Common use of Disbursement of Revolving Loans Clause in Contracts

Disbursement of Revolving Loans. Not later than 1:00 p.m. (Charlotte time) on the proposed borrowing date for any Revolving Loan to be made in Dollars (or if such Revolving Loan is to be made in an Alternative Currency, no later than 1:00 p.m. (local time in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred to the Borrowers for same day value on the date of such borrowing), each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency in which the Loan is to be made, and funds immediately available to the Administrative Agent, such Lender's Commitment Percentage of the Revolving Loans requested. The proceeds of each Dollar Loan requested pursuant to this Section 2.2 shall be disbursed in immediately available funds by crediting or wiring such proceeds to the account of the relevant Borrower designated in the Accounts Designation Letter. The proceeds of each Foreign Currency Loan requested pursuant to this Section 2.2 shall be transferred by wire from the Loan Office or an account maintained by the Administrative Agent at a Correspondent to the account of the Foreign Borrower specified by AHL in its Notice of Borrowing. All costs incurred and paid by the Administrative Agent in advancing Loan proceeds, including all wire transfer fees charged to the Administrative Agent and the Administrative Agent's own wire transfer fees, shall be borne solely by the Borrowers and shall be paid or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have made available to the Administrative Agent its applicable Commitment Percentage of such Revolving Loan; provided, however, that the failure of a Lender to make available to the Administrative Agent such Commitment Percentage shall not affect the obligation of the Administrative Agent to disburse the proceeds of any Revolving Loan with respect to that portion of such Loan as to which the Administrative Agent shall have received the applicable Commitment Percentage.

Appears in 3 contracts

Samples: Credit Agreement (Ahl Services Inc), Credit Agreement (Ahl Services Inc), Credit Agreement (Ahl Services Inc)

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Disbursement of Revolving Loans. Not later than 1:00 p.m. To obtain each advance of the Revolving Loans prior to the termination of this Agreement pursuant to Section 11 and subject to the other terms of this Agreement, Borrowers must deliver to the Business Credit Group of Bank a duly completed advance request in the form of Exhibit A attached (Charlotte “Advance Request”). Each Advance Request: (i) must specify the proposed Borrowing Date (which must be a Business Day) and the total amount of the requested advance of Revolving Loans, (ii) is irrevocable by Borrowers, and (iii) must be signed by a duly authorized officer or employee of Borrowers; however, Bank may rely on the authority of any officer or employee of Borrowers whom Bank in good faith believes to be authorized to request advances. Borrowers must deliver an Advance Request for all Loans to Bank prior to 12:00 noon, Cincinnati, Ohio time, on the proposed Borrowing Date on which such advance is requested to be made. If Bank receives a telephonic request from Borrowers or a written request for a Revolving Loan after 12:00 noon (Cincinnati, Ohio time) on the proposed borrowing date Borrowing Date for such Revolving Loan, then the notice will be treated as having been received at the opening of business on the next Business Day and the then following Business Day will then become the applicable proposed Borrowing Date. Borrowers irrevocably authorize Bank to make all disbursements of Revolving Loans into a non-interest bearing, DDA operating account maintained by Borrowers at Bank (the “Operating Account”) that will be structured and utilized for that purpose in accordance with Bank’s policies and procedures from time to time in effect (account number 480401595). Unless other arrangements are made with, and expressly agreed to by, Bank (e.g., disbursements of Revolving Loans by wire transfer), all advances of the Revolving Loans, if made by Bank, will be credited to the Operating Account at the end of the applicable Business Day on which the advance is made. With respect to advances requested by Borrowers to cover Presentments in the Controlled Disbursement Account, Borrowers hereby irrevocably authorize Bank, without any further written or oral request of Borrowers, to transfer funds automatically from the Operating Account to the Controlled Disbursement Account in amounts necessary for the payment of checks and other items drawn on the Controlled Disbursement Account as such checks and other items (“Presentments”) are presented to Bank for payment. If any Presentments in the Controlled Disbursement Account are paid by Bank in excess of funds available in the Operating Account for any Revolving Loan reason, including the failure of Borrowers to determine the correct amount of Presentments in its Advance Request, the amounts so paid by Bank will be deemed to be made in Dollars (or if such Revolving Loan is to be made in an Alternative Currency, no later than 1:00 p.m. (local time in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred to the Borrowers for same day value on the date of such borrowing), each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency in which the Loan is to be made, and funds immediately available to the Administrative Agent, such Lender's Commitment Percentage advance of the Revolving Loans requestedas LIBOR Rate Loans for all purposes of this Agreement and are hereby ratified and approved by Borrowers; however, under no circumstances will Bank have any obligation to pay any Presentments in the Controlled Disbursement Account in excess of funds available in the Operating Account. The Notwithstanding anything to the contrary in this Section 2.6, Bank may, at any time hereafter on written notice to Borrowers, elect to discontinue the automatic sweeping of funds from the Operating Account to the Controlled Disbursement Account, but Bank instead may disburse proceeds of each Dollar Loan requested pursuant to this Section 2.2 shall be disbursed in immediately available funds the Revolving Loans made by Bank by crediting or wiring such proceeds only the Operating Account. Furthermore, Bank reserves the right to the account of the relevant Borrower designated in the Accounts Designation Letter. The proceeds of each Foreign Currency Loan requested pursuant discontinue providing controlled disbursement accounts to this Section 2.2 shall be transferred by wire from the Loan Office or an account maintained by the Administrative Agent at a Correspondent to the account of the Foreign Borrower specified by AHL in its Notice of Borrowing. All costs incurred and paid by the Administrative Agent in advancing Loan proceedscustomers, including all Borrowers. Each request submitted by Borrowers for a new advance of a Revolving Loan via wire transfer fees charged to the Administrative Agent and the Administrative Agent's own of funds must be initiated with Bank’s wire transfer fees, shall be borne solely department (or by the Borrowers and shall be paid telephone or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have on-line functions made available by Bank’s wire transfer department from time to the Administrative Agent its applicable Commitment Percentage of such Revolving Loan; provided, however, that the failure of time) via a Lender to make available to the Administrative Agent such Commitment Percentage shall not affect the obligation of the Administrative Agent to disburse the proceeds of duly completed and signed outgoing wire transfer form (or any Revolving Loan with respect to that portion of such Loan as to which the Administrative Agent shall have received the applicable Commitment Percentagereplacement form promulgated by Bank).

