Making of Revolving Credit Loans. (a) A loan or advance under the Revolving Credit shall be made by the transfer of the proceeds of such loan or advance to the Operating Account of the applicable Borrower. The proceeds of any Revolving Credit Loan shall be made available before 3:00 p.m. on the date requested in accordance with Section 2.5 hereof. (b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Administrative Agent and the Revolving Credit Lenders for the amount thereof immediately) at the following: (i) The Administrative Agent's initiation of the transfer of the proceeds of such loan or advance in accordance with the Lead Borrower's instructions (if such loan or advance is of funds requested by the Lead Borrower). (ii) The charging of the amount of such loan to the Loan Account (in all other circumstances). (c) Absent gross negligence, bad faith or willful misconduct, there shall not be any recourse to or liability of the Administrative Agent or any Revolving Credit Lender, on account of: (i) Any delay in the making of any loan or advance requested under the Revolving Credit. (ii) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds. (iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Administrative Agent in accordance with wire instructions provided to the Administrative Agent by the Lead Borrower.
Appears in 3 contracts
Samples: Loan and Security Agreement (DSW Inc.), Loan and Security Agreement (DSW Inc.), Loan and Security Agreement (DSW Inc.)
Making of Revolving Credit Loans. (a) A loan or advance under the Revolving Credit shall be made by the transfer of the proceeds of such loan or advance to the Operating Account of the applicable BorrowerDivision. The proceeds of any Revolving Credit Loan shall be made available before 3:00 p.m. on the date requested in accordance with Section 2.5 hereof.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Administrative Agent and the Revolving Credit Lenders for the amount thereof immediately) at the following:
(i) The Administrative Agent's initiation of the transfer of the proceeds of such loan or advance in accordance with the Lead Borrower's instructions (if such loan or advance is of funds requested by the Lead Borrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) Absent gross negligence, bad faith or willful misconduct, there shall not be any recourse to or liability of the Administrative Agent or any Revolving Credit Lender, on account of:
(i) Any delay in the making of any loan or advance requested under the Revolving Credit.
(ii) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds.
(iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Administrative Agent in accordance with wire instructions provided to the Administrative Agent by the Lead Borrower.
Appears in 3 contracts
Samples: Loan and Security Agreement (Value City Department Stores Inc /Oh), Loan and Security Agreement (Retail Ventures Inc), Loan and Security Agreement (DSW Inc.)
Making of Revolving Credit Loans. (a) A loan or advance under the Revolving Credit shall be made by the transfer Transfer of the proceeds of such loan or advance to the Operating Account of or as otherwise instructed by the applicable Borrower. The proceeds of any Revolving Credit Loan shall be made available before 3:00 p.m. on the date requested in accordance with Section 2.5 hereof.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers Borrower shall be indebted to the Administrative Agent and the Revolving Credit or Lenders for the amount thereof immediately) at upon the following:
(i) The Administrative Agent's ’s initiation of the transfer Transfer of the proceeds of such loan or advance in accordance with the Lead Borrower's ’s instructions (if such loan or advance is of funds requested by the Lead Borrower).
(ii) The or the charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) Absent gross negligence, bad faith or willful misconduct, there There shall not be any recourse to or liability of the Administrative Agent or any Revolving Credit LenderLenders (except to the extent caused by the gross negligence or willful misconduct of the Agent or Lenders), on account of:
(i) Any delay in the making of any loan or advance requested under the Revolving Credit.
(ii) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds.
(iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Administrative Agent or Lenders in accordance with wire instructions provided to the Administrative Agent by the Lead Borrower).
Appears in 2 contracts
Samples: Loan and Security Agreement (RoomStore, Inc.), Loan and Security Agreement (RoomStore, Inc.)
Making of Revolving Credit Loans. (a) A loan or advance under the Revolving Credit shall be made by the transfer Transfer of the proceeds of such loan or advance to the Operating Account of or as otherwise instructed by the applicable Borrower. The proceeds of any Revolving Credit Loan shall be made available before 3:00 p.m. on the date requested in accordance with Section 2.5 hereof.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers Borrower shall be indebted to the Administrative Agent and the Revolving Credit or Lenders for the amount thereof immediately) at upon the following:
(i) The Administrative Agent's initiation of the transfer Transfer of the proceeds of such loan or advance in accordance with the Lead Borrower's ’s instructions (if such loan or advance is of funds requested by the Lead Borrower).
