The obligations of the Lenders hereunder to make Advances and to make payment pursuant to Section 8.04(c) are several and not joint. The failure of any Appropriate Lender to make the any Advance or to be made by it as part of make any Borrowing payment under Section 8.04(c) on any date required hereunder shall not relieve any other Appropriate Lender of its obligationcorresponding obligation to do so on such date, if any, hereunder to make its Advance on the date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to so make its Advance or to make its payment under Section 8.04(c). (g) The Borrower may, at any time and from time to time, designate as additional Swing Line Banks one or more Revolving Credit Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Credit Lender of an appointment as a Swing Line Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Advance to be made Agent and the Borrower, executed by the Borrower, the Agent and such other Lender on designated Swing Line Bank, and, from and after the effective date of any Borrowingsuch agreement, (i) such Revolving Credit Lender shall have all the rights and obligations of a Swing Line Bank under this Agreement and (ii) references herein to the term “Swing Line Bank” shall be deemed to include such Revolving Credit Lender in its capacity as a lender of Swing Line Advances hereunder.

Appears in 2 contracts

Sources: Credit Agreement (Hexcel Corp /De/), Credit Agreement (Hexcel Corp /De/)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 1:00 p.m. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. Advances or (y) 1:00 p.m. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone (confirmed immediately in writing) electronic delivery, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 3:00 P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower consistent with the instructions set forth in the Notice of Borrowing; provided, however, that, in the case of a Revolving Credit Borrowing, the Agent shall first make a portion of such Borrower at funds equal to the Administrative Agent’s aforesaid addressaggregate principal amount of any Swing Line Advances made by the Swing Line Bank and by any Lender and outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Line Bank and such other Lenders for repayment of such Swing Line Advances. (b) Each Swing Line Borrowing shall be made on notice, given not later than 3:00 P.M. (New York City time) on the date of the proposed Swing Line Borrowing by the Borrower to the Swing Line Bank and the Agent, of which the Agent shall give prompt notice to the Lenders. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone (confirmed immediately in writing), electronic delivery, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the tenth Business Day after the requested date of such Borrowing). The Swing Line Bank shall, before 5:00 P.M. (New York City time) on the date of such Swing Line Borrowing, make such Swing Line Borrowing available to the Agent at the Agent’s Account, in same day funds. After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower consistent with the instructions set forth in the Notice of Borrowing. Upon written demand by the Swing Line Bank, with a copy of such demand to the Agent, each Lender will purchase from the Swing Line Bank, and the Swing Line Bank shall sell and assign to each such other Lender, such other Lender’s Ratable Share of such outstanding Swing Line Advance, by making available for the account of its Applicable Lending Office to the Agent for the account of the Swing Line Bank, by deposit to the Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of the Swing Line Advance to be purchased by such Lender. The Borrower hereby agrees to each such sale and assignment. Each Lender agrees to purchase its Ratable Share of an outstanding Swing Line Advance on (i) the Business Day on which demand therefor is made by the Swing Line Bank, provided that notice of such demand is given not later than 11:00 A.M. (New York City time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Swing Line Bank to any Lender of a portion of a Swing Line Advance, the Swing Line Bank represents and warrants to such other Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to the Swing Line Advance, this Agreement, the other Loan Documents or the Borrower. If and to the extent that any Lender shall not have so made the amount of such Swing Line Advance available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such Lender is required to have made such amount available to the Agent until the date such amount is paid to the Agent, at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such Lender shall pay to the Agent such amount for the account of the Swing Line Bank on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Lender (with interest on such Swing Line Advance payable to such Lender) on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by the Swing Line Bank shall be reduced by such amount on such Business day. (c) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than ten separate Revolving Credit Borrowings. (d) Each Notice of Borrowing delivered by any Borrower and Notice of Swing Line Borrowing shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing Base Rate Borrowings and (ii) in the case of such LenderLender or Swing Line Bank, the greater of the Federal Funds RateRate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (df) The obligations of the Lenders hereunder to make Advances and to make payment pursuant to Section 8.04(c) are several and not joint. The failure of any Lender to make the any Advance or to be made by it as part of make any Borrowing payment under Section 8.04(c) on any date required hereunder shall not relieve any other Lender of its obligationcorresponding obligation to do so on such date, if any, hereunder to make its Advance on the date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to so make the its Advance or to be made by such other Lender on the date of any Borrowingmake its payment under Section 8.04(c).

Appears in 2 contracts

Sources: Credit Agreement (Dollar General Corp), Credit Agreement (Dollar General Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof in writing. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in writing in substantially the form of Exhibit C B-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower requesting the Borrowing at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) no Borrower may select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than 12 separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Borrower requesting the Borrowing. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, the Borrower requesting such Borrower Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower requesting such Borrowing on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such a Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (At&t Inc.), Credit Agreement (At&t Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 2:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurodollar Rate Advances, or not later than 11:00 A.M. (New York City time) on the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such Notice notice of a Borrowing by any Borrower (a "NOTICE OF BORROWING") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances's Account; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date any Letter of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Credit Advances made in connection with such Borrowing by any Issuing Bank and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for the failure plus interest accrued and unpaid thereon to and as of any other Lender such date, available to make the Advance to be made by such Issuing Bank and such other Lender on the date Lenders for repayment of any Borrowingsuch Letter of Credit Advances.

Appears in 2 contracts

Sources: Credit Agreement (Maguire Properties Inc), Credit Agreement (Maguire Properties Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the same Business Day as the date of a proposed Borrowing comprised of Base Rate Advances or (y) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case Borrowing comprised of a Borrowing comprising Alternate Base Eurocurrency Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Designated Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telecopier, or any other electronic manner reasonably acceptable to the Administrative Agentby telephone confirmed immediately by telecopier, in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such BorrowingBorrowing (which shall be a Business Day), (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising Eurodollar comprised of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Designated Agent at its address referred to in Section 8.02the Designated Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Designated Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Designated Agent will make such funds available to such the Borrower at the Administrative office where the Designated Agent’s aforesaid addressAccount is maintained (or to an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Notice of Borrowing). (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies as to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Eurocurrency Rate Advance to be made by such Lender as part of such Borrowing when such Eurocurrency Rate Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Designated Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day on or prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Designated Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Designated Agent may may, but shall not be required to, assume that such Lender has made such portion available to the Administrative Designated Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Designated Agent may, but shall not be required to, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Designated Agent, such Lender and such Borrower severally agree agrees to repay pay to the Administrative Designated Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Designated Agent, at the Federal Funds Rate; provided, however, that (i) within two Business Days after any Lender shall fail to make such ratable portion available to the Designated Agent, the Designated Agent shall notify the Borrower of such failure and (ii) if such Lender shall not have paid such corresponding amount to the Designated Agent within two Business Days after such demand is made of such Lender by the Designated Agent, the Borrower agrees to repay to the Designated Agent forthwith upon demand by the Designated Agent to the Borrower such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Designated Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds RateBorrowing. If and to the extent such corresponding amount shall be paid by such Lender shall repay to the Administrative Designated Agent such corresponding amountin accordance with this Section 2.02(c), such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: 364 Day Bridge Credit Agreement (Walt Disney Co), 364 Day Bridge Credit Agreement (TWDC Enterprises 18 Corp.)

Making the Advances. (a) Each Borrowing shall be made on noticenotice by the Borrower, given not later than (ix) 9:00 A.M. (Chicago time) on the second Business Day prior to the Closing Date (or, at such later time as the Administrative Agent, in its reasonable discretion, may agree to) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, not later than 11:00 a.m. Advances or (New York y) 9:00 A.M. (Chicago time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Closing Date in the case of a Borrowing comprising Alternate consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or other electronic communication. Each such The notice of a Borrowing (the “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, including by telecopier (or any other electronic manner reasonably acceptable to the Administrative Agent, communication) in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such BorrowingBorrowing (which shall be a Business Day), (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which if such Borrowing shall be subject is to the limitations stated in the definition consist of “Interest Period” in Section 1.01Eurocurrency Rate Advances, and (Ev) account or accounts in which the identity proceeds of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing should be made on any datecredited. Each Lender shall, before 1:00 p.m. 10:00 A.M. (New York Chicago time) on the date of such Borrowing, Closing Date make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III3, the Administrative Agent will make such funds available to such the Borrower at in immediately available funds to the account or accounts specified by the Borrower to the Administrative Agent’s aforesaid addressAgent in the Notice of Borrowing relating to the applicable Borrowing. (b) Each Anything in Section 2.02(a) to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) The Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing Closing Date the applicable conditions set forth in Article III3, including, without limitation, any reasonable loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing Closing Date in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the greater of the Federal Funds RateRate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pay to the Administrative Agent such corresponding principal amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such BorrowingClosing Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of Closing Date. (f) If any BorrowingLender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

Appears in 2 contracts

Sources: 364 Day Term Loan Credit Agreement (AbbVie Inc.), 364 Day Term Loan Credit Agreement (AbbVie Inc.)

Making the Advances. (a) Each Borrowing shall be made on noticeExcept as otherwise provided herein, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on Borrower may request the third Business Day prior Lenders to make Advances to the date Borrower no more frequently than twice per week (or such greater number of times as may be agreed by the proposed Borrowing, and (iiAdministrative Agent) in by the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower delivery to the Administrative Agent, which shall give to each Lender prompt not later than 2:00 P.M. (New York City time) on any Business Day of a written notice thereof. Each of such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, request substantially in substantially the form of Exhibit C heretoA (each such notice, specifying therein a “Notice of Borrowing”), together with a duly completed Borrowing Base Certificate, signed by a Responsible Officer and including Schedule of Collateral. Any Notice of Borrowing or Borrowing Base Certificate received by the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) Administrative Agent after the time specified in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing immediately preceding sentence shall be subject deemed to have been received by the Administrative Agent on the next Business Day, and to the limitations stated extent that results in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more proposed Borrowing Date being earlier than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York time) on [***] after the date of delivery of such Notice of Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before then the date specified in such Notice of Borrowing as the applicable conditions set forth in Article III, including, without limitation, any loss (including loss proposed Borrowing Date of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the an Advance shall be deemed to be made by such Lender as part the Business Day immediately succeeding the proposed Borrowing Date of such Advance originally specified in such Notice of Borrowing. The proposed Borrowing when such Advance, as Date specified in a result Notice of such failure, is not made on such date. (c) Unless the Administrative Agent Borrowing shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to be no earlier than [***] after the date of delivery of such Notice of Borrowing and may be up to a Borrowing comprising Eurodollar Rate Advances or maximum of thirty (B30) 12:00 p.m. (New York time) on days after the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage delivery of such Notice of Borrowing. Unless otherwise provided herein, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date each Notice of such Borrowing in accordance with subsection (a) of this Section 2.02 shall be irrevocable and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at specify (i) in the case aggregate principal amount of such Borrowerthe Advance requested, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. Date (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender which shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowinga Business Day).

