Common use of Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans Clause in Contracts

Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans. Not later than 2:00 p.m. on the proposed borrowing date for any Revolving Loan denominated in dollars and any Swingline Loan, (i) each Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, such Lender’s Pro Rata Percentage of the Revolving Loan to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, the Swingline Loan to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section 2.03 in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form of Exhibit A-6 hereto (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 2.14 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Loan requested pursuant to this Section 2.03 to the extent that any Lender has not made available to the Administrative Agent its Pro Rata Percentage of such Loan. Revolving Loans to be made for the purpose of refunding Swingline Loans shall be made by the Lenders as provided in Section 2.02(b).

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Choice Hotels International Inc /De)

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Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans. Not later than 2:00 4:00 p.m. on the proposed borrowing date for any Revolving Loan denominated in dollars and any Swingline LoanDollars, (i) each Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars Dollars in funds immediately available to the Administrative Agent, such Lender’s Pro Rata Percentage of the Revolving Loan to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, the Swingline Loan to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each such borrowing requested pursuant to this Section 2.03 in immediately available funds by crediting or wiring such proceeds to the deposit Borrower’s Account or any other account of the Borrower identified in the most recent notice substantially in the form of Exhibit A-6 hereto (a “Notice of Account Designation”) delivered by the Borrower in the Notice of Borrowing with respect to such borrowing. Not later than 4:00 p.m. on the proposed borrowing date for any Swingline Loan, the Swingline Lender will make available to the Administrative Agent or as may Borrower at the Borrower’s Account in immediately available funds the Swingline Loan to be otherwise agreed upon by the Borrower and the Administrative Agent from time to timemade on such borrowing date. Subject to Section 2.14 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Loan requested pursuant to this Section 2.03 2.03(a) to the extent that any Lender has not made available to the Administrative Agent its Pro Rata Percentage of such Revolving Loan. Revolving Loans to be made for the purpose of refunding purchasing interests in Swingline Loans shall be made by the Lenders as provided in Section 2.02(b).

Appears in 2 contracts

Samples: Senior Unsecured Credit Agreement (Choice Hotels International Inc /De), Senior Unsecured Credit Agreement (Choice Hotels International Inc /De)

Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans. Not later than 2:00 p.m. on the proposed borrowing date for any Revolving Loan denominated in dollars and any Swingline Loan, (i) each Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, such Lender’s Pro Rata Percentage of the Revolving Loan to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, the Swingline Loan to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section 2.03 in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form of Exhibit A-6 hereto (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 2.14 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Loan requested pursuant to this Section 2.03 to the extent that any Lender has not made available to the Administrative Agent its Pro Rata Percentage of such Loan. Revolving Loans to be made for the purpose of refunding Swingline Loans shall be made by the Lenders as provided in Section 2.02(b).

Appears in 1 contract

Samples: Revolving Credit Agreement (Choice Hotels International Inc /De)

Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans. Not later than 2:00 p.m. on the proposed borrowing date for any Revolving Loan denominated in dollars and any Swingline Loan, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Pro Rata Percentage of the Revolving Loan to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, the Swingline Loan to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section 2.03 2.03(b) in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form of Exhibit A-6 A-2 hereto (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 2.14 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Loan requested pursuant to this Section 2.03 2.03(a) to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Pro Rata Percentage of such Revolving Loan. Revolving Loans to be made for the purpose of refunding purchasing interests in Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.02(b).

Appears in 1 contract

Samples: Credit Agreement (Choice Hotels International Inc /De)

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Disbursement of Revolving Loans Denominated in Dollars and Swingline Loans. Not later than 2:00 p.m. on the proposed borrowing date for any Revolving Loan denominated in dollars and any Swingline Loandollars, (i) each Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, such Lender’s Pro Rata Percentage of the Revolving Loan to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in dollars in funds immediately available to the Administrative Agent, the Swingline Loan to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each such borrowing requested pursuant to this Section 2.03 in immediately available funds by crediting or wiring such proceeds to the deposit Borrower’s Account or any other account of the Borrower identified in the most recent notice substantially in the form of Exhibit A-6 hereto (a “Notice of Account Designation”) delivered by the Borrower in the Notice of Borrowing with respect to such borrowing. Not later than 4:00 p.m. on the proposed borrowing date for any Swingline Loan, the Swingline Lender will make available to the Administrative Agent or as may Borrower at the Borrower’s Account in immediately available funds the Swingline Loan to be otherwise agreed upon by the Borrower and the Administrative Agent from time to timemade on such borrowing date. Subject to Section 2.14 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Loan requested pursuant to this Section 2.03 2.03(a) to the extent that any Lender has not made available to the Administrative Agent its Pro Rata Percentage of such Revolving Loan. Revolving Loans to be made for the purpose of refunding purchasing interests in Swingline Loans shall be made by the Lenders as provided in Section 2.02(b).

Appears in 1 contract

Samples: Credit Agreement (Choice Hotels International Inc /De)

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