Disbursement of Term Loan. The Term Loan shall be in the original principal amount of $2,500,000.00, and, subject to the terms and conditions in this Agreement, shall be disbursed to Borrower, in one disbursement, within two Business Days after the date hereof.
Disbursement of Term Loan. Subject to the satisfaction of the conditions of the making of the Term Loan, each Term Loan Bank shall, not later than 2:00 p.m. (Detroit time) on June 30, 2004, make available the amount of its Percentage of the Term Loan in immediately available funds to Agent, at the office of Agent located at 000 Xxxxxxxx Xxxxxx, Detroit, Michigan 48226. Agent shall make available to Company not later than 4:00 p.m. (Detroit time) on such date the aggregate of the amounts so received by it in like funds by credit to an account of Company maintained with Agent or to such other account or third party as Company may direct. Unless Agent shall have been notified by any Term Loan Bank that such Term Loan Bank does not intend to make available to Agent such Term Loan Bank's pro rata share of the Term Loan, Agent may assume that such Term Loan Bank has made such amount available to Agent on such date and may, in reliance upon such assumption, make available to Company a corresponding amount. If such amount is not in fact made available to Agent by such Term Loan Bank, Agent shall be entitled to recover such amount on demand from such Term Loan Bank. If such Term Loan Bank does not pay such amount forthwith upon Agent's demand therefor, the Agent shall promptly notify Company and Company shall pay such amount to Agent. Agent shall also be entitled to recover from such Term Loan Bank or Company, as the case may be, interest on such amount in respect of each day from the date such amount was made available by Agent to Company to the date such amount is recovered by Agent, at a rate per annum equal to the Applicable Interest Rate then applicable to the Term Loan. The obligation of any Term Loan Bank to fund its Percentage of the Term Loan shall not be affected by the failure of any other Term Loan Bank to fund its Percentage of the Term Loan and no Term Loan Bank shall have any liability to the Company, the Agent, or any other Term Loan Bank for another Term Loan Bank's failure to fund its Percentage of the Term Loan hereunder.
Disbursement of Term Loan. Subject to the satisfaction of the Conditions to Closing, the Lender shall make the proceeds of the Initial Term Loan available to the Borrowers on the Initial Closing Date, or on such other Business Day as agreed upon by the Borrowing Agent and the Lender, by wire transfer of immediately available funds to an account or such accounts designated in writing by the Borrowing Agent.
Disbursement of Term Loan. 19 2.04 Payment of Principal and Interest............................................................20 2.05
Disbursement of Term Loan. The Bank shall make the Term Loan available to the Company at the Payment Office by crediting the account of the Company with such amount and in like funds.
Disbursement of Term Loan. (a) Subject to the terms and conditions of this Agreement, the proceeds of the Term Loan shall be made available to the Borrower by depositing the proceeds thereof, in immediately available funds, in an account maintained and designated by the Borrower at the Bank or by wire transfer or otherwise as requested by the Borrower.
Disbursement of Term Loan. The Term Loan shall be in the original principal amount of $15,000,000, and, subject to the terms and conditions in the Loan Agreement, shall be disbursed to Borrower as follows: (A) Prior to the date hereof, Term Loans in the aggregate principal amount of $13,500,000 have been disbursed to Borrower; and (B) additional disbursements, if any, shall be made upon written request by Borrower, submitted to Lender at least two Business Days prior to the date the requested disbursement is to be made. There shall be no disbursements made on or after July 14, 2018 (the “Disbursement End Date”). (2) Principal Payments. The principal of the Term Loan shall be repaid in 36 monthly installments, each equal to 1/36 of the outstanding principal balance as of the Disbursement End Date, beginning on July 14, 2018, and continuing on the same day of each month thereafter until the Term Loan is paid in full, provided that, if an Event of Default occurs and is continuing, the entire unpaid principal balance of the Term Loan, together with all interest accrued and unpaid thereon, shall be and become due and payable in accordance with the terms of Section 7.2 of the Loan Agreement. (3)
Disbursement of Term Loan. The Term Loan was ------------------------- disbursed, in full, on November 19, 1999. The Borrowers hereby authorize Agent and Lenders to rely on telephonic, telegraphic, telecopy, telex or written instructions of any Person identifying himself or herself as Xxxxx Xxxx, Xxxxxx Xxxxxxxxx or Xxxxx Xxxxx (or any other individual from time to time authorized to act on behalf of the Borrowers pursuant to a resolution adopted by the Board of Directors of the respective Borrowers and certified by the Secretary of the Borrowers and delivered to Agent) to make a repayment hereunder, and on any signature which Agent or any of the Lenders in good faith believe to be genuine, and the Borrowers shall be bound thereby in the same manner as if such Person were actually authorized or such signature were genuine. Borrowers also hereby agree, jointly and severally, to indemnify Agent and the Lenders and hold Agent and the Lenders harmless from and against any and all claims, demands, damages, liabilities, losses, costs and expenses (including, without limitation, Attorneys' Fees) relating to or arising out of or in connection with the acceptance of instructions for repayments or for converting the Term Loan hereunder, unless such acceptance results from the gross negligence or willful misconduct of Agent or a Lender, as determined by a court of competent jurisdiction.
Disbursement of Term Loan. Not later than 2:00 p.m. (Eastern time) on the Closing Date, (i) each Lender will make available to the Administrative Agent, for the account of the Borrowers, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Lender's Term Loan Commitment Percentage of the Term Loan. The Borrowers hereby irrevocably authorize the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section 2.3 in immediately available funds by crediting or wiring such proceeds to the deposit account of the Company identified in the notice substantially in the form of Exhibit C hereto (a "Notice of Account Designation") delivered by the Borrowers to the Administrative Agent or as may be otherwise agreed upon by the Borrowers and the Administrative Agent. Subject to Section 4.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of the Term Loan to the extent that any Lender has not made available to the Administrative Agent its Term Loan Commitment Percentage of the Term Loan.
Disbursement of Term Loan. The disbursement of the Term Loan hereunder shall consist of Loans made from all Lenders ratably in proportion to the ratio that their respective Commitments bear to the Aggregate Commitment. The full amount of the Term Loan shall be disbursed in a single disbursement. Notwithstanding the foregoing, if the amount of the Term Loan is increased pursuant to Section 2.1.2. the amount of such increase shall be disbursed solely by the existing or new Lender which has agreed to fund such increased amount.
