Common use of Loan Disbursements Clause in Contracts

Loan Disbursements. (a) On the Effective Date, each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 3 contracts

Samples: And Consolidated Loan Agreement (KBS Real Estate Investment Trust II, Inc.), And Consolidated Loan Agreement (KBS Real Estate Investment Trust II, Inc.), Loan Agreement (KBS Real Estate Investment Trust II, Inc.)

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Loan Disbursements. (a) On the Effective Date, and following each subsequent request for disbursement from Borrower which request shall be sent by Administrative Agent to each Lender and shall identify the proposed Funding Date, each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date or any subsequent Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 3 contracts

Samples: Loan Agreement (KBS Strategic Opportunity REIT, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.), Loan Agreement (KBS Real Estate Investment Trust III, Inc.)

Loan Disbursements. 11.3.1 Not later than 1:00 P.M. (aEastern time) On on the Effective next Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b)11.3.2. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursementBorrowing, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursementBorrowing. If Administrative the amount so funded by Agent funds is not in fact made available to Borrowers Agent by the responsible Lender, then Borrower agrees to repay to Agent such Lenderamount, together with interest thereon at the Base Rate for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, not later than three (3) Business Days following Agent’s Pro Rata Share of demand to Borrower that such disbursement and if repayment be made. In addition, such Lender subsequently pays agrees to Administrative pay to Agent forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursementBorrowing, and if both such Lender and Borrower shall have paid and repaid, respectively, such corresponding amount, Agent shall promptly return to Borrower such corresponding amount in same day funds; interest paid by Borrower in respect of such corresponding amount shall be prorated, as of the date of payment thereof by such Lender to Agent. In the event that Agent shall not have funded such Lender’s Pro Rata Share under this Section 11.3.1, then Borrower shall not be obligated to accept a late funding of such Lender’s Pro Rata Share if such funding is made more than two (2) Business Days following the applicable Funding Date. If Borrower declines to accept such delinquent funding, Agent shall promptly return to such Lender the amount of such funding. Nothing in this Section 12.3(a) 11.3.1 shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLoan.

Appears in 2 contracts

Samples: Credit Agreement (CPG Partners Lp), Credit Agreement (Chelsea Property Group Inc)

Loan Disbursements. (a) On Promptly after receipt of a Notice of Borrowing for a Loan to be made pursuant to Section 2.01 hereof, but in no event later than one (1) Business Day prior to the Effective Dateproposed Funding Date for a Base Rate Loan or two (2) Business Days prior to the proposed Funding Date for a LIBOR Loan, Agent shall notify each Lender of the proposed Borrowing and the Funding Date set forth therein. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b11.03(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative and Agent, in its sole discretion, may, but shall not be obligated to, fund make available to Borrowers such Lender’s Pro Rata Share of such disbursementBorrower a corresponding amount. If Administrative such corresponding amount is not in fact made available to Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if by such Lender subsequently pays on or prior to Administrative a Funding Date, such Lender agrees to pay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Agent, at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursementBorrowing. Nothing in this Section 12.3(a) If such Lender shall alter not pay to Agent such corresponding amount after reasonable attempts are made by Agent to collect such amounts from such Lender, Borrower agrees to repay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the respective rights and obligations of date such amount is made available to Borrower until the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advancedate such amount is repaid to Agent, at the interest rate applicable thereto.

Appears in 2 contracts

Samples: Credit Agreement (Manufactured Home Communities Inc), Credit Agreement (Manufactured Home Communities Inc)

Loan Disbursements. (a) On Promptly after receipt of a Notice of Borrowing for a Loan to be made pursuant to Section 2.01, but in no event later than one (1) Business Day prior to the Effective Dateproposed Funding Date for a Base Rate Loan or two (2) Business Days prior to the proposed Funding Date for a LIBOR Loan, Agent shall notify each Lender of the proposed Borrowing and the Funding Date set forth therein. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b11.03(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative and Agent, in its sole discretion, may, but shall not be obligated to, fund make available to Borrowers such Lender’s Pro Rata Share of such disbursementBorrower a corresponding amount. If Administrative such corresponding amount is not in fact made available to Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if by such Lender subsequently pays on or prior to Administrative a Funding Date, such Lender agrees to pay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Agent, at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursementBorrowing. Nothing in this Section 12.3(a) If such Lender shall alter not pay to Agent such corresponding amount after reasonable attempts are made by Agent to collect such amounts from such Lender, Borrower agrees to repay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the respective rights and obligations of date such amount is made available to Borrower until the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advancedate such amount is repaid to Agent, at the interest rate applicable thereto.

