Advance Loans Sample Clauses

Advance Loans. From time to time on or after the Effective Date and during the applicable Advance Loan Availability Period, each Advance Loan Lender shall make loans under this Section 2.1 (a) to Borrower in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender's Advance Loan Commitment Percentage of the Maximum Advance Loan Available Amount. Advance Loans shall be made in separate groupings or tranches (each an "Advance Loan Tranche"), each of which shall (unless the Majority Lenders shall otherwise consent in writing to a lower amount) be in an amount not less than the lesser of (i) $10,000,000 or (ii) the aggregate unused Advance Loan Commitments. Unless the Majority Lenders shall otherwise consent in writing, there shall be no more than ten (10) Advance Loan Tranches made during the term of this Agreement.
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Advance Loans. The obligation of each Advance Loan Lender to make any Advance Loan to be made by it under Section 2.1(b) hereof is further subject to the following: (a) The Advance Loans shall be requested for the purpose of paying a portion (not to exceed 75%) of the purchase costs related to real Property or material personal Property purchased within a particular 270 Day Period which shall be equal to or greater than the lesser of $13,333,334 or 1.33 times the Advance Loan Commitments remaining unused. The Property so acquired is herein collectively called an "Acquisition Package". (b) The execution and delivery of a Purchase Agreement, in Proper Form, providing for the acquisition by an Obligor of the applicable Acquisition Package, including the rights of the franchisees under the Franchise Agreements relating to restaurants included in such Acquisition Package, and the closing of the transactions provided therein (subject only to funding of the applicable Advance Loans under Section 2.1(b)). (c) Copies, in Proper Form and certified as true, correct and complete, of financial information regarding such properties as of a recent date, together with pro forma financial statements for the Borrower assuming the closing of the applicable Acquisition Package. (d) Agent shall have received an environmental report satisfactory to the Majority Lenders with respect to the applicable Acquisition Package prepared by an environmental consultant or environmental consultants satisfactory to Agent. (e) Agent shall have received evidence satisfactory to the Majority Lenders that BKC shall have consented in writing to such purchase without conditions except as approved by the Majority Lenders in writing and the Agent shall have received an amendment to the BKC Consent (or an additional BKC Consent), in Proper Form, incorporating the applicable Acquisition Package. (f) Agent shall have received Mortgages and other Security Documents providing for a Lien upon the applicable Acquisition Package (other than Excluded Assets) securing the applicable Advance Loan Tranche, together with Advance Notes evidencing the applicable Advance Loan Tranche and such other documentation as Agent or the Majority Lenders may reasonably request in connection therewith. (g) Compliance with the provisions of Section 7.12 hereof, to the extent applicable, and with Section 8.14 hereof. (h) The making of such Advance Loan and the execution and delivery of the Security Documents relating thereto shall not cause ...
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Advance Loans. The obligation of each Lender to make an Advance Loan is further subject to the satisfaction or waiver of the following conditions: (a) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that the principal amount of the applicable Advance Loan shall not exceed eighty percent (80%) of the then current net orderly liquidation value of the applicable equipment or facility build out or the applicable equipment constructed or acquired, as demonstrated to the reasonable satisfaction of the Administrative Agent, which is then subject to the Liens of the Security Documents. For the avoidance of doubt, it is hereby acknowledged and agreed that as of the Effective Date, the applicable aggregate net orderly liquidation value of such equipment and facility build out is $46,170,000.00. (b) Delivery to the Administrative Agent of a desk top appraisal of net orderly liquidation value, reasonably satisfactory to the Administrative Agent, on all equipment or facility build out and all equipment constructed or acquired for which the Administrative Agent has not yet previously received an appraisal.
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Advance Loans. The obligation of each Lender to make an Advance Loan is further subject to the satisfaction or waiver of the following conditions: (a) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that the principal amount of the applicable Advance Loan shall not exceed fifty percent (50%) of the then current net orderly liquidation value of the applicable equipment constructed or acquired, as demonstrated to the reasonable satisfaction of the Administrative Agent. (b) Delivery to the Administrative Agent of an appraisal, acceptable to the Administrative Agent, of the applicable equipment constructed or acquired. (c) Delivery to the Administrative Agent of evidence satisfactory to the Administrative Agent that, for each of the two full preceding fiscal months, EBITDA for the Borrower shall have been (i) equal to or greater than $1.00 and (ii) equal to or greater than the average monthly EBITDA for the twelve month period ending on the last day of the most recently ended fiscal month.
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Advance Loans. Subject to the terms and conditions set forth herein, Lender agrees to make a single advance or multiple advances, on a non-revolving basis (each such advance, an “Advance Loan”), to Borrower from time to time on any Business Day during the period from the Agreement Date to the first to occur of the (a) Advance Availability Termination Date, and (b) the Advance Loan Maturity Date, in an aggregate amount not to exceed the lesser of (y) the Advance Commitment, and (z) the Advance Availability. Advance Loans, once repaid, may not be reborrowed.
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Advance Loans. The failure or refusal of Borrower to pay any part of the principal of or interest on any Advance Loan on the date such payment is due.
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Advance Loans. Subject to all of the terms and conditions of this Agreement (including Paragraph 8 hereof), Borrower shall have the right to utilize a portion of the Total Commitment from time to time prior to or on September 30, 1998 by obtaining from Lender one or more Advance Loans for the purposes of financing up to eighty percent (80%) of the actual Hard Costs incurred by Borrower in connection with the purchase of new Equipment; provided, that in no event shall Lender have any obligation to advance any Advance Loan if (a) the original principal amount of such Advance Loan plus the aggregate principal amount of all other Advance Loans then outstanding at such time would exceed $4,000,000.00, or (b) the original principal amount of such Advance Loan plus the aggregate principal amount of all other Loans then outstanding at such time (including all Revolving Loans) would exceed the Total Commitment. Each Advance Loan shall be evidenced by a separate promissory note executed by Borrower, payable to the order of Lender in the original principal amount of the funds advanced under the applicable Advance Loan. Each of such promissory notes shall have a maturity not greater than forty-eight (48) months from the date of the applicable Advance Loan and shall require equal monthly principal installments in the amount necessary to fully amortize the original principal balance thereof over the term of the applicable Advance Note. Accrued and unpaid interest shall also be due and payable with and in addition to each installment of principal. Each Request for Advance of an Advance Loan must also be accompanied by satisfactory invoices, vouchers and other evidence necessary to confirm the actual amount of "hard costs" incurred by Borrower in connection with the applicable purchase of Equipment. The principal amount of any Advance Loans repaid may be reborrowed pursuant to the terms of this Agreement, and Borrower and Lender further acknowledge and agree that Chapter 15 of the Texas Credit Code shall not apply to any of the Advance Loans or the Advance Notes. Both parties hereto agree that the terms and conditions of this Agreement shall hereafter govern the Advance Loans until payment in full of the amounts outstanding thereunder.
Sample 1
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Related to Advance Loans

