Common use of Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans Clause in Contracts

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. 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 GP with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GP, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern Time) on the date of the requested borrowing, GP shall give Lender oral or written notice (a “Loan Notice”) of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by 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 Borrower hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such Borrower, to make advances under the Revolving Loan, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, 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 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 2 contracts

Samples: Financing and Security Agreement (Gp Strategies Corp), Financing and Security Agreement (Gp Strategies Corp)

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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. Advances under the Revolving Loan shall be deposited to a demand deposit account of GP a Borrower with the Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No Not later than 12:00 p.m. 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe Borrowers, to make advances under Advances, and irrevocably authorizes the Revolving LoanLender to establish, which without duplication, Reserves against the Borrowing Base, 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 Lenderthe Lender 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, the Revolving on any Loan, Bank Products, Revolver Usage, Enforcement Costs and the Obligations (includingother Obligations, without limitation, any Letter all of Credit Obligations), and/or Enforcement Costs, 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally Amount or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementBorrowing 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 deposited to a demand deposit account of GP a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No later than 12:00 p.m. 11:00 a.m. (Eastern Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein the foregoing, prior to the contraryoccurrence of any Default, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, the Lender will provide notice of any advances shall be made in accordance with such agreementunder 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. 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 GP General Physics with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPGeneral Physics, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern Time) on the date of the requested borrowing, GP General Physics shall give Lender oral or written notice (a “Loan Notice”) of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such Borrower, to make advances under the Revolving Loan, and to establish, without duplication, reserves against the Borrowing Base, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, 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 Lender may advance or reserve hereunder exceeds the Revolving Credit Committed AmountAmount or the Borrowing Base. Lender shall communicate to GP General Physics from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in 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. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. noon (Eastern TimeBaltimore time) on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, and irrevocably authorizes the Lender to establish, without 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 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, the Revolving Loan, the Obligations (including, without limitation, any Letter of Credit 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally Amount or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementBorrowing 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. 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 GP GSE with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPGSE, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern Time) on the date of the requested borrowing, GP GSE shall give Lender oral or written notice (a "Loan Notice") of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower GSE hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such BorrowerGSE, to make advances under the Revolving GSE Loan, and to establish, without duplication, reserves against the GSE Borrowing Base, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, the Revolving 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 Lender may advance or reserve hereunder exceeds the GSE Revolving Credit Committed AmountAmount or the GSE Borrowing Base. Lender shall communicate to GP Borrower from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Gp Strategies Corp)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. 10:00 a.m. (Eastern Time) on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of Lenderthe Lender 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, the Revolving 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. The Lender shall communicate to GP from time to time provide the Borrower written notice of any action taken advances made under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to as soon as reasonably practicable after the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementmaking 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. 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 GP GSE with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPGSE, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern p.m.(Eastern Time) on the date of the requested borrowing, GP GSE shall give Lender oral or written notice (a "Loan Notice") of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower GSE hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such BorrowerGSE, to make advances under the Revolving GSE Loan, and to establish, without duplication, reserves against the GSE Borrowing Base, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, the Revolving 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 Lender may advance or reserve hereunder exceeds the GSE Revolving Credit Committed AmountAmount or the GSE Borrowing Base. Lender shall communicate to GP Borrower from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing And (Gse Systems 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 GP one or more of the Borrowers with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No later than 12:00 p.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, GP 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 GP 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 Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such any Borrower, to make advances under the Revolving Loan, Loan which the Lender, in its sole and absolute commercially reasonable discretion, deems necessary or appropriate to protect the Lender's interests of 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, the Revolving 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. The Borrowers understand and agree that although certain of the Obligations are payable within five (5) days of DEMAND before such non-payment shall constitute a Default or an Event of Default, nevertheless during such five (5) day period, the Lender shall communicate be entitled to GP from time suspend the making of or limit advances under the Revolving Loan without further notice to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to consent of the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementBorrowers.