Appears in 2 contracts

Samples: Credit Agreement (Manufactured Home Communities Inc), Credit Agreement (Equity Lifestyle Properties Inc)

Loan Disbursements. 11.3.1 Not later than 1:00 P.M. (aEastern time) On on the Effective next Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b)SECTION 11.3.2. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s 's Pro Rata Share of such disbursementBorrowing. If Administrative the amount so funded by Agent funds is not in fact made available to Borrowers Agent by the responsible Lender, then Borrower agrees to repay to Agent such Lender’s Pro Rata Share of amount, together with interest thereon at the Base Rate for each day from the date such disbursement and if amount is made available to Borrower until the date such amount is repaid to Agent, not later than three (3) Business Days following Agent's demand to Borrower that such repayment be made. In addition, such Lender subsequently pays agrees to Administrative pay to Agent forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursementBorrowing, and if both such Lender and Borrower shall have paid and repaid, respectively, such corresponding amount, Agent shall promptly return to Borrower such corresponding amount in same day funds; interest paid by Borrower in respect of such corresponding amount shall be prorated, as of the date of payment thereof by such Lender to Agent. In the event that Agent shall not have funded such Lender's Pro Rata Share under this SECTION 11.3.1, then Borrower shall not be obligated to accept a late funding of such Lender's Pro Rata Share if such funding is made more than two (2) Business Days following the applicable Funding Date. If Borrower declines to accept such delinquent funding, Agent shall promptly return to such Lender the amount of such funding. Nothing in this Section 12.3(a) SECTION 11.3.1 shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLoan.

Appears in 2 contracts

Samples: Credit Agreement (Chelsea Gca Realty Inc), Credit Agreement (Chelsea Gca Realty Inc)

Loan Disbursements. A. Following receipt of a complete application for disbursement, Administrative Agent shall, by telephone or email, advise each Lender of the amount of the disbursement requested at least five (a5) On Business Days prior to the Effective Date, each date of such disbursement. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than not later than 2:00 p.m., California time, on the times designated date of the Advance set forth in Section 12.3(bthe notice (each, a “Funding Date”). Any amounts received by Administrative Agent after 2:00 p.m., California time, shall be deemed to have been received on the following Business Day. As used herein, a Business Day is any day which is not a Saturday, Sunday or a bank or public holiday in either the United States or Canada. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco Los Angeles time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) 12.3.A shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Construction Loan Agreement (FC Global Realty Inc)

Loan Disbursements. (a) On Following receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective Date, each proposed disbursement and the Funding Date (as such term is defined in Exhibit D attached hereto). Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco Eastern time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Loan Agreement (Taubman Centers Inc)

Loan Disbursements. (a) On Following receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective proposed disbursement and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco Eastern time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Construction Loan Agreement (Imax Corp)

Loan Disbursements. (a) On 8.3.1 Following receipt of a complete Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective proposed disbursement and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b)8.3.2. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) 8.3.1 shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLender.

Appears in 1 contract

Samples: Fifth Modification Agreement (Ps Business Parks Inc/Ca)

Loan Disbursements. 11.3.1 Not later than 1:00 P.M. (aEastern time) On on the Effective next Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, . Agent shall also send a copy of the Compliance Certificate delivered with the Notice of Borrowing to each Lender which requests a copy of such Compliance Certificate. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b)11.3.2. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s 's Pro Rata Share of such disbursementBorrowing. If Administrative the amount so funded by Agent funds is not in fact made available to Borrowers Agent by the responsible Lender, then Borrower agrees to repay to Agent such Lender’s Pro Rata Share of amount, together with interest thereon at the Base Rate for each day from the date such disbursement and if amount is made available to Borrower until the date such amount is repaid to Agent, not later than three (3) Business Days following Agent's demand to Borrower that such repayment be made. In addition, such Lender subsequently pays agrees to Administrative pay to Agent forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.such

