Whenever the Borrower Clause Samples

The 'Whenever the Borrower' clause establishes specific obligations or actions that the borrower must undertake when certain conditions or events occur. Typically, this clause outlines what the borrower is required to do, such as providing notice, making payments, or fulfilling other contractual duties, whenever a triggering event—like a default, change in financial status, or other specified circumstance—arises. Its core practical function is to ensure that the lender is promptly informed or protected when key events involving the borrower take place, thereby managing risk and maintaining transparency in the lending relationship.
Whenever the Borrower desires to borrow under the Revolving Line of Credit, the Borrower shall give the Agent prior to 12:00 noon at least three (3) Business Days' prior notice of each LIBOR Loan and at least one (1) Business Day's prior notice of each Base Rate Loan to be made hereunder, pursuant to a Notice of Borrowing. Each such Notice of Borrowing shall be irrevocable and shall specify (i) the aggregate principal amount of the Revolving Loans to be made pursuant to such Borrowing, and (ii) the requested date of the Borrowing (the "Borrowing Date") (which shall be a Business Day) and shall include an Interest Rate Election Notice. Upon the receipt of such Notice of Borrowing from the Borrower, the Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its Pro Rata Share of each Revolving Loan available to the Agent for the account of the Borrower in the form of an Advance at the office of the Agent in immediately available funds prior to 1:00 p.m. on the Borrowing Date. All wire transfers to the Agent shall be sent to the account described on the Agent's signature page hereto, unless otherwise instructed by the Agent. The proceeds of all such Advances will then be made available by 2:00 p.m. on the Borrowing Date to the Borrower by the Agent at the office of the Agent specified in SECTION 14.4 by crediting the aggregate amount of such Advances to the account of the Borrower on the books of such office or pursuant to other instructions of the Borrower as provided under subsection (c) below. Business Days after the Borrowing Date, such amount so reimbursed shall constitute such Lender's Advance as part of such Revolving Loan for purposes of this Agreement. If such Lender does not make its Advance available to the Agent within three (3) Business Days after the Borrowing Date, the Borrower (to the extent the proceeds of the corresponding Revolving Loan amount have been made available by the Agent, on behalf of such Lender, to the Borrower) agrees to repay to the Agent on demand an amount equal to such defaulted Advance together with interest thereon at the rate applicable to the Revolving Loans disbursed on the Borrowing Date, for each date such amount is made available to the Borrower until such amount is repaid to the Agent. The failure of any Lender to make its required Advance available to the Agent shall not relieve any other Lender of its obligation hereunder to make its Advance on the respective Borrowing Date, or relieve the Lender who fail...
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Whenever the Borrower decides to make a Borrowing of Competitive Bid Loans hereunder, it shall give the Agent, not later than 12:00 noon New York City time, on the fifth Banking Day prior to the date of such proposed Borrowing, a written notice of Borrowing, which shall specify (i) the date of the proposed Borrowing (which shall be a Banking Day) and the aggregate amount thereof (which shall not be less than $1,000,000), (ii) the Interest Period and maturity date for each Competitive Bid Loan comprising such Borrowing (which maturity date shall be the last day of the Interest Period therefor), (iii) whether the proposed Borrowing is to be a Borrowing of Absolute Rate Loans or Spread Loans, and if it is to be Spread Loans, the Interest Rate Basis, and (iv) any other terms to be applicable to such Competitive Bid Loans. Promptly after receipt of such notice, the Agent shall provide each Bank with a copy thereof.
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Whenever the Borrower desires to incur Swingline Loans hereunder, the Borrower shall give the Swingline Lender notice with a copy to the Revolver Administrative Agent of each Borrowing of Swingline Loans prior to 1:30 p.m. (New York City time) on the date of such Borrowing. Each such notice shall specify (x) the aggregate principal amount of the Swingline Loans to be made pursuant to such Borrowing and (y) the date of Borrowing (which shall be a Business Day). Notices under this Section may be given by: (A) telephone or (B) a Notice of Borrowing.
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Whenever the Borrower desires to make a Borrowing of Swingline Loans hereunder, it shall give BTCo not later than 12:00 Noon (New York time) on the day such Swingline Loan is to be made, written notice or telephonic notice promptly confirmed in writing of each Swingline Loan to be made hereunder. Each such notice shall be irrevocable and specify in each case (i) the date of Borrowing (which shall be a Business Day) and (ii) the aggregate principal amount of the Swingline Loans to be made pursuant to such Borrowing.
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Whenever the Borrower desires to obtain a Revolving Credit Loan, the Borrower shall make or deliver a Request for Disbursement to the Lender no later than 11:00 A.M., local time in Louisville, Kentucky, on the date on which the Borrower wishes to have the funds made available, specifying the amount of the Revolving Credit Loan requested, the date on which the Borrower desires the funds to be made available, the purpose for which the Revolving Credit Loan is requested, and the account with the Lender in which the Lender shall deposit such Revolving Credit Loan. The Lender shall deposit each Revolving Credit Loan the Lender grants pursuant to this Agreement in the demand deposit and disbursement account with the Lender which is designated by the Borrower.
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Whenever the Borrower desires a Swingline Loan it shall give --------------------- written notice (or telephone notice promptly confirmed in writing) to the Swingline Lender not later than 11:00 A.M. (Chicago, Illinois time) on the Business Day of the requested Swingline Loan. Each such notice shall be irrevocable and shall specify (A) that a Swingline Loan is requested, (B) the date of the requested Swingline Loan (which shall be a Business Day) and (C) the principal amount of the Swingline Loan requested. Each Swingline Loan shall have such maturity date as the Swingline Lender and the Borrower shall agree upon receipt by the Swingline Lender of any such notice from the Borrower. The Swingline Lender shall initiate the transfer of funds representing the Swingline Loan to the Borrower by 3:00 P.M. (Chicago, Illinois time) on the Business Day of the requested borrowing. (2)..
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Whenever the Borrower desires to obtain a LIBOR Loan hereunder, it may request that the Agent provide quotes as of any specified Interest Rate Determination Date as to the LIBOR Rate for any or all Interest Periods, and the Agent shall promptly provide such quotes. The Borrower shall give the Agent prior telecopied or telephone notice (given not later than 11:00 a.m. (Boston time)) on the day of any Borrowing with respect to a Base Rate Loan and at least three Business Days prior to the day of any Borrowing with respect to a LIBOR Loan. Each such notice (each a "Notice of Borrowing") shall specify the principal amount of each Advance to be made, the date of the Borrowing (which shall be a Business Day), whether each Advance being made is to be initially maintained as a Base Rate Loan or a LIBOR Loan and, in the case of a LIBOR Loan, the initial Interest Period applicable thereto. If such notice is given by telephone, it shall be immediately confirmed in writing. Notice of receipt of a Notice of Borrowing, together with the amount of each Lender's portion of an Advance requested thereunder, shall be provided by the Agent to each Lender by facsimile transmission with reasonable promptness on the day the Agent receives the Notice of Borrowing. No more than one Base Rate Loan shall be outstanding at any time, but the Borrower may increase the principal amount of any Base Rate Loan at any time by giving a Notice of Borrowing as set forth above.
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Whenever the Borrower desires to make a Borrowing of Swingline Loans hereunder, it shall give the Swingline Lender, not later than 10:00 a.m. (Los Angeles time) on the date that a Swingline Loan is to be made, written notice in the form of a Borrowing Request (or telephonic notice promptly confirmed by means of a delivered, e-mailed or telecopied Borrowing Request) of each Swingline Loan to be made hereunder; provided, that no more than three Swingline Loans may be requested in any calendar month unless the Swingline Lender otherwise consents. Each such notice shall be irrevocable and specify in each case (A) the date of Borrowing (which shall be a Business Day) and (B) the aggregate principal amount of Swingline Loans to be made pursuant to such Borrowing. Each such Swingline Loan shall be (i) denominated in Dollars in a principal amount of $1,000,000 or an integral multiple of $100,000 for amounts in excess thereof and (ii) shall be made as Swingline Rate Loans. Mandatory Borrowings shall be made upon the notice specified in Section 3.1.1
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Whenever the Borrower wishes to borrow an Advance, the Borrower must deliver to the Agent a duly completed Drawdown Request not later than 10.00 a.m. three Business Days prior to the proposed Drawdown Date (including with respect to the Initial Drawdown Date).
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Related to Whenever the Borrower