Appears in 2 contracts

Samples: Financing Agreement (EQM Technologies & Energy, Inc.), Financing Agreement (EQM Technologies & Energy, Inc.)

Disbursement of Revolving Loans. Not later than 1:00 p.m. (Charlotte time) on the proposed borrowing date for any Revolving Loan to be made in Dollars (or if such Revolving Loan is to be made in an Alternative Currency, no later than 1:00 p.m. (local time in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred to the Borrowers for same day value on the date of such borrowing), To obtain each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency in which the Loan is to be made, and funds immediately available to the Administrative Agent, such Lender's Commitment Percentage advance of the Revolving Loans requested. The proceeds prior to the termination of each Dollar Loan requested this Agreement pursuant to this Section 2.2 shall be disbursed in immediately available funds by crediting or wiring such proceeds 11 and subject to the account other terms of this Agreement, Borrower must deliver to the Business Credit Group of Bank a duly completed advance request in the form of Exhibit A attached (“Advance Request”). Each Advance Request: (i) must specify the total amount of the relevant requested advance of Revolving Loans, (ii) must specify the Type of Loan (and, if a LIBOR Rate Loan, the requested Loan Period and amount thereof subject to Section 3.1(i)(a)), (iii) is irrevocable by Borrower, and (iv) must be signed by a duly authorized officer or employee of Borrower; however, Bank may rely on the authority of any officer or employee of Borrower designated whom Bank in good faith believes to be authorized to request advances. Borrower must deliver an Advance Request to Bank prior to 12:00 noon, Cincinnati, Ohio time, on the Accounts Designation LetterBusiness Day on which such advance is requested to be made. The proceeds Borrower irrevocably authorizes Bank to make all disbursements of each Foreign Currency Loan requested pursuant to this Section 2.2 shall be transferred by wire from Revolving Loans after the Loan Office or an Closing Date into a non-interest bearing, DDA operating account maintained by Borrower at Bank (the Administrative Agent at a Correspondent “Operating Account”) that will be structured and utilized for that purpose in accordance with Bank’s policies and procedures from time to time in effect (account number 480401595). Unless other arrangements are made with, and expressly agreed to by, Bank (e.g., disbursements of Revolving Loans by wire transfer), all advances of the Revolving Loans, if made by Bank, will be credited to the account Operating Account at the end of the Foreign applicable Business Day on which the advance is made. With respect to advances requested by Borrower specified by AHL to cover Presentments in its Notice the Controlled Disbursement Account, Borrower hereby irrevocably authorizes Bank, without any further written or oral request of BorrowingBorrower, to transfer funds automatically from the Operating Account to the Controlled Disbursement Account in amounts necessary for the payment of checks and other items drawn on the Controlled Disbursement Account as such checks and other items (“Presentments”) are presented to Bank for payment. All costs incurred and If any Presentments in the Controlled Disbursement Account are paid by Bank in excess of funds available in the Administrative Agent in advancing Loan proceedsOperating Account for any reason, including all wire transfer fees charged to the Administrative Agent and the Administrative Agent's own wire transfer fees, shall be borne solely by the Borrowers and shall be paid or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have made available to the Administrative Agent its applicable Commitment Percentage of such Revolving Loan; provided, however, that the failure of Borrower to determine the correct amount of Presentments in its Advance Request, the amounts so paid by Bank will be deemed to be an advance of the Revolving Loans as a Lender Prime Rate Loan for all purposes of this Agreement and are hereby ratified and approved by Borrower; however, under no circumstances will Bank have any obligation to make pay any Presentments in the Controlled Disbursement Account in excess of funds available in the Operating Account. Notwithstanding anything to the Administrative Agent such Commitment Percentage shall not affect contrary in this Section 2.6, Bank may, at any time hereafter on written notice to Borrower, elect to discontinue the obligation automatic sweeping of funds from the Operating Account to the Controlled Disbursement Account, but Bank instead may disburse proceeds of the Administrative Agent Revolving Loans made by Bank by crediting only the Operating Account. Furthermore, Bank reserves the right to disburse the proceeds discontinue providing controlled disbursement accounts to its customers, including Borrower. Each request submitted by Borrower for a new advance of any a Revolving Loan via wire transfer of funds must be initiated with respect Bank’s wire transfer department (or by telephone or on-line functions made available by Bank’s wire transfer department from time to that portion of such Loan as to which the Administrative Agent shall have received the applicable Commitment Percentagetime) via a duly completed and signed outgoing wire transfer form (or any replacement form promulgated by Bank).

