Disbursement of Reserve Fund Sample Clauses

Disbursement of Reserve Fund. Notwithstanding the violation of any other provision of this Agreement by the Lender, upon receipt by the VSBFA of a Claim filed by the Lender in accordance with Section 5.3, the VSBFA shall promptly pay, from funds in the Reserve Fund, the Claim as submitted, except that the VSBFA may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 were known by the Lender to be false when the Eligible Loan became an Enrolled Loan. If there are insufficient funds in the Reserve Fund to cover the entire amount of the Lender’s Claim, the VSBFA shall pay to the Lender an amount equal to the current balance in the Reserve Fund, net of interest to which the VSBFA is entitled to under this Agreement. That payment shall be deemed to satisfy the Claim made with the VSBFA and the Lender shall have no other or further right to receive any amount from the Reserve Fund with respect to that Claim, provided that during the 2 years following the date of such payment, Lender shall be entitled to claim and receive funds subsequently deposited into the Reserve Fund (the “Follow-up Claim”) on account of such claim so long as the amount of the Follow-up Claim does not exceed 75% of the amount then on deposit in the Reserve Fund. The Follow-up Claim shall be in the form of Exhibit 6 attached hereto. Notwithstanding anything to the contrary herein, nothing in this provision shall limit or constitute a waiver or subrogation of any rights Lender may have against a Borrower, any other obligor or any collateral pursuant to the terms of the loan documents between the Borrower and the Lender relating to the portion of the Claim not paid from the Reserve Fund as a result of the Reserve Fund having insufficient funds available to fully satisfy the Claim.
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Disbursement of Reserve Fund. (a) Upon receipt by MBDC of a Claim filed by the Lender in accordance with Section 5.3, MBDC shall promptly pay, from funds in the Reserve Fund, such Claim as submitted, except that MBDC may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 hereof were known by the Lender to be false at the time the loan was filed for enrollment.
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Disbursement of Reserve Fund. (a) Notwithstanding the violation of any other provision of this Agreement by the Lender, upon receipt by IBGC of Claim filed by the Lender in accordance with Section 5.3, IBGC shall promptly pay, solely from funds in the Reserve Fund, the Claim as submitted, except that IBGC may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 were known by the Lender to be false when the loan was enrolled.
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Disbursement of Reserve Fund. (a) Notwithstanding the violation of any other provision of this Agreement by the Lender, upon receipt by the Center of a Claim filed by the Lender in accordance with Section 5.3, the Center shall promptly pay, solely from funds in the Reserve Fund, the Claim as submitted, except that the Center may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 were known by the Lender to be false when the loan was enrolled.
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Disbursement of Reserve Fund. (a) Notwithstanding the violation of any other provision of this Agreement by the Lender, upon receipt by the MSF of a Claim filed by the Lender in accordance with Section 5.3, the MSF shall promptly pay, from funds in the Reserve Fund, the Claim as submitted, except that the MSF may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 were known by the Lender to be false when the loan was enrolled.
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Disbursement of Reserve Fund. (a) Upon receipt by BDC of a Claim filed by the Lender in accordance with Section 5.3, BDC shall promptly pay, from funds in the Reserve Fund, such Claim as submitted, except that BDC may reject a Claim when the representations and warranties provided by the Lender in Section 2.2 hereof were known by the Lender to be false at the time the loan was filed for enrollment.
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Related to Disbursement of Reserve Fund

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

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