Common use of Manner and Disbursement of Loans Clause in Contracts

Manner and Disbursement of Loans. The Borrower shall give written or telephonic notice to the Bank (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the Borrower requests the Bank to make a Loan hereunder. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and the amount of such Loan. Each Loan shall initially constitute part of the Base Rate Portion except to the extent the Borrower has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Portion as provided in Section 2 hereof. The Borrower agrees that the Bank may rely upon any written or telephonic notice given by any person the Bank in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has acted in reliance thereon. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the Borrower at the principal office of the Bank in Chicago, Illinois, in immediately available funds, in the case of the initial Loans made hereunder, in accordance with the terms of the written disbursement instructions of the Borrower and, in the case of each subsequent Loan, by deposit to the Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon by the Borrower and the Bank.

Appears in 4 contracts

Samples: Credit Agreement (Diamond Management & Technology Consultants, Inc.), Credit Agreement (Accretive Health, Inc.), Credit Agreement (Diamond Management & Technology Consultants, Inc.)

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Manner and Disbursement of Loans. The Borrower Company (which is acting on behalf of the Borrowers pursuant to Section 1.3 hereof) shall give written or telephonic notice to the Bank (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the a Borrower requests the Bank to make a Loan hereunderhereunder to such Borrower. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and ), the amount of such LoanLoan and the Borrower to whom it is to be disbursed. Each Loan shall initially constitute part of the Base Domestic Rate Portion of the Note except to the extent the Borrower Company (which is acting on behalf of the Borrowers pursuant to Section 1.3 hereof) has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Eurocurrency Portion as provided in Section 2 hereof. The Borrower agrees Borrowers agree that the Bank may rely upon any written or telephonic notice given by any person the Bank in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has acted in reliance thereon. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the relevant Borrower at the principal office of the Bank in Chicago, Illinois, in immediately available funds, except in the case of Eurocurrency Portions of Loans denominated in an Optional Currency, which shall be made available at such office as the initial Loans made hereunderBank has previously notified to the Company, in accordance with such funds which are then customary for the terms settlement of the written disbursement instructions of the Borrower and, international transactions in the case of each subsequent Loan, by deposit such currency and no later than such local time as is necessary for such funds to be received and transferred to the Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon by the relevant Borrower and the Bankfor same day value.

Appears in 1 contract

Samples: Guaranty Agreement (Comshare Inc)

Manner and Disbursement of Loans. The Borrower shall give written or telephonic notice to the Bank (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the Borrower requests the Bank to make a Loan hereunder. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and the amount of such LoanLoan and shall be accompanied by a borrowing certificate (the "Borrowing Certificate") in the form of Exhibit B duly completed and signed by either the Borrower's chief financial officer or chief executive officer. Each Loan shall initially constitute part of the Base Rate Portion except to the extent the Borrower has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Fixed Rate Portion as provided in Section 2 hereof. The Borrower agrees that the Bank may rely upon any written or telephonic notice given by any person who the Bank in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmationconfirmation thereof, such telephonic notice shall govern if the Bank has acted in reliance thereon. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the Borrower at the principal office of the Bank in Chicago, Illinois, in immediately available funds, in the case of the initial Loans made hereunder, in accordance with the terms of the written disbursement instructions of the Borrower and, in the case of each subsequent Loan, by deposit to the Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon by the Borrower and the Bank.

Appears in 1 contract

Samples: Credit Agreement (Primus Guaranty LTD)

Manner and Disbursement of Loans. The Either Borrower shall give written or telephonic notice to the Bank (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the such Borrower requests the Bank to make a Loan hereunder. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and the amount of such Loan. Each Loan shall initially constitute part of the Base Rate Portion except to the extent the such Borrower has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Portion as provided in Section 2 hereof. The Borrower agrees Borrowers agree that the Bank may rely upon any written or telephonic notice given by any person the Bank in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has acted in reliance thereon. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the relevant Borrower at the principal office of the Bank in Chicago, Illinois, in immediately available funds, in the case of the initial Loans made hereunder, in accordance with the terms of the written disbursement instructions of the such Borrower and, in the case of each subsequent Loan, by deposit to the such Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon by the applicable Borrower and the Bank.