Appears in 2 contracts

Samples: Financing Agreement (EQM Technologies & Energy, Inc.), Financing Agreement (EQM Technologies & Energy, Inc.)

Disbursement of Revolving Loans. Not later than 1:00 p.m. (Charlotte time) on the proposed borrowing date for any Revolving Loan to be made in Dollars (or if such Revolving Loan is to be made in an Alternative Currency, Each Lender no later than 1:00 p.m. (local time 1:00pm on the Borrowing Date shall make available its pro- rata share, if any, of each Revolving Loan in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred to the Borrowers for same day value on the date of such borrowing), each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency in which the Loan is to be made, and funds immediately available to the Administrative Agent, such Lender's Commitment Percentage of the Revolving Loans requestedmanner provided below. The proceeds of each Dollar Loan requested pursuant to this Section 2.2 All amounts shall be disbursed in immediately available funds by crediting or wiring such proceeds to the account of the relevant Borrower designated in the Accounts Designation Letter. The proceeds of each Foreign Currency Loan requested pursuant to this Section 2.2 shall be transferred by wire from the Loan Office or an account maintained by the Administrative Agent at a Correspondent to the account of the Foreign Borrower specified by AHL in its Notice of Borrowing. All costs incurred and paid by the Administrative Agent in advancing Loan proceeds, including all wire transfer fees charged to the Administrative Agent and the Administrative Agent's own wire transfer fees, shall be borne solely by the Borrowers and shall be paid or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have made available to the Administrative Agent its applicable Commitment Percentage of such Revolving Loan; provided, however, that in Dollars and immediately available funds at Agent's Office. Borrowers hereby irrevocably authorize the failure of a Lender to make available to the Administrative Agent such Commitment Percentage shall not affect the obligation of the Administrative Agent to disburse the proceeds of any Revolving Loan each borrowing requested, or deemed to be requested, pursuant to this SECTION 2.2.5 as follows: (i) the proceeds of each borrowing requested under SECTION 2.2.5.1(I) OR (II) shall be disbursed by the Agent, upon receipt of the funds, in lawful money of the United States of America in immediately available funds, or in the case of the initial borrowing, in accordance with respect the terms of the letter from the Borrowers to that portion the Agent referred to in SECTION 4.1.1.13, or to such other account as may be agreed upon by and the Lender from time to time; (ii) the proceeds of such Loan each borrowing requested under SECTION 2.2.5.1(III) shall be disbursed by the Agent by way of direct payment of the relevant principal, interest or other Secured Obligation, as to which the Administrative case may be. Unless the Agent shall have received been notified by any Lender prior to the Borrowing Date that such Lender does not intend to make available to the Agent its portion of the borrowing to be made on such date, the Agent may assume that such Lender has made such amount available to the Agent on such Borrowing Date, and the Agent, in reliance upon such assumption, may (it its sole and absolute discretion and without any obligation to do so) make available to the Borrowers, a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Lender and the Agent has made available same to the Borrowers, the Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the Borrowers, and Agent shall credit the account of Borrowers with a sum equal to such Defaulting Lenders' Percentage of the Borrowing. Each Non-Defaulting Lender shall immediately pay to Agent its Percentage of the amount required to be paid by Agent on behalf of the Defaulting Lender. Notwithstanding the foregoing, no Lender shall be required to fund any borrowings which would exceed its applicable Commitment PercentageCommitment. The Agent, on behalf of the Non-Defaulting Lenders, shall be entitled to recover from the Defaulting Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrowers to the date such corresponding amount is recovered by the Agent, at a rate per annum equal to the overnight Federal Funds rate.

