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 or as otherwise instructed by the Company. (b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Agent and the Revolving Credit Lenders for the amount thereof immediately) at the following: (i) The Agent's initiation of the transfer of the proceeds of such loan or advance in accordance with the Company's instructions (if such loan or advance is of funds requested by the Company). (ii) The charging of the amount of such loan to the Loan Account (in all other circumstances). (c) There shall not be any recourse to or liability of the 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 Agent in accordance with wire instructions provided to the Agent by the Company.
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Samples: Loan and Security Agreement (Jacobson Stores Inc), Loan and Security Agreement (Jacobson Stores 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 or as otherwise instructed by the CompanyLead Borrower.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Agent and the Revolving Credit Lenders for the amount thereof immediately) at the following:
(i) The Agent's initiation of the transfer of the proceeds of such loan or advance in accordance with the CompanyLead Borrower's instructions (if such loan or advance is of funds requested by the CompanyLead Borrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the 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 Agent in accordance with wire instructions provided to the Agent by the CompanyLead Borrower.
Appears in 2 contracts
Samples: Loan and Security Agreement (Drugmax Inc), Loan and Security Agreement (Childrens Place Retail Stores 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 or as otherwise instructed by the CompanyBorrower.
(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 Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The AgentLender's initiation of the transfer of the proceeds of such loan or advance in accordance with the CompanyBorrower's instructions (if such loan or advance is of funds requested by the CompanyBorrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the 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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyBorrower.
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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 or as otherwise instructed by the CompanyBorrower.
(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 Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The Agent's Lender’s initiation of the transfer of the proceeds of such loan or advance in accordance with the Company's Borrower’s instructions (if such loan or advance is of funds requested by the CompanyBorrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the 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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyBorrower.
Appears in 1 contract
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 or as otherwise instructed by the CompanyBorrower.
(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 Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The AgentLender's initiation of the transfer of the proceeds of such loan or advance in accordance with the CompanyBorrower's instructions (if such loan or advance is of funds requested by the CompanyBorrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the 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, absent the Lender's gross negligence or willful misconduct.
(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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyBorrower.
Appears in 1 contract
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 or as otherwise instructed by the CompanyBorrower.
(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 Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The AgentLender's initiation of the transfer of the proceeds of such loan or advance in accordance with the CompanyBorrower's instructions (if such loan or advance is of funds requested by the CompanyBorrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the Agent Lender 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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyBorrower.
Appears in 1 contract
Samples: Loan and Security Agreement (Bakers Footwear Group 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 or as otherwise instructed by the CompanyBorrower.
(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 Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The Agent's Lender’s initiation of the transfer of the proceeds of such loan or advance in accordance with the Company's Borrower’s instructions (if such loan or advance is of funds requested by the CompanyBorrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There shall not be any recourse to or liability of the Agent Lender or any Revolving Credit Lender, on account of:
(id) Any delay in the making of any loan or advance requested under the Revolving Credit.
(iie) Any delay by any bank or other depository institution in treating the proceeds of any such loan or advance as collected funds.
(iiif) 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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyBorrower.
Appears in 1 contract
Samples: Loan and Security Agreement (Bakers Footwear Group 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 or as otherwise instructed by the CompanyLead Borrower.
(b) A loan or advance shall be deemed to have been made under the Revolving Credit (and the Borrowers shall be indebted to the Agent and the Revolving Credit Lenders Lender for the amount thereof immediately) at the following:
(i) The Agent's Lender’s initiation of the transfer of the proceeds of such loan or advance in accordance with the Company's Lead Borrower’s instructions (if such loan or advance is of funds requested by the CompanyLead Borrower).
(ii) The charging of the amount of such loan to the Loan Account (in all other circumstances).
(c) There Absent gross negligence or willful misconduct, there shall not be any recourse to or liability of the Agent or any Revolving Credit Lender, 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 Agent Lender in accordance with wire instructions provided to the Agent Lender by the CompanyLead Borrower.
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