Appears in 2 contracts

Sources: Credit Agreement (UWM Holdings Corp), Credit Agreement (UWM Holdings Corp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York Charlotte, North Carolina time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be in writing, or by email telephone, confirmed promptly in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 11:00 A.M. (New York Charlotte, North Carolina time) in the case of a Borrowing consisting of Eurodollar Rate Advances and 2:00 P.M. (Charlotte, North Carolina time) in the case of a Borrowing consisting of Base Rate Advances, in each case on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account no later than 2:00 P.M. (Charlotte, North Carolina time) on the date of such Borrowing); provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and L/C Credit Extensions outstanding at such time, together with interest accrued and unpaid thereon to and as of such date. (i) Each Swing Line Borrowing shall be made on notice, given not later than 11:00 A.M. (Charlotte, North Carolina time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be in writing, or by telephone, confirmed promptly in writing, or telex or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Bank will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s aforesaid address. (b) Each Notice Account, in same day funds. After the Administrative Agent’s receipt of Borrowing delivered by any Borrower shall be irrevocable such funds and binding on such Borrower. In the case upon fulfillment of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior will make such funds available to the date of a Borrowing comprising Eurodollar Rate Advances or Borrower by crediting the Borrower’s Account no later than 2:00 P.M. (B) 12:00 p.m. (New York Charlotte, North Carolina time) on the date of such Borrowing). (ii) The Swing Line Bank may, at any time in its sole and absolute discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Bank to so request on its behalf) that each Revolving Credit Lender make a Borrowing comprising Alternate Base Rate Advance in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Advances that then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the minimum amounts specified therein but subject to the satisfaction of the conditions set forth in Section 3.02. The Swing Line Bank shall furnish the Borrower with a copy of the applicable Notice of Borrowing promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender will not shall make an amount equal to its Pro Rata Share of the amount specified in such Notice of Borrowing available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Swing Line Bank, by deposit to the Administrative Agent’s Account, in same date funds, not later than 11:00 A.M. on the day specified in such Notice of Borrowing. (iii) If for any reason any Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Bank as set forth in Section 2.02(b)(ii) shall be deemed to be a request by the Swing Line Bank that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available payment to the Administrative Agent on for the date account of the Swing Line Bank pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of such Borrowing in accordance with subsection participation. (aiv) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Revolving Credit Lender shall not have so made such Percentage the amount of its Pro Rata Share of such Borrowing Swing Line Advance available to the Administrative AgentAgent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender and such Borrower severally agree agrees to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower of the applicable Notice of Borrowing delivered by the Swing Line Bank until the date such amount is repaid paid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part Rate plus 1/2 of such Borrowing for purposes of this Agreement1%. (dv) The obligations Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Bank, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the Lenders hereunder foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances are several and not jointpursuant to Section 2.02(b)(ii) is subject to satisfaction of the conditions set forth in Section 3.02. The failure No funding of any Lender risk participations shall relieve or otherwise impair the obligation of the Borrower to make the Advance to be made by it repay Swing Line Advances, together with interest as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingprovided herein.

Appears in 2 contracts

Sources: Credit Agreement (CBRL Group Inc), Credit Agreement (Cracker Barrel Old Country Store, Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 9:00 A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In 's Account; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Working Capital Borrowing, the Administrative Agent may assume that shall first make a portion of such Lender has made such portion available funds equal to the Administrative Agent aggregate principal amount of any Letter of Credit Advances made by any Issuing Bank and by any other Working Capital Lender and outstanding on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 Working Capital Borrowing, plus interest accrued and the Administrative Agent may, in reliance upon such assumption, make available unpaid thereon to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage as of such Borrowing available to the Administrative Agentdate, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date Issuing Bank and such amount is repaid to the Administrative Agent, at (i) in the case other Working Capital Lenders for repayment of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case Letter of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementCredit Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Amf Bowling Inc), Credit Agreement (Amf Group Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York City time) on the day of such proposed Borrowing, in the case of a Borrowing comprised of Base Rate Advances, or on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex, telecopier or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telex, telecopier or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed promptly in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (Ai) date of such Borrowing, which date shall be a Business Day, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, which Borrowing the Administrative Agent shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity promptly notify each Lender of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable interest rate under Section 2.07(b). Each Lender shall, before 1:00 p.m. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case Company and, in respect of any Notice Borrowing comprised of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost loss or expense incurred by such Lender solely as a result of any failure by such Borrower the Company to fulfill on or before the date specified in for such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost ) or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the proposed date of a any Borrowing comprising of Eurodollar Rate Advances or (B) or, in the case of any Borrowing of any Base Rate Advances, prior to 12:00 p.m. (New York City time) on the date of a Borrowing comprising Alternate Base Rate Advances such Advance) that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 (or, in the case of a Borrowing of Base Rate Advances, that such Lender has made such portion available in accordance with and at the Administrative Agent time required by Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to In such event, if a Lender has not in fact made its portion of the extent that such Lender shall not have so made such Percentage of such applicable Borrowing available to the Administrative Agent, such then the applicable Lender and such Borrower the Company severally agree to repay pay to the Administrative Agent (without duplication) forthwith on demand such corresponding amount together in immediately available funds with interest thereon, for each day from and including the date such amount is made available to such Borrower until the Company to but excluding the date such amount is repaid of payment to the Administrative Agent, at (ix) in the case of a payment to be made by such BorrowerLender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (y) in the case of a payment to be made by the Company, the interest rate applicable at the such time to the Advances made in connection with comprising such Borrowing Borrowing. If the Company and (ii) in such Lender shall pay such interest to the case Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Company the amount of such Lender, interest paid by the Federal Funds RateCompany for such period. If such Lender shall repay pays its share of the applicable Borrowing to the Administrative Agent such corresponding amountAgent, such then the amount so repaid paid shall constitute such Lender’s 's Advance as part of included in such Borrowing for purposes of this AgreementBorrowing. Any payment by the Company shall be without prejudice to any claim the Company may have against a Lender that shall have failed to make such payment to the Administrative Agent. (d) The obligations of the Lenders hereunder to make Advances and to make payments pursuant to Section 8.04(i) are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing or to make any payment under Section 8.04(i) shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing or to make its payment under Section 8.04(i). (e) If, for any reason, a Borrowing is not made on the date specified in any Notice of Borrowing, the Administrative Agent hereby agrees to repay to each Lender the amount, if any, which such Lender has made available to the Administrative Agent as such Lender's ratable portion of such Borrowing, without interest. (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Advance in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Advance in any particular place or manner.

Appears in 2 contracts

Sources: Credit Agreement (Progress Energy Inc), Credit Agreement (Progress Energy Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesBorrowing consisting of Eurocurrency Rate Advances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than 12 separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (At&t Inc.), Credit Agreement (At&t Inc.)

Making the Advances. (a) Each Borrowing shall be made on noticenotice by the Borrower, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 9:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate Advances, not later than 11:00 a.m. Advances or (y) 9:00 A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or other electronic communication. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, including by telecopier (or any other electronic manner reasonably acceptable to the Administrative Agent, communication) in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such Borrowing, Borrowing (Bwhich shall be a Business Day) and the Type of Advances to be made in connection with comprising such Borrowing, (Cii) aggregate amount of such Borrowing, (Diii) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Advance if such Borrowing shall be subject is to the limitations stated in the definition consist of “Interest Period” in Section 1.01, Eurocurrency Rate Advances and (Eiv) account or accounts in which the identity proceeds of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing should be made on any datecredited. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at in immediately available funds to the account or accounts specified by the Borrower to the Administrative Agent’s aforesaid addressAgent in the Notice of Borrowing relating to the applicable Borrowing. (b) Anything in Section 2.02(a) to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such any Notice of Borrowing for a Borrowing the applicable conditions set forth in Article III, including, without limitation, any reasonable loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the greater of the Federal Funds RateRate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pay to the Administrative Agent such corresponding principal amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (f) If any Lender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

Appears in 2 contracts

Sources: Bridge Credit Agreement (Equinix Inc), Bridge Credit Agreement (Equinix Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on written notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York x) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Euros or Sterling, not later than (y) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars or (z) 11:00 A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the applicable Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, shall before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.03, the Administrative Agent will shall make such funds available to the Borrower that requested such Advance by depositing such funds to such account as such Borrower at the Administrative Agent’s aforesaid addressshall specify. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than fifteen separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Borrower giving such BorrowerNotice. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, the Borrower giving such Borrower Notice shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIISection 3.03, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender Lender, contrary to its Commitment, will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay without duplication to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Euros or Sterling. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. Nothing herein shall be deemed to prejudice any rights which any Borrower may have against a Lender as a result of any default by a Lender hereunder.

Appears in 2 contracts

Sources: Credit Agreement (Lubrizol Corp), Credit Agreement (Lubrizol Corp)

Making the Advances. (ab) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telex or telecopier. Each such Notice notice of a Borrowing by any Borrower (a "NOTICE OF BORROWING") shall be in writing or by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In 's Account; provided, however, that, in the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Revolving Credit Borrowing, the Administrative Agent may assume that shall first make a portion of such Lender has made such portion available funds equal to the Administrative Agent aggregate principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or any Issuing Bank, as the case may be, and by any other Revolving Credit Lender and outstanding on the date of such Borrowing in accordance with subsection (a) Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of this Section 2.02 and the Administrative Agent maysuch date, in reliance upon such assumption, make available to the applicable Borrower on Swing Line Bank or such date a corresponding amount. If Issuing Bank, as the case may be, and to the extent that such Lender shall not have so made such Percentage other Revolving Credit Lenders for repayment of such Borrowing available to the Administrative Agent, such Lender Swing Line Advances and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case Letter of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementCredit Advances. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Steel Dynamics Inc), Credit Agreement (Steel Dynamics Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Revolving Credit Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier or e-mail. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date and Facility of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and, if a Revolving Credit Borrowing, currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, shall (1) before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars, (2) before 11:00 A.M. (London time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency and (3) before 1:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 9.02 or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Revolving Credit Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Term Borrowings and ten separate Revolving Credit Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) or (b) of this Section 2.02 2.02, as applicable, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to the Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (df) The obligations of the Lenders hereunder to make Advances and to make payment pursuant to Section 9.04(c) are several and not joint. The failure of any Appropriate Lender to make the any Advance or to be made by it as part of make any Borrowing payment under Section 9.04(c) on any date required hereunder shall not relieve any other Appropriate Lender of its obligation, if any, hereunder corresponding obligation to make its Advance do so on the such date of such Borrowing, but and no Lender shall be responsible for the failure of any other Lender to make the its Advance or to be made by such other Lender on the date of any Borrowingmake its payment under Section 9.04(c).

Appears in 2 contracts

Sources: Credit Agreement (SAIC Gemini, Inc.), Credit Agreement (Science Applications International Corp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 2:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) the Facility with respect to which such Borrowing relates, and (v) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesAccount; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowingany Issuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make Swing Line Bank or such Issuing Bank, as the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 2 contracts

Sources: Credit Agreement (Hersha Hospitality Trust), Credit Agreement (Hersha Hospitality Trust)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower the Company to the Administrative Agent, which shall give to each Lender Bank prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier, confirmed promptly in writing, in substantially the form of Exhibit C heretoB, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender Bank shall, before 1:00 11:00 a.m. (New York City time), in the case of a Borrowing consisting of Eurodollar Rate Advances, or before 12:30 p.m. (New York City time) ), in the case of a Borrowing consist­ing of Base Rate Advances, on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such LenderBank’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIIV, the Administrative Agent will make such same day funds available to such Borrower the Company at the Company’s account at the Administrative Agent’s aforesaid addressaddress referred to in Section 10.02; provided that Advances made to finance an LC Reimbursement Obligation as provided in Section 2.02 shall be remitted by the Administrative Agent to the respective Issuing Bank or the Banks as their interests may appear. (b) Anything in Section 3.02(a) to the contrary notwithstanding, (i) the Company may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Banks to make Eurodollar Rate Advances shall then be suspended pursuant to Section 3.07 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateCompany. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day Bank prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender Bank will not make available to the Administrative Agent such LenderBank’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender Bank has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (aSection 3.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender Bank shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender Bank and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrowerthe Company, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such LenderBank, the Federal Funds Rate. If such Lender Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such LenderBank’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender Bank to make any LC Disbursement or any payment under Section 2.01(b)(2) or the Advance to be made by it as part of any Borrowing shall not relieve any other Lender Bank of its obligation, if any, hereunder to make its Advance on the date of such BorrowingLC Disbursement or payment or its Advance, but no Lender Bank shall be responsible for the failure of any other Lender Bank to make such LC Disbursement or payment or the Advance to be made by such other Lender on the date of any BorrowingBank.