Appears in 1 contract

Samples: Loan Agreement (Offshore Tool & Energy Corp)

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Disbursement of Revolving Loans. Not later than 1:00 p.m. (Charlotte Chicago time) on the proposed borrowing date specified for any Borrowing of Revolving Loan Loans to be made in Dollars hereunder (or if such other than a Borrowing of Revolving Loan is Loans to be made the extent constituting a LIBOR Portion denominated in an Alternative Currency), each Lender shall make the proceeds of its Revolving Loan comprising part of such Borrowing available to the Agent in Chicago, Illinois in immediately available funds to the Agent in Chicago. Each Lender shall make the proceeds of each Revolving Loan constituting a LIBOR Portion denominated in an Alternative Currency at such office as the Agent has previously specified in a notice to such Lender in such funds which are then customary for the settlement of international transactions in such currency and no later than 1:00 p.m. (such local time in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred to the Borrowers Company for same day value on the date of such borrowing), each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency in which the Revolving Loan is to be made, and funds immediately available . Subject to the Administrative Agentprovisions of Section 7 hereof, such Lender's Commitment Percentage of the Revolving Loans requested. The proceeds of each Dollar Lender's Revolving Loan requested pursuant to this Section 2.2 denominated in U.S. Dollars shall be disbursed in immediately available funds by crediting or wiring such proceeds to the account of the relevant Borrower designated in the Accounts Designation Letter. The proceeds of each Foreign Currency Loan requested pursuant to this Section 2.2 shall be transferred by wire from the Loan Office or an account maintained by the Administrative Agent at a Correspondent to the account of the Foreign Borrower specified by AHL in its Notice of Borrowing. All costs incurred and paid by the Administrative Agent in advancing Loan proceeds, including all wire transfer fees charged to the Administrative Agent and the Administrative Agent's own wire transfer fees, shall be borne solely by the Borrowers and shall be paid or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have made available to the Administrative Company at the office of the Agent its applicable Commitment Percentage in Chicago, Illinois, and the proceeds of each Lender's Revolving Loans denominated in an Alternative Currency shall be made available to the Company at such Revolving Loan; providedoffice as the Agent has previously agreed to with the Company, however, that in each case in the failure type of funds received by the Agent from the Lenders. Unless the Agent shall have been notified by a Lender by no later than such time as would be necessary for such Lender to make the proceeds of its Revolving Loan available to the Agent on the date a Borrowing is to be made hereunder that such Lender does not intend to make the proceeds of its Revolving Loan available to the Agent, the Agent may assume that such Lender has made such proceeds available to the Agent on such date and the Agent may in reliance upon such assumption make available to the Administrative Company a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Commitment Percentage Lender and the Agent has made such amount available to the Company, the Agent shall not affect be entitled to receive such amount from such Lender forthwith upon the obligation Agent's demand, together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company and ending on but excluding the date the Agent recovers such amount at a rate per annum equal to the effective rate charged to the Agent for overnight federal funds transactions with member banks of the Administrative federal reserve system, or in the case of a Revolving Loan denominated in an Alternative Currency, the Overnight Foreign Currency Rate, for each day as determined by the Agent (or in the case of a day which is not a Business Day, then for the preceding day). If such amount is not received from such Lender by the Agent immediately upon demand, the Company will, on demand, repay to disburse the Agent the proceeds of any such Revolving Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Revolving Loan, but without such payment being considered a payment or prepayment of a LIBOR Portion, so that the Company will have no liability under Section 2.9 hereof with respect to that portion of such Loan as to which the Administrative Agent shall have received the applicable Commitment Percentagepayment.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Anicom Inc)

