Controlled Disbursement Agreement definition
Controlled Disbursement Agreement means any present or future written agreement from time to time entered into between the Borrowers and the Agent or any Affiliate of the Agent pursuant to which loans may be made to cover checks drawn by the Borrowers on a zero balance account or similar controlled disbursement basis.
Examples of Controlled Disbursement Agreement in a sentence
Notwithstanding anything to the contrary contained in this Section 2.1.3, the Agent may, in its sole discretion, make Revolving Loans to the Borrowers under Section 2.1.1 at any time and in any amount in order to cover (i) the obligations of the Borrowers under any Controlled Disbursement Agreement (each such Loan being a "Controlled Disbursement Advance"), and (ii) the Credit Obligations of the Borrowers (each such Revolving Loan being a "Credit Obligation Advance").
Notwithstanding anything contained in this Section 4.3, the Agent may accept payments in connection with a Controlled Disbursement Agreement at any time and in any amount.