Appears in 1 contract

Samples: Credit Agreement (Excel Realty Trust Inc)

Loan Disbursements. (a) On the Effective Date, each Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b10.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco Pacific time) on the Business Day immediately preceding the Effective Borrowing Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a10.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Credit Agreement (Highland Hospitality Corp)

Loan Disbursements. (a) On Following receipt of a complete Application for Advance, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective proposed disbursement and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b10.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a10.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Loan Agreement (Maui Land & Pineapple Co Inc)

Loan Disbursements. (a) On Following receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective Date, each proposed disbursement and the Funding Date (as such term is defined in Exhibit C attached hereto). Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b11.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a11.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Revolving Loan Agreement (Columbia Equity Trust, Inc.)

Loan Disbursements. (a) On Not later than the Effective next Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times time designated in Section 12.3(b11.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any a Lender (a "Non-Funding Lender") does not notify Administrative Agent of its intention not to make available its to Agent such Lender's Pro Rata Share of such disbursement as described aboveBorrowing, any other Lender (a "Funding Lender") in its sole discretion may, but does shall not for be obligated to, fund to Borrower, all or any reason make available to Administrative Agent part of such Non-Funding Lender’s 's Pro Rata Share of such disbursement, such Borrowing. Such Non-Funding Lender shall pay to Administrative Agent forthwith such Funding Lender on demand the amount so funded by such amountFunding Lender, together with interest thereon at the Federal Funds Rate. In any case where a If such Non-Funding Lender does not for any reason make available to Administrative Agent pays such Funding Lender the amount so funded by such Funding Lender’s , then such amount shall constitute all or part of such Non-Funding Lender's Pro Rata Share of such disbursementBorrowing. If, Administrative Agenthowever, in its sole discretionthe amount so funded by such Funding Lender is not made available to such Funding Lender by the Non-Funding Lender, maythen Borrower agrees to repay such Funding Lender such amount, but shall not be obligated to, fund together with interest thereon at the Base Rate for each day from the date such amount is made available to Borrowers Borrower until the date such amount is repaid to such Funding Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers both such Lender’s Pro Rata Share of such disbursement Non-Funding Lender and if such Lender subsequently pays to Administrative Agent Borrower shall have paid and repaid, respectively, such corresponding amount, such Funding Lender shall promptly return to Borrower the refunded amount so in same day funds, together with the interest thereon that Borrower paid shall constitute to such Funding Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a11.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLoan.

Appears in 1 contract

Samples: Credit Agreement (Paragon Group Inc)

Loan Disbursements. (a) On Following receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective Date, each proposed disbursement and the Funding Date (as such term is defined in Exhibit C attached hereto). Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b11.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business 2:00 PM (San Francisco Cleveland time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Effective Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a11.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Revolving Loan Agreement (Phillips Edison - ARC Shopping Center REIT Inc.)

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Loan Disbursements. (a) On Following receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the Effective Date, each proposed disbursement and the Funding Date (as such term is defined in Exhibit D attached hereto). Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Building Loan Agreement (Sunrise Senior Living Inc)

Loan Disbursements. 11.3.1 Not later than 1:00 p.m. (aPacific Coast time) On on the Effective same Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date. Except with respect to Swing Line Borrowings to be funded by Agent pursuant to Section 2.1.1(b)(ii), each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b)11.3.2. Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s 's Pro Rata Share of such disbursementBorrowing; provided, however, that Agent shall first have obtained Borrower's concurrence in such funding by Agent if the same is to be made later than the Funding Date for the subject Borrowing. If Administrative the amount so funded by Agent funds is not in fact made available to Borrowers Agent by the responsible Lender, then Borrower agrees to repay to Agent such Lender’s Pro Rata Share of amount, together with interest thereon at the Base Rate for each day from the date such disbursement and if amount is made available to Borrower until the date such amount is repaid to Agent, not later than three (3) Business Days following Agent's demand to Borrower that such repayment be made. In addition, such Lender subsequently pays agrees to Administrative pay to Agent forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.such

Appears in 1 contract

Samples: Credit Agreement (Pacific Gulf Properties Inc)

Loan Disbursements. (a) On Promptly following Administrative Agent’s receipt of a complete Application for Payment, Administrative Agent shall send a copy thereof by facsimile to each other Lender (together with any supporting documents delivered in connection therewith) and shall otherwise notify each Lender of the Effective proposed disbursement and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Loan Agreement (Ryman Hospitality Properties, Inc.)