Appears in 2 contracts

Sources: Revolving Credit and Letter of Credit Agreement (Cigna Corp), Revolving Credit and Letter of Credit Agreement (Cigna Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than (ix) 11:00 A.M. (New York City time) on the third U.S. Government Securities Business Day prior to the date of the proposed Borrowing in the case of a Borrowing comprising Eurodollar Rate consisting of Term SOFR Advances, not later than 11:00 a.m. (New York y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate Advances, not later than Advances or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by the Company (on its own behalf and on behalf of any Borrower Borrowing Subsidiary) to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or email. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email or any other electronic manner reasonably acceptable to the Administrative Agente-mail, confirmed promptly in writing, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with constituting such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising Eurodollar consisting of Term SOFR Advances or Eurocurrency Rate Advances, the currency and initial Interest Period for each such Advance, Advance and (v) name of the relevant Borrower (which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Company or a Borrowing be made on any dateSubsidiary). Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such LenderL▇▇▇▇▇’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such same day funds available to such the relevant Borrower at such B▇▇▇▇▇▇▇’s account at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Company may not select Term SOFR Advances or Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Term SOFR Advances or Eurocurrency Rate Advances, as applicable, shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Term SOFR Advances and Eurocurrency Rate Advances may not be outstanding as part of more than twelve separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the relevant Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Term SOFR Advances or Eurocurrency Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such the applicable Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such LenderL▇▇▇▇▇’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender L▇▇▇▇▇ has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable relevant Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such a Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated in Euros. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this AgreementAgreement and shall be made available in same day funds to the relevant Borrower’s account at the Agent’s address referred to in Section 8.02. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Pepsico Inc), Credit Agreement (Pepsico Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the date of a proposed Borrowing consisting of Base Rate Advances and (y) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case Borrowing consisting of a Borrowing comprising Alternate Base Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be sent by email or any other electronic manner reasonably acceptable to the Administrative Agenttelecopier, confirmed immediately in writing, in substantially the form of Exhibit C D hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. The Borrower may, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01conditions herein provided, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that borrow more than one Borrowing be made on any dateBusiness Day. Each Lender shall, before 1:00 p.m. 2:00 P.M. (New York City time) in the case of a Borrowing consisting of Base Rate Advances and before 11:00 A.M. (New York City time) in the case of a Borrowing consisting of Eurodollar Rate Advances, in each case on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing or with respect to the Conversion or continuance of any Borrowing if the aggregate amount of such Committed Borrowing or such Conversion or continuance is less than $10,000,000; (ii) there shall be no more than five Interest Periods relating to Committed Borrowings consisting of Eurodollar Rate Advances outstanding at any time; (iii) if any Lender shall, at least one Business Day before the date of any requested Borrowing, notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or that any central bank or other governmental authority asserts that it is unlawful, for such Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, the Commitment of such Lender to make Eurodollar Rate Advances or to Convert all or any portion of Base Rate Advances shall forthwith be suspended until the Administrative Agent shall notify the Borrower that such Lender has determined that the circumstances causing such suspension no longer exist and such Lender's then outstanding Eurodollar Rate Advances, if any, shall be converted to Base Rate Advances as of the end of any applicable Interest Period or at such earlier time as may be legally required; to the extent that such affected Eurodollar Rate Advances become Base Rate Advances, all payments of principal that would have been otherwise applied to such Eurodollar Rate Advances shall be applied instead to such Lender's Base Rate Advances; provided that if Requisite Lenders are subject to the same illegality or assertion of illegality, then the right of the Borrower to select Eurodollar Rate Advances for such Borrowing or any subsequent Borrowing or to Convert all or any portion of Base Rate Advances shall forthwith be suspended until the Administrative Agent shall notify the Borrower that the circumstances causing such suspension no longer exist, and each Advance comprising such Borrowing shall be a Base Rate Advance; and (iv) if the Requisite Lenders shall, at least one Business Day before the date of any requested Borrowing, notify the Administrative Agent that the Adjusted Eurodollar Rate for Eurodollar Rate Advances comprising such Borrowing will not adequately reflect the cost to such Requisite Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Borrowing, the right of the Borrower to select Eurodollar Rate Advances for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and each Advance comprising such Borrowing shall be made as a Base Rate Advance. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing or by reason of the termination of hedging or other similar arrangements, in each case when such AdvanceAdvance is not made on such date (other than by reason of (i) a breach of a Lender's obligations hereunder or (ii) a suspension of Eurodollar Rate Advances under clauses (iii), (iv) or (v) of paragraph (b) of this Section 2.02), including without limitation, as a result of any failure to fulfill on or before the date specified in such failure, is not made on Notice of Borrowing for such dateBorrowing the applicable conditions set forth in Article III. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Hormel Foods Corp /De/), Credit Agreement (Hormel Foods Corp /De/)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in Dollars, not later than (y) 4:00 P.M. (London time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (z) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 2:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower requesting the Borrowing at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In address referred to in Section 9.02 or at the applicable Payment Office, as the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such datemay be. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Corning Inc /Ny), Credit Agreement (Corning Inc /Ny)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on (x) the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or (y) the first Business Day prior to the date of the proposed Borrowing (or, if the Swing Line Bank shall, in its sole discretion, decline to make a Swing Line Advance on the date of the proposed Borrowing after a request therefor by a Borrower pursuant to Section 2.01(d) or (e), the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the relevant Borrower at by crediting the Administrative Agent’s aforesaid addressrelevant Borrower's Account. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Uniroyal Chemical Co Inc), Credit Agreement (Crompton & Knowles Corp)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the same Business Day as the date of a proposed Borrowing comprised of Base Rate Advances or (y) 1:00 P.M. (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case Borrowing comprised of a Borrowing comprising Alternate Base Eurocurrency Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Designated Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telecopier, or any other electronic manner reasonably acceptable to the Administrative Agentby telephone confirmed immediately by telecopier, in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such BorrowingBorrowing (which shall be a Business Day), (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising Eurodollar comprised of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Designated Agent at its address referred to in Section 8.02the Designated Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Designated Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Designated Agent will make such funds available to such the Borrower at the Administrative office where the Designated Agent’s aforesaid address. Account is maintained (b) Each or to an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profitsBorrowing), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: 364 Day Credit Agreement (Walt Disney Co), 364 Day Credit Agreement (TWDC Enterprises 18 Corp.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03(c), each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 12:00 noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. Advances or (y) 12:00 noon (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 2:00 P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid addressaddress referred to in Section 8.02. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profitsApplicable Margin), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Embarq CORP), Credit Agreement (Embarq CORP)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (w) 11:00 a.m. A.M. (New York City time) on the date of a proposed Borrowing consisting of Base Rate Advances in Dollars, (x) 11:00 A.M. (London time) on the date of a proposed Borrowing consisting of EURO-LIBOR Rate Advances in euros, (y) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the a proposed Borrowing, Borrowing consisting of EURIBOR Rate Advances and Eurocurrency Rate Advances in a Major Currency and (iiz) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the sixth Business Day prior to the date of a proposed Borrowing consisting of Eurocurrency Rate Advances in an Alternate Currency, by the Borrower requesting the proposed Borrowing, by any Borrower Borrowing to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier, telex or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be sent by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed immediately in writing, in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, (Div) in the case of a Borrowing comprising Eurodollar comprised of EURO Rate Advances, the currency of such Borrowing and (v) in the case of a Borrowing comprised of EURO Rate Advances, the initial Interest Period for each such Advance, which . If no election as to the currency of a EURO Rate Advance is specified in any such Notice of Borrowing then the requested Advance shall be made in Dollars. A Borrower may, subject to the limitations stated conditions herein provided, borrow more than one Borrowing on any Business Day. If the Administrative Agent has received notice from any of the Lenders by 12:00 noon (New York City time) four Business Days prior to the day of a proposed Borrowing comprised of Eurocurrency Rate Advances in an Alternate Currency that such Lender cannot provide Advances in the definition requested Alternate Currency, the Lenders shall be under no obligation to make Advances in the requested Alternate Currency as part of “Interest Period” such Borrowing, in Section 1.01, and (E) which event the identity of Administrative Agent will give notice to the Borrower requesting such Advance no later than 3:00 P.M. (New York City time) on the fourth Business Day prior to the requested date of such Borrowing that the Borrowing in the requested Alternate Currency is not then available, and notice thereof also will be given promptly by the Administrative Agent to the Lenders. If the Administrative Agent shall have so notified the Borrower requesting such Advance that any such Borrowing in a requested Alternate Currency is not then available, the Borrower requesting such Advance may, by notice to the Administrative Agent not later than 12:00 noon (New York City time) three Business Days prior to the requested date of such Borrowing, withdraw the Notice of Borrowing relating to such requested Borrowing. Each If the Borrower may request requesting such Advance does so withdraw such Notice of Borrowing, the Borrowing requested therein shall not occur and the Administrative Agent will promptly so notify each Lender. If the Borrower requesting such Advance does not so withdraw such Notice of Borrowing, the Administrative Agent will promptly so notify each Lender and such Notice of Borrowing shall be deemed to be a Notice of Borrowing that more than one requests a Borrowing be made on any datecomprised of Eurocurrency Rate Advances in Dollars with the same Interest Period as that requested in the Notice of Borrowing related to such requested Borrowing in an aggregate amount equal to the equivalent in Dollars of the amount of the originally requested Borrowing specified in the Notice of Borrowing; and in such notice by the Administrative Agent to each Lender, the Administrative Agent will state such equivalent in Dollars of the aggregate amount of such Borrowing and such Lender's pro rata share thereof. Each Lender shall, before 1:00 p.m. 2:00 P.M. (New York City time) in the case of each Borrowing consisting of Base Rate Advances, before 11:00 A.M. (New York City time) in the case of each Borrowing consisting of EURO Rate Advances denominated in Dollars and before 11:00 A.M. (local time) (at the Payment Office for such currency) in the case of each Borrowing consisting of EURO Rate Advances denominated in a Major Currency (other than Dollars) or in an Alternate Currency, in each case on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent (i) in the case of a Borrowing in Dollars, at its address referred such account maintained at the Payment Office for Dollars as shall have been notified by the Administrative Agent to in Section 8.02, the Lenders prior thereto and in same day funds, such Lender’s Percentage 's ratable portion of such BorrowingBorrowing in Dollars, and (ii) in the case of a Borrowing in a Major Currency (other than Dollars) or Alternate Currency, at such account maintained at the Payment Office for such currency as shall have been notified by the Administrative Agent to the Lenders prior thereto and in same day funds, such Lender's ratable portion of such Borrowing in such currency. