Common use of Disbursement of Loan Proceeds Clause in Contracts

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Administrative Agent may designate from time to time and, together with any and all other Obligations of Borrower Borrowers to Agent, Administrative Agent or Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Borrowers’ Account on Administrative Agent’s books. The proceeds of each Revolving Loan or Swing Line Loan requested by the Borrower Representative on behalf of Borrowers or deemed to have been requested by any Borrower under Section 2.2(aSections 2.02(b)(i), 2.6(b2.05(b) or 2.11(d) Section 2.13 hereof shall, (ai) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(aSections 2.02(b)(i), 2.6(b2.05(b) or 2.11(d) hereof Section 2.13 hereof, and with respect to Swing Line Loans made upon any request by Borrower for a Revolving Loan Representative to the extent Swing Loan Line Lender makes such Swing Line Loan in accordance with Section 2.4(b2.03(b) hereof, be made available to the Borrower Representative not later than 1:00 p.m. (New York City time) on the day so requested by way of credit to the Funding Account Borrower Representative’s operating account at PNC, or such other bank as the Borrower Representative may designate following notification to Administrative Agent, in immediately available federal funds or other immediately available funds or, (bii) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Line Loans made upon any deemed request for a Revolving Loan by any Borrower, be disbursed to Administrative Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to During the Maturity Dateterm of this Agreement, Borrower Borrowers may use the Revolving Loans and Swing Line Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower Xxxxxxxx agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower Xxxxxxxx and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower Xxxxxxxx and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time Subject to time andthe last paragraph of Exhibit F hereof, together with any and all other Obligations the Trustee, as the agent of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bankthe Authority, shall be charged disburse the amounts on deposit in the Project Loan Subaccount to the Loan Account on Agent’s booksGovernmental Agency upon receipt of a requisition executed by an Authorized Officer thereof and approved by the Authority, and if deemed necessary by the Authority, approved by the Colorado Water Quality Control Division, in the form set forth in the Bond Resolution. The proceeds Authority covenants to direct the Trustee to provide all periodic written reports (as required by the provisions of each the Bond Resolution) of all moneys on deposit under the Bond Resolution and to furnish such reports to the Governmental Agency as soon as practicable after receipt by the Authority. The Authority hereby agrees that in the event that moneys on deposit in the Project Loan requested by Borrower Subaccount are lost due to the negligence or deemed to have been requested by Borrower under Section 2.2(a)misconduct of the Trustee, 2.6(b) or 2.11(d) hereof the Authority on behalf of the Governmental Agency, shall, (a) with respect upon the written request of the Governmental Agency, pursue its remedies against the Trustee, including, but not limited to, equitable actions or actions for money damages. If there are moneys on deposit in the Project Loan Subaccount upon completion of the Project, the Governmental Agency shall advise the Authority in writing that no further requisitions are to requested Revolving Loans, be submitted to the extent Lenders make Authority for disbursement of moneys from the Project Loan Subaccount. Upon receipt of such Revolving Loans in accordance with Section 2.2(a)written advice, 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance Authority shall file with the terms Trustee the Certificate required by Section 5.03 of the Bond Resolution and conditions hereof. Agent is authorized use such moneys to make the Loansredeem, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic purchase or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC provide for the purpose of receiving the proceeds payment of the Loans requested Authority Bonds. The Authority shall credit ensuing Loan Repayments or portions thereof of the Governmental Agency chosen by Borrower and made by Agent the Authority as a result of the use of such moneys to purchase, redeem or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Accountpay Authority Bonds.