Loan Disbursements. (a) On the Effective Date, and following each subsequent request for disbursement from Borrower which request shall be sent by Administrative Agent to each Lender and shall identify the proposed Funding Date, each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date or any subsequent Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Loan Agreement (KBS Real Estate Investment Trust III, Inc.)

Loan Disbursements. (a) On Not later than the Effective next Business Day following receipt of a Notice of Borrowing, the Administrative Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, each . Each Lender shall make available to the Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b11.3(b). Unless the Administrative Agent shall have been notified by any --------------- Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, the Administrative Agent may assume that such Lender shall make has made such amount available to the Administrative Agent. If In any case where a Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but (a "Non-Funding Lender") does not for any reason make available to the Administrative Agent such Non-Funding Lender’s 's Pro Rata Share of such disbursementBorrowing, the other Lenders ("Funding Lenders") in their sole discretion may, but shall not be obligated to, fund to Borrower such Non-Funding Lender's Pro Rata Share of such Borrowing. If the amount so funded by Funding Lender is not in fact made available to Funding Lenders by the Non-Funding Lender, then Borrower agrees to repay to Funding Lenders within five (5) Business Days after demand by the Administrative Agent such amount, together with interest thereon at the Variable Rate for each day from the date such amount is made available to Borrower until the date such amount is repaid to Funding Lenders. In addition, such Non-Funding Lender shall agrees to pay to Administrative Agent Funding Lenders forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. In any case where a If Non-Funding Lender does not for any reason make available shall pay to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to the Administrative Agent such corresponding amount, such amount so paid shall constitute such Non-Funding Lender’s 's Pro Rata Share of such disbursementBorrowing, and if both such Non-Funding Lender and Borrower shall have paid and repaid, respectively, such corresponding amount, the Administrative Agent shall promptly return to Borrower such corresponding amount in same day funds; interest paid by Borrower in respect of such corresponding amount shall be prorated, as of the date of payment thereof by such Non-Funding Lender to Funding Lenders. Nothing in this Section 12.3(a) 11.3 shall alter the respective rights and obligations of the ------------ parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLoan.

Appears in 1 contract

Samples: Credit Agreement (Smith Charles E Residential Realty Inc)

Loan Disbursements. (a) On Not later than the Effective next Business Day following receipt of a Notice of Borrowing, Agent shall send a copy thereof by facsimile to each other Lender and shall otherwise notify each Lender of the proposed Borrowing and the Funding Date, each . Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b11.03(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement Borrowing that such Lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement Borrowing as described above, but does not for any reason make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s 's Pro Rata Share of such disbursementBorrowing. If Administrative Agent funds to Borrowers Borrower such Lender’s 's Pro Rata Share of such disbursement Borrowing and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursementBorrowing. Nothing in this Section 12.3(a11.03(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceLoan.

Appears in 1 contract

Samples: Credit Agreement (Prudential Bache Equitec Real Estate Partnership)