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to such the Borrower requesting the proposed Borrowing at the Administrative Agent’s aforesaid addressapplicable Payment Office. (b) Each Anything in subsection (a) above to the contrary notwithstanding, (i) a Borrower may not select EURO Rate Advances for any Borrowing or with respect to the Conversion or continuance of any Borrowing if the aggregate amount of such Borrowing or such Conversion or continuance is less than $10,000,000; (ii) there shall be no more than six Interest Periods relating to Borrowings consisting of EURO Rate Advances outstanding at any time; (iii) if any Lender shall, at least one Business Day before the date of any requested Borrowing, notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or that any central bank or other governmental authority asserts that it is unlawful, for such Lender or its EURO Lending Office to perform its obligations hereunder to make EURO Rate Advances in one or more currencies or to fund or maintain EURO Rate Advances in one or more currencies hereunder, the Commitment of such Lender to make or continue EURO Rate Advances in the affected currencies or to Convert all or any portion of Base Rate Advances (if the affected currency is Dollars) shall forthwith be suspended until the Administrative Agent shall notify the Borrowers that such Lender has determined that the circumstances causing such suspension no longer exist and (I) if the affected currency is Dollars, such Lender's then outstanding EURO Rate Advances in Dollars, if any, shall be converted to Base Rate Advances as of the end of any applicable Interest Period or at such earlier time as may be legally required and (II) if the affected currency is other than Dollars, the outstanding principal amount of such Lender's EURO Rate Advances in such Major Currency (other than Dollars) or Alternate Currency, if any, shall be prepaid together with interest accrued thereon to the date of such prepayment on the last day of any applicable Interest Period or at such earlier time as may be legally required; provided that if Requisite Lenders are subject to the same illegality or assertion of illegality, then the right of the Borrowers to select or continue the affected EURO Rate Advances for such Borrowing or any subsequent Borrowing or, if the affected currency is Dollars to Convert all or any portion of Base Rate Advances shall forthwith be suspended until the Administrative Agent shall notify the Borrowers that the circumstances causing such suspension no longer exist; provided further that, before giving any such notice to the Administrative Agent and the Borrower requesting the proposed Borrowing, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different EURO Lending Office if the making of such designation would avoid such unlawfulness or the assertion thereof and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender; (iv) if, at least one Business Day before the date of any requested Borrowing, Conversion or continuation comprised of EURO Rate Advances in any Major Currency or in an Alternate Currency, either (A) two or more of the Reference Banks notify the Administrative Agent that deposits are not being offered in the relevant interbank market in such currency, for the applicable Interest Period in amounts substantially equal to the amount of such Borrowing or (B) the Requisite Lenders notify the Administrative Agent that the Adjusted Eurocurrency Rate, the EURIBOR Rate or the EURO-LIBOR Rate for such Advances comprising such Borrowing will not adequately reflect the cost to such Requisite Lenders of making, funding or maintaining their respective Advances for such Borrowing, then (X) the Administrative Agent shall promptly notify the Borrowers specifying the relevant currencies, amounts or periods, (Y) the obligation of any Lender to make, to Convert Advances into or to continue such Advances or any subsequent Advances comprised of such Advances in such currency shall be suspended until the Administrative Agent shall notify the Borrower requesting the proposed Borrowing and the Lenders that the circumstances causing such suspension no longer exist and (Z) (I) if such Advances which are the subject of such suspension are Advances in Dollars, such Advances shall, so long as such suspension continues, be automatically converted into Base Rate Advances at the end of the applicable Interest Period therefor and (II) if such Advances which are the subject of such suspension are Advances in a Major Currency (other than Dollars) or Alternate Currency, the applicable Borrower requesting the proposed continuation shall, so long as such suspension continues, prepay the outstanding principal amount of such Advances together with interest accrued thereon to the date of such prepayment at the end of the applicable Interest Period therefor; and (v) if the Borrower requesting the proposed Borrowing shall fail to select the duration of any Interest Period for any EURO Rate Advances in accordance with the provisions contained herein, then (A) the Administrative Agent will forthwith so notify such Borrower and the Lenders and (B) (y) if such Advances are Advances in Dollars, such Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances and (z) if such Advances are Advances in a Major Currency (other than Dollars) or Alternate Currency, subject to subparagraphs (iii) and (iv) above in this Section 2.02(b), such Advances will automatically, on the last day of the then existing Interest Period therefor, continue as Advances in such currency with an Interest Period ending one month after such last day or, if earlier, ending on the Termination Date. (c) Except as provided in Section 2.02(a), each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Borrower requesting the proposed Borrowing. In the case of any Borrowing which the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of EURO Rate Advances, such the Borrower requesting the proposed Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing or by reason of the termination of hedging or other similar arrangements, in each case when such AdvanceAdvance is not made on such date (other than by reason of (i) a breach of a Lender's obligations hereunder or (ii) a suspension of EURO Rate Advances under clauses (iii) or (iv) of paragraph (b) of this Section 2.02), including without limitation, as a result of any failure to fulfill on or before the date specified in such failure, is not made on Notice of Borrowing for such dateBorrowing the applicable conditions set forth in Article III. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower requesting the proposed Borrowing on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, (x) with respect to Advances comprising such Borrowing that are denominated in Dollars, the Federal Funds Rate, and (y) with respect to Advances comprising such Borrowing that are denominated in a Major Currency (other than Dollars) or in an Alternate Currency, the cost of such funds to the Administrative Agent, as determined by the Administrative Agent. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Steelcase Inc), Credit Agreement (Steelcase Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03 and except that the Term B Borrowing shall be made on the Closing Date, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 2:00 P.M. (New York, New York time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) or on the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing comprised of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give prompt notice thereof to each Lender prompt notice thereofAppropriate Lender. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agentby telecopier, in substantially the form of Exhibit C B-1 hereto, specifying therein shall be duly executed by a Responsible Officer of the Borrower, and shall specify therein: (i) the requested (A) date of such Borrowing, Borrowing (Bwhich shall be a Business Day); (ii) the Facility under which such Borrowing is requested to be made; (iii) the Type of Advances requested to be made in connection with comprise such Borrowing, ; (Civ) the requested aggregate amount of such Borrowing, ; and (Dv) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the requested duration of the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 2:00 P.M. (New York, New York time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage Pro Rata Share of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account; provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or the Issuing Bank, as the case may be, and by any Revolving Credit Lender and outstanding on the date of such Revolving Credit Borrowing, plus accrued and unpaid interest thereon to and as of such date, available to the Swing Line Bank or the Issuing Bank, as applicable, and such other Revolving Credit Lenders for repayment of such Swing Line Advances and Letter of Credit Advances. (i) Each Swing Line Borrowing shall be made on notice, given not later than 2:00 P.M. (New York, New York time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier, shall be in substantially the form of Exhibit B-2 hereto and duly executed by a Responsible Officer of the Borrower, and shall specify therein: (A) the requested date of such Borrowing (which shall be a Business Day); (B) the requested amount of such Borrowing; and (C) the requested maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the amount thereof available for the account of its Applicable Lending Office to the Borrower by crediting the Borrower’s Account. (ii) Upon demand by the Swing Line Bank, with a copy of such demand to the Administrative Agent (which shall give prompt notice thereof to each Revolving Credit Lender), each Revolving Credit Lender shall purchase from the Swing Line Bank, and the Swing Line Bank shall sell and assign to each such Revolving Credit Lender, such Revolving Credit Lender’s Pro Rata Share of such outstanding Swing Line Borrowing as of the date of such demand, by making available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s aforesaid addressAccount for the account of the Swing Line Bank, in same day funds, an amount equal to such Pro Rata Share. Promptly after receipt of such funds, the Administrative Agent shall transfer such funds to the Swing Line Bank at its Applicable Lending Office. Each Revolving Credit Lender hereby agrees to purchase its Pro Rata Share of an outstanding Swing Line Borrowing on (A) the Business Day on which demand therefor is made by the Swing Line Bank so long as notice of such demand is given not later than 12:00 Noon (New York, New York time) on such Business Day or (B) the first Business Day next succeeding such demand if notice of such demand is given after such time. The Borrower hereby agrees to each such sale and assignment. Upon any such assignment by the Swing Line Bank to any Revolving Credit Lender of a portion of a Swing Line Borrowing, the Swing Line Bank represents and warrants to such Revolving Credit Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Swing Line Borrowing, the Loan Documents or any Loan Party. If and to the extent that any Revolving Credit Lender shall not have so made its Pro Rata Share of any applicable Swing Line Borrowing available to the Administrative Agent in accordance with the foregoing provisions of this Section 2.02(b)(ii), such Revolving Credit Lender hereby agrees to pay to the Administrative Agent forthwith on demand the amount of its Pro Rata Share, together with interest thereon, for each day from the date of demand by the Swing Line Bank therefor until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. If such Lender shall pay to the Administrative Agent the amount of its Pro Rata Share for the account of the Swing Line Bank on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Lender on such Business Day for all purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by the Swing Line Bank shall be reduced by such amount on such Business Day. (biii) The obligation of each Revolving Credit Lender to purchase its Pro Rata Share of each outstanding Swing Line Borrowing upon demand by the Swing Line Bank therefor pursuant to clause (ii) of this Section 2.02(b) shall be absolute, unconditional and irrevocable, and shall be made strictly in accordance with the terms of clause (ii) of this Section 2.02(b) under all circumstances, including, without limitation, the following circumstances: (A) any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto; (B) the existence of any claim, set-off, defense or other right that such Revolving Credit Lender may have at any time against the Swing Line Bank, the Borrower or any other Person, whether in connection with the transactions contemplated by the Loan Documents or any unrelated transaction; (C) the occurrence and continuance of any Default or Event of Default; or (D) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. (c) Anything in subsection (a) of this Section 2.02 to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.09 or 2.10. In addition, the Term Advances may not be outstanding as part of more than 10 separate Borrowings and the Revolving Credit Advances may not be outstanding as part of more than 10 separate Borrowings. (d) Each Notice of Borrowing delivered by any Borrower and Notice of Swing Line Borrowing shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. A certificate of the Lender requesting compensation pursuant to this subsection (d) submitted to the Borrower by such Lender and specifying therein the amount of such additional compensation (including the basis of calculation thereof) shall be conclusive and binding for all purposes, absent manifest error. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of any Borrowing under a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of Facility under which such Lender has a Borrowing comprising Alternate Base Rate Advances Commitment that such Lender will not make available to the Administrative Agent such Lender’s Percentage Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made the amount of such portion Pro Rata Share available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) or (b) of this Section 2.02 2.02, as applicable, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage the amount of such Borrowing Pro Rata Share available to the Administrative Agent, such Lender and such the Borrower severally agree to repay or to pay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the such time under Section 2.07 to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay pay to the Administrative Agent such corresponding amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of under this Agreement. (df) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Davita Inc), Credit Agreement (Davita Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than Advances or (y) 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the applicable Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. P.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address's address referred to in Section 9.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than six separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Borrower requesting such BorrowerBorrowing. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the applicable Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such a Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Omnicom Group Inc), 364 Day Credit Agreement (Omnicom Group Inc)

