Common use of Disbursement Authorization Clause in Contracts

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account as may be agreed upon by any Borrower and Agent from time to time or elsewhere if pursuant to a written direction from such Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 3 contracts

Samples: Loan and Security Agreement (Standard Register Co), Loan and Security Agreement (Rowe Companies), Loan and Security Agreement (Standard Register Co)

AutoNDA by SimpleDocs

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 4.1.1 or Section 3.1.3(ii4.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i4.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account of Borrowers as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerany Borrower that is approved by Agent; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii4.1.1(ii) or Section 3.1.3(ii4.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 3 contracts

Samples: Loan and Security Agreement (Alpharma Inc), Loan and Security Agreement (Alpharma Inc), Loan and Security Agreement (Mastec Inc)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 4.1.1 or Section 3.1.3(ii4.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i4.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account of Borrowers as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerany Borrower that is approved by Agent; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii4.1.1(ii) or Section 3.1.3(ii4.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all BorrowersBorrowers for purposes of the joint and several liability of Borrowers hereunder, but shall be accounted for in accordance with GAAP to reflect the liability on the financial record of the actual Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Enpro Industries, Inc), Loan and Security Agreement (Enpro Industries, Inc)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Revolving Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 2.15(b) or Section 3.1.3(ii2.15(d)(ii), as follows: (i) the proceeds of each Revolver Revolving Loan requested under Section 3.1.1(i2.15(b) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowingborrowing, and, in the case of each subsequent Borrowingborrowing, by wire transfer to such bank account as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Revolving Loan requested under Section 3.1.1(ii2.15(b) or Section 3.1.3(ii2.15(d)(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 2 contracts

Samples: General Intercreditor Agreement (Euramax International, Inc.), Senior Secured Revolving Credit and Guaranty Agreement (Euramax International, Inc.)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Administrative Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Administrative Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account as may be agreed upon by any Borrower Borrowers and Administrative Agent from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii) shall be disbursed by Administrative Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Superior Essex Inc)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Administrative Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 SECTION 4.1.1 or Section 3.1.3(ii), SECTION 4.1.3(II) as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(iSECTION 4.1.1(I) shall be disbursed by Administrative Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account of Borrowers as may be agreed upon directed by any Borrower and Agent Borrowers from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(iiSECTION 4.1.1(II) or Section 3.1.3(iiSECTION 4.1.3(II) shall be disbursed by Administrative Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (IMI of Arlington, Inc.)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Revolving Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii2.15(b), as follows: (i) the proceeds of each Revolver Revolving Loan requested under Section 3.1.1(i2.15(b) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowingborrowing, and, in the case of each subsequent Borrowingborrowing, by wire transfer to such bank account as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Revolving Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii2.15(b) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Euramax Holdings, Inc.)

Disbursement Authorization. Each Borrower hereby irrevocably -------------------------- authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers Borrower in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to the Funding Account or such bank account as may be agreed upon by any Borrower and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerin writing; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all BorrowersBorrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

Disbursement Authorization. Each Borrower hereby -------------------------- irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any either Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to the Funding Account or such bank account as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerin writing; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower either of Borrowers or in payment of any of the Obligations shall be deemed to have been received by all both Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Administrative Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 4.1.1 or Section 3.1.3(ii4.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i4.1.1(i) shall be disbursed by Administrative Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account as may be agreed upon by any Borrower Borrowers and Administrative Agent from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii4.1.1(ii) or Section 3.1.3(ii4.1.3(ii) shall be disbursed by Administrative Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Credit and Security Agreement (PNA Group Holding CORP)

AutoNDA by SimpleDocs

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 SECTION 4.1.1 or Section 3.1.3(iiSECTION 4.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(iSECTION 4.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account of Borrowers as may be agreed upon by any Borrower Borrowers and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerany Borrower that is approved by Agent; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(iiSECTION 4.1.1(ii) or Section 3.1.3(iiSECTION 4.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Mastec Inc)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account as may be agreed upon by any Borrower and Agent from time to time or elsewhere if pursuant to a written direction from such Borrower; and (ii) the proceeds of each Revolver Loan requested under Section Sections 3.1.1(ii), 3.1.1(iv) or Section 3.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrowerrequested, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers Borrower in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account as may be agreed upon by any Borrower and Agent from time to time or elsewhere if pursuant to a written direction from such Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(ii) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Obligation and (iii) the proceeds of each Revolver Loan proceeds received by any Borrower or in payment of any of the Obligations requested under Section 3.1.1(iv) shall be deemed disbursed by Agent by way of direct transfer to have been received by all Borrowersthe Controlled Disbursement Account.

Appears in 1 contract

Samples: Loan and Security Agreement (Metromedia International Group Inc)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Administrative Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 4.1.1 or Section 3.1.3(ii4.1.3(ii), as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(i4.1.1(i) shall be disbursed by Administrative Agent in accordance with the terms of the written disbursement letter from Borrowers in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to such bank account of Borrowers as may be agreed upon directed by any Borrower and Agent Borrowers from time to time or elsewhere if pursuant to a written direction from such any Borrower; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii4.1.1(ii) or Section 3.1.3(ii4.1.3(ii) shall be disbursed by Administrative Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or in payment of any of the Obligations shall be deemed to have been received by all Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Insight Health Services Holdings Corp)

Disbursement Authorization. Each Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each Revolver Loan requested by any Borrower, or deemed to be requested pursuant to Section 3.1.1 or Section 3.1.3(ii)SECTION 3.1.1, as follows: (i) the proceeds of each Revolver Loan requested under Section 3.1.1(iSECTION 3.1.1(I) shall be disbursed by Agent in accordance with the terms of the written disbursement letter from Borrowers Borrower in the case of the initial Borrowing, and, in the case of each subsequent Borrowing, by wire transfer to the Funding Account or such bank account as may be agreed upon by any Borrower and Agent from time to time or elsewhere if pursuant to a written direction from such Borrowerin writing; and (ii) the proceeds of each Revolver Loan requested under Section 3.1.1(ii) or Section 3.1.3(iiSECTION 3.1.1(II) shall be disbursed by Agent by way of direct payment of the relevant interest or other Obligation. Any Loan proceeds received by any Borrower or disbursed in payment of any of the Obligations shall be deemed to have been received by all BorrowersBorrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Drypers Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.