Common use of Credit Extensions Directly to Borrower Clause in Contracts

Credit Extensions Directly to Borrower. (i) If, for any reason, and at any time during the term of this Agreement: (A) any Borrower, including the Agent, as agent for each Borrower, shall be unable to, or prohibited from carrying out the terms and conditions of this Agreement (as determined by Bank in Bank’s sole and absolute discretion); or (B) Bank deems it inexpedient (in Bank’s sole and absolute discretion) to continue making Credit Extensions to or for the account of any particular Borrower, or to channel such Credit Extensions through the Agent, then Bank may make Credit Extensions directly to such Borrower as Bank determines to be expedient, which Credit Extensions may be made without regard to the procedures otherwise included in this Article 1. (ii) In the event that Bank determines to forgo the procedures included herein pursuant to which Credit Extensions are to be channeled through the Agent, then Bank may designate one or more Borrower to fulfill the financial and other reporting requirements otherwise imposed herein upon the Agent. (iii) Each Borrower shall remain liable to Bank for the payment and performance of all Obligations (which payment and performance shall continue to be secured by all Collateral) notwithstanding any determination by Bank to cease making Credit Extensions to or for the benefit of any Borrower.

Appears in 4 contracts

Samples: Loan and Security Agreement (Caliper Life Sciences Inc), Loan and Security Agreement (Caliper Life Sciences Inc), Loan and Security Agreement (Caliper Life Sciences Inc)

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Credit Extensions Directly to Borrower. (i) If, for any reason, and at any time during the term of this Agreement: (A) any Borrower, including the Agent, as agent for each Borrower, shall be unable to, or prohibited from carrying out the terms and conditions of this Agreement (as determined by Bank in Bank’s sole and absolute discretion); or (B) Bank deems it inexpedient (in Bank’s sole and absolute discretion) to continue making Credit Extensions to or for the account of any particular Borrower, or to channel such Credit Extensions through the Agent, then Bank may make Credit Extensions directly to such Borrower as Bank determines to be expedient, which Credit Extensions may be made without regard to the procedures otherwise included in this Article Section 1. (ii) In the event that Bank determines to forgo the procedures included herein pursuant to which Credit Extensions Extension are to be channeled through the Agent, then Bank may designate one or more Borrower to fulfill the financial and other reporting requirements otherwise imposed herein upon the Agent. (iii) Each Borrower shall remain liable to Bank for the payment and performance of all Obligations (which payment and performance shall continue to be secured by all Collateral) notwithstanding any determination by Bank to cease making Credit Extensions to or for the benefit of any Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Enernoc Inc), Loan and Security Agreement (Enernoc Inc)

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Credit Extensions Directly to Borrower. (ia) If, for any reason, and at any time during the term of this the within Agreement:, (Ai) any Borrower, including the Agent, as agent for each Borrower, shall be unable to, or prohibited from carrying out the terms and conditions of this the within Agreement (as determined by the Bank in the Bank’s 's sole and absolute discretion); or (Bii) the Bank deems it inexpedient (in the Bank’s 's sole and absolute discretion) to continue making Credit Extensions to or for the account of any particular Borrower, or to channel such loans and Credit Extensions through the Agent, then the Bank may make Credit Extensions directly to such Borrower as the Bank determines to be expedient, which Credit Extensions may be made without regard to the procedures otherwise included in this Article 1. (iib) In the event that the Bank determines to forgo the procedures included herein pursuant to which Credit Extensions are to be channeled through the Agent, then the Bank may designate one or more Borrower to fulfill the financial and other reporting requirements otherwise imposed herein upon the Agent. (iiic) Each Borrower shall remain liable to the Bank for the payment and performance of all Obligations (which payment and performance shall continue to be secured by all Collateral) notwithstanding any determination by the Bank to cease making Credit Extensions to or for the benefit of any Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Visual Networks Inc)

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