Common use of Authorization to Make Loans Clause in Contracts

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender to be an approved officer of Borrower or other person authorized to act on behalf of Borrower pursuant to this Agreement or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower when deposited to the credit of Borrower or otherwise disbursed or established in accordance with the instructions of Borrower or in accordance with the terms and conditions of this Agreement

Appears in 3 contracts

Samples: Loan and Security Agreement (Vector Group LTD), Loan and Security Agreement (Vector Group LTD), Loan and Security Agreement (Vector Group LTD)

AutoNDA by SimpleDocs

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of Borrower Representative or other person employee authorized to act on behalf of by Borrower pursuant to this Agreement Representative or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time 12:00 p.m. Central Standard Time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower when (a) deposited to the credit of Borrower, (b) deposited to the credit of Borrower Representative on account of Borrower (without liability or responsibility of Lender for the application of funds by Borrower Representative), or (c) otherwise disbursed or established in accordance with the instructions of Borrower acceptable to Lender or in accordance with the terms and conditions of this Agreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (Collegiate Pacific Inc), Loan and Security Agreement (Sport Supply Group Inc)

Authorization to Make Loans. Lender is Agent and Lenders are authorized to make the Loans and provide the and Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of any Borrower or other person authorized to act on behalf of Borrower pursuant to this Agreement Person or, at the discretion of LenderAgent, if such Loans are necessary to satisfy any ObligationsObligations then due and payable as determined by Agent. All requests for Loans or and Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or the Letter of Credit Accommodations Accommodation established (which day shall be a Business Day) and the amount of the requested LoanLoan or Letter of Credit Accommodation. Requests received after 11:00 a.m. New York City a.m., Boston, Massachusetts time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower Borrowers or when deposited to the credit of Borrower Borrowers or otherwise disbursed or established in accordance with the instructions of any Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Kirklands Inc)

Authorization to Make Loans. Lender Lenders' Agent is authorized to make the Revolving Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of a Borrower or of Borrowers' Agent or other authorized person authorized to act on behalf of Borrower pursuant to this Agreement or, at the discretion of LenderLenders' Agent, if such Revolving Loans are necessary to satisfy any Obligations. All requests for Revolving Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Revolving Loan. Requests received after 11:00 a.m. New York City time 12:00 Noon Pacific Time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Revolving Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower Borrowers when deposited to the credit of any Borrower or otherwise disbursed or established in accordance with the instructions of Borrowers' Agent or any Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Terex Corp)

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer one of Borrower the authorized persons listed on Schedule 6.5 hereto, as such Schedule may be revised from time to time by written notice to Lender signed by a person purporting to be Borrower's President or other person authorized to act on behalf of Borrower pursuant to this Agreement Borrower's Chief Financial Officer or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 11 :00 a.m. New York City Dallas, Texas time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower when deposited to the credit of Borrower or otherwise disbursed or established in accordance with the instructions of Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Exabyte Corp /De/)

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of a Borrower or other person the Borrowers' Representative who has been designated in writing as authorized to act on behalf of Borrower pursuant to this Agreement give such instructions, or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, a Borrower when deposited to the credit of such Borrower or otherwise disbursed or established in accordance with the instructions of such Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Decorative Home Accents Inc)

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer one of such persons as the President of Borrower or other person authorized may, from time to act on behalf of Borrower pursuant time, designate in a written notice to this Agreement Lender or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Daybusiness day) and the amount of the requested Loan. Requests for Revolving Loans received before 11:00 a.m., New York time, shall be deemed to have been made on that day, and requests received after 11:00 a.m. a.m., New York City time time, on any day shall be deemed to have been made as of the opening of business on the immediately following Business Daybusiness day. Revolving Loans shall be transferred to an account designated by Borrower on the day requested or deemed requested as provided in the preceding sentence. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower when deposited to the credit of Borrower or otherwise disbursed or established in accordance with the instructions of Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Diplomat Corp)

AutoNDA by SimpleDocs

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of Borrower or other authorized person authorized named in written notice from Borrower to act on behalf of Borrower pursuant Lender from time to this Agreement time or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower when deposited to the credit of Borrower or otherwise disbursed or established in accordance with the instructions of Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Converse Inc)

Authorization to Make Loans. Lender is authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved authorized officer of any Borrower or other authorized person authorized to act on behalf of Borrower pursuant to this Agreement or, at the discretion of Lender, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business DayDay and, in the case of any request for a Letter of Credit Accommodation, shall be not less than seven (7) calendar days after the date on which such request is made) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City 3:00 p.m. Boston, Massachusetts time on any day Business Day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower Borrowers when deposited to the credit of Borrower Borrowers or otherwise disbursed or established in accordance with the instructions of Borrower Borrowers or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Grossmans Inc)

Authorization to Make Loans. Lender is Agent and Lenders are authorized to --------------------------- make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably believed by Lender purporting to be an approved officer of any Borrower or Borrowers' Agent or other authorized person authorized to act on behalf of Borrower pursuant to this Agreement or, at the discretion of LenderAgent, if such Loans are necessary to satisfy any ObligationsObligations then due and payable. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, Borrower Borrowers when deposited to the credit of such Borrower or otherwise disbursed or established in accordance with the instructions of such Borrower or Borrowers' Agent or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Charming Shoppes Inc)

Authorization to Make Loans. Lender is Agent and Lenders are authorized to make the Loans and provide the Letter of Credit Accommodations based upon telephonic or other instructions received from anyone reasonably purporting to be (and believed by Lender Agent to be be) an approved officer of Administrative Borrower or any Borrower or other authorized person authorized to act on behalf of Borrower pursuant to this Agreement or, at the discretion of LenderAgent, if such Loans are necessary to satisfy any Obligations. All requests for Loans or Letter of Credit Accommodations hereunder shall specify the date on which the requested advance is to be made or the requested Letter of Credit Accommodations established (which day shall be a Business Day) and the amount of the requested Loan. Requests received after 11:00 a.m. New York City time on any day shall be deemed to have been made as of the opening of business on the immediately following Business Day. All Loans and Letter of Credit Accommodations under this Agreement shall be conclusively presumed to have been made to, and at the request of and for the benefit of, any Borrower when deposited to the credit of any Borrower or otherwise disbursed or established in accordance with the instructions of any Borrower or in accordance with the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Lexington Precision Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!