Advances of the Loan. Subject to all of the terms and conditions of this Agreement, the Lender shall Advance each of the Tranches upon satisfaction of the applicable conditions precedent, as follows:
Advances of the Loan. Subject to the provisions of this Agreement, each Lender, severally agrees to make Advances to Borrower under the Loan from time to time during the Revolving Credit Period; provided, that the Advances of such Lender at any time outstanding under the Loan shall not exceed such Lender’s Pro Rata Share of an amount equal to the lesser of (such amount being referred to herein as “Availability”) (A) the Facility Cap and (B) the value, in Dollars, of one hundred percent (100%) of the aggregate Borrowing Base for all Pledged Receivables constituting Eligible Receivables; provided that the aggregate amount of all Advances secured by Eligible B Receivables outstanding at any time prior to March 20, 2012 shall not exceed $9,000,000 under any circumstances. Any determination of Availability for requested Advances shall be made by Agent in its Permitted Discretion and is final and binding upon Borrower, absent manifest error. The Loan is a revolving credit facility which may be drawn, repaid and redrawn from time to time during Revolving Credit Period as permitted under this Agreement. No more than two (2) Advances may be made in any calendar week, unless otherwise permitted by Agent. Subject to the provisions of this Agreement, Borrower may request, at any time during the Revolving Credit Period, Advances up to and including the value, in Dollars, of one hundred percent (100%) of Availability. Advances under the Loan automatically shall be made during the Revolving Credit Period for the payment of any accrued and unpaid interest on the Loan and other payment Obligations on the date when due to the extent of Availability and as provided for herein.
Advances of the Loan. The Existing Loan outstanding as of the Effective Date shall convert into and continue as a Loan hereunder for all purposes (including for purposes of determining the amount of the Commitment available to the Borrower). Subject to all of the terms and conditions of this Agreement, upon satisfaction of the Loan conditions precedent set forth in Article 6, the Lender agrees to advance the Loan to the Borrower from time to time during the Availability Period in one or more advances in an aggregate principal amount up to the amount of the Commitment Amount, with $[information intentionally deleted] of such Commitment Amount available as of the Effective Date and $[information intentionally deleted]of such Commitment available only after satisfaction of all of the operational milestone covenants contained in Section 8.1(y). Any part of the Loan that has been repaid by the Borrower may not be re-borrowed and shall not be re-advanced to the Borrower. At no time shall the aggregate principal amount of the outstanding Loan exceed the Commitment Amount.
Advances of the Loan. As of the date hereof, all “Advances” (as defined in the Original Loan Agreement) outstanding are hereby deemed to be Tranche A Advances (the “Tranche A Advances”), and the outstanding principal amount of such Tranche A Advances is collectively referred to herein as “Tranche A”. As of the Closing Date, Tranche A equals $17,763,051. All Advances made on or after the Closing Date shall be deemed Tranche B Advances (the “Tranche B Advances”), and the outstanding principal amount of such Tranche B Advances is collectively referred to herein as “Tranche B”. Subject to the provisions of this Agreement, each Lender, severally agrees to make Advances to Borrower under the Loan from time to time during the Revolving Credit Period; provided, that the Advances of such Lender at any time outstanding under the Loan shall not exceed such Lender’s Pro Rata Share of an amount equal to the lesser of (such amount being referred to herein as “Availability”) (A) the Facility Cap and (B) the value, in Dollars, of one hundred percent (100%) of the aggregate Borrowing Base for all Pledged Receivables constituting Eligible Receivables. Any determination of Availability for requested Advances shall be made by Agent in its Permitted Discretion and is final and binding upon Borrower, absent manifest error. The Loan is a revolving credit facility which may be drawn, repaid and redrawn from time to time during Revolving Credit Period as permitted under this Agreement. No more than two (2) Advances may be made in any calendar week, unless otherwise permitted by Agent. Subject to the provisions of this Agreement, Borrower may request, at any time during the Revolving Credit Period, Advances up to and including the value, in Dollars, of one hundred percent (100%) of Availability. Advances under the Loan automatically shall be made during the Revolving Credit Period for the payment of any accrued and unpaid interest on the Loan and other payment Obligations on the date when due to the extent of Availability and as provided for herein.
Advances of the Loan. (a) Each Advance of the Loan shall be made upon the Borrower Representative’s irrevocable Loan Borrowing Notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m., three (3) Business Days prior to the requested date of any Advance. Each telephonic notice pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan Borrowing Notice, appropriately completed and signed by a Responsible Officer of the Parent. Each Borrowing shall be in a principal amount of not less than $500,000. Each Loan Borrowing Notice (whether telephonic or written) shall specify (i) the requested date of such Borrowing (which shall be a Business Day) and (ii) the principal amount of Advances to be borrowed.
