Advance Sample Clauses

Advance. Masterworks will advance all or any portion of the funds necessary to acquire the Artwork to the Company. If Masterworks pays or has paid a deposit or other funds to the seller prior to the acquisition of the Artwork as a prepayment of part of the purchase price, such deposit or funds shall be non-recourse to the Company prior to the acquisition of the Artwork by the Company, at the time of acquisition of the Artwork such amounts, if any, will be deemed to be an advance obligation payable by the Company to Masterworks. An advance may only be used by the Company to purchase the Artwork. The advance will be recorded on the books and records of the Company and Masterworks as an intercompany loan and will not accrue interest. The advance will be repaid in installments upon each closing of the Offering in cash and or a combination of cash and Class A shares of the Company (valued at $20 per share for such purposes). Unless the Parties otherwise agree to a different allocation, each payment that occurs in connection with a closing of the Offering shall be prorated between the true-up and the advance based on the relative size of each obligation. Under no circumstances will any portion of the advance remain as an outstanding obligation of the Company following the final closing of the Offering and the application of the use of proceeds therefrom.

Advance. Masterworks will advance all or any portion of the funds necessary to acquire the Painting to the Company. The advance may only be used by the Company to purchase the Painting. The advance will be recorded on the books and records of the Company and Masterworks as an intercompany loan and will not accrue interest. The advance will be repaid in installments upon each closing of the Offering in cash and or a combination of cash and Class A shares of the Company (valued at $20 per share for such purposes). Each payment that occurs in connection with a closing of the Offering shall be prorated between the true-up and the advance based on the relative size of each obligation. Under no circumstances will any portion of the advance remain as an outstanding obligation of the Company following the final closing of the Offering and the application of the use of proceeds therefrom.

Advance. As used herein, “Advance” means a borrowing requested by Borrower and made by Bank under the Loan Agreement, including a LIBOR Option Advance and/or a Prime Rate Option Advance.

Advance. Notwithstanding (b) above, upon written request and justification from CONTRACTOR, COUNTY may advance to CONTRACTOR a sum not to exceed one sixth (1/6) of COUNTY’S maximum obligation hereunder. PROJECT MANAGER shall reduce the amount of monthly payments in the seventh, eighth, ninth, tenth, and eleventh months by twenty percent (20%) of any advance payment, under (A) above, to recover any outstanding advance or part thereof. Such recovery may not exceed the total of all outstanding advances. No monthly payment shall be made to CONTRACTOR which would result in less money remaining unpaid to CONTRACTOR than the total of advances made to CONTRACTOR.

Advance. Notwithstanding anything contained in Article 9 of the Agreement to the contrary, the Advisor hereby agrees to advance funds to the Company equal to the cumulative amount of cash distributions declared by the Company for distribution record dates through the period ended May 31, 2016 and to advance funds to the Company, to the extent and in the amount requested by the Company, equal to an amount up to the cumulative amount of cash distributions declared by the Company for distribution record dates for the period from June 1, 2016 to June 30, 2016 (such amounts advanced, the “Advance”). The Advisor further agrees that the Company will only be obligated to repay the Advisor for the Advance if and to the extent that: (i) the Company’s modified funds from operations (“MFFO”), as such term is defined by the Investment Program Association and interpreted by the Company, for the immediately preceding month exceeds the amount of cash distributions declared for record dates of such prior month (an “MFFO Surplus”), and the Company shall pay the Advisor the amount of the MFFO Surplus to reduce the principal amount outstanding under the Advance, provided that such payments shall only be made if management in its sole discretion expects an MFFO Surplus to be recurring for at least the next two calendar quarters, determined on a quarterly basis; or (ii) the Advance may be repaid from excess proceeds (“Excess Proceeds”) from the Company’s third-party financings, provided that the amount of any such Excess Proceeds that may be used to repay the principal amount outstanding under the Advance shall be determined by the Conflicts Committee of the Company in its sole discretion. The Advisor understands and agrees that no interest shall accrue on the Advance. To the extent payment of any amount is due to the Advisor hereunder, the Company shall pay the Advisor no later than the last business day of the month in which the amount of such payment is determined, or the first business day of the following month.