Appears in 1 contract

Samples: Financing and Security Agreement (Flanders 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; 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 GP Mid-Atlantic with Lender (or an Affiliate of Lender) the Administrative Agent or shall be otherwise applied as directed by GPthe Borrowers, which direction Lender the Administrative Agent may require to be in writing. No Not later than 12:00 p.m. 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, GP the Borrowers shall give Lender the Administrative Agent oral or written notice (a "Loan Notice") of the amount and (if requested by Lenderthe Administrative Agent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower of the Borrowers hereby irrevocably authorizes Lender the Lenders at any time and from time to time, without further request from or notice to such Borrowerthe Borrowers, to make advances under the Revolving Loan, Loan which Lenderthe Administrative 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 Lenderthe Administrative 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, the Revolving Loan, the Obligations (including, without limitation, 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 Lender which the Lenders may advance or reserve hereunder exceeds the Total 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing Agreement (Mid Atlantic Realty Trust)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. 10:00 a.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, GP the 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 GP the 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 the 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 such the Borrower, to make advances under the Revolving Loan, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of 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, the Revolving 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 make 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing Agreement (American Woodmark 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 GP a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No later than 12:00 p.m. 11:00 a.m. (Eastern Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe Borrowers, to make advances under the Revolving 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein the foregoing, prior to the contraryoccurrence of any Default, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, the Lender will provide notice of any advances shall be made in accordance with such agreementunder the Revolving Loan pursuant to this provision.

Appears in 1 contract

Samples: Financing and Security Agreement (Argan Inc)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP with Lender (or an Affiliate of Lender) First Union or shall be otherwise applied as directed by GPa Responsible Officer of the Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. 10:00 a.m. (Eastern TimeWashington, D.C. time) on the date of the requested borrowing, GP the 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 GP the 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 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 such the Borrower, to make advances under the Revolving Loan, 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 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, 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 which the Lender may advance or reserve make hereunder exceeds the Revolving Credit Committed Amount. The Lender shall communicate agrees that it will honor any overdrafts as directed by the Borrower and agreed to GP from time to time any action taken under this paragraph either orally or in writingby the Lender. Notwithstanding any provisions contained herein to All such overdrafts will be secured by the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementCollateral.

Appears in 1 contract

Samples: Financing and Security Agreement (Cta Incorporated)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. noon (Eastern TimeBaltimore time) on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, Loan which the Lender, in its sole and absolute reasonable discretion, deems necessary or appropriate to protect the Lender's interests of 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Glasstech 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 GP a Borrower with the Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No Not later than 12:00 p.m. 10:00 a.m. (Eastern Baltimore City Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe Borrowers, to make advances under Advances, and irrevocably authorizes the Revolving LoanLender to establish, which without duplication, Reserves against the Borrowing Base, 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 Lenderthe Lender 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, the Revolving on any Loan, Bank Products, Revolver Usage, Enforcement Costs and the Obligations (includingother Obligations, without limitation, any Letter all of Credit Obligations), and/or Enforcement Costs, 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. Lender shall communicate to GP The Sweep Agreement and other Bank Products may also provide from time to time any action taken under this paragraph either orally for alternative methods for making and crediting Advances, the crediting or in writing. Notwithstanding any provisions contained herein to the contraryother application of collections, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementand for debiting Obligations.

Appears in 1 contract

Samples: Financing and Security Agreement (Tvi Corp)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 1:00 p.m. (Eastern Timetime) on the date of the requested borrowing, GP the 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 GP the 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 the 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 such the Borrower, to make advances under the Revolving Loan, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests of 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, the Revolving 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 make 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Reimbursement Agreement (American Woodmark Corp)

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Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with Lender (or an Affiliate of Lender) the Agent or shall be otherwise applied as directed by GPthe Borrower, which direction Lender the Agent may require to be in writing. No Not later than 12:00 1:30 p.m. (Eastern Baltimore City Time) on the date of the requested borrowing, GP the Borrower shall give Lender the Agent oral or written notice (a "Loan Notice") of the amount and (if requested by Lenderthe Agent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP the 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 the Borrower hereby irrevocably authorizes Lender the Lenders at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, Loan which Lenderthe Agent, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of Lenderthe 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, the Revolving 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 Lender which the Lenders may advance or reserve hereunder exceeds the Total Revolving Credit Committed Amount. Lender shall communicate The Agent agrees to GP from time give the Borrower notice of any such advances made by the Lenders promptly after the making of any such advance; the Agent agrees to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein use its best efforts to give such notice to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement Borrower on the same day that any such advance is in effect, advances shall be made in accordance with such agreementmade.