Loan Disbursements. (a) On the Effective Date, each Lender shall make available No Disbursement will be made to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) fund work on the Business Day immediately preceding Project performed prior to the Effective Date of this Agreement. Disbursements shall be made to the Borrower at such times and in respect such amounts as are required to fund the Borrower’s required payments to its contractors, vendors and suppliers for progress on the Project from time to time in the amounts requested by the Borrower (not more often than every thirty days), provided that prior to each Disbursement, the Department receives a completed Disbursement Request Form substantially in the form of Exhibit C attached hereto from the Borrower and all supporting documentation reasonably required by the Department to determine the eligibility of the expenses for which the Disbursement is requested. DRAFT The Disbursement/Payment Schedule (Exhibit B) reflects the currently estimated total Disbursements during each State Fiscal Year in which the Loan is expected to disburse. Under no circumstances shall the total sum of the Disbursements to or on behalf of the Borrower for all Project phases exceed Twenty Five Million Five Hundred Thousand Dollars ($25,500,000). The Department's obligation to fund any disbursement that such Lender does not intend Disbursement is subject to funds being made available by an appropriation made pursuant to Florida law. Disbursements will only be made for eligible capital costs actually incurred for the Project, as determined by the Department. No Disbursement will be made for work on the Project self- performed by the Borrower (including work performed by affiliates of the Borrower), travel or overhead of the Borrower. For the purpose of this paragraph “affiliate” means a predecessor, successor, parent, or subsidiary of the Borrower; any business entity in which a member, officer, director, or owner of the Borrower has a financial interest; and the officers, directors, executives, members, and shareholders of the Borrower and its affiliates. Travel expenses incurred by the Borrower’s consultants or contractors shall only be eligible for payment through a Disbursement when incurred in accordance with Section 112.061, Florida Statutes. Requests for Disbursement to pay consultant or contractor travel expenses shall include a completed Department Contractor Travel Form No. 000-000-00. The Borrower shall utilize the Disbursements solely for eligible costs of the Project. The Department will have no obligation to make available to Administrative Agent such Lender’s Pro Rata Share any Disbursement under this Agreement in the event the Department has notified the Borrower that an event of such disbursementdefault has occurred under this or any other agreement between the Borrower and the Department, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at or if the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative AgentDepartment, in its sole discretion, maydetermines that events have occurred which substantially diminish the likelihood that the Borrower will timely and fully honor its obligations under this Agreement or any other agreement between the Department and the Borrower. Any waiver of this provision by Disbursement following an event of default by the Borrower under the terms of this Agreement, but shall or any other agreement between the Borrower and the Department, will not be obligated to, fund constitute a continuing waiver of this provision and the Department may refuse to Borrowers such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds make further Disbursements without any liability to Borrowers such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata AdvanceBorrower whatsoever.

Appears in 1 contract

Samples: Agreement

Loan Disbursements. (a) On Each Lender (or, in the Effective Datecase of any Loan Increase, each Lender Additional Lender) shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s (or Additional Lender’s) Pro Rata Share of the Loan such disbursement in immediately available funds not later than the times designated in Section 12.3(b10.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco Pacific time) on the Business Day immediately preceding the Effective Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a10.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

Appears in 1 contract

Samples: Loan Agreement (Highland Hospitality Corp)

Loan Disbursements. (a) On Promptly after receipt of a Notice of Borrowing for a Loan to be made pursuant to Section 2.01 hereof, but in no event later than one (1) Business Day prior to the Effective Dateproposed Funding Date for a Base Rate Loan or two (2) Business Days prior to the proposed Funding Date for a LIBOR Loan, Agent shall notify each Lender of the proposed Borrowing and the Funding Date set forth therein. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s 's Pro Rata Share of the Loan such Borrowing in immediately available funds not later than the times designated in Section 12.3(b11.03(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date prior to such time for funding in respect of any disbursement borrowing that such Lender lender does not intend to make available to Administrative Agent such Lender’s 's Pro Rata Share of such disbursementBorrowing, Administrative Agent may assume that such Lender shall make has made such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative and Agent, in its sole discretion, may, but shall not be obligated to, fund make available to Borrowers such Lender’s Pro Rata Share of such disbursementBorrower a corresponding amount. If Administrative such corresponding amount is not in fact made available to Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if by such Lender subsequently pays on or prior to Administrative a Funding Date, such Lender agrees to pay to Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is paid or repaid to Agent, at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s 's Pro Rata Share of such disbursementBorrowing. Nothing in this Section 12.3(a) If such Lender shall alter not pay to Agent such corresponding amount after reasonable attempts are made by Agent to collect such amounts from such Lender, Borrower agrees to repay to Agent forthwith on demand such corresponding amount together with interest 84 thereon, for each day from the respective rights and obligations of date such amount is made available to Borrower until the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advancedate such amount is repaid to Agent, at the interest rate applicable thereto.

Appears in 1 contract

Samples: Credit Agreement (Manufactured Home Communities Inc)

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