Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. (Eastern Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 2 contracts
Samples: Financing and Security Agreement (Argan Inc), Financing and Security Agreement (Argan Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower GP with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersGP, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers GP shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers GP within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowerssuch Borrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Revolving Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding the foregoing, prior any provisions contained herein to the occurrence of any Defaultcontrary, the Lender will provide notice of any so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made under the Revolving Loan pursuant to this provisionin accordance with such agreement.
Appears in 2 contracts
Samples: Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower General Physics with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersGeneral Physics, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers General Physics shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers General Physics within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowerssuch Borrower, to make advances under the Revolving Loan, and to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Revolving Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed AmountAmount or the Borrowing Base. Notwithstanding the foregoing, prior Lender shall communicate to the occurrence of General Physics from time to time any Default, the Lender will provide notice of any advances made action taken under the Revolving Loan pursuant to this provisionparagraph either orally or in writing.
Appears in 2 contracts
Samples: Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No Not later than 11:00 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving LoanAdvances, and irrevocably authorizes the Lender to establish, without duplication reserves duplication, Reserves against the Borrowing Base, which that the Lender, in its sole and absolute discretiondiscretion (but, unless an Event of Default has occurred and is continuing, after consultation with the Borrower), deems necessary or appropriate to protect the interests of the LenderLender under this Agreement, including, without limitation, advances Advances and reserves under the Revolving Loan made Reserves to cover debit balances in the Revolving Loan Account, principal of, and/or of and interest on, on any Loan, Bank Products, Revolver Usage, Enforcement Costs and the other Obligations, and/or Enforcement Costs, all of the foregoing whether prior to, on, or after the termination of other advances under this Agreement, and regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or the Lender may reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionBorrowing Base.
Appears in 2 contracts
Samples: Financing and Security Agreement (Tvi Corp), Financing and Security Agreement (Tvi Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be in an amount of not less than Ten Thousand Dollars ($10,000), or a multiple thereof and deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. 1:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionBorrowing Base.
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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day; provided, however, advances shall be in amounts not less than One Million Dollars ($1,000,000) and may only be made in integral multiples of Five Hundred Thousand Dollars ($500,000). The maximum number of advances of the Revolving Loan outstanding at any point in time shall be ten (10). Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower Mid-Atlantic with the Lender (or an Affiliate of the Lender) Administrative Agent or shall be otherwise applied as directed by the Borrowers, which direction the Lender Administrative Agent may require to be in writing. No Not later than 11:00 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, the Borrowers shall give the Lender Administrative Agent oral or written notice (a "Loan Notice") of the amount and (if requested by the LenderAdministrative Agent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. Upon receipt of any such Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of each advance to be made by such Lender on the requested borrowing date under such Lender's Revolving Credit Commitment. Not later than 1:00 p.m. (Baltimore City Time) on each requested borrowing date for the making of advances under the Revolving Loan, each Lender shall, if it has received timely notice from the Administrative Agent of the Borrowers' request for such advances, make available to the Administrative Agent, in funds immediately available to the Administrative Agent at the Administrative Agent's office set forth in Section 9.1 (Notices), such Lender's Pro Rata Share of the advances to be made on such date. In addition, subsequent to a Default each of the Borrowers hereby irrevocably authorizes the Lender Lenders at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the LenderAdministrative Agent, in its sole and absolute discretion, deems necessary or appropriate to cure the Default, if curable by the payment of money and protect the interests of the LenderAdministrative Agent and/or any or all of the Lenders under this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Revolving Loan, the Obligations (including any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender Lenders may advance or reserve hereunder exceeds the Total Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) Agent or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender Agent may require to be in writing. No Not later than 11:00 a.m. 1:30 p.m. (Eastern Baltimore City Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender Agent oral or written notice (a "Loan Notice") of the amount and (if requested by the LenderAgent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Upon receipt of any such Loan Notice Notice, the Agent shall promptly notify each Lender of the amount of each advance to be irrevocablemade by such Lender on the requested borrowing date. Not later than 2:30 p.m. (Baltimore City Time) on each requested borrowing date for the making of advances under the Revolving Loan, each Lender shall, if it has received timely notice from the Agent of the Borrower's request for such advances, make available to the Agent, in funds immediately available to the Agent at the Agent's office set forth in Notices. (Notices), such Lender's Pro Rata Share of the advances to be made on such date. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender Lenders at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the LenderAgent, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the LenderAgent and/or any or all of the Lenders under this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Loan, any of the Obligations any Letter of Credit Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender Lenders may advance or reserve hereunder exceeds the Total Revolving Credit Committed Amount. Notwithstanding The Agent agrees to give the foregoing, prior to the occurrence of any Default, the Lender will provide Borrower notice of any such advances made under by the Revolving Loan pursuant Lenders promptly after the making of any such advance; the Agent agrees to this provisionuse its best efforts to give such notice to the Borrower on the same day that any such advance is made.