(ii) The or the charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) Absent gross negligence, bad faith or willful misconduct, there There shall not be any recourse to or liability of the Administrative Agent or any Revolving Credit LenderLenders (except to the extent caused by the gross negligence or willful misconduct of the Agent or Lenders), on account of:
(i) Any delay in the making of any loan or advance requested under the Revolving Credit.
(ii) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds.
(iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Administrative Agent or Lenders in accordance with wire instructions provided to the Administrative Agent by the Lead Borrower).
Appears in 1 contract
Samples: Loan and Security Agreement (Wild Oats Markets Inc)
Making of Revolving Credit Loans. (ai) A loan or advance under the Revolving Credit Loan shall be made by the transfer of the proceeds of such loan or advance Revolving Credit Loan to the Operating Account of or as otherwise instructed by the applicable Lead Borrower. The proceeds of any .
(ii) A Revolving Credit Loan shall be made available before 3:00 p.m. on the date requested in accordance with Section 2.5 hereof.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Administrative Agent and the Revolving Credit Lenders for the amount thereof immediately) at the following:
(iA) The Administrative Agent's initiation of the transfer of the proceeds of such loan or advance Revolving Credit Loan in accordance with the Lead Borrower's instructions (if such loan or advance Revolving Credit Loan is of funds requested by the Lead Borrower).
(iiB) The charging of the amount of such loan Revolving Credit Loan to the Loan Account (in all other circumstances).
(ciii) Absent gross negligence, bad faith or willful misconduct, there There shall not be any recourse to or liability of the Administrative Agent or any Revolving Credit LenderAgent, on account of:
(i) Any delay in the making of any loan or advance requested under the Revolving Credit.
(iiA) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance Revolving Credit Loan as collected funds.
(iiiB) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving CreditCredit Loan, the wire transfer of which was properly initiated by the Administrative Agent in accordance with wire instructions provided to the Administrative Agent by the Lead Borrower.
Appears in 1 contract
Samples: Loan Agreement (Natural Wonders Inc)
Making of Revolving Credit Loans. (a) A loan or advance under the Revolving Credit shall be made by the transfer of the proceeds of such loan or advance to the Operating Account of the applicable Borrower. The proceeds of any Revolving Credit Loan shall be made available before 3:00 p.m. on by the date requested in accordance with Section 2.5 hereofTransfer of the proceeds of such Revolving Credit Loan to the Operating Account or as otherwise instructed by the Borrower.
(b) A loan or advance Revolving Credit Loan shall be deemed to have been made under the Revolving Credit (and the Borrowers Borrower shall be indebted to the Administrative Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
upon (i) The Administrative Agent's the Lender’s initiation of the transfer Transfer of the proceeds of such loan or advance in accordance with the Lead Borrower's ’s instructions (if such loan or advance is of funds requested by the Lead Borrower).
(ii) The the making available of the proceeds of such Revolving Credit Loan to the Borrower in accordance with the Borrower’s instructions and the charging of the amount of such loan Revolving Credit Loan to the Loan Account (in all other circumstances)Account.
(c) Absent gross negligence, bad faith or willful misconduct, there There shall not be any recourse to or liability of the Administrative Agent Lender (except to the extent caused by the gross negligence or any Revolving Credit willful misconduct of the Lender), on account of:
(i) Any delay in the making of any loan or advance Revolving Credit Loan requested under the Revolving Credit.
(ii) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds.
(iii) Any delay in the receipt, and/or any loss, of funds which constitute a loan or advance under the Revolving Credit, the wire transfer of which was properly initiated by the Administrative Agent Lender in accordance with wire instructions provided to the Administrative Agent Lender by the Lead Borrower.
Appears in 1 contract
Samples: Loan and Security Agreement (Charlotte Russe Holding Inc)