Common use of Funds for Loans Clause in Contracts

Funds for Loans. (a) Not later than 11:00 a.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Wellsford Real Properties Inc), Revolving Credit Agreement (Wellsford Real Properties Inc), Term Loan Agreement (Wellsford Real Properties Inc)

AutoNDA by SimpleDocs

Funds for Loans. (a) Not later than 11:00 a.m. 2:00 p.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 2 contracts

Samples: Mezzanine Loan Agreement (Wellsford Real Properties Inc), Loan Agreement (Wellsford Real Properties Inc)

Funds for Loans. (a) Not later than 11:00 a.m. 2:00 p.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Meridian Industrial Trust Inc), Revolving Credit Agreement (Meridian Industrial Trust Inc)

Funds for Loans. (a) Not Subject to the other provisions of this §2, not later than 11:00 a.m. (Boston time) 1:00 p.m. on the proposed Drawdown Date of any LoansDate, each of the Banks Bank will make available to the Agent, at the Agent's Head ’s Funding Office, in immediately available funds, the amount of such Bank's ’s Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1Loan. Upon receipt from each Bank of such amount, amount and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth thereinin §13 (and, to if such Loan is the extent applicableinitial advance hereunder, §12), the Agent will make available to the Borrower the aggregate amount of such Loans Loan made available to the Agent by the Banks either (at the Borrower’s election) by (i) crediting such amount to the account of the Borrower maintained at on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with Xxxxxxxx’s instructions set forth in the Completed Loan Request and reasonably acceptable to the Agent's Head Office. Subject to the foregoing, all such funds received by the Agent by 1:00 p.m. on any Business Day will be made available to the Borrower not later than 2:00 p.m. on the same Business Day; funds received after such time will be made available by not later than 1:00 p.m. on the next Business Day (provided that as to any Bank which is required to fund Loans from its head office located in the Pacific Time Zone (U.S.), the preceding reference to “1:00 p.m.” shall be deemed to be a reference to “3:00 p.m.” and the preceding reference to “2:00 p.m.” shall be deemed to be a reference to “4:00 p.m.”). The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans Loan shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's its Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by Loan but in no event shall the Agent no later (in its capacity as the Agent) have any obligation to make any funding or shall any Bank be obligated to fund more than its Commitment Percentage of the Drawdown Date refuse requested Loan or to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms increase its Commitment Percentage on account of Section 2such failure or otherwise.

Appears in 1 contract

Samples: Credit Agreement (Boston Properties LTD Partnership)

Funds for Loans. (a) Not later than 11:00 a.m. 2:00 p.m. (Boston Atlanta time) on the proposed Drawdown Date of any Loans (other than Swing Loans), each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agentwire transfer in accordance with Borrower's Head Officeinstructions. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans to the extent it is obligated to fund such Loan hereunder shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested by the Borrower subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.Section

Appears in 1 contract

Samples: Revolving Credit Agreement (Crescent Real Estate Equities Co)

Funds for Loans. (a) Not later than 11:00 a.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agentwire transfer in accordance with Borrower's Head Officeinstructions. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans to the extent it is obligated to fund such Loan hereunder shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested by the Borrower subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.Section

Appears in 1 contract

Samples: Revolving Credit Agreement (Crescent Real Estate Equities LTD Partnership)

Funds for Loans. (a) Not later than 11:00 a.m. (Boston Cleveland time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section ss. 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 ss.10 and Section 11 ss.11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2ss.