Making the Advances. (a) Each Borrowing shall be in an amount not less than $10,000,000 (or, if less, the Available Commitments at such time) or an integral multiple of $1,000,000 in excess thereof and shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitment Percentages. Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) A.M. on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. (New York time) 1:00 P.M. on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofwritten notice. Each such notice of a Borrowing under this Section 2.02 (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, fax in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of Borrowing Date for such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. (New York time) 3:00 P.M. on the date of such Borrowingapplicable Borrowing Date, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of the Borrowing to be made on such BorrowingBorrowing Date. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will promptly make such funds available to the Borrower in such manner as the Borrower at shall have specified in the applicable Notice of Borrowing and as shall be reasonably acceptable to the Administrative Agent’s aforesaid address. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $10,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.12(b), 2.12(e) or 2.16, and (ii) there shall be not more than 20 Borrowings at any one time outstanding. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to comprise Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission by courier or fax from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day any Borrowing Date or, in the case of a Base Rate Advance, prior to the date time of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances Borrowing, that such Lender will not make available to the Administrative Agent such Lender’s Percentage Advance as part of the Borrowing to be made on such BorrowingBorrowing Date, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing Date in accordance with subsection (a) of this Section 2.02 2.02, and the Administrative Agent maymay (but it shall not be required to), in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing Advance available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Southwestern Electric Power Co), Credit Agreement (Southwestern Electric Power Co)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (x) 10:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate AdvancesAdvances denominated in any Major Currency, not later than (y) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars or (z) 9:00 A.M. (New York City time) on the day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower the Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Major Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Agent’s Account, in same day funds, such Lender’s Percentage ratable portion (as determined in accordance with Section 2.01) of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s aforesaid addressaddress or at the applicable Payment Office, as the case may be. (b) Anything in subsection (a) above to the contrary notwithstanding, the Company may not select Eurocurrency Rate Advances for any proposed Borrowing if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.09 or 2.12. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrowerthe Company. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower the Company to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, Borrowing the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such Borrowerthe Company, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiB) the cost of funds incurred by the Administrative Agent in respect of such amount and (y) in the case of such Lender, (A) the Federal Funds RateRate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in any Major Currency. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: 364 Day Credit Agreement (Honeywell International Inc), 364 Day Credit Agreement (Honeywell International Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than 11:00 A.M. (iNew York City time) on the day of such proposed Borrowing, in the case of a Borrowing comprising Eurodollar comprised of Base Rate Advances, not later than 11:00 a.m. (New York time) or on the third Business Day prior to the date of the proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower Company to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex, telecopier or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telex, telecopier or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed promptly in writing, in substantially the form of Exhibit C A-1 hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the initial Interest Period for each such Advance. In the case of a proposed Borrowing comprised of Eurodollar Rate Advances, which Borrowing the Administrative Agent shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity promptly notify each Lender of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any dateapplicable interest rate under Section 2.07(b). Each Lender shall, before 1:00 p.m. 12:00 P.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower the Company at the Administrative Agent’s 's aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case Company and, in respect of any Notice Borrowing comprised of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower the Company shall indemnify each Lender against any loss, cost loss or expense incurred by such Lender as a result of any failure by such Borrower the Company to fulfill on or before the date specified in for such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost ) or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower Company on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such Borrower the Company severally agree to repay to the Administrative Agent (without duplication), forthwith on demand demand, such corresponding amount amount, together with interest thereon, thereon for each day from the date such amount is made available to such Borrower the Company until the date such amount is repaid to the Administrative Agent, at (ix) in the case of such Borrowerthe Company, at the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (iiy) in the case of such Lender, at the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (e) If, for any reason, a Borrowing is not made on the date specified in any Notice of Borrowing, the Administrative Agent hereby agrees to repay to each Lender the amount, if any, which such Lender has made available to the Administrative Agent as such Lender's ratable portion of such Borrowing, together with interest thereon for each day from the date such amount is made available to the Administrative Agent until the date such amount is repaid to such Lender, at the Federal Funds Rate.

Appears in 2 contracts

Sources: Credit Agreement (Progress Energy Inc), Credit Agreement (Progress Energy Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed Borrowing, Borrowing in the case of a Borrowing consisting of Base Rate Advances by any the Borrower to the Administrative Agent, which shall give to each Appropriate Lender prompt notice thereofthereof by telecopier or electronic communication. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other by telecopier or electronic manner reasonably acceptable to the Administrative Agentcommunication, in substantially the form of Exhibit C B hereto, specifying therein the requested (A1) date of such Borrowing, (B2) Facility under which such Borrowing is to be made, (3) Type of Advances to be made in connection with comprising such Borrowing, (C4) aggregate amount of such Borrowing, Borrowing and (D5) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account; provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances outstanding at such time, together with interest accrued and unpaid thereon to and as of such date. (i) Each Swing Line Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed promptly in writing, or by telecopier or electronic communication, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Bank will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s aforesaid address. (b) Each Notice Account, in same day funds. After the Administrative Agent’s receipt of Borrowing delivered by any Borrower shall be irrevocable such funds and binding on such Borrower. In the case upon fulfillment of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred the Administrative Agent will make such funds available to the Borrower by reason of crediting the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateBorrower’s Account. (cii) Unless The Swing Line Bank may, at any time in its sole and absolute discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Bank to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Advances then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the minimum amounts specified in Section 2.01(b) but subject to the satisfaction of the conditions set forth in Section 3.02. The Swing Line Bank shall furnish the Borrower with a copy of the applicable Notice of Borrowing promptly after delivering such notice to the Administrative Agent Agent. Each Revolving Credit Lender shall have received written notice via facsimile transmission from a Lender prior make an amount equal to (A) 5:00 p.m. (New York time) one Business Day prior to its Pro Rata Share of the date amount specified in such Notice of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on available for the date account of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available its Applicable Lending Office to the Administrative Agent for the account of the Swing Line Bank, by deposit to the Administrative Agent’s Account, in same day funds, not later than 11:00 A.M. on the day specified in such Notice of Borrowing. (iii) If for any reason any Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Bank as set forth in Section 2.02(b)(ii) shall be deemed to be a request by the Swing Line Bank that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available payment to the Administrative Agent on for the date account of the Swing Line Bank pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of such Borrowing in accordance with subsection participation. (aiv) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Revolving Credit Lender shall not have so made such Percentage the amount of its Pro Rata Share of such Borrowing Swing Line Advance available to the Administrative AgentAgent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender and such Borrower severally agree agrees to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower of the applicable Notice of Borrowing delivered by the Swing Line Bank until the date such amount is repaid paid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (dv) The obligations Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Bank, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the Lenders hereunder foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances are several and not jointpursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in Section 3.02. The failure No funding of any Lender risk participations shall relieve or otherwise impair the obligation of the Borrower to make the Advance to be made by it repay Swing Line Advances, together with interest as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingprovided herein.

Appears in 2 contracts

Sources: Asset Based Loan Credit Agreement (Express Parent LLC), Asset Based Loan Credit Agreement (Express Parent LLC)

Making the Advances. (a) Each Except as otherwise provided in Section 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. 10:00 A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at by crediting the Administrative AgentBorrower’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate AdvancesAccount; provided, such Borrower shall indemnify each Lender against any losshowever, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless that the Administrative Agent shall have received written notice via facsimile transmission from first make a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior portion of such funds equal to the date aggregate principal amount of a Borrowing comprising Eurodollar Rate any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowingany Issuing Bank, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in as the case of such Borrowermay be, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance and outstanding on the date of such Borrowing, but no Lender shall be responsible for plus interest accrued and unpaid thereon to and as of such date, available to the failure of any other Lender to make Swing Line Bank or such Issuing Bank, as the Advance to be made by case may be, and such other Lender on the date Lenders for repayment of any Borrowingsuch Swing Line Advances and Letter of Credit Advances.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Sunstone Hotel Investors, Inc.), Credit Agreement (Sunstone Hotel Investors, Inc.)

Making the Advances. (a) Each Borrowing shall be made on noticenotice by the Borrower, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. (New York timex) 9:00 A.M. (Local Time) on the third Business Day prior to the date of the proposed BorrowingBorrowing (or at such later time as the Administrative Agent, and (iiin its reasonable discretion, may agree to) in the case of a Borrowing comprising Alternate Base consisting of Eurocurrency Rate Advances, not later than 11:00 a.m. Advances or (New York y) 9:00 A.M. (Chicago time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or other electronic communication. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, including by telecopier (or any other electronic manner reasonably acceptable to the Administrative Agent, communication) in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such Borrowing (which shall be a Business Day), (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount and currency of such Borrowing, (Biv) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which if such Borrowing shall be subject is to the limitations stated in the definition consist of “Interest Period” in Section 1.01Eurocurrency Rate Advances, and (Ev) account or accounts in which the identity proceeds of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing should be made on any datecredited. Each Lender shall, before 1:00 p.m. 12:00 P.M. (New York Local Time) in the case of Advances in Alternative Currencies and 11:00 A.M. (Chicago time) in the case of Advances in Dollars on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the applicable Administrative Agent’s Office, in same day funds, such Lender’s Percentage ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at in immediately available funds to the account or accounts specified by the Borrower to the Administrative Agent’s aforesaid addressAgent in the Notice of Borrowing relating to the applicable Borrowing. (b) Anything in Section 2.02(a) to the contrary notwithstanding, (i) Advances denominated in Alternative Currencies may only be requested and maintained as Eurocurrency Rate Advances (subject to Section 2.12), (ii) the Borrower may not select Eurocurrency Rate Advances denominated in Dollars if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (iii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting Eurodollar specifies is to be comprised of Eurocurrency Rate Advances, such the Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any reasonable loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date time of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of such the Borrower, the higher of (A) the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the Federal Funds Rategreater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall repay pay to the Administrative Agent such corresponding principal amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (f) If any Lender makes available to the Administrative Agent funds for any Advance to be made by such Lender as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

Appears in 2 contracts

Sources: Revolving Credit Agreement (AbbVie Inc.), Revolving Credit Agreement (AbbVie Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurocurrency Rate Advances or (y) on the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Applicable Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other telex or telecopier or electronic manner reasonably acceptable to the Administrative Agentmail, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising Eurodollar consisting of Eurocurrency Rate Advances, the initial Interest Period and currency for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars, and before 9:00 A.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Applicable Borrower by crediting the Applicable Borrower’s Account or such other account as the Applicable Borrower shall request; provided, however, that, in the case of Revolving Credit Advances, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date. (i) Each Swing Line Borrowing shall be made on notice, given not later than (x) 11:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing in the case of a Swing Line Borrowing denominated in Dollars or (y) 9:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing in the case of a Swing Line Borrowing denominated in any Committed Currency, by the Applicable Borrower to the Swing Line Lender and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount and currency of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Lender will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s aforesaid address. (b) Each Notice Account, in same day funds and in the requested currency. After the Administrative Agent’s receipt of Borrowing delivered by any Borrower shall be irrevocable such funds and binding on such Borrower. In the case upon fulfillment of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost the Administrative Agent will make such funds available to the Applicable Borrower by crediting the Applicable Borrower’s Account or expense incurred by reason of such other account as the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateApplicable Borrower shall request. (cii) Unless The Swing Line Lender (for so long as CITI is the sole Swing Line Lender) may, at any time in its sole and absolute discretion, request on behalf of the Applicable Borrower (and the Applicable Borrower hereby irrevocably authorizes the Swing Line Lender to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Advances (based in respect of any Swing Line Advance denominated in a Committed Currency by reference to the Equivalent thereof in Dollars) then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the minimum amounts specified therein but subject to the satisfaction of the conditions set forth in Section 3.02 (except that the Applicable Borrower shall not be deemed to have made any representations and warranties). The Swing Line Lender shall furnish the Applicable Borrower with a copy of the Notice of Borrowing promptly after delivering such notice to the Administrative Agent Agent. Each Revolving Credit Lender shall have received written notice via facsimile transmission from a Lender prior make an amount equal to (A) 5:00 p.m. (New York time) one Business Day prior to its Pro Rata Share of the date amount specified in such Notice of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on available for the date account of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available its Applicable Lending Office to the Administrative Agent for the account of such Swing Line Lender, by deposit to the Administrative Agent’s Account, in same date funds, not later than 3:00 P.M. on the day specified in such Notice of Borrowing. (iii) If for any reason any Swing Line Advance cannot be refinanced by a Borrowing as contemplated by Section 2.02(b)(ii) or if CITI is not the sole Swing Line Lender, the Swing Line Lender may request that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available payment to the Administrative Agent on for the date account of the Swing Line Lender shall be deemed payment in respect of such Borrowing in accordance with subsection participation. (aiv) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Revolving Credit Lender shall not have so made such Percentage the amount of its Pro Rata Share of such Borrowing Swing Line Advance available to the Administrative AgentAgent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender and such Borrower severally agree agrees to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date of the applicable Notice of Borrowing delivered by such amount is made available to such Borrower Swing Line Lender until the date such amount is repaid paid to the Administrative Agent, at a rate equal to (ix) the Federal Funds Rate in the case of such Borrower, any amount denominated in Dollars or (y) the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case cost of such Lender, the Federal Funds Rate. If such Lender shall repay to funds incurred by the Administrative Agent such corresponding amount, in respect of such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreementdenominated in Foreign Currencies. (dv) The obligations Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in a Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Revolving Credit Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the Lenders hereunder foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances are several and not jointpursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in Section 3.02. The failure No funding of risk participations shall relieve or otherwise impair the obligation of any Lender Revolving Credit Borrower to make the Advance to be made by it repay Swing Line Advances, together with interest as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingprovided herein.

