Common use of Revolving Loans Deemed to be Requested Clause in Contracts

Revolving Loans Deemed to be Requested. (A) Unless payment is timely made by the Borrowers pursuant to Section 3.5(a) or otherwise as set forth in Section 3.5(b), on the date when any Obligation (whether principal, interest, fees, costs, expenses, other charges, Letter of Credit Obligations or Obligations in respect of Bank Products) shall become due, the Administrative Borrower shall be deemed to have requested Revolving Loans that bear interest based on the Base Rate on such date in the amount of Obligations then due. The proceeds of such Revolving Loans shall be disbursed as direct payment of the relevant Obligations. In addition, the Administrative Agent may, at its option, charge such Obligations against any operating, investment or other account of the Company maintained with the Administrative Agent or any of its Affiliates. (B) If the Company establishes a controlled disbursement account with the Administrative Agent or any Affiliate thereof, then the presentation for payment of any check or other item of payment drawn on such account at a time when there are insufficient funds to cover such check or other payment shall be deemed to be a request for Revolving Loans that bear interest based on the Base Rate on such date of presentation in the amount of the check and items presented for payment. The proceeds of such Revolving Loans may be disbursed directly to the controlled disbursement account or to such other appropriate account as determined by the Administrative Agent in consultation with the Administrative Borrower.

Revolving Loans Deemed to be Requested. (A) Unless payment is timely made by the Borrowers Company pursuant to Section 3.5(a) or otherwise as set forth in Section 3.5(b), on the date when any Obligation (whether principal, interest, fees, costs, expenses, other charges, Letter of Credit Obligations or Obligations in respect of Bank Products) shall become due, the Administrative Borrower shall be deemed to have requested Revolving Loans that bear interest based on the Base Rate on such date in the amount of Obligations then due. The proceeds of such Revolving Loans shall be disbursed as direct payment of the relevant Obligations. In addition, the Administrative Agent may, at its option, charge such Obligations against any operating, investment or other account of the Company maintained with the Administrative Agent or any of its Affiliates. (B) If the Company establishes a controlled disbursement account with the Administrative Agent or any Affiliate thereof, then the presentation for payment of any check or other item of payment drawn on such account at a time when there are insufficient funds to cover such check or other payment shall be deemed to be a request for Revolving Loans that bear interest based on the Base Rate on such date of presentation in the amount of the check and items presented for payment. The proceeds of such Revolving Loans may be disbursed directly to the controlled disbursement account or to such other appropriate account as determined by the Administrative Agent in consultation with the Administrative Borrower.