Common use of Direct Disbursement Clause in Contracts

Direct Disbursement. If, at any time, the Administrative Agent shall not have received on the date due, any payment of interest upon the Loans or any fee described herein, the Administrative Agent may direct the disbursement of funds from the Collateral Accounts to the Lenders, in accordance with the terms hereof, to the extent available therein for payment of any such amount. If, at any such time, the amount available in the Collateral Accounts is not sufficient for the full payment of such amounts due, the Administrative Agent may, without prior notice to or the consent of any Borrower, within the limits of the Available Commitment, disburse to the Lenders in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be an Alternate Base Rate Loan pursuant to Section 2.03 hereof, and each Borrower shall be deemed to have given to the Lenders in accordance with the terms and conditions of Section 2.03 a Loan Notice with respect thereto.

Direct Disbursement. If, at any time, the Administrative Agent shall not have received on the date due, any payment of interest upon the Loans or any fee described herein, the Administrative Agent may direct the disbursement of funds from the Collateral Accounts to the Lenders, in accordance with the terms hereof, to the extent available therein for payment of any such amount. If, at any such time, the amount available in the Collateral Accounts is not sufficient for the full payment of such amounts due, the Administrative Agent may, without prior notice to or the consent of any the Borrower, within the limits of the Available Commitment, disburse to the Lenders in immediately available funds Same Day Funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be an Alternate Base Rate Loan pursuant to Section 2.03 hereof, and each the Borrower shall be deemed to have given to the Lenders in accordance with the terms and conditions of Section 2.03 a Loan Notice with respect thereto.

Direct Disbursement. If, at any time, the Administrative Agent or Letter of Credit Issuer shall not have received on the date due, any payment of interest upon the Loans or any fee described herein, the Administrative Agent may direct the disbursement of funds from the applicable Collateral Accounts Account to Lenders or the LendersLetter of Credit Issuer, in accordance with the terms hereof, to the extent available therein for payment of any such amount. If, at any such time, the amount available in the such Collateral Accounts Account is not sufficient for the full payment of such amounts due, the Administrative Agent may, without prior notice to or the consent of any Borrower, within the limits of the Available CommitmentLoan Amount, disburse to the Lenders in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be an Alternate a Base Rate Loan pursuant to Section 2.03 hereof2.02, and each Borrower shall be deemed to have given to the Lenders Administrative Agent in accordance with the terms and conditions of Section 2.03 2.02 a Loan Notice with respect thereto.

Direct Disbursement. If, at any time, the Administrative Agent shall not have received on the date due, any payment of interest upon the Loans or any fee described herein, the Administrative Agent may direct the disbursement of funds from the any Borrower’s Collateral Accounts Account to the Lenders, in accordance with the terms hereof, to the extent available therein for payment of any such amount. If, at any such time, the amount available in the Collateral Accounts Account is not sufficient for the full payment of such amounts due, the Administrative Agent may, without prior notice to or the consent of any BorrowerLoan Party, within the limits of the Available Commitment, disburse to the Lenders in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be an Alternate Base Rate a Term SOFR Loan (subject to Section 2.01(d)) pursuant to Section 2.03 hereof, and each Borrower the Borrowers shall be deemed to have given to the Lenders in accordance with the terms and conditions of Section 2.03 a Loan Notice with respect thereto.