Appears in 2 contracts

Sources: Credit and Guaranty Agreement (Dana Inc), Credit and Guaranty Agreement (Dana Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given not later than (i1) in the case of a proposed Borrowing comprising comprised of Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third at least three Business Day Days prior to the date of the proposed Borrowing, and (ii2) in the case of a proposed Borrowing comprising Alternate comprised of Base Rate Advances, not later than 11:00 a.m. 10:00 A.M. (New York City time) on the date of the proposed Borrowing, by any the Borrower to the Administrative Agent, which shall give to each Lender Bank prompt notice thereofthereof by telecopy, telex or cable. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agentby telecopy, telex or cable in substantially the form of Exhibit C B hereto, executed by the Borrower and specifying therein the requested (A) date of such BorrowingBorrowing (which shall be a Business Day), (B) initial Type of Advances to be made in connection with comprising such Borrowing, (C) Borrowing and the aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender Bank shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its New York address referred to in Section 8.028.2, in same day funds, such Lender’s Percentage Bank's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s 's aforesaid address. (b) Each Notice Anything herein to the contrary notwithstanding: (i) at no time shall there be outstanding to the Borrower more than ten Borrowings comprised of Eurodollar Rate Advances; (ii) the Borrower may not select Eurodollar Rate Advances for any Borrowing delivered by if the aggregate amount of such Borrowing is less than $10,000,000; (iii) if the Majority Banks shall notify the Administrative Agent that either (A) the Eurodollar Rate for any Borrower shall be irrevocable Interest Period for any Eurodollar Rate Advances will not adequately reflect the cost to such Banks of making or funding their respective Eurodollar Rate Advances for such Interest Period, or (B) that U.S. dollar deposits for the relevant amounts and binding on such Borrower. In Interest Period for their respective Advances are not available to them in the case of any Notice of Borrowing delivered by any Borrower requesting London interbank market, or it is otherwise impossible to have Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from forthwith so notify the Borrower and the Banks, whereupon (I) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Lender prior Base Rate Advance, and (II) the obligations of the Banks to (A) 5:00 p.m. (New York time) one Business Day prior make, or to the date of a Borrowing comprising Convert Advances into, Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower be suspended until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations request of the Lenders hereunder to make Advances are several Majority Banks, shall notify the Borrower and not joint. The failure of any Lender to make the Advance to be made by it Banks that the circumstances causing such suspension no longer exist, and, except as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.provided in Section 2.2(b)

Appears in 2 contracts

Sources: Credit Agreement (Williams Companies Inc), Credit Agreement (Williams Companies Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than (x) 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than Advances or (y) 11:00 a.m. A.M. (New York City time) on the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telecopier or telex. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agent, telecopier or telex in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Agent's Account, in same day funds, such Lender’s Percentage 's ratable portion of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the Borrower at the Administrative Agent’s aforesaid address's address referred to in Section 8.02. (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11 and (ii) the Eurodollar Rate Advances may not be outstanding as part of more than six separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the time to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s 's Advance as part of such Borrowing for purposes of this Agreement. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Renaissancere Holdings LTD), Credit Agreement (Renaissancere Holdings LTD)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on or the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or such other account as the Borrower shall request; provided, however, that, in the case of Revolving Credit Advances, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date. (i) Each Swing Line Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Lender and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Lender will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s aforesaid address. (b) Each Notice Account, in same day funds. After the Administrative Agent’s receipt of Borrowing delivered by any Borrower shall be irrevocable such funds and binding on such Borrower. In the case upon fulfillment of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or expense incurred by reason of such other account as the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateBorrower shall request. (cii) Unless The Swing Line Lender may, at any time in its sole and absolute discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Lender to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Advances then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the minimum amounts specified therein but subject to the satisfaction of the conditions set forth in Section 3.02 (except that the Borrower shall not be deemed to have made any representations and warranties). The Swing Line Lender shall furnish the Borrower with a copy of the Notice of Borrowing promptly after delivering such notice to the Administrative Agent Agent. Each Revolving Credit Lender shall have received written notice via facsimile transmission from a Lender prior make an amount equal to (A) 5:00 p.m. (New York time) one Business Day prior to its Pro Rata Share of the date amount specified in such Notice of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on available for the date account of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available its Applicable Lending Office to the Administrative Agent for the account of such Swing Line Lender, by deposit to the Administrative Agent’s Account, in same date funds, not later than 3:00 P.M. on the day specified in such Notice of Borrowing. (iii) If for any reason any Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Lender as set forth in Section 2.02(b)(ii) shall be deemed to be a request by such Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available payment to the Administrative Agent on for the date account of the Swing Line Lender pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of such Borrowing in accordance with subsection participation. (aiv) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Revolving Credit Lender shall not have so made such Percentage the amount of its Pro Rata Share of such Borrowing Swing Line Advance available to the Administrative AgentAgent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender and such Borrower severally agree agrees to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date of the applicable Notice of Borrowing delivered by such amount is made available to such Borrower Swing Line Lender until the date such amount is repaid paid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (dv) The obligations Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in a Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the Lenders hereunder foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances are several and not jointpursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in Section 3.02. The failure No funding of any Lender risk participations shall relieve or otherwise impair the obligation of the Borrower to make the Advance to be made by it repay Swing Line Advances, together with interest as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingprovided herein.

Appears in 2 contracts

Sources: Revolving Credit and Guaranty Agreement (Dana Holding Corp), Senior Secured Debtor in Possession Credit Agreement (Dana Corp)

Making the Advances. (a) Each Except as otherwise provided in Sections 2.03 or 2.20, each Borrowing shall be made on notice, given by the Borrower to the Administrative Agent (iwhich shall give to each Appropriate Lender prompt notice thereof), which notice may be given by: (A) in telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the case Administrative Agent of a Notice of Borrowing. Each such Notice of Borrowing comprising Eurodollar Rate Advances, must be received by the Administrative Agent not later than 11:00 a.m. A.M. on (New York timei) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances or (ii) the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances. Each such Notice of Borrowing and each telephonic notice must specify therein the requested (i) date of such Borrowing, (ii) whether such Advances are Revolving A Credit Advances or Revolving B Credit Advances and the Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing and (iiiv) in the case of a Borrowing comprising Alternate Base Rate Advances, not later than 11:00 a.m. (New York time) on the date consisting of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such Notice of Borrowing by any Borrower shall be by email or any other electronic manner reasonably acceptable to the Administrative Agent, in substantially the form of Exhibit C hereto, specifying therein the requested (A) date of such Borrowing, (B) Type of Advances to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing, (D) in the case of a Borrowing comprising Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. (New York time) 11:00 A.M. in the case of a Borrowing consisting of Eurodollar Rate Advances and 2:00 P.M. in the case of a Borrowing consisting of Base Rate Advances, in each case on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments under the applicable Facility of such Lender and the other Appropriate Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such Borrower at the Borrower, in like funds as received by the Administrative Agent, either by (i) crediting the Borrower’s aforesaid addressAccount with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that, in the case of any Revolving A Credit Borrowing, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any L/C Borrowings outstanding at such time, together with interest accrued and unpaid thereon to and as of such date. (b) Anything in Section 2.02(a) to the contrary notwithstanding, (i) subject to receipt by the Administrative Agent not later than 11:00 A.M. on the third Business Day prior to the Effective Date of (A) a Notice of Borrowing and (B) an executed Eurodollar Rate indemnification letter in form and substance reasonably satisfactory to the Administrative Agent, the initial Borrowing hereunder may be a one-month Eurodollar Rate Advance maturing on October 3, 2018, (ii) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Sections 2.09 or 2.10, (iii) the Revolving A Credit Advances may not be outstanding as part of more than five separate Borrowings and (iv) the Revolving B Credit Advances may not be outstanding as part of more than five separate Borrowings. (c) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In the case of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (cd) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of any Borrowing under a Facility under which such Lender has a Commitment (or, in the case of any Borrowing comprising Eurodollar of Base Rate Advances or (B) Advances, prior to 12:00 p.m. (New York time) noon on the date of a Borrowing comprising Alternate Base Rate Advances such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (aSection 2.02(a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender and such the Borrower severally agree to repay or pay to the Administrative Agent forthwith on demand such corresponding amount together with and to pay interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the such time under Section 2.07 to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the greater of (A) the Federal Funds RateRate plus 1/2 of 1% and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing. If such Lender shall repay pay to the Administrative Agent such corresponding amount, such amount so repaid paid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreementall purposes. (de) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. (f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all or the portion of its Advances in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.

