Lenders to Fund Agent Sample Clauses
The "Lenders to Fund Agent" clause establishes the obligation of individual lenders in a syndicated loan arrangement to provide their respective portions of the loan funds to the designated agent. In practice, when a borrower requests a loan drawdown, each lender must transfer its share of the funds to the agent, who then consolidates and disburses the total amount to the borrower. This clause ensures the efficient and coordinated transfer of funds, preventing delays and confusion by centralizing the funding process through the agent.
Lenders to Fund Agent. Each Lender shall, before the later of one (1) hour after the Agent issues its notice to such Lender of a Notice of Borrowing or 2:00 P.M. (Cleveland, Ohio time) on the date of each Revolving Credit Borrowing, make available to the Agent, in immediately available funds at the account of the Agent maintained at the Payment Office as specified by the Agent to the Lenders prior to such date, such Lender’s Ratable Portion of the Revolving Credit Loans comprising such Revolving Credit Borrowing. On the date requested by Holdings on behalf of the Borrowers for a Revolving Credit Borrowing, after the Agent’s receipt of the funds representing a Lender’s Ratable Portion of such Revolving Credit Borrowing and upon the Borrowers’ fulfillment of the applicable conditions set forth in this Article 3, the Agent will make the funds of such Lender available to the Borrowers at the aforesaid applicable Payment Office.