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Loans 3.1. On each Loan Subscription Date, not later than the time specified by Xxxxxx (such time to be posted to the TALF Website in advance of such Loan Subscription Date), each TALF Agent may submit to Lender, in the manner specified by Xxxxxx from time to time, a request for Loans on behalf of each Applicable Borrower proposing to borrow Loans on the next scheduled Loan Closing Date (each such request, a “Loan Request”). Each TALF Agent shall complete the Loan Request in accordance with instructions provided by Custodian from time to time, in the form attached hereto as Appendix 3A or, in the case of a Loan to be secured by CMBS Collateral, Appendix 3B. Lender shall promptly provide Custodian with the information contained in each such Loan Request. Notwithstanding the foregoing, a TALF Agent shall not be permitted to submit a Loan Request unless (x) it has previously delivered to Custodian a copy of the Letter of Agreement pursuant to which it became a party hereto and (y) in the case of a Loan to be secured by Newly Issued CMBS Collateral and with respect to each such Item of Newly Issued CMBS Collateral, the following documents shall have been delivered to Lender and Custodian at or before the stated times: (1) not later than 5:00 p.m. on the eighth Business Day before the applicable Loan Subscription Date, the Offering Materials (as defined below) (which may be in preliminary form to the extent Offering Materials in final form are not then available), (2) not later than 5:00 p.m. on the sixth Business Day prior to the applicable Loan Subscription Date, an AUP Report (TALF) and an AUP Report (Industry) relating to such Offering Materials and (3) not later than the Business Day after any supplement to such Offering Materials is furnished to prospective investors, each such supplement, together with an AUP Report (TALF) and an update to the earlier AUP Report (Industry); provided, that each such supplement and related AUP Report (TALF) and update to AUP Report (Industry) shall be delivered not later than 5:00

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to one percent (1.0%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(d) below.

  • Equipment Advances (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower. Borrower may request Equipment Advances at any time during the Draw Period, provided that the initial Equipment Advance shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000) (the “Initial Equipment Advance”). The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Line. Each Equipment Advance shall not exceed sixty percent (60%) of the invoice amount of equipment and software listed in that certain Machinery and Equipment 2013 Projection delivered to Bank on or about the Closing Date (which Borrower shall, in any case, have purchased, (i) with respect to the Initial Equipment Advance, within one hundred eighty (180) days and (ii) with respect to all subsequent Equipment Advances, within ninety (90) days, of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Each Equipment Advance must be in an amount equal to the lesser of One Hundred Fifty Thousand Dollars ($150,000) or the amount that has not yet been drawn under the Equipment Line. (ii) Interest shall accrue from the date of each Equipment Advance at the rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on June 30, 2013 shall be payable in twenty seven (27) equal monthly installments of principal, plus all accrued interest, beginning on July 1, 2013, and continuing on the same day of each month thereafter through the Equipment Maturity Date. Any Equipment Advances made by Bank after June 30, 2013 shall immediately amortize and be payable in equal monthly installments of principal, plus all accrued interest, beginning on the first (1st) day of the month immediately following such Equipment Advance and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with the Equipment Advances made under this Section 2.1(b) shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Except as set forth in the Pricing Addendum, Borrower may prepay the Equipment Advances prior to the Equipment Maturity Date, provided that on the date of such prepayment Borrower shall, (i) prepay all but not less than all of the Equipment Advances and (ii) in connection with such prepayment, pay to the Bank to the Prepayment Fee, if applicable. (iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Pacific time three (3) Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. Bank shall be entitled to rely on any facsimile notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance.” 2. Section 2.1(c) of the Agreement hereby is amended and restated in its entirety to read as follows:

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Revolver Loans Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment, on the terms set forth herein, to make Revolver Loans to Borrowers from time to time through the Commitment Termination Date. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for a Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Revolving Advances (a) The Note A-2 Holder hereby agrees to advance to the Mortgage Loan Borrower any Revolving Advance required to be made under Note A-2 and the Mortgage Loan Documents, it being the specific intent of the parties hereto that no other Noteholder shall have any obligation and shall not be liable for making any Revolving Advance. The Note A-2 Holder shall remit each Revolving Advance on the date that such Revolving Advance is required to be made pursuant to the Mortgage Loan Documents and Note A-2. The parties hereto agree that (i) the determination of whether the Mortgage Loan Borrower is entitled to receive any Revolving Advance shall rest solely with the Note A-2 Holder, who shall be responsible for conducting any and all due diligence, loan documentation and pre-funding requirements in connection therewith, and (ii) the Note A-2 Holder shall be solely responsible for funding the Revolving Advance to the Mortgage Loan Borrower following such determination that the Mortgage Loan Borrower is entitled to receive such Revolving Advance under the terms of the Mortgage Loan Agreement. (b) For so long as the Revolving Advance Obligation has not been fully discharged and any Securitization is outstanding, Note A-2 may only be transferred to a transferee: (i) that is a Qualified Institutional Lender, or (ii) if the credit rating of the transferee from any applicable Rating Agency is lower than the credit rating of the Initial Note A-2 Holder, as to which the A-2 Holder has received confirmation in writing from each such Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then current ratings of the Certificates, which confirmation will not be predicated upon any action by the Mortgage Loan Borrower. In addition, for so long as the Revolving Advance Obligation has not been fully discharged, (i) no Transfer of Note A-2 shall violate the Mortgage Loan Documents and (ii) the transferee shall assume all Revolving Advance Obligations pursuant to an assignment and assumption agreement whereby such transferee agrees to be bound by all provisions applicable to the Note A-2 Holder. (c) The Note A-2 Holder shall indemnify and hold harmless each other Noteholder, any Servicer, the Certificate Administrator and the Trustee (each a “Revolving Advance Indemnified Party”), against any and all losses, claims, damages, costs, expenses (including the fees and disbursements of outside counsel retained by any such person) and liabilities in connection with, arising out of, or as a result of the Note A-2 Holder's failure to satisfy its obligations to make any and all Revolving Advances, including without limitation, (i) any claims made by the Mortgage Loan Borrower or its Affiliates or (ii) any failure of payment by the Mortgage Loan Borrower under the Mortgage Loan, in each case that results from a failure to make any Revolving Advance as required under the Mortgage Loan Documents, except, as to such Future Funding Indemnified Party, to the extent that it is finally judicially determined that any losses, claims, damages, costs, expenses or liabilities resulted primarily from the bad faith or willful misconduct of such Revolving Advance Indemnified Party. Each Revolving Advance Indemnified Party shall be a third party beneficiary of this Agreement with respect to the indemnification obligations of the Note A-2 Holder set forth in this Section 41. In the event that the Note A-2 Holder becomes involved in any action, proceeding or investigation in connection with any transaction or matter referred to or contemplated by this Agreement, the Note A-2 Holder shall promptly reimburse such Revolving Advance Indemnified Party upon demand therefor in an amount equal to its reasonable legal and other expenses (including the costs of any investigation and preparation) incurred in connection therewith to the extent such party is entitled to indemnification for such legal or other costs and expenses hereunder. In addition, the Note A-2 Holder agrees that each Revolving Advance Indemnified Party may deduct and offset any amount to be indemnified hereunder from and against any amount that is due to the Note A-2 Holder under the Servicing Agreement. The indemnification obligations of the Note A-2 Holder hereunder shall survive any termination of the Agreement. Each Revolving Advance Indemnified Party's rights pursuant to this Section 41 are in addition to any other rights a Revolving Advance Indemnified Party may have at law or in equity. (d) The Note A-2 Holder shall provide notice of the making of any Revolving Advance and the amount of such Revolving Advance to each other Noteholder, the Master Servicer, the Special Servicer and the Operating Advisor. (e) The Note A-1-A-1 Holder (or at any time when such Note is included in a Securitization, the Master Servicer) shall maintain a record of each Revolving Advance advanced by the Note A-2 Holder and will increase the Note A-2 Principal Balance by the amount of such Revolving Advance.

  • Ratable Loans Each Advance hereunder shall consist of Loans made from the several Lenders ratably according to their Pro Rata Shares.

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