Appears in 2 contracts

Sources: Credit Agreement (Cracker Barrel Old Country Store, Inc), Credit Agreement (Cracker Barrel Old Country Store, Inc)

Making the Advances. (a) Each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the date of a proposed Base Rate Borrowing or on the third Business Day prior to the date of the a proposed Borrowing, and (ii) in the case of a Borrowing comprising Alternate Base Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) on the date of the proposed Borrowing, by any the applicable Borrower to the Administrative Agent, which shall give to each Lender Bank prompt notice thereofthereof by telecopier, telex or cable. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telecopier, telex or any other electronic manner reasonably acceptable to the Administrative Agentcable, confirmed immediately in writing, in substantially the form of Exhibit C A hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with constituting such Borrowing, (Ciii) aggregate amount of such Borrowing, and (Div) in the case of a Borrowing comprising Eurodollar Rate AdvancesBorrowing, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting Advances constituting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender Bank shall, before 1:00 p.m. 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.028.02 such Bank’s ratable portion of such Borrowing, in same day funds, such Lender’s Percentage of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to such the applicable Borrower at the Administrative Agent’s aforesaid address. (b) Each Notice of Borrowing delivered by any Borrower shall be irrevocable and binding on the Borrower that delivers such BorrowerNotice of Borrowing. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the applicable Borrower shall indemnify each Lender Bank against any loss, cost or expense incurred by such Lender Bank as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender Bank to fund the Advance to be made by such Lender Bank as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. (c) Unless the Administrative Agent shall have received written notice via facsimile transmission from a Lender prior to (A) 5:00 p.m. (New York time) one Business Day Bank prior to the date of a any Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender Bank will not make available to the Administrative Agent such LenderBank’s Percentage ratable portion of such Borrowing, the Administrative Agent may assume that such Lender Bank has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender Bank shall not have so made such Percentage of such Borrowing ratable portion available to the Administrative Agent, such Lender Bank and such the applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with constituting such Borrowing and (ii) in the case of such LenderBank, the Federal Funds Rate. If such Lender Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such LenderBank’s Advance as part of such Borrowing for purposes of this Agreement. (d) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender Bank to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender Bank of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender Bank shall be responsible for the failure of any other Lender Bank to make the Advance to be made by such other Lender Bank on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Uil Holdings Corp), Credit Agreement (Uil Holdings Corp)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or Section 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base consisting of Eurodollar Rate Advances, or not later than 11:00 a.m. A.M. (New York City time) on the date of the proposed BorrowingBorrowing in the case of a Borrowing consisting of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier or e-mail, in each case in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) Type of Advances to be made in connection with comprising such Borrowing, (Ciii) aggregate amount of such Borrowing, Borrowing and (Div) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 12:00 Noon (New York City time) on the date of such BorrowingBorrowing in the case of a Borrowing consisting of Eurodollar Rate Advances and 1:00 P.M. (New York City time) on the date of such Borrowing in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account; provided, however, that the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Letter of Credit Advances made by any Issuing Bank, and by any other Lender and outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to such Issuing Bank, and such other Lenders for repayment of such Letter of Credit Advances. (i) The Borrower at may request a Competitive Bid Borrowing under this Section 2.02(b) by delivering to the Administrative Agent’s aforesaid address. , by telex, facsimile or e-mail, a notice of a Competitive Bid Borrowing (ba “Notice of Competitive Bid Borrowing”), in substantially the form of Exhibit E hereto, specifying therein the requested (A) date of such proposed Competitive Bid Borrowing, (B) aggregate amount of such proposed Competitive Bid Borrowing, (C) in the case of a Competitive Bid Borrowing consisting of Eurodollar Rate Advances, Interest Period, or in the case of a Competitive Bid Borrowing consisting of Fixed Rate Advances, maturity date for repayment of each Advance to be made as part of such Competitive Bid Borrowing (which maturity date may not be earlier than the date occurring 14 days after the date of such Competitive Bid Borrowing or later than the earlier of (I) 180 days after the date of such Competitive Bid Borrowing and (II) the Termination Date), (D) interest payment date or dates relating thereto, and (E) other terms (if any) to be applicable to such Competitive Bid Borrowing, not later than 1:00 P.M. (New York City time) (x) at least one Business Day prior to the date of the proposed Competitive Bid Borrowing, if the Borrower shall specify in the Notice of Competitive Bid Borrowing that the rates of interest to be offered by the Lenders shall be fixed rates per annum (the Advances comprising any such Competitive Bid Borrowing being referred to herein as “Fixed Rate Advances”) and (y) at least four (4) Business Days prior to the date of the proposed Competitive Bid Borrowing, if the Borrower shall instead specify in the Notice of Competitive Bid Borrowing that the Advances comprising such Competitive Bid Borrowing shall be Eurodollar Rate Advances. Each Notice of Competitive Bid Borrowing delivered by any Borrower shall be irrevocable and binding on such the Borrower. In The Administrative Agent shall in turn promptly notify each Lender of each request for a Competitive Bid Borrowing received by it from the Borrower by sending such Lender a copy of the related Notice of Competitive Bid Borrowing. (ii) Each Lender may, if, in its sole discretion, it elects to do so, irrevocably offer to make one or more Competitive Bid Advances to the Borrower as part of such proposed Competitive Bid Borrowing at a rate or rates of interest specified by such Lender in its sole discretion, by notifying the Administrative Agent (which shall give prompt notice thereof to the Borrower), (A) before 12:30 P.M. (New York City time) on the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of Fixed Rate Advances and (B) before 1:00 P.M. (New York City time) three Business Days before the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of Eurodollar Rate Advances of the minimum amount and maximum amount of each Competitive Bid Advance which such Lender would be willing to make as part of such proposed Competitive Bid Borrowing (subject to Section 2.01(c)), the rate or rates of interest therefor and such Lender’s Applicable Lending Office with respect to such Competitive Bid Advance, provided that if the Administrative Agent in its capacity as a Lender shall, in its sole discretion, elect to make any Notice such offer, it shall notify the Borrower of Borrowing delivered such offer at least 30 minutes before the time and on the date on which notice of such election is to be given to the Administrative Agent, by the other Lenders. If any Lender shall elect not to make such an offer, such Lender shall so notify the Administrative Agent before 1:00 P.M. (New York City time) on the date on which notice of such election is to be given to the Administrative Agent by the other Lenders, and such Lender shall not be obligated to, and shall not, make any Competitive Bid Advance as part of such Competitive Bid Borrowing, provided that the failure by any Lender to give such notice shall not cause such Lender to be obligated to make any Competitive Bid Advance as part of such proposed Competitive Bid Borrowing. (iii) The Borrower requesting shall, in turn, (A) before 2:00 P.M. (New York City time) on the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of Fixed Rate Advances and (B) before 1:30 P.M. (New York City time) three Business Days before the date of such proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing consisting of Eurodollar Rate Advances, either: (x) cancel such Competitive Bid Borrowing by giving the Administrative Agent notice to that effect, or (y) accept one or more of the offers made by any Lender or Lenders pursuant to Section 2.02(b)(ii), in its sole discretion, by giving notice to the Administrative Agent of the amount of each Competitive Bid Advance (which amount shall be equal to or greater than the minimum amount, and equal to or less than the maximum amount, notified to the Borrower by the Administrative Agent on behalf of such Lender for such Competitive Bid Advance pursuant to Section 2.02(b)(ii)) to be made by each Lender as part of such Competitive Bid Borrowing, and reject any remaining offers made by Lenders pursuant to Section 2.02(b)(ii) by giving the Administrative Agent notice to that effect. The Borrower shall accept the offers made by any Lender or Lenders to make Competitive Bid Advances in order of the lowest to the highest rates of interest offered by such Lenders. If two or more Lenders have offered the same interest rate (and other material terms), the amount to be borrowed at such interest rate will be allocated among such Lenders in proportion to the amount that each such Lender offered at such interest rate. (iv) If the Borrower notifies the Administrative Agent that such Competitive Bid Borrowing is cancelled pursuant to clause (x) of Section 2.02(b)(iii), the Administrative Agent shall give prompt notice thereof to the Lenders and such Competitive Bid Borrowing shall not be made. (v) If the Borrower accepts one or more of the offers made by any Lender or Lenders pursuant to clause (y) of Section 2.02(b)(iii) above, the Administrative Agent shall in turn promptly notify (A) each Lender that has made an offer as described in Section 2.02(b)(ii), of the date and aggregate amount of such Competitive Bid Borrowing and whether or not any offer or offers made by such Lender pursuant to Section 2.02(b)(ii) have been accepted by the Borrower, (B) each Lender that is to make a Competitive Bid Advance as part of such Competitive Bid Borrowing, of the amount of each Competitive Bid Advance to be made by such Lender as part of such Competitive Bid Borrowing, and (C) each Lender that is to make a Competitive Bid Advance as part of such Competitive Bid Borrowing, upon receipt, that the Administrative Agent has received forms of documents appearing to fulfill the applicable conditions set forth in Section 3.03. Each Lender that is to make a Competitive Bid Advance as part of such Competitive Bid Borrowing shall, before 12:00 P.M. (New York City time) on the date of such Competitive Bid Borrowing specified in the notice received from the Administrative Agent pursuant to clause (A) of the preceding sentence or any later time when such Lender shall have received notice from the Administrative Agent pursuant to clause (C) of the preceding sentence, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s portion of such Competitive Bid Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 3.03, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account of the Borrower. Promptly after each Competitive Bid Borrowing the Administrative Agent will notify each Lender of the amount of the Competitive Bid Borrowing, the consequent Competitive Bid Reduction and the dates upon which such Competitive Bid Reduction commenced and will terminate. (vi) If the Borrower notifies the Administrative Agent that it accepts one or more of the offers made by any Lender or Lenders pursuant to clause (y) of Section 2.02(b)(iii), such notice of acceptance shall be irrevocable and binding on the Borrower. The Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such the related Notice of Competitive Bid Borrowing for such Competitive Bid Borrowing the applicable conditions set forth in Article IIISection 3.03, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Competitive Bid Advance to be made by such Lender as part of such Competitive Bid Borrowing when such Competitive Bid Advance, as a result of such failure, is not made on such date. (cvii) Unless Following the Administrative Agent making of each Competitive Bid Borrowing, the Borrower shall have received written notice via facsimile transmission be in compliance with the limitations set forth in Section 2.01(c). (viii) Within the limits and on the conditions set forth in this Section 2.02(b), the Borrower may from time to time borrow under this Section 2.02(b), repay or prepay pursuant to clause (ix) below, and reborrow under this Section 2.02(b), provided that a Lender prior to (A) 5:00 p.m. (New York time) one Competitive Bid Borrowing shall not be made within three Business Day prior to Days of the date of a Borrowing comprising Eurodollar Rate Advances or any other Competitive Bid Borrowing. (Bix) 12:00 p.m. (New York time) on the date of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable The Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage of such Borrowing available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent for the account of each Lender that has made a Competitive Bid Advance, on the maturity date of each Competitive Bid Advance (such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part maturity date being that specified by the applicable Borrower for repayment of such Competitive Bid Advance in the related Notice of Competitive Bid Borrowing delivered pursuant to Section 2.02(b)(i)), the then unpaid principal amount of such Competitive Bid Advance. The Borrower shall not have any right to prepay any principal amount of any Competitive Bid Advance unless, and then only on the terms, specified by the Borrower for purposes such Competitive Bid Advance in the related Notice of this AgreementCompetitive Bid Borrowing delivered pursuant to Section 2.02(b)(i) or as otherwise agreed by the Lender who made such Competitive Bid Advance (and, if applicable, subject to the payment of any amounts owed under Section 9.04(c)). (dx) The obligations Borrower shall pay interest on the unpaid principal amount of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the each Competitive Bid Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on from the date of such BorrowingCompetitive Bid Advance to the date the principal amount of such Competitive Bid Advance is repaid in full, but no at the rate of interest for such Competitive Bid Advance specified by the Lender shall be responsible making such Competitive Bid Advance in its notice with respect thereto delivered pursuant to Section 2.02(b)(ii), payable on the interest payment date or dates specified by the Borrower for such Competitive Bid Advance in the failure related Notice of Competitive Bid Borrowing delivered pursuant to Section 2.02(b)(i). Upon the occurrence and during the continuance of an Event of Default of the type described in Section 6.01(a) or (f) or if the Administrative Agent and the Required Lenders have elected pursuant to Section 2.07(b) to charge default interest with respect to any other Lender Event of Default, each Borrower shall pay interest on the amount of unpaid principal of and interest on each Competitive Bid Advance owing to make the Advance to be made by such other Lender a Lender, payable in arrears on the date of any Borrowingor dates interest is payable thereon, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Competitive Bid Advance hereunder.

