Availability of Borrowings. The Administrative Agent shall make Borrowings available to the Borrower as follows: (A) In the case of a Borrowing consisting of Advances, the Administrative Agent will make such funds available to the Borrower in immediately available funds to the account of the Borrower at Washington Mutual Bank doing business as Western Bank, Account No. 201-00000000, or such other account of the Borrower as may be approved by the Lender. (B) In the case of a Borrowing consisting of the issuance of a Letter of Credit, the Letter of Credit Issuer shall deliver the Letter of Credit to the beneficiary thereof on the date specified in the applicable Borrowing Request. (C) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing of a Revolving Facility Advance that such Lender will not make the amount that would constitute such Lender's Commitment Percentage of such Revolving Facility Advance available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the date of the Borrowing, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.3(a)(ii)(C) shall be conclusive in the absence of manifest error. If such Lender's Commitment Percentage of such Revolving Facility Advance is not made available to the Administrative Agent by such Lender within three Business Days of the date of such Borrowing, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Floating Rate Advances hereunder, on demand, from the Borrower.
Appears in 3 contracts
Samples: Loan Agreement (Cutter & Buck Inc), Loan Agreement (Cutter & Buck Inc), Loan Agreement (Cutter & Buck Inc)
Availability of Borrowings. The Administrative Agent shall make Borrowings available to the Borrower as follows:
(Ai) In the case of a Borrowing consisting of Advances, the Administrative Agent will make such funds available to the Borrower in immediately available funds to the account of the Borrower at Washington Mutual Bank doing business as Western Bank, Account No. 201-000000003933688258, or such other account of the Borrower as may be approved by the Lender.
(Bii) In the case of a Borrowing consisting of the issuance of a Letter of Credit, the Letter of Credit Issuer shall deliver the Letter of Credit to the beneficiary thereof on the date specified in the applicable Borrowing Request.
(Ciii) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing of a Revolving Facility Advance that such Lender will not make the amount that would constitute such Lender's Commitment Percentage of such Revolving Facility Advance available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the date of the Borrowing, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.3(a)(ii)(C2.3(b)(iii) shall be conclusive in the absence of is manifest error. If such Lender's Commitment Percentage of such Revolving Facility Advance is not made available to the Administrative Agent by such Lender within three Business Days of the date of such Borrowing, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Floating Rate Advances hereunder, on demand, from the Borrower.
Appears in 1 contract
Samples: Loan Agreement (Cutter & Buck Inc)
Availability of Borrowings. The Administrative Agent shall make Borrowings available to the Borrower as follows:
(A) In the case of a Borrowing consisting of Advances, the Administrative Agent will make such funds available to the Borrower in immediately available funds to the account of the Borrower at Washington Mutual Bank doing business as Western Bank, Account No. 201-000000003933688258, or such other account of the Borrower as may be approved by the Lender.
(B) In the case of a Borrowing consisting of the issuance of a Letter of Credit, the Letter of Credit Issuer shall deliver the Letter of Credit to the beneficiary thereof on the date specified in the applicable Borrowing Request.
(C) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing of a Revolving Facility Advance that such Lender will not make the amount that would constitute such Lender's Commitment Percentage of such Revolving Facility Advance available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the date of the Borrowing, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.3(a)(ii)(C) shall be conclusive in the absence of manifest error. If such Lender's Commitment Percentage of such Revolving Facility Advance is not made available to the Administrative Agent by such Lender within three Business Days of the date of such Borrowing, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Floating Rate Advances hereunder, on demand, from the Borrower.
Appears in 1 contract
Samples: Loan Agreement (Cutter & Buck Inc)