Borrowing Notice
(Credit Agreement)

Summary

This Borrowing Notice template is used by the borrower or borrower group in a loan transaction. Delivery of such notice is often required as a condition precedent to the closing of a loan transaction as well as the making of subsequent borrowings. This template includes practical guidance and drafting notes. Delivery of the borrowing notice from the borrower gives notice to the administrative agent and the lenders (after the notice is delivered by the administrative agent to the lender group) that the borrower is requesting a borrowing, conversion, or continuation of loans. The borrowing notice will (i) be addressed to the administrative agent and dated, (ii) reference the applicable credit agreement and tranche thereof from which the borrowing will be made, (iii) indicate whether the notice is being provided for a borrowing, conversion, or continuation, (iv) in the case of a conversion or continuation, specify the requested interest period, and (v) include the proposed date of the borrowing, the amount of the borrowing, and the type of loan to be borrowed. This template assumes that there is a single borrower and it should be modified to conform to your specific transaction. Many of the defined terms in this template are bracketed and they should be replaced with the appropriate defined terms in the applicable credit agreement. For a template notice with respect to the borrowing of swing line loans, see Swing Line Borrowing Notice (Credit Agreement).