We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Advance Requests Clause in Contracts

Advance Requests. Whenever Borrowers desire to obtain an Advance, Borrowers shall give Lender notice of such borrowing request telephonically (and confirmed in writing if requested by Lender) or by facsimile or electronic mail transmission no later than 11:00 a.m. Eastern Standard Time (“EST”), or, if in effect, Daylight Savings Time (“DST”) on the Business Day of the requested borrowing, and notices (in the form stipulated herein) received by Lender after 11:00 a.m. EST or DST, whichever is in effect, shall be deemed received on the next Business Day and notices received other than in the form stipulated herein shall be ineffective and deemed not received by Lender. Unless payment is otherwise timely made by Borrowers, the becoming due of any amount required to be paid with respect to any of the Obligations (including any interest thereon) shall be deemed irrevocably to be a request (without any requirement for the submission of a notice of borrowing) for an Advance on the due date of and in an aggregate amount required to pay such Obligations and the proceeds of such Advance may be disbursed by way of direct payment of the relevant Obligations, provided that Lender shall have no obligation to honor any deemed request for an Advance on or after the date on which this Agreement is terminated pursuant to Section 10.2, or when an Overadvance exists or would result from such funding or when any applicable condition precedent is not satisfied, but Lender may do so in its sole discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and regardless of whether such Advance is made after the date on which this Agreement is terminated due to the occurrence of the Termination Date or otherwise pursuant to Section 10.2. Subject to the approval in the Interim Order and/or Final Order, the outstanding principal amount of the Pre-Petition Debt shall, automatically and without any action on the part of any Person, under this Agreement constitute and be deemed to be an Advance made under, and in accordance with, this Agreement.

Appears in 1 contract

Samples: Debtor in Possession Loan and Security Agreement

Advance Requests. Whenever Borrowers desire Borrower desires to obtain an Advance, Borrowers Borrower shall give Lender notice of such borrowing request telephonically (and confirmed in writing if requested by Lender) or by facsimile or electronic mail transmission no later than 11:00 a.m. Eastern Standard Time (“EST”), ) or, if in effect, Daylight Savings Time (“DST”) on the Business Day of the requested borrowing, and notices (in the form stipulated herein) received by Lender after 11:00 a.m. EST or DST, whichever is in effect, shall be deemed received on the next Business Day and notices received other than in the form stipulated herein shall be ineffective and deemed not received by Lender. Unless payment is otherwise timely made by BorrowersBorrower, the becoming due of any amount required to be paid with respect to any of the Obligations (including any interest thereon) shall be deemed irrevocably to be a request (without any requirement for the submission of a notice of borrowing) for an Advance on the due date of and in an aggregate amount required to pay such Obligations and the proceeds of such Advance may be disbursed by way of direct payment of the relevant Obligations, provided that Lender shall have no obligation to honor any deemed request for an Advance on or after the date on which this Agreement is terminated pursuant to Section 10.29.2, or when an Overadvance exists or would result from such funding or when any applicable condition precedent is not satisfied, but Lender may do so in its sole discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and regardless of whether such Advance is made after the date on which this Agreement is terminated due to the occurrence of the Termination Date or otherwise pursuant to Section 10.2. Subject to the approval in the Interim Order and/or Final Order, the outstanding principal amount of the Pre-Petition Debt shall, automatically and without any action on the part of any Person, under this Agreement constitute and be deemed to be an Advance made under, and in accordance with, this Agreement9.2.

Appears in 1 contract

Samples: Loan and Security Agreement (General Automotive Co)

Advance Requests. Whenever Borrowers desire Borrower desires to obtain an Advance, Borrowers Borrower shall give Lender notice of such borrowing request telephonically (and confirmed in writing if requested by Lender) or by facsimile or electronic mail transmission no later than 11:00 a.m. Eastern Standard Time (“EST”), or, if in effect, Daylight Savings Time (“DST”) on the Business Day of the requested borrowing, and notices (in the form stipulated herein) received by Lender after 11:00 a.m. EST or DST, whichever is in effect, shall be deemed received on the next Business Day and notices received other than in the form stipulated herein shall be ineffective and deemed not received by Lender. Lender shall fund approved Advances no later than on the day after receipt or deemed receipt, as the case may be. Unless payment is otherwise timely made by BorrowersBorrower, the becoming due of any amount required to be paid with respect to any of the Obligations (including any interest thereon) shall be deemed irrevocably to be a request (without any requirement for the submission of a notice of borrowing) for an Advance on the due date of and in an aggregate amount required to pay such Obligations and the proceeds of such Advance may be disbursed by way of direct payment of the relevant Obligations, provided that Lender shall have no obligation to honor any deemed request for an Advance on or after the date on which this Agreement is terminated pursuant to Section 10.29.2, or when an Overadvance exists or would result from such funding or when any applicable condition precedent is not satisfied, but Lender may do so in its sole discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and regardless of whether such Advance is made after the date on which this Agreement is terminated due to the occurrence of the Termination Date or otherwise pursuant to Section 10.2. Subject to the approval in the Interim Order and/or Final Order, the outstanding principal amount of the Pre-Petition Debt shall, automatically and without any action on the part of any Person, under this Agreement constitute and be deemed to be an Advance made under, and in accordance with, this Agreement9.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Janel World Trade LTD)

Advance Requests. Whenever Borrowers desire Borrower desires to obtain an Advance, Borrowers Borrower shall give Lender notice of such borrowing request telephonically (and confirmed in writing if requested by Lender) or by facsimile or electronic mail transmission no later than 11:00 a.m. Eastern Standard Time (“EST”), or, if in effect, Daylight Savings Time (“DST”) on the Business Day of the requested borrowing, and notices (in the form stipulated herein) received by Lender after 11:00 a.m. EST or DST, whichever is in effect, shall be deemed received on the next Business Day and notices received other than in the form stipulated herein shall be ineffective and deemed not received by Lender. Unless payment is otherwise timely made by BorrowersBorrower, the becoming due of any amount required to be paid with respect to any of the Obligations (including any interest thereon) shall be deemed irrevocably to be a request (without any requirement for the submission of a notice of borrowing) for an Advance on the due date of and in an aggregate amount required to pay such Obligations and the proceeds of such Advance may be disbursed by way of direct payment of the relevant Obligations, provided that Lender shall have no obligation to honor any deemed request for an Advance on or after the date on which this Agreement is terminated pursuant to Section 10.29.2, or when an Overadvance exists or would result from such funding or when any applicable condition precedent is not satisfied, but Lender may do so in its sole discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and regardless of whether such Advance is made after the date on which this Agreement is terminated due to the occurrence of the Termination Date or otherwise pursuant to Section 10.2. Subject to the approval in the Interim Order and/or Final Order, the outstanding principal amount of the Pre-Petition Debt shall, automatically and without any action on the part of any Person, under this Agreement constitute and be deemed to be an Advance made under, and in accordance with, this Agreement9.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Teamstaff Inc)