Procedure for Revolving Loans. The Borrower shall give the Lender written notice (or telephonic notice promptly confirmed in writing) of each Revolving Loan substantially in the form of Exhibit 2.2 (a “Notice of Borrowing”) prior to 11:00 a.m. two (2) Business Days prior to which a Revolving Loan is being requested. Each Notice of Borrowing shall be irrevocable and shall specify: (i) the principal amount of the Revolving Loan, and (ii) the proposed date of the Revolving Loan (which shall be a Business Day). Upon the satisfaction of the applicable conditions set forth in Article III hereof, the Lender will make the proceeds of each Revolving Loan available to the Borrower at the Payment Office on the date specified in the applicable Notice of Borrowing by crediting an account maintained by the Borrower with the Lender or at the Borrower’s option, by effecting a wire transfer of such amount to an account designated by the Borrower to the Lender.
Appears in 1 contract
Procedure for Revolving Loans. The Borrower shall give the Lender written notice (or telephonic notice promptly confirmed in writing) of each Revolving Loan substantially in the form of Exhibit 2.2 (a “Notice of Borrowing”) prior to 11:00 a.m. two (2) Business Days prior to which a Revolving Loan is being requested. Each Notice of Borrowing shall be irrevocable and shall specify: (ia) the principal amount of the Revolving Loan, and (iib) the proposed date of the Revolving Loan (which shall be a Business Day). Upon the satisfaction of the applicable conditions set forth in Article III hereof, the Lender will make the proceeds of each Revolving Loan available to the Borrower at the Payment Office on the date specified in the applicable Notice of Borrowing by crediting an account maintained by the Borrower with the Lender or at the Borrower’s option, by effecting a wire transfer of such amount to an account designated by the Borrower to the Lender.
Appears in 1 contract