Advances of Loan Proceeds. 2.6.1. Provided Borrower shall not be in default, and there shall exist no event of default under this Agreement, or the Note, or any of the Security Instruments, or any other agreement or instrument executed in connection herewith, nor shall there exist any condition or event which, with the giving of notice or lapse of time, or both, would constitute such an event of default; provided Borrower shall have complied with the provisions of Section 2.3 hereof; and provided Borrower shall have paid all interest charges then due, and all reasonable supervisory engineers and/or architects' fees and legal fees incurred in connection with the construction of the Improvements or the Note or the loan evidenced thereby, and subject to the provisions of Section 2.2 hereof, Lender, upon written application by Borrower (made not less than five (5) business days prior to the date of the requested advance under this Section 2.6 and made not more often than once every thirty (30) days), shall make advances from the Loan Proceeds as hereinafter specified.
2.6.2. The amount of each such advance shall correspond to Paragraph 4 of the Construction Contract, entitled "Progress Payments," the terms and conditions of said Paragraph 4 being incorporated herein by reference.
2.6.2.1. Notwithstanding anything to the contrary contained herein or in the Note:
(a) Lender shall not be required to make advances from loan proceeds if any Contractor whose contract is in excess of $25,000.00 shall (i) declare Borrower in default of a Construction Contract; (ii) file a lien against the Project which is not bonded and discharged within forty-five (45) days; and (iii) who is not replaced with a subsequent contractor for a price which is not in excess of the original contract sum unless such increase is advanced by the Borrower or if the Architect shall declare Borrower in default of the Architect's Contract.
(b) Lender shall not be required to make advances for materials which have not been installed unless such materials are stored on the Premises, Lender's inspecting engineer shall have inspected the same and approved the manner of storage, and Borrower shall have delivered to Lender certificate(s) of casualty and theft insurance, satisfactory to Lender, covering such materials. All such materials must be owned by Borrower, free of all liens and security interests, as evidenced by appropriate bills of sale and such other evidence as Lender may reasonably require.
2.6.3. Each application for ...
Advances of Loan Proceeds. Lender shall cause proceeds of the Revolving Loans requested by Borrower to which Borrower is entitled under the terms of this Agreement to be disbursed as directed by Borrower.
Advances of Loan Proceeds. All principal advances and servicing advances have been made in a timely fashion and with respect to all HECM Loans, all Scheduled HECM Payments and Unscheduled HECM Payments have been made in accordance with the terms of the Mortgage Note and the provisions of FHA Regulations and the Seller has not failed to make any such advances. Any and all requirements as to completion of any on-site or off-site improvements and/or repairs and any and all requirements as to disbursements of set-aside funds for such improvements and/or repairs have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage. All fees and charges (including finance charges) and whether or not financed, assessed, collected or to be collected in connection with the origination and servicing of such Mortgage Loan have been disclosed in writing to the related Mortgagor in accordance with applicable state and federal law and regulation.
Advances of Loan Proceeds. Borrower shall request advances and re-advances of the Loan in order to fund renovations to an operations plant owned by Borrower in Zanesville, Ohio, and for short-term-working capital needs by submitting a written request on a form prescribed by Lender, accompanied by such other documentation as Lender shall reasonably request.
Advances of Loan Proceeds. Subject to the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any event, circumstance, act or omission which with the giving of notice, the passage of time, or both would constitute an EVENT OF DEFAULT, the LENDER shall advance to the BORROWER from time to time such amounts under the LOAN as the BORROWER may request, provided that: (a) the aggregate principal amount of all advances under the LOAN shall not exceed One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00); (b) there shall be no more than three (3) advances under the LOAN; (c) each advance shall be in a principal amount of not less than Five Hundred Thousand Dollars ($500,000.00); and (d) no advances shall be made after December 31, 1995.
Advances of Loan Proceeds. Lender shall advance the Loan as follows:
Advances of Loan Proceeds. (a) Loans will not be advanced to Borrower until and unless the conditions set forth in Article III have been met.
(b) Loans will be advanced to Borrower hereunder in accordance with Notices of Borrowings given under Section 2.3. Notwithstanding any other provision hereof, it is agreed that the aggregate amount of all Loans outstanding at any one time hereunder may not exceed the Facility. Prior to the Final Drawdown Date, and within the foregoing limits (and subject to the annual paydown requirement set forth in Section 2.6(b)), Borrower may obtain Loans under this Section 2.2(b), repay such Loans under Section 2.6, and obtain further Loans under this Section 2.2(b).
Advances of Loan Proceeds. Funding by Lender to Borrower of advances of the Loan proceeds may be made by Lender to Borrower, in the following manner and only if:
(a) Borrower shall prepare and deliver to Lender a Borrowing Base Certificate prepared using the most recent calendar month end information;
(b) Borrower shall provide Lender with a completed and executed Rate Designation Notice in the form attached to the Note as Exhibit "A";
(c) Advances under the Loan shall be in increments of (i) $500,000.00 for Eurodollar Rate Borrowings, (ii) $5,000.00 in connection with Letters of Credit, and (iii) $50,000.00 for Prime Rate Borrowings;
(d) If connection with a Eurodollar Rate based advance request, Borrower currently has no more than three (3) outstanding Eurodollar Rate Borrowings in effect;
(e) The sum of (i) the aggregate outstanding amount of the Loan, (ii) the aggregate Letter of Credit Liabilities in effect, and (iii) the requested advance shall not exceed the Borrowing Base nor the Commitment Amount; and
(f) Borrower is not in default under this Agreement, the Note, or the Security Instruments.
Advances of Loan Proceeds. Subject to the continued compliance by the Borrower with all of the terms and conditions of the Loan Documents, the continued satisfactory financial condition of the Borrower, the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any default or any event, circumstance, act or omission which with the giving of notice, the passage of time, or both would constitute an Event of Default, the Lender shall advance the Loan Proceeds to the Borrower on the Closing Date.
Advances of Loan Proceeds. Subject to the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any event, circumstance,