Appears in 1 contract

Samples: Revolving Credit Agreement (American Church Mortgage Co)

Funds for Loans. (a) Not later than 11:00 a.m. 2:00 p.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of such other Bank's its Commitment Percentage of the requested Loans shall not relieve any requested Loans, including any additional Loans that may be requested subject other Bank from its serveral obligationa hereunder to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.make

Appears in 1 contract

Samples: Revolving Credit Agreement (Meridian Industrial Trust Inc)

Funds for Loans. (a) Not later than 11:00 a.m. noon (Boston Eastern time) on the proposed Drawdown Date of any LoansLoans of any Class, each of the Banks Lenders of such Class will make available to the Agent, at the Agent's ’s Head Office, in immediately available funds, the amount of such Bank's Commitment Lender’s Applicable Percentage of the amount of the requested Loans of such Class which may be disbursed pursuant to Section §2.1. Upon receipt from each Bank such Lender of such amount, and upon receipt of the documents required by Section §10 and Section §11 and the satisfaction of the other conditions set forth thereintherein (except, in each case, to the extent waived by Agent) to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks Lenders of such Class by crediting such amount to the account of the Borrower maintained at the Agent's ’s Head OfficeOffice or wiring such funds in accordance with Borrower’s written instructions. The failure or refusal of any Bank Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Applicable Percentage of the requested Loans shall not relieve any other Bank Lender from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Lender’s Applicable Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank Lender so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 1 contract

Samples: Credit Agreement (Independence Realty Trust, Inc.)

AutoNDA by SimpleDocs

Funds for Loans. (a1) Not later than 11:00 a.m. 1:00 p.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks Lenders will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such BankLender's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section ss. 2.1. Upon receipt from each Bank Lender of such amount, and upon receipt of the documents required by Section 10 ss.10 and Section 11 ss.11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks Lenders by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank Lender from its several obligation hereunder to make available to the Agent the amount of such other BankLender's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank Lender so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2ss.

Appears in 1 contract

Samples: Revolving Credit Agreement (Wellsford Real Properties Inc)

Funds for Loans. (a) Not later than 11:00 a.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agentwire transfer in accordance with Borrower's Head Officeinstructions. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans to the extent it is obligated to fund such Loan hereunder shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested by the Borrower subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.Section

Appears in 1 contract

Samples: Revolving Credit Agreement (Crescent Real Estate Equities Co)

Funds for Loans. (a) Not later than 11:00 a.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 22.5. In the event of any such failure or refusal, the Banks not so failing or refusing shall be entitled to a priority secured position as against the Bank or Banks so failing or refusing for such Loans as provided in Section 12.6.

Appears in 1 contract

Samples: Master Revolving Credit Agreement (Ramco Gershenson Properties Trust)

Funds for Loans. (a) Not later than 11:00 a.m. 1:30 p.m. (Boston time) on the proposed Drawdown Date of any Loans, each of the Banks will make available to the Agent, at the Agent's Head Office, in immediately available funds, the amount of such Bank's Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section 2.1. Upon receipt from each Bank of such amount, and upon receipt of the documents required by Section 10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks by crediting such amount to the account of the Borrower maintained at the Agent's Head Office. The failure or refusal of any Bank to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank from its several obligation hereunder to make available to the Agent the amount of such other Bank's Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 1 contract

Samples: Revolving Credit Agreement (Excel Legacy Corp)

Funds for Loans. (a) Not later than 11:00 a.m. 1:00 p.m. (Boston Cleveland time) on the proposed Drawdown Date of any LoansLoan, each of the Banks Lenders will make available to the Agent, at the Agent's ’s Head Office, in immediately available funds, the amount of such Bank's Lender’s Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to Section §2.1. Upon receipt from each Bank such Lender of such amount, and upon receipt of the documents required by Section §§10 and Section 11 and the satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Loans made available to the Agent by the Banks Lenders, as applicable, by crediting such amount to the account of the Borrower maintained at the Agent's ’s Head Office. The failure or refusal of any Bank Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Bank Lender from its several obligation hereunder to make available to the Agent the amount of such other Bank's Lender’s Commitment Percentage of any requested Loans, including any additional Loans that may be requested subject to the terms and conditions hereof to provide funds to replace those not advanced by the Bank Lender so failing or refusing, provided that the Borrower may by notice received by the Agent no later than the Drawdown Date refuse to accept any Loan which is not fully funded in accordance with the Borrower's Loan Request subject to the terms of Section 2.

Appears in 1 contract

Samples: Term Loan Agreement (Condor Hospitality Trust, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!