Appears in 1 contract

Samples: Credit Agreement (Hub Group Inc)

Manner and Disbursement of Loans. The Borrower Company shall give written or telephonic notice to the Bank Agent (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the Borrower Company requests that any Borrowing of Loans be made to it under the Bank to make a Loan hereunderCommitments, and the Agent shall promptly notify each Lender of the Agent's receipt of each such notice. Each such notice shall specify the date of the Loan Borrowing of Loans requested (which must be a Business Day) ), the type of Loan being requested, and the amount of such LoanBorrowing. Each Loan Borrowing of Loans shall initially constitute part of the Base applicable Domestic Rate Portion except to the extent the Borrower Company has otherwise timely elected that such LoanBorrowing, or any part thereof, constitute part of a LIBOR Portion as provided in Section 2 hereof. The Borrower Company agrees that the Bank Agent may rely upon any written or telephonic notice given by any person the Bank Agent in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has Agent and the Lenders have acted in reliance thereon. Not later than 1:00 p.m. (Chicago time) on the date specified for any Borrowing of Loans to be made hereunder, each Lender shall make the proceeds of its Loan comprising part of such Borrowing available to the Agent in Chicago, Illinois in immediately available funds. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the Borrower Company at the principal office of the Bank Agent in Chicago, Illinois, in immediately available funds, upon receipt by the Agent from each Lender of its Percentage of such Borrowing. Unless the Agent shall have been notified by a Lender prior to 1:00 p.m. (Chicago time) on the date a Borrowing is to be made hereunder that such Lender does not intend to make the proceeds of its Loan available to the Agent, the Agent may assume that such Lender has made such proceeds available to the Agent on such date and the Agent may in reliance upon such assumption make available to the Company a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Lender and the Agent has made such amount available to the Company, the Agent shall be entitled to receive such amount from such Lender forthwith upon the Agent's demand, together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company and ending on but excluding the date the Agent recovers such amount at a rate per annum equal to the effective rate charged to the Agent for overnight federal funds transactions with member banks of the federal reserve system for each day as determined by the Agent (or in the case of a day which is not a Business Day, then for the initial Loans made hereunderpreceding day). If such amount is not received from such Lender by the Agent immediately upon demand, in accordance the Company will, on demand, repay to the Agent the proceeds of such Loan attributable to such Lender with interest thereon at a rate per annum equal to the terms of interest rate applicable to the written disbursement instructions of the Borrower and, in the case of each subsequent relevant Loan, by deposit but without such payment being considered a payment or prepayment of a LIBOR Portion, so that the Company will have no liability under Section 2.9 hereof with respect to the Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon by the Borrower and the Banksuch payment.

Appears in 1 contract

Samples: Credit Agreement (Rentx Industries Inc)

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Manner and Disbursement of Loans. The Borrower Company shall give written or telephonic notice to the Bank Agent (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on one (1) Business Day prior to the date the Borrower Company requests that any Loan be made to it under the Bank to make a Loan hereunderCommitments, and the Agent shall promptly notify each Lender of the Agent's receipt of each such notice. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and the amount of such Loan. Each Loan shall initially constitute part of the Base applicable Domestic Rate Portion except to the extent the Borrower Company has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Portion as provided in Section 2 hereof. The Borrower Company agrees that the Bank Agent may rely upon any written or telephonic notice given by any person the Bank Agent in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has Agent and the Lenders have acted in reliance thereon. Not later than 1:00 p.m. (Chicago time) on the date specified for any Loan to be made by a Lender hereunder, such Lender shall make the proceeds of its pro rata share of such Loan available to the Agent in Chicago, Illinois in immediately available funds. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the Borrower Company at the principal office of the Bank Agent in Chicago, Illinois, in immediately available funds, in the case of the initial Loans made hereunder, in accordance with the terms of the written disbursement instructions of the Borrower and, in the case of each subsequent Loan, by deposit to the Borrower’s primary operating account maintained with the Bank or as otherwise agreed upon receipt by the Borrower and Agent from each Lender of its pro rata share of such Loan. Unless the Bank.Agent shall have been notified by a Lender prior to 1:00 p.m. (Chicago time) on the date a Loan is to be made hereunder that such Lender does

Appears in 1 contract

Samples: 6 Credit Agreement (Apac Teleservices Inc)

Manner and Disbursement of Loans. The Borrower shall give written or telephonic notice to the Bank (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) by no later than 11:00 a.m. (Chicago time) on the date the Borrower requests the Bank to make a Loan hereunder. Each such notice shall specify the date of the Loan requested (which must be a Business Day) and the amount of such Loan. Each Loan shall initially constitute part of the Base Rate Portion except to the extent the Borrower has otherwise timely elected that such Loan, or any part thereof, constitute part of a LIBOR Fixed Rate Portion as provided in Section 2 hereof. The Borrower agrees that the Bank may rely upon any written or telephonic notice given by any person the Bank in good faith believes is an Authorized Representative without the necessity of independent investigation and, in the event any telephonic notice conflicts with the written confirmation, such telephonic notice shall govern if the Bank has acted in reliance thereon. Subject to the provisions of Section 7 hereof, the proceeds of each Loan shall be made available to the Borrower at the principal office of the Bank in Chicago, Illinois, in immediately available funds, in the case of the initial Loans made hereunder, in accordance with the terms of the written disbursement instructions of the Borrower and, in the case of each subsequent Loan, by deposit to the Borrower’s primary operating account no. 452995-4 maintained with the Bank or as otherwise agreed upon by the Borrower and the Bank.

Appears in 1 contract

Samples: Credit Agreement (Woodhead Industries Inc)

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