  • Additional Borrowers (a) The Parent may from time to time designate one or more wholly-owned Subsidiaries of Parent organized in the United States as an Additional Borrower by delivering to the Agent: (i) all documentation and other customary information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, that the Agent or any Lender has reasonably requested, including, if such Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Subsidiary, without any written objection submitted by any Lender or the Agent within five (5) Business Days of its receipt of such documentation and other information; (ii) solely to the extent such Subsidiary is not already a Loan Party, (A) all documents, joinders, supplements, updated schedules, instruments, certificates and agreements and all other actions and information, then required by or in respect of such Subsidiary by Section 5.11 or by the Guaranty and Security Agreement (without giving effect to any grace periods for delivery of such items, the updating of such information or the taking of such actions), (B) a customary opinion of counsel of such Subsidiary and (C) a customary secretary’s certificate attaching such documents as were delivered by the existing Borrowers on the Closing Date; (iii) promissory notes in respect of such Subsidiary in its capacity as Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the notes (if any) provided by the existing Borrowers as of the Closing Date; and (iv) a joinder agreement in form and substance reasonably satisfactory to the Agent whereby such Subsidiary becomes party hereto as a Borrower. (b) The designation of any wholly-owned Subsidiary of Parent organized in the United States as an Additional Borrower shall only be effective two (2) Business Days following the delivery of the documents set forth in, and satisfaction of the requirements of, Section 2.2(a).

  • Borrower Representative To facilitate administration of the Loans, the Borrower Representative (a) is designated and appointed by each of the other Borrowers as its representative and agent on its behalf (the “Borrower Representative”) and (ii) accepts such appointment as the Borrower Representative, in each case and with full power and authority to issue, execute, deliver and acknowledge as appropriate, Loan Requests, notices of election and make the interest rate elections set forth therein, and certificates including Compliance Certificates, and to give instructions with respect to the disbursement of the proceeds of the Loans, give and receive all other notices and consents hereunder or under any of the other Credit Documents and take all other actions (including in respect of compliance with covenants) on behalf of any Borrower or Borrowers under the Credit Documents. The Administrative Agent and each Lender may regard any notice or other communication pursuant to any Credit Document from the Borrower Representative as a notice or communication from all Borrowers. Each warranty, covenant, agreement and undertaking made on behalf of any Borrower by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower. This power-of-attorney is coupled with an interest and cannot be revoked, modified or amended without the prior written consent of the Required Lenders. The Administrative Agent and each Lender may regard any notice or other communication pursuant to any Credit Document from the Borrower Representative as a notice or communication from all Borrowers. Each warranty, covenant, agreement and undertaking made on behalf of a Borrower by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.

  • Representative of the Borrower; Addresses Section 7.01. The Minister of Finance of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions. Section 7.02. The following addresses are specified for the purposes of Section

  • Successor Borrower Representative Upon the prior written consent of the Administrative Agent, the Borrower Representative may resign at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Administrative Agent shall give prompt written notice of such resignation to the Lenders.

  • Borrower The term “Borrower” as used herein shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in Borrower.