(b) Following receipt of a Loan Borrowing Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Commitment Percentage of the applicable Advance. Each Lender shall make the amount of its Advance available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 p.m. on the Business Day specified in the applicable Loan Borrowing Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Advance, Section 4.01), the Administrative Agent shall make all funds so received available to the party referenced in the applicable Loan Borrowing Notice in like funds as received by the Administrative Agent either by (i) crediting the account of the applicable party on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower Representative.
Advances of the Loan. Subject to the provisions of this Agreement, including the satisfaction of the conditions precedent described in ARTICLE VII hereof, the Bank agrees to make advances of the Loan in Dollars to ASI from time to time during the Commitment Period, in amounts not to exceed the then Available Commitment. Advances of the Loan will be made by the Bank either to fund the reimbursement of drawings under a Letter of Credit which has been issued pursuant to the Commitment or to fund working capital requirements by direct deposit to the Borrowers' Account. Advances will be made against the written request of ASI signed by an Authorized Borrowers' Representative which will be funded on the same Business Day if received by 1:30 p.m. (prevailing eastern standard time) or on the next Business Day if received after such time. In order to fund a Loan advance, the Lender must have received a Borrowing Base Certificate which shall be current within the last 30 days and all of the supporting documentation required by Section 8.1(g) of this Agreement. The Bank will not make any advance of the Loan (other than advances to fund the reimbursement of drawings under a Letter of Credit which has been issued pursuant to the Commitment) during any period of time in which it has actual knowledge that ASI has no export purchase orders outstanding.
Advances of the Loan. As of the date of this Agreement, the unpaid principal balance of the Amended and Restated Note is $28,160,147.93. Notwithstanding anything to the contrary contained in the Loan Documents, but subject to all conditions for Advances set forth in the Loan Documents, there remains $1,846,017.40 of the Loan which remains available for Advances to pay for tenant improvements, leasing commissions, and other Property related costs in accordance with the Budget, each as approved by Xxxxxx.
Advances of the Loan. (a) The Original Loan was fully advanced under the Original Credit Agreement and shall be repaid in accordance with this Agreement.
(b) The Additional Advance shall be advanced in two disbursements:
(i) An advance in the principal amount of $950,000.00 (the “Restatement Advance”) shall be disbursed by Lender as of the date hereof upon Borrower’s satisfaction of all of Lender’s conditions precedent to the Loan closing set forth in Section 2.4 below, as determined in Lender’s sole discretion.
(ii) Subsequent advances shall be in an amount elected by Borrower, which, except for the final Additional Advance, must be in a minimum amount of $1,000,000 (or if the available balance of the commitment hereunder is less than $1,000,000, such balance) unless otherwise agreed to by Lender, and shall be disbursed upon Borrower’s irrevocable Loan Notice to Lender, which may be given by a Responsible Officer of Borrower. The Loan Notice must be received by Lender not later than 11:00 a.m. ten (10) Business Days (and not more than thirty (30) Business Days) prior to the requested date of an Additional Advance. The Loan Notice shall be on letterhead of Borrower and reference the wiring instructions for the account into which such proceeds are to be deposited and shall specify the requested date of the borrowing of an Additional Advance (which shall be a Business Day). Following receipt of the Loan Notice and satisfaction of all conditions specified in Section 2.5, Lender shall make the principal amount thereof available to Borrower by funding such Additional Advance via wire transfer of immediately available U.S. Federal funds.
Advances of the Loan. Each Advance will be conditioned upon receipt by Lender from the Borrower of an executed closing statement or an application for an Advance accompanied by an Officer's Certificate. The Lender shall be entitled to rely on any oral or written request received by it in good faith from anyone reasonably believed by the Lender to be an Authorized Officer. The Borrower shall promptly confirm any oral communication by delivering an Application upon request of Bank.
Advances of the Loan. (a) Borrower agrees to borrow the Loan from Lender, and Lender agrees to lend the Loan to Borrower, subject to the terms and conditions set forth herein, in incremental advances pursuant to Section 2.3 below that will not exceed, in the aggregate, the Loan Amount. During the Loan Term, the Loan shall bear interest as provided for in the Notes and such interest shall accrue on the Outstanding Loan Amount in the manner and at the rates and amounts as set forth in Schedule 6 attached hereto and incorporated herein by this reference (the “Interest Accrual Schedule”). The Loan is not a revolving loan; amounts repaid may not be re-borrowed.
(b) Borrower and Lender agree that on the Effective Date, Lender shall advance to all funds comprising the Loan Amount that have not been previously advanced to Borrower, including without limitation any funds held by Lender or held for the benefit of Lender in any escrow or other account.
