Common use of Disbursement Clause in Contracts

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 4 contracts

Samples: Loan and Security Agreement (Iwt Tesoro Corp), Loan and Security Agreement (Emtec Inc/Nj), Loan and Security Agreement (Joule Inc)

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Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection Section 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection Section 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection Section 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 3 contracts

Samples: Loan and Security Agreement (Allied Healthcare Products Inc), Loan and Security Agreement (Black Warrior Wireline Corp), Loan and Security Agreement (Bayard Drilling Technologies Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender Agent to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender Agent in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender Agent from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender Agent by way of direct payment of the relevant interest or other Obligation.

Appears in 2 contracts

Samples: Loan and Security Agreement (Gentiva Health Services Inc), Loan and Security Agreement (Home Products International Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case ease of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Denali Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 Section 3.1 as follows: (ia) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i3.1.1(a) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (iib) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1.1(b) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Meade Instruments Corp)

Disbursement. Borrower Borrowers hereby irrevocably authorizes authorize Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerBorrowers, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower EPI, PPI or APP, as applicable, and Lender from time to time or elsewhere if pursuant to a written direction from BorrowerEPI, PPI or APP, as applicable; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Eagle Pacific Industries Inc/Mn)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other ObligationObligation evidenced by the Revolving Note(s).

Appears in 1 contract

Samples: Loan and Security Agreement (Zoom Telephonics Inc)

Disbursement. Each Borrower hereby irrevocably authorizes ------------- Lender to disburse the proceeds of each Revolving Credit Revolver Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 Section 4.1.1 as follows: (i) the proceeds of each Revolving Credit Revolver Loan requested under subsection 3.1.1(iSection 4.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerBorrowers, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower Borrowers and Lender from time to time or elsewhere if pursuant to a written direction from a Borrower; and (ii) the proceeds of each Revolving Credit Revolver Loan requested under subsection 3.1.1(iiSection 4.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Litchfield Financial Corp /Ma)

Disbursement. Borrower hereby irrevocably authorizes Lender Agent to disburse the proceeds of each Revolving Credit Loan and/or Acquisition Loan requested, or deemed to be requested, pursuant to this subsection Section 3.1.2 as follows: (i) the proceeds of the each Acquisition Loan and of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender Agent in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender Agent from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection Section 3.1.1(ii) shall be disbursed by Lender Agent by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Morgan Products LTD)

Disbursement. Borrower hereby irrevocably authorizes Lender to ------------ disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Seranova Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to ------------ disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1.1 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender Agent in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender Agent from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan deemed requested under subsection 3.1.1(ii) shall be disbursed by Lender Agent by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Woods Equipment Co)

Disbursement. Borrower Borrowers hereby irrevocably authorizes authorize Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1(b) as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i3.1(a)(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerBorrowers, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower Borrowers and Lender from time to time or elsewhere if pursuant to a written direction from BorrowerBorrowers; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1(a)(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Measurement Specialties Inc)

Disbursement. Borrower Borrowers hereby irrevocably authorizes authorize Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerBorrowers, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower Borrowers and Lender from time to time or elsewhere if pursuant to a written direction from BorrowerBorrowers; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Tmci Electronics Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection SECTION 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iSECTION 3.1.1(A) or SECTION 3.1.1(B)(I) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iiSECTION 3.1.1(B)(II) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Technical Products Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender Agent to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection Subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection Subsection 3.1.1(i) shall be disbursed by Lender Agent in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender Agent from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection Subsection 3.1.1(ii) shall be disbursed by Lender Agent by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Home Products International Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requestedrequested by Borrower, or deemed to be requestedrequested by Borrower, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iparagraph 7(a)(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time time, or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iiparagraph 7(a)(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other ObligationLiability.

Appears in 1 contract

Samples: Loan and Security Agreement (Security Capital Corp/De/)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1 as follows: (ia) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i3.1.1(a) hereof shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the a written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; , and (iib) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1.1(b) hereof shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Peregrine Real Estate Trust)

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Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Revolver Loan requestedrequested by Borrower, or deemed to be requested, pursuant to this subsection 3.1.2 3.1.1 as follows: (i) the proceeds of each Revolving Credit Revolver Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Revolver Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Atlantic Coast Airlines Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to ------------ disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan deemed to be requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Moore Medical Corp)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection SUBSECTION 3.1.2 as follows: (iI) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iSUBSECTION 3.1.1(I) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (iiII) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(iiSUBSECTION 3.1.1(II) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Media Sciences International Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1 as follows: (ia) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i3.1(a)(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (iib) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1(a)(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Meade Instruments Corp)

Disbursement. Each Borrower hereby irrevocably authorizes ------------ Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection Section 3.1.2 as follows: (i) the ------------- proceeds of each Revolving Credit Loan requested under subsection Section 3.1.1(i) shall be ---------------- disbursed by Lender in lawful money of the United States of America Dollars and in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from such Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by such Borrower and Lender from time to time or elsewhere if pursuant to a written direction from such Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection Section 3.1.1(ii) shall be disbursed by Lender by way of ----------------- direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Avalon Community Services Inc)

Disbursement. Each Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1.1 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender Agent in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerBorrowers, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower Borrowers and Lender Agent from time to time or elsewhere if pursuant to a written direction from BorrowerBorrowers; and (ii) the proceeds of each Revolving Credit Loan deemed requested under subsection 3.1.1(ii) shall be disbursed by Lender Agent by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Financing and Security Agreement (Henry Co)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1.1 (ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (First Aviation Services Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requestedrequested by it, or deemed to be requestedrequested by it, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii3.1.1 (ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Union Drilling Inc)

Disbursement. Borrower hereby irrevocably authorizes Lender to disburse the proceeds of each Revolving Credit Loan requested, or deemed to be requested, pursuant to this subsection 3.1.2 3.1.3 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer to such bank account as may be agreed upon by Borrower and Lender from time to time or elsewhere if pursuant to a written direction from Borrower; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (KVH Industries Inc \De\)

Disbursement. Borrower Borrowers hereby irrevocably authorizes authorize Lender to disburse the proceeds of each Revolving Credit Loan requestedrequested by ACPI, or deemed to be requested, pursuant to this subsection 3.1.2 as follows: (i) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(i) shall be disbursed by Lender in lawful money of the United States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from BorrowerXxxxxxxxx, and in the case of each subsequent borrowing, by wire transfer to such bank account of the Borrower designated by ACPI to receive such proceeds as may be agreed upon by Borrower Borrowers and Lender from time to time or elsewhere if pursuant to a written direction from BorrowerACPI; and (ii) the proceeds of each Revolving Credit Loan requested under subsection 3.1.1(ii) shall be disbursed by Lender by way of direct payment of the relevant interest or other Obligation.

Appears in 1 contract

Samples: Loan and Security Agreement (Vista 2000 Inc)

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