Determination of Advance Amounts. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in Section 2.3. The maximum amount of an Advance shall be equal to (a) the aggregate Borrowing Base for all Eligible Notes Receivable less (b) the then unpaid principal balance of the Loan; provided, however, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount. Furthermore, Lender hereby agrees, if Borrower has Performed all the Obligations then due, to make Availability Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in Section 2.3. The maximum amount of any Availability Advance shall be equal to (a) eighty percent (80%) of the then‑outstanding principal balance of all Eligible Notes Receivable pledged to Lender less (b) the unpaid principal balance of the Loan; provided, however, that at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount. In addition to satisfying all of the conditions precedent to the making of an Advance, as a condition of an Availability Advance, Borrower shall deliver to Lender a Request for Availability Advance substantially in the form and 24 substance of Exhibit U attached hereto, together with such other items which are reasonably necessary to determine satisfaction of the conditions precedent thereto.
Determination of Advance Amounts. (a) As of each Requested Advance Date other than the Requested Advance Date for the First Advance, after giving effect to the requested Advance (clauses (i) through (iii) below, collectively, the “Debt Sizing Parameters”):
(i) the outstanding principal amount of the Guaranteed Loan shall not exceed 80% of the sum of (A) Eligible Project Costs (excluding interest) incurred and paid on or prior to such Requested Advance Date or projected to be paid on or prior to the [*****] after the Requested Advance Date with respect to Qualified Stalls owned by the Borrower or projected to be contributed to the Borrower during such period, (B) the aggregate amount of capitalized interest on all Advances made prior to such Requested Advance Date and (C) solely with respect to the last Advance, the Account Funding Requirement of the Debt Service Reserve Account, if being funded by such Advance;
(ii) the projected ratio of (A) the amount of the Guaranteed Loan to (B) the aggregate amount of Project Costs (including (x) capitalized interest, (y) Project Costs incurred and paid on or prior to such Requested Advance Date or projected to be paid on or prior to the [*****] after such Requested Advance Date with respect to Qualified Stalls owned by the Borrower or contemplated to be contributed to the Borrower during such period and (z) solely with respect to the last Advance, the Account Funding Requirement of the Debt Service Reserve Account, if being funded by such Advance) (the “Loan to Value Ratio”) as of such date of determination shall not exceed 65:35; and
(iii) the amount of the Guaranteed Loan shall not exceed $1,247,705,000, the aggregate amount of Advances shall not exceed the Maximum Aggregate Amount of Advances and the aggregate amount of capitalized interest thereon shall not exceed the Maximum Capitalized Interest Amount.
(b) The First Advance shall not exceed the sum of (x) $50,000,000 and (y) 80% of the Eligible Project Costs incurred and paid or projected to be paid on or prior to the [*****] after the First Advance Date by the Sponsor with respect to the Qualified Stalls the Project Costs of which are being reimbursed with the First Advance.
Determination of Advance Amounts. (A) the aggregate amount of all Advances made to the Borrower under the FFB Note for such Tranche shall not exceed the applicable Maximum Tranche Commitment Amount; (B) the aggregate amount of all Advances made to the Borrower under the FFB Note then-outstanding shall not exceed the Maximum Guaranteed Loan Amount and shall otherwise comply with the Debt Sizing Parameters; and (C) the aggregate amount of capitalized interest shall not exceed the Maximum Capitalized Interest Amount.
Determination of Advance Amounts. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make an Advance to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in Section 2.3. The maximum amount of the Advance shall be equal to the aggregate Borrowing Base for all Eligible Notes Receivable; provided, however, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount.
Determination of Advance Amounts. The aggregate amount of Advances made to the Borrower under the Notes (together with all capitalized interest thereon, which shall be determined as provided in, and subject to the limitations in, the Notes and Section 3.05(a) (Interest Account and Interest Computations)) shall not, as of any date of determination, be more than the lesser of (a) 70% of the sum of all Eligible Project Costs incurred and paid (including any Advance proceeds applied to fund the Debt Service Reserve Account) as of such date of determination, and (b) $475,000,000 (such lesser amount, the “Maximum Loan Amount”); it being understood that the maximum aggregate amount of Advances made to pay or reimburse Eligible Project Costs, excluding capitalization of interest on the Loan, will not exceed an amount equal to $475,000,000 minus the Maximum Capitalized Interest Amount.
Determination of Advance Amounts