Advance. Notwithstanding anything contained in Article 9 of this Agreement to the contrary, the Advisor hereby agrees to advance funds (the “Advance”) to the Company equal to the amount by which the cumulative amount of distributions declared by the Company from January 1, 2006 through the period ending August 31, 2010 exceeds the amount of the Company’s Funds from Operations from January 1, 2006 through August 31, 2010. Advisor further agrees that the Company will only be obligated to reimburse the Advisor for the Advance if and to the extent that the Company’s cumulative Funds from Operations for the period commencing January 1, 2006 through the date of any such reimbursement exceeds the lesser of (i) the cumulative amount of any distributions declared and payable to the Company’s Stockholders as of the date of such reimbursement or (ii) an amount that is equal to a 7.0% cumulative, non-compounded, annual return on Invested Capital for the Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement. Advisor understands and agrees that no interest shall accrue on the Advance being made under this Agreement. Notwithstanding anything in this Agreement to the contrary, the Advisor, on behalf of itself and its affiliates, and its and their respective successors and assigns, as of March 20, 2012, forgave the Advance to the Company in full. Moreover, as of March 20, 2012, this Article 16 and all references thereto in this Agreement became of no further force and effect.

Advance. Notwithstanding anything contained in Article 9 of this Agreement to the contrary, the Advisor hereby agrees to advance funds (the “Advance”) to the Company equal to the amount by which the cumulative amount of distributions declared by the Company from January 1, 2006 through the period ending May 31, 2008 exceeds the amount of the Company’s funds from operations (as defined by NAREIT) from January 1, 2006 through May 31, 2008. Advisor further agrees that the Company will only be obligated to reimburse the Advisor for the Advance if and to the extent that the Company’s cumulative funds from operations for the period commencing January 1, 2006 through the date of any such reimbursement exceed the lesser of (i) the cumulative amount of any distributions declared and payable to the Company’s Stockholders as of the date of such reimbursement or (ii) an amount that is equal to a 7.0% cumulative, non-compounded, annual return on Invested Capital for the Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement. Advisor understands and agrees that no interest shall accrue on the Advance being made under this Agreement.

Advance. The aggregate of the advances made by the Servicer with respect to a particular Distribution Date pursuant to Section 6.03.

Advance. (a) Advance shall be paid generally no later than in 5 Banking days from the date of making the Order. (b) The amount of any Advance paid in connection with an Order shall be equal to the expected Price of all Claims covered by the Order concerned. For the purposes of this Clause (2.3(b)), the expected Price shall be calculated using the presumption that all Loan claims covered by an Order will have the longest Loan tenors that are acceptable under such Order. (c) The Assignor will generally calculate and indicate to the Assignee the amount of Advance that is required under this Agreement in connection with an Order received. (d) The Assignor may use the Advance to originate Loans covered by the respective Order (Clause 3.2(a)) and to cover the Markup or any other part of the Price of Claims assigned on the basis of such Order. (e) Advance in connection with every Order must be paid by a wire transfer to the Assignor’s bank account in full; no set-off, including setting-off against the Assignee’s financial position towards the Assignor with regards to any other Order or Assignment agreement or other kind of netting is allowed. (f) Money paid as an Advance shall: (i) be used only in accordance with this Agreement – any other use thereof without the prior written consent of the Assignee is strictly prohibited; (ii) be deposited in the Assignor’s bank account until, from time to time, as a whole or in parts, it is used by the Assignor in accordance with this Agreement; (iii) without prejudice to Assignor’s obligations under this Agreement, become Assignor’s own assets once credited to Assignor’s bank account; (iv) not be deemed Assignee’s assets in custody of or otherwise held by the Assignor. (g) The Assignee acknowledges and agrees that no Advance paid will bear any interest. For the avoidance of doubt, the Assignor will not be obligated, nor have any other legal duty, to pay the Assignee interest or any other consideration whatsoever due to or in connection with an Advance paid irrespective of whether or when the Advance has been used according to this Agreement. (h) If, after fulfilling an Order, any part of Advance pertaining thereto had not been used, the Assignor will promptly, in any case no later than in 5 Banking days following the last Confirmation, return the remaining balance to the Assignee by a wire transfer sent to the Assignee’s bank account.

Advance. A portion of the proceeds of the Loan advanced from time to time by Lender to Borrower in accordance with the terms of this Agreement.