Appears in 1 contract
Samples: Financing and Security Agreement (O Ray Holdings Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow borrow, prepay and reborrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 a.m. noon (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute reasonable discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, any of the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow borrow, pay, prepay and reborrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) Agent or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender Agent may require to be in writing. No Not later than 11:00 a.m. 12:00 noon (Eastern Chicago, Illinois Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender Agent oral or written notice (a "Loan Notice") of the amount and (if requested by the LenderAgent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In additionSubject to Section 2.8, upon receipt of such Loan Notice, the Agent shall promptly notify each Formula Lender of the amount of each advance to be made by such Formula Lender on the requested borrowing date under such Formula Lender's Revolving Credit Commitment. Subject to Section 2.8, not later than 2:00 p.m. (Chicago, Illinois Time) on each requested borrowing date for the making of advances under the Revolving Loan, each Formula Lender shall, if it has received timely notice from the Agent of the Borrowers hereby irrevocably authorizes Borrower's request for such advances, make available to the Lender Agent, in funds immediately available to the Agent at any time and the Agent's office as specified by the Agent from time to time, such Formula Lender's Revolving Credit Pro Rata Share of the advances to be made on such date. In addition, the Borrower hereby irrevocably authorizes the Formula Lenders at any time without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the LenderAgent, in the Good Faith exercise of its sole and absolute reasonable discretion, deems necessary or appropriate to protect the interests rights and benefits of the LenderAgent and/or any or all of the Lenders under this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations (including any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender Formula Lenders may advance or reserve hereunder exceeds the Total Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Reunion Industries Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 a.m. 1:00 p.m. (Eastern Timetime) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three five (35) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to timetime if the Lender determines that an event has occurred which impairs the prospect of payment of the Obligations, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, and/or principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Revolving Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Liquidity Services Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. (a) The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No Not later than 11:00 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice which may be by fax (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. .
(b) In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving LoanAdvances, and irrevocably authorizes the Lender to establish, without duplication reserves duplication, Reserves against the Borrowing Base, which that the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the LenderLender under this Agreement, including, without limitation, advances Advances and reserves under the Revolving Loan made Reserves to cover debit balances in the Revolving Loan Account, principal of, and/or of and interest on, on any Loan, Bank Products, Revolver Usage, Enforcement Costs and the other Obligations, and/or Enforcement Costs, all of the foregoing whether prior to, on, or after the termination of other advances under this Agreement, and regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or the Lender may reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoingBorrowing Base; provided, prior however, with respect to Bank Products consisting of credit cards, credit card processing services, debit cards, or purchase cards, no such Advances and Reserves shall be made or imposed unless (i) the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.Borrower so agrees,
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Revolving Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed AmountAmount or the Borrowing Base. Notwithstanding the foregoing, prior Lender shall communicate to the occurrence of Borrower from time to time any Default, the Lender will provide notice of any advances made action taken under the Revolving Loan pursuant to this provisionparagraph either orally or in writing.
