Operation of Loan Arrangement Sample Clauses

The 'Operation of Loan Arrangement' clause defines the procedures and rules governing how a loan agreement is managed and executed between the parties. It typically outlines the processes for disbursement of funds, repayment schedules, interest calculations, and the responsibilities of both lender and borrower throughout the life of the loan. For example, it may specify when and how loan payments are to be made, what happens in the event of late payments, and how communications regarding the loan should be handled. This clause ensures that both parties have a clear understanding of their obligations and the mechanics of the loan, thereby reducing the risk of disputes and misunderstandings during the term of the agreement.
Operation of Loan Arrangement. (a) Except as otherwise provided in this Article, Revolving Credit Loans and requests for the issuance of L/Cs shall be requested solely by the Lead Borrower as agent for each Borrower. (b) Any Revolving Credit Loan which may be made by the Lenders and which is directed to the Lead Borrower is received by the Lead Borrower in trust for that or those of the Borrowers who are intended to receive such advance. The Lead Borrower shall distribute the proceeds of any such advances solely to the Borrowers. Each Borrower shall be directly indebted to the Lenders for each Revolving Credit Loan distributed to that Borrower by the Lead Borrower, together with all accrued interest thereon, as if that amount had been advanced directly by the Lenders to that Borrower (whether or not the subject advance was based upon the accounts of the Borrower which actually received such distribution), in addition to which each Borrower shall be obligated to the Lenders in that amount on account of that Borrower's having guarantied the Liabilities. (c) The Administrative Agent and the Lenders shall have no responsibility to inquire as to the distribution of the Revolving Credit Loans made through the Lead Borrower as described herein.
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Operation of Loan Arrangement. (i) Except as otherwise permitted by Bank, Credit Extensions hereunder shall be requested solely by the Agent as agent for each Borrower. (ii) Any Credit Extension which may be made by Bank under this Agreement and which is directed to the Agent is received by the Agent in trust for that Borrower who is intended to receive such Credit Extension. The Agent shall distribute the proceeds of any such Credit Extension solely to that Borrower. Each Borrower shall be directly indebted to Bank for each Credit Extension distributed to any Borrower by the Agent, together with all accrued interest thereon, as if that amount had been advanced directly by Bank to a Borrower (whether or not the subject Credit Extension was based upon the accounts and/or inventory or other assets of the Borrower which actually received such distribution), in addition to which each Borrower shall be liable to Bank for all Obligations under this Agreement, whether or not the proceeds of the Credit Extension are distributed to any particular Borrower. (iii) Bank shall have no responsibility to inquire as to the distribution of Credit Extensions made by Bank through the Agent as described herein.
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Operation of Loan Arrangement. (i) Except as otherwise permitted by ORIX, loans hereunder shall be requested solely by the Agent as agent for each Borrower. (ii) Any Loan which may be made by ORIX under this Agreement and which is directed to the Agent is received by the Agent in trust for that Borrower who is intended to receive such Loan. The Agent shall distribute the proceeds of any such Loan solely to that Borrower. Each Borrower shall be directly indebted to ORIX for each Loan distributed to any Borrower by the Agent, together with all accrued interest thereon, as if that amount had been advanced directly by ORIX to a Borrower (whether or not the subject Loan was based upon the accounts and/or inventory or other assets of the Borrower which actually received such distribution), in addition to which each Borrower shall be liable to ORIX for all Obligations under this Agreement, whether or not the proceeds of the Loan are distributed to any particular Borrower. (iii) ORIX shall have no responsibility to inquire as to the distribution of Loans made by ORIX through the Agent as described herein.
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Operation of Loan Arrangement. Except as otherwise provided in this Article, loans and advances under the Revolving Credit shall be requested solely by the Lead Borrower as agent for each Borrower.
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Related to Operation of Loan Arrangement

  • Modification of Loan Documents At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply: (a) Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. (b) Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into after the date of this Guaranty, or waive such performance or compliance. (c) Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. (d) Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount. (e) Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness.

  • Correction of Loan Documents Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties.

  • Termination of Loans In addition to BTC’s authority to terminate a loan of Securities pursuant to the terms of the applicable Securities Lending Agreement as described in Section 2.4 above, BTC shall terminate any Securities loan to a Borrower in accordance with the applicable Securities Lending Agreement promptly: (a) upon receipt by BTC of Oral Instructions or Written Instructions instructing it to terminate a Securities loan; provided that the Company may require that each Security must be returned to the Fund by no later than the date which is the standard settlement date for trades of such Security entered into on the date such Oral Instruction or Written Instruction is received by BTC; (b) upon receipt by BTC of Oral Instructions or Written Instructions pursuant to the Securities Lending Guidelines to no longer lend to a particular Borrower; (c) upon receipt of written notice from the Company terminating this Agreement with respect to one or more Funds in accordance with Section 6; or (d) as contemplated by the Securities Lending Guidelines.

  • RATIFICATION OF LOAN DOCUMENTS Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

  • Reaffirmation of Loan Documents Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in full force and effect. This Amendment shall not limit or impair any Liens securing the Obligations, each of which are hereby ratified, affirmed and extended to secure the Obligations as it may be increased pursuant hereto. This Amendment constitutes a Loan Document.