Advances of Loan Funds Sample Clauses

Advances of Loan Funds. Unless Lender elects otherwise in Lender’s sole discretion, all advances of the Loan shall be made in accordance with the following: (a) At the time of the requested advance, Borrower must (i) not be in Default under this Agreement, the Note or any other Loan Document; (ii) have cured any non-performance of any event which, after notice thereof by Lender, with the passage of time may constitute a Default or an Event of Default; and (iii) have met all requirements of any Governmental Authority pertaining to Borrower, the Land, the Improvements and/or the Facility. (b) Subject to the provisions of this Agreement, advances of the Loan will be made by Lender only for payment of those items related to the development of the Mortgaged Property and the construction and equipping of the SNF as shown in the Approved Budget. (c) The Loan shall not exceed eighty percent (80%) of total Costs of Construction of the SNF, as set forth in the Approved Budget; the amount of the developer fee for the Facility will not exceed Five Hundred Thousand and No/100 Dollars ($500,000.00) and is payable pro-rata during construction of the Facility, based on the progress of construction as determined by Lender and its Inspector. (d) Disbursements of Loan proceeds for construction items shall be made no more frequently than monthly within ten (10) Business Days after Borrower’s compliance with the terms hereof, in amounts equal to the total of (i) the purchase price of uninstalled materials stored on the Land in a manner acceptable to Lender and Offsite Materials (defined below) subject to the provisions of Section 7.5 (Offsite Materials), plus, (ii) the cost of the portions of the work acceptably completed as approved by Lender, pursuant to the terms of this Agreement less (iii) retainage of ten percent (10%), which shall be reduced to five percent (5%) at such time as fifty percent (50%) of the overall construction of the SNF on a line item basis have been completed as determined by the Inspector, in its sole discretion, and less (iv) the aggregate amount of all prior advances under the Loan. Retained construction funds shall be disbursed upon satisfaction of conditions precedent identified in ARTICLE IV (Conditions Precedent to Loan Advances). The monthly construction disbursement will be made to Borrower upon receipt by Lender of: (i) An updated list of Major Subcontractors for the Facility. Lender will not be obligated to disburse for any costs incurred with respect to work perfor...
Sample 1
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Advances of Loan Funds. Unless Lender elects otherwise in Lender's sole discretion, all advances of the Loan shall be made in accordance with the following: (a) At the time of the requested advance, Borrower must (i) not be in default under this Agreement, the Note or any other Loan Document; (ii) have cured any
Sample 1

Related to Advances of Loan Funds

  • 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.

  • Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to Section 2.18(c).

  • 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.

  • Prepayments of Loans Other than in respect of Swingline Loans, the repayment of which is governed pursuant to Section 2.02(b), subject to Section 2.12, the Borrower may (i) upon at least one (1) Business Day’s notice to the Administrative Agent, prepay any Base Rate Borrowing or (ii) upon at least three (3) Business Days’ notice to the Administrative Agent, prepay any Euro-Dollar Borrowing, in each case in whole at any time, or from time to time in part in amounts aggregating $10,000,000 or any larger integral multiple of $1,000,000, by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional prepayment shall be applied to prepay ratably the Loans of the several Lenders included in such Borrowing.

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

  • Fixed Rate Loans Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of an ARD Loan after its Anticipated Repayment Date and except for the imposition of a default rate.

  • Loans, Advances and Investments Neither the Seller nor any Restricted Subsidiary shall make any loan (other than Mortgage Loans), advance, or capital contribution to, or investment in (including any investment in any Restricted Subsidiary, joint venture or partnership), or purchase or otherwise acquire any of the capital stock, securities, ownership interests, or evidences of indebtedness of, any Person (collectively, “Investment”), or otherwise acquire any interest in, or control of, another Person, except for the following: (a) Cash Equivalents; (b) Any acquisition of securities or evidences of indebtedness of others when acquired by the Seller in settlement of accounts receivable or other debts arising in the ordinary course of its business, so long as the aggregate amount of any such securities or evidences of indebtedness is not material to the business or condition (financial or otherwise) of the Seller; (c) Mortgage Notes acquired in the ordinary course of the Seller’s business; (d) Investment in any existing Affiliate or any Subsidiary (including Investments by the Seller in CH Funding, LLC, a Delaware limited liability company) or JV; provided that (i) at the time any such investment is made and immediately thereafter, the Seller and the Restricted Subsidiaries are in compliance with all covenants set forth in the Repurchase Documents and no Default or Event of Default shall have occurred and be continuing and (ii) the aggregate outstanding amount of all such Investments shall not exceed $10,000,000 at any time; (e) Loans to officers or employees in an aggregate amount not to exceed $300,000; and (f) Investments in companies in the business of originating and servicing mortgage loans so long as such Investment is a direct equity investment and so long as such Investment does not cause a breach of any other covenant (affirmative or negative) hereunder.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Types of Loans Subject to Section 3.03, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

  • 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

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