Appears in 1 contract
Samples: Financing and Security Agreement (Gp Strategies Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No Not later than 11:00 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving LoanAdvances, and irrevocably authorizes the Lender to establish, without duplication reserves duplication, Reserves against the Borrowing Base, which that the Lender, in its sole and absolute discretiondiscretion (but, unless an Event of Default has occurred and is continuing, after consultation with the Borrower), deems necessary or appropriate to protect the interests of the LenderLender under this Agreement, including, without limitation, advances Advances and reserves under the Revolving Loan made Reserves to cover debit balances in the Revolving Loan Account, principal of, and/or of and interest on, on any Loan, Bank Products, Revolver Usage, Enforcement Costs and the other Obligations, and/or Enforcement Costs, all of the foregoing whether prior to, on, or after the termination of other advances under this Agreement, and regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or the Lender may reserve hereunder exceeds the Revolving Credit Committed AmountAmount or the Borrowing Base. Notwithstanding the foregoing, prior The Sweep Agreement and other Bank Products may also provide from time to the occurrence of any Defaulttime for alternative methods for making and crediting Advances, the Lender will provide notice crediting or other application of any advances made under the Revolving Loan pursuant to this provisioncollections, and for debiting Obligations.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the GSE Revolving Credit Facility on any Business Day. Advances under the Revolving Loan GSELoan shall be deposited to a demand deposit account of a Borrower GSE with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersGSE, which direction the Lender may require to be in writing. No later than 11:00 a.m. (Eastern 12:00 p.m.(Eastern Time) on the date of the requested borrowing, the Borrowers GSE shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers GSE within three (3) Business Days after the making of the requested advance under the Revolving GSE Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers GSE hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersGSE, to make advances under the Revolving GSE Loan, and to establish, without duplication duplication, reserves against the GSE Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving GSE Loan made to cover debit balances in the Revolving GSE Loan Account, principal of, and/or interest on, any the GSE Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving GSE Loan that the Lender may advance or reserve hereunder exceeds the GSE Revolving Credit Committed AmountAmount or the GSE Borrowing Base. Notwithstanding the foregoing, prior Lender shall communicate to the occurrence of Borrower from time to time any Default, the Lender will provide notice of any advances made action taken under the Revolving Loan pursuant to this provisionparagraph either orally or in writing.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No Not later than 11:00 10:00 a.m. (Eastern Baltimore, Maryland Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. Notwithstanding the foregoing provisions, the Lender and the Borrowers may from time to time agree to make advances pursuant to an "auto-borrow" and "zero balance" or other similar arrangement, subject however to the conditions and limitations set out herein. In addition, each of the Borrowers hereby irrevocably authorizes authorize the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.and
Appears in 1 contract
Samples: Financing Agreement (Polk Audio Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. (a) The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. .
(b) In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a the Borrower's demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) First Union or shall be otherwise applied as directed by a Responsible Officer of the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern TimeWashington, D.C. time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any If requested by the Lender, any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each in lieu of the Borrowers procedure set forth above, the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute but reasonable discretion, deems necessary or and/or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding The Lender agrees that it will honor any overdrafts as directed by the foregoing, prior Borrower and agreed to by the occurrence of any Default, Lender. All such overdrafts will be secured by the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionCollateral.
Appears in 1 contract
Samples: Financing and Security Agreement (Cta Incorporated)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. (a) The Borrowers may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or or, if requested by the Lender from time to time, written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three .
(3b) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any the Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Paradise Color Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern Standard Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and irrevocably authorizes the Lender to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, any of the Obligations, (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionBorrowing Base.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a the Company's demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern TimeWashington, D.C. time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes authorize the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Accountcover, principal of, and/or interest on, any the Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Dispatch Management Services Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 noon (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and irrevocably authorizes the Lender to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute reasonable discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances pay Enforcement Costs that have become due and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, payable prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionBorrowing Base.
Appears in 1 contract
Samples: Financing and Security Agreement (Weston Roy F Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. (Eastern Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing Agreement (Argan Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the GSE Revolving Credit Facility on any Business Day. Advances under the Revolving GSE Loan shall be deposited to a demand deposit account of a Borrower GSE with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersGSE, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern Time) on the date of the requested borrowing, the Borrowers GSE shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers GSE within three (3) Business Days after the making of the requested advance under the Revolving GSE Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers GSE hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersGSE, to make advances under the Revolving GSE Loan, and to establish, without duplication duplication, reserves against the GSE Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving GSE Loan made to cover debit balances in the Revolving GSE Loan Account, principal of, and/or interest on, any the GSE Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving GSE Loan that the Lender may advance or reserve hereunder exceeds the GSE Revolving Credit Committed AmountAmount or the GSE Borrowing Base. Notwithstanding the foregoing, prior Lender shall communicate to the occurrence of Borrower from time to time any Default, the Lender will provide notice of any advances made action taken under the Revolving Loan pursuant to this provisionparagraph either orally or in writing.