Appears in 1 contract

Samples: Financing and Security Agreement (O Ray Holdings Inc)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with Lender (or an Affiliate of Lender) the Agent or shall be otherwise applied as directed by GPthe Borrower, which direction Lender the Agent may require to be in writing. No Not later than 12:00 p.m. noon (Eastern Chicago, Illinois Time) on the date of the requested borrowing, GP the Borrower shall give Lender the Agent oral or written notice (a "Loan Notice") of the amount and (if requested by Lenderthe Agent) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP the 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 Borrower hereby irrevocably authorizes Formula 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 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 such the Borrower, to make advances under the Revolving Loan, Loan which Lenderthe Agent, in the Good Faith exercise of its sole and absolute reasonable discretion, deems necessary or appropriate to protect the interests rights and benefits of Lenderthe 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, the Revolving any Loan, the Obligations (including, without limitation, 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 Lender which the Formula Lenders may advance or reserve hereunder exceeds the Total 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Reunion Industries Inc)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. 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 GP Borrower with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPBorrower, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern Time) on the date of the requested borrowing, GP Borrower shall give Lender oral or written notice (a "Loan Notice") of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such Borrower, to make advances under the Revolving Loan, and to establish, without duplication, reserves against the Borrowing Base, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, 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 Lender may advance or reserve hereunder exceeds the Revolving Credit Committed AmountAmount or the Borrowing Base. Lender shall communicate to GP Borrower from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Gp Strategies Corp)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No Not later than 12:00 p.m. noon (Eastern Time) on Baltimore, Maryland Time)on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, 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 Lenderthe Lender 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, the Revolving any Loan, the Obligations (including, without limitation, 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Chatwins Group Inc)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No later than 12:00 p.m. 10:00 a.m. (Eastern Standard Time) on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the Borrower, to make advances under the Revolving Loan, and irrevocably authorizes the Lender 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 Lender's interests of 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, the Revolving any Loan, any of the Obligations 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 AmountAmount or the Borrowing Base. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.2.1.3

Appears in 1 contract

Samples: Financing and Security Agreement (Halifax Corp)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. Borrowers The 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 GP the Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrower, which direction the Lender may require to be in writing. No Not later than 12:00 p.m. noon. (Eastern Time) on the date of the requested borrowing, GP the 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 GP the 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 the Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such the 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally Amount or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementBorrowing Base.

Appears in 1 contract

Samples: Financing and Security Agreement (Sensytech Inc)

Procedure for Making Advances Under the Revolving Loan; Lender Protection Loans. 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 GP Borrower with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GPBorrower, which direction Lender may require to be in writing. No later than 12:00 p.m. (Eastern Time) on the date of the requested borrowing, GP Borrower shall give Lender oral or written notice (a “Loan Notice”) of the amount and (if requested by Lender) the purpose of the requested borrowing. Any oral Loan Notice shall be confirmed in writing by GP 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 Borrower hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such Borrower, to make advances under the Revolving Loan, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of 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, 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 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 any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Liquidity Services 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 GP a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No later than 12:00 p.m. 11:00 a.m. (Eastern Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe Borrowers, to make advances under the Revolving 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein the foregoing, prior to the contraryoccurrence of any Default, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, the Lender will provide notice of any advances shall be made in accordance with such agreementunder the Revolving Loan pursuant to this provision.

Appears in 1 contract

Samples: 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 in an amount of not less than Ten Thousand Dollars ($10,000), or a multiple thereof and deposited to a demand deposit account of GP a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPthe Borrowers, which direction the Lender may require to be in writing. No later than 12:00 1:00 p.m. (Eastern Time) on the date of the requested borrowing, GP 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 GP 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 Borrower of the Borrowers hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or notice to such Borrowerthe 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, the Revolving 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally Amount or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreementBorrowing Base.

Appears in 1 contract

Samples: Financing and Security Agreement (Versar 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 GP a Borrower with the Lender (or an Affiliate of the Lender) or shall be otherwise applied as directed by GPany or all of the Borrowers, which direction the Lender may require to be in writing. No later than 12:00 1:00 p.m. (Eastern TimeBaltimore time) on the date of the requested borrowing, GP 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 GP 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 Borrower hereby irrevocably authorizes the Lender at any time and from time to time, without further request from or prior notice to such Borrowerany or all of the Borrowers, to make advances under the Revolving Loan, Loan which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect cover any amounts due under the interests of 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, the Revolving Loan, the Obligations (including, without limitationany Loan when due, any Letter of Credit 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. Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing. Notwithstanding any provisions contained herein to the contrary, so long as a Xxxxx Fargo Stagecoach Sweep Agreement is in effect, advances shall be made in accordance with such agreement.

Appears in 1 contract

Samples: Financing and Security Agreement (Kimberton Enterprises Inc)

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