Disbursement of Revolving Loans. Not later than 1:00 2:00 p.m. (Charlotte New York time) on the proposed borrowing date of any Borrowing (a “Funding Date”) of Revolving LIBOR Loans or Revolving Base Rate Loans, each Lender shall make available its pro rata share of each Revolving Loan in immediately available funds to the Agent, except to the extent such Borrowing is either a reborrowing, in whole or in part, of the principal amount of a maturing Borrowing of Revolving Loans, in which case each Lender shall record the Revolving Loan made by it as a part of such Refunding Borrowing on its books or records or on a schedule to the appropriate Revolving Note, as provided in Section 3.16 hereof, and shall effect the repayment, in whole or in part, as appropriate, of its maturing Revolving Loan through the proceeds of such new Revolving Loan. Subject to Section 6 hereof, the Agent shall (i) make the proceeds of each Borrowing available to the Borrower at its account with the Agent or (ii) disburse the proceeds in accordance with the Borrower’s written instructions which are reasonably acceptable to the Agent. Nothing in this Section 3.8 shall be deemed to relieve any Lender of its obligation hereunder to make its pro rata share of Revolving Loans on the requested date of Borrowing, nor shall any Lender be responsible for the failure of any other Lender to perform its obligations to make any Revolving Loan hereunder, and the Commitment of any Lender shall not be increased or decreased as a result of the failure by any other Lender to be made in Dollars perform its obligation to make a Revolving Loan. In the event that the applicable conditions for funding set forth hereunder have been satisfied, and a Lender for any reason fails or refuses to fund its pro rata share of a Revolving Loan (or if the funded portion of such Revolving Loan is being hereinafter referred to as a “Non Pro Rata Loan” and such Lender being hereinafter referred to as a “Defaulting Lender”), then, until such time as such Defaulting Lender has fully funded its pro rata share of the subject Revolving Loan or all other Lenders have received payment in full (whether by repayment or prepayment) of the principal and interest due in respect of such Non Pro Rata Loan, all of the Obligations owing to such Defaulting Lender hereunder shall be made subordinated in an Alternative Currencyright of payment, no later than 1:00 p.m. (local time as provided in the country having such Alternative Currency as its lawful currency ) on the proposed borrowing date as is necessary for such funds to be received and transferred following sentence, to the Borrowers for same day value on the date prior payment in full of such borrowing)all principal, each Lender will make available to the Administrative Agent, for the account interest and fees in respect of the Borrowers, at the Correspondent or Loan Office designated by the Administrative Agent, in Dollars or the Alternative Currency all Non Pro Rata Loans in which the Loan is Defaulting Lender has not funded its pro rata share (such principal, interest and fees being referred to as “Senior Loans”). All amounts paid by the Borrower and otherwise due to be madeapplied to the obligations owing to the Defaulting Lender pursuant to the terms hereof shall be distributed by the Agent to the other Lenders in accordance with their respective pro rata shares (recalculated for purposes hereof to exclude the Defaulting Lender's Commitment), until all Senior Loans have been paid in full. This provision governs only the relationship among the Agent, the Defaulting Lender, and funds immediately available the other Lenders and nothing hereunder shall limit the obligation of the Borrower to the Administrative Agent, such Lender's Commitment Percentage repay all of the Revolving Loans requestedin accordance with the terms of this Agreement. The proceeds Notwithstanding anything in this Agreement to the contrary, the provisions of each Dollar Loan requested pursuant to this Section 2.2 3.8 shall apply and be disbursed in immediately available funds by crediting effective regardless of whether an Event of Default has occurred or wiring such proceeds to the account is existing, and notwithstanding any instruction of the relevant Borrower designated in the Accounts Designation Letter. The proceeds of each Foreign Currency Loan requested pursuant to this Section 2.2 shall be transferred by wire from the Loan Office or an account maintained by the Administrative Agent at a Correspondent to the account of the Foreign Borrower specified by AHL in its Notice of Borrowing. All costs incurred and paid by the Administrative Agent in advancing Loan proceeds, including all wire transfer fees charged to the Administrative Agent and the Administrative Agent's own wire transfer fees, shall be borne solely by the Borrowers and shall be paid or reimbursed to the Administrative Agent immediately upon billing, or, at the option of the Administrative Agent, shall be paid by deduction from the Loan proceeds. Subject to Section 3.6 hereof, the Administrative Agent shall not be obligated to disburse the proceeds of any Revolving Loan requested pursuant to this Section 2.2 until each Lender shall have made available to the Administrative Agent its applicable Commitment Percentage of such Revolving Loan; provided, however, that the failure of a Lender to make available to the Administrative Agent such Commitment Percentage shall not affect the obligation of the Administrative Agent to disburse the proceeds of any Revolving Loan with respect to that portion of such Loan as to which the Administrative Agent shall have received the applicable Commitment Percentageits desired application of payments.

Appears in 1 contract

Samples: Credit Agreement (Full Circle Capital Corp)

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