Appears in 1 contract
Samples: Financing and Security Agreement (Gp Strategies Corp)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. (Eastern Time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the LenderLender under this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding The Lender shall provide the foregoing, prior to the occurrence of any Default, the Lender will provide Borrower written notice of any advances made under this paragraph as soon as reasonably practicable after the Revolving Loan pursuant to this provisionmaking of the advance.
Appears in 1 contract
Samples: Financing and Security Agreement (Pec Solutions Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, any of the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Sensys Technologies Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by any or all of the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. 1:00 p.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by any or all of the Borrowers within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or prior notice to any or all of the Borrowers, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect cover any amounts due under the interests of the LenderObligations, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any LoanLoan when due, any of the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
Appears in 1 contract
Samples: Financing and Security Agreement (Kimberton Enterprises Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers may borrow under the Revolving Credit Facility Commit- ment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a Borrower one or more of the Borrowers with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the Borrowers, which direction the Lender may require to be in writing. No later than 11:00 a.m. 12:00 p.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, a Responsible Officer of the Borrowers shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by a Responsible Officer of the Borrowers within three five (35) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the Borrowersany Borrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute commercially reasonable discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, any of the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding The Borrowers understand and agree that although certain of the foregoingObligations are payable within five (5) days of DEMAND before such non-payment shall constitute a Default or an Event of Default, prior to the occurrence of any Defaultnevertheless during such five (5) day period, the Lender will provide notice shall be entitled to suspend the making of any or limit advances made under the Revolving Loan pursuant without further notice to this provisionor consent of the Borrowers.
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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No Not later than 11:00 a.m. 12:00 noon. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication duplication, reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding Amount or the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provisionBorrowing Base.
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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No Not later than 11:00 a.m. 12:00 noon. (Eastern Time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "“Loan Notice"”) of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of the Lender, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, principal of, and/or interest on, any Loan, the Obligations (including, without limitation, any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow borrow, pay, prepay and reborrow under the Revolving Credit Facility on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No Not later than 11:00 a.m. 12:00 noon (Eastern Time) on Baltimore, Maryland Time)on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three (3) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in the Good Faith exercise of its sole and absolute reasonable discretion, deems necessary or appropriate to protect the interests rights and benefits of the LenderLender under this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, ,principal of, and/or interest on, any Loan, the Obligations (including any Letter of Credit Obligations), and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that which the Lender may advance or reserve hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
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Samples: Financing and Security Agreement (Chatwins Group Inc)
Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. The Borrowers Borrower may borrow under the Revolving Credit Facility Commitment on any Business Day. Advances under the Revolving Loan shall be deposited to a demand deposit account of a the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by the BorrowersBorrower, which direction the Lender may require to be in writing. No later than 11:00 10:00 a.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, the Borrowers Borrower shall give the Lender oral or written notice (a "Loan Notice") of the amount and (if requested by the Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by the Borrowers Borrower within three five (35) Business Days after the making of the requested advance under the Revolving Loan. Each Loan Notice shall be irrevocable. In addition, each of the Borrowers Borrower hereby irrevocably authorizes the Lender at any time and from time to timetime if the Lender determines that an event has occurred which impairs the prospect of payment of the Obligations, without further request from or 12 FY'00 Financing Agreement.doc February 18,20007:59 AM notice to the BorrowersBorrower, to make advances under the Revolving Loan, and to establish, without duplication reserves against the Borrowing Base, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of the Lenderunder this Agreement, including, without limitation, advances and reserves under the Revolving Loan made to cover debit balances in the Revolving Loan Account, and/or principal of, and/or interest on, any Loan, the Obligations, and/or Enforcement Costs, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the Revolving Loan that the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. Notwithstanding the foregoing, prior to the occurrence of any Default, the Lender will provide notice of any advances made under the Revolving Loan pursuant to this provision.
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