Appears in 2 contracts

Sources: Credit Agreement (Easterly Government Properties, Inc.), Credit Agreement (Easterly Government Properties, Inc.)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. 2:00 P.M. (New York, New York time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate Base comprised of Eurodollar Rate Advances, not later than 11:00 a.m. (New York time) or on the first Business Day prior to the date of the proposed BorrowingBorrowing in the case of a Borrowing comprised of Base Rate Advances, by any the Borrower to the Administrative Agent, which shall give prompt notice thereof to each Lender prompt notice thereofAppropriate Lender. Each such notice of a Borrowing (a "Notice of Borrowing by any Borrower Borrowing") shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agentby telecopier, in substantially the form of Exhibit C B-1 hereto, specifying therein shall be duly executed by a Responsible Officer of the Borrower, and shall specify therein: (i) the requested (A) date of such Borrowing, Borrowing (Bwhich shall be a Business Day); (ii) the Facility under which such Borrowing is requested to be made; (iii) the Type of Advances requested to be made in connection with comprise such Borrowing, ; (Civ) the requested aggregate amount of such Borrowing, ; and (Dv) in the case of a Borrowing comprising comprised of Eurodollar Rate Advances, the requested duration of the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Appropriate Lender shall, before 1:00 p.m. 2:00 P.M. (New York, New York time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent's Account, in same day funds, such Lender’s Percentage 's Pro Rata Share of such Borrowing. After the Administrative Agent’s 's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower's Account; provided, however, that, in the case of any Revolving Credit Borrowing, the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances made by the Swing Line Bank or the Issuing Bank, as the case may be, and by any Revolving Credit Lender and outstanding on the date of such Revolving Credit Borrowing, plus accrued and unpaid interest thereon to and as of such date, available to the Swing Line Bank or the Issuing Bank, as applicable, and such other Revolving Credit Lenders for repayment of such Swing Line Advances and Letter of Credit Advances. (i) Each Swing Line Borrowing shall be made on notice, given not later than 2:00 P.M. (New York, New York time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Bank and the Administrative Agent. Each notice of a Swing Line Borrowing (a "Notice of Swing Line Borrowing") shall be by telephone, confirmed immediately in writing, or telecopier, shall be in substantially the form of Exhibit B-2 hereto and duly executed by a Responsible Officer of the Borrower, and shall specify therein: (A) the requested date of such Borrowing (which shall be a Business Day); (B) the requested amount of such Borrowing; and (C) the requested maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the amount thereof available for the account of its Applicable Lending Office to the Borrower by crediting the Borrower's Account. (ii) Upon demand by the Swing Line Bank, with a copy of such demand to the Administrative Agent (which shall give prompt notice thereof to each Revolving Credit Lender), each Revolving Credit Lender shall purchase from the Swing Line Bank, and the Swing Line Bank shall sell and assign to each such Revolving Credit Lender, such Revolving Credit Lender's Pro Rata Share of such outstanding Swing Line Borrowing as of the date of such demand, by making available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s aforesaid address's Account for the account of the Swing Line Bank, in same day funds, an amount equal to such Pro Rata Share. Promptly after receipt of such funds, the Administrative Agent shall transfer such funds to the Swing Line Bank at its Applicable Lending Office. Each Revolving Credit Lender hereby agrees to purchase its Pro Rata Share of an outstanding Swing Line Borrowing on (A) the Business Day on which demand therefor is made by the Swing Line Bank so long as notice of such demand is given not later than 12:00 Noon (New York, New York time) on such Business Day or (B) the first Business Day next succeeding such demand if notice of such demand is given after such time. The Borrower hereby agrees to each such sale and assignment. Upon any such assignment by the Swing Line Bank to any Revolving Credit Lender of a portion of a Swing Line Borrowing, the Swing Line Bank represents and warrants to such Revolving Credit Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Swing Line Borrowing, the Loan Documents or any Loan Party. If and to the extent that any Revolving Credit Lender shall not have so made its Pro Rata Share of any applicable Swing Line Borrowing available to the Administrative Agent in accordance with the foregoing provisions of this Section 2.02(b)(ii), such Revolving Credit Lender hereby agrees to pay to the Administrative Agent forthwith on demand the amount of its Pro Rata Share, together with interest thereon, for each day from the date of demand by the Swing Line Bank therefor until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. If such Lender shall pay to the Administrative Agent the amount of its Pro Rata Share for the account of the Swing Line Bank on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Lender on such Business Day for all purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by the Swing Line Bank shall be reduced by such amount on such Business Day. (biii) The obligation of each Revolving Credit Lender to purchase its Pro Rata Share of each outstanding Swing Line Borrowing upon demand by the Swing Line Bank therefor pursuant to clause (ii) of this Section 2.02(b) shall be absolute, unconditional and irrevocable, and shall be made strictly in accordance with the terms of clause (ii) of this Section 2.02(b) under all circumstances, including, without limitation, the following circumstances: (A) any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto; (B) the existence of any claim, set-off, defense or other right that such Revolving Credit Lender may have at any time against the Swing Line Bank, the Borrower or any other Person, whether in connection with the transactions contemplated by the Loan Documents or any unrelated transaction; (C) the occurrence and continuance of any Default or Event of Default; or (D) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. (c) Anything in subsection (a) of this Section 2.02 to the contrary notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances if the obligation of the Appropriate Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.09 or 2.10. In addition, the Term Advances may not be outstanding as part of more than 10 separate Borrowings and the Revolving Credit Advances may not be outstanding as part of more than 10 separate Borrowings. (d) Each Notice of Borrowing delivered by any Borrower and Notice of Swing Line Borrowing shall be irrevocable and binding on such the Borrower. In the case of any Borrowing that the related Notice of Borrowing delivered by any Borrower requesting specifies is to be comprised of Eurodollar Rate Advances, such the Borrower shall indemnify each Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits)loss, cost or expense incurred by reason of the liquidation or redeployment reemployment of deposits or other funds acquired by such Lender to fund the Eurodollar Rate Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. A certificate of the Lender requesting compensation pursuant to this subsection (d) submitted to the Borrower by such Lender and specifying therein the amount of such additional compensation (including the basis of calculation thereof) shall be conclusive and binding for all purposes, absent manifest error. (ce) Unless the Administrative Agent shall have received written notice via facsimile transmission from a an Appropriate Lender prior to (A) 5:00 p.m. (New York time) one Business Day prior to the date of any Borrowing under a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on the date of Facility under which such Lender has a Borrowing comprising Alternate Base Rate Advances Commitment that such Lender will not make available to the Administrative Agent such Lender’s Percentage 's Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made the amount of such portion Pro Rata Share available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) or (b) of this Section 2.02 2.02, as applicable, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Percentage the amount of such Borrowing Pro Rata Share available to the Administrative Agent, such Lender and such the Borrower severally agree to repay or to pay to the Administrative Agent forthwith on demand such corresponding amount amount, together with interest thereon, for each day from the date such amount is made available to such the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of such the Borrower, the interest rate applicable at the such time under Section 2.07 to Advances made in connection with comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay pay to the Administrative Agent such corresponding amount, such amount so repaid paid shall constitute such Lender’s 's Advance as part of such Borrowing for all purposes of under this Agreement. (df) The obligations of the Lenders hereunder to make Advances are several and not joint. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

Appears in 2 contracts

Sources: Credit Agreement (Davita Inc), Credit Agreement (Davita Inc)

Making the Advances. (a) Each Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given (i) in the case of a Borrowing comprising Eurodollar Rate Advances, not later than 11:00 a.m. A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing, and (ii) Borrowing in the case of a Borrowing comprising Alternate consisting of Eurodollar Rate Advances, or on the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, not later than 11:00 a.m. (New York time) on by the date of the proposed Borrowing, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereofthereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing by any Borrower Borrowing”) shall be by email telephone, confirmed immediately in writing, or any other electronic manner reasonably acceptable to the Administrative Agenttelex or telecopier, in substantially the form of Exhibit C B hereto, specifying therein the requested (Ai) date of such Borrowing, (Bii) the Facility under which such Borrowing is to be made, (iii) Type of Advances to be made in connection with comprising such Borrowing, (Civ) aggregate amount of such Borrowing, Borrowing and (Dv) in the case of a Borrowing comprising consisting of Eurodollar Rate Advances, the initial Interest Period for each such Advance, which Borrowing shall be subject to the limitations stated in the definition of “Interest Period” in Section 1.01, and (E) the identity of the Borrower requesting such Borrowing. Each Borrower may request that more than one Borrowing be made on any date. Each Lender shall, before 1:00 p.m. 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02the Administrative Agent’s Account, in same day funds, such Lender’s Percentage ratable portion of such BorrowingBorrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or such other account as the Borrower shall request; provided, however, that, in the case of Revolving Credit Advances, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date. (i) Each Swing Line Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Lender and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Lender will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s aforesaid address. (b) Each Notice Account, in same day funds. After the Administrative Agent’s receipt of Borrowing delivered by any Borrower shall be irrevocable such funds and binding on such Borrower. In the case upon fulfillment of any Notice of Borrowing delivered by any Borrower requesting Eurodollar Rate Advances, such Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or expense incurred by reason of such other account as the liquidation or redeployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such dateBorrower shall request. (cii) Unless The Swing Line Lender may, at any time in its sole and absolute discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Lender to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Advances then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the minimum amounts specified therein but subject to the satisfaction of the conditions set forth in Section 3.02 (except that the Borrower shall not be deemed to have made any representations and warranties). The Swing Line Lender shall furnish the Borrower with a copy of the Notice of Borrowing promptly after delivering such notice to the Administrative Agent Agent. Each Revolving Credit Lender shall have received written notice via facsimile transmission from a Lender prior make an amount equal to (A) 5:00 p.m. (New York time) one Business Day prior to its Pro Rata Share of the date amount specified in such Notice of a Borrowing comprising Eurodollar Rate Advances or (B) 12:00 p.m. (New York time) on available for the date account of a Borrowing comprising Alternate Base Rate Advances that such Lender will not make available its Applicable Lending Office to the Administrative Agent for the account of such Swing Line Lender, by deposit to the Administrative Agent’s Account, in same date funds, not later than 3:00 P.M. on the day specified in such Notice of Borrowing. (iii) If for any reason any Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Lender as set forth in Section 2.02(b)(ii) shall be deemed to be a request by such Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available payment to the Administrative Agent on for the date account of the Swing Line Lender pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of such Borrowing in accordance with subsection participation. (aiv) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such any Revolving Credit Lender shall not have so made such Percentage the amount of its Pro Rata Share of such Borrowing Swing Line Advance available to the Administrative AgentAgent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender and such Borrower severally agree agrees to repay pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date of the applicable Notice of Borrowing delivered by such amount is made available to such Borrower Swing Line Lender until the date such amount is repaid paid to the Administrative Agent, at (i) in the case of such Borrower, the interest rate applicable at the time to Advances made in connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. (dv) The obligations Each Revolving Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in a Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the Lenders hereunder foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Advances are several and not jointpursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in Section 3.02. The failure No funding of any Lender risk participations shall relieve or otherwise impair the obligation of the Borrower to make the Advance to be made by it repay Swing Line Advances, together with interest as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowingprovided herein.

Appears in 2 contracts

Sources: Revolving Credit and Guaranty Agreement (Dana Holding Corp), Revolving Credit and Guaranty Agreement (Dana Holding Corp)