Discretionary Funding Advance Sample Clauses

Discretionary Funding Advance. (a) In the event there are insufficient funds in the Collection Account and also insufficient funds in the Working Capital Reserve Account to make Funding Draws with respect to specific Loans (and related Acquired Property), the Manager may, in its discretion, make an advance to the Company (the “Discretionary Funding Advance”), which Discretionary Funding Advance shall be reimbursable (and shall accrue interest as set forth herein) only to the extent used exclusively for the applicable Funding Draws for specified Loans (or related Acquired Property). In no event may Discretionary Funding Advances be used for payment of any Working Capital Expenses other than Funding Draws. The proceeds of Discretionary Funding Advances shall be deposited into the Collection Account for disbursement therefrom for the making of the applicable Funding Draws. All Discretionary Funding Advances, together with a detailed statement of the sources and uses thereof (which shall be broken out by the reimbursable and unreimbursable portions thereof) and description of the allocation to the Loans for which such Discretionary Funding Advance was made, shall be reflected in the Monthly Report with respect to the calendar month during which the relevant Discretionary Funding Advance was made.
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Discretionary Funding Advance. (a) In the event there are insufficient funds in the Collection Account, no funds in the Working Capital Reserve in excess of the Working Capital Reserve Floor, and insufficient funds available for drawing under the Advance Facility (after use of all available funds from each such source) to fund Permitted Vertical Completion Expenses with respect to specific Assets, the Manager may, in its discretion, make an advance to the Company (a “Discretionary Funding Advance”), which Discretionary Funding Advance shall be reimbursable (and shall accrue interest as set forth herein) only to the extent used exclusively for the applicable Permitted Vertical Completion Expenses for such specified Assets. In no event may Discretionary Funding Advances be used for payment of any Working Capital Expenses. The proceeds of Discretionary Funding Advances shall be deposited into the Collection Account for disbursement therefrom for the payment of the applicable Permitted Vertical Completion Expenses. All Discretionary Funding Advances, together with a detailed statement of the sources and uses thereof (which shall be broken out by the reimbursable and unreimbursable portions thereof) and description of the allocation to the Assets for which such Discretionary Funding Advance was made, shall be reflected in the Monthly Report with respect to the calendar month during which the relevant Discretionary Funding Advance was made.
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Related to Discretionary Funding Advance

  • Loan Repayment Upon the terms and conditions of this Agreement, the Issuer agrees to make the Loan to the Company. The proceeds of the Loan shall be deposited with the Trustee pursuant to Section 3.3 hereof. In consideration of and in repayment of the Loan, the Company shall make, as Loan Payments, to the Trustee for the account of the Issuer, payments which correspond, as to time, and are equal in amount as of the Loan Payment Date, to the corresponding Bond Service Charges payable on the Bonds. All Loan Payments received by the Trustee shall be held and disbursed in accordance with the provisions of the Indenture and this Agreement for application to the payment of Bond Service Charges. The Company shall be entitled to a credit against the Loan Payments required to be made on any Loan Payment Date to the extent that the balance of the Bond Fund is then in excess of amounts required (a) for the payment of Bonds theretofore matured or theretofore called for redemption, or to be called for redemption pursuant to Section 6.1 hereof (b) for the payment of interest for which checks or drafts have been drawn and mailed by the Trustee or Paying Agent, and (c) to be deposited in the Bond Fund by the Indenture for use other than for the payment of Bond Service Charges due on that Loan Payment Date. Except for such interest of the Company as may hereafter arise pursuant to Section 8.2 hereof or Sections 5.06 or 5.07 of the Indenture, the Company and the Issuer each acknowledge that neither the Company, the State nor the Issuer has any interest in the Bond Fund or the Bond Purchase Fund, and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders.

  • Vacation Pay Advance Where an Employee requests vacation pay in advance and provides fourteen (14) days written notice prior to the commencement of the vacation, vacation pay shall be provided to the Employee no later than her last scheduled working day prior to vacation.

  • NO ADVANCE PAYMENT No advance payments shall be made for any products or services furnished by Contractor pursuant to this Master Contract.

  • Step Advancement Each faculty member will be granted one (1) increment on the salary schedule each year up to the maximum allowed. To qualify for advancement one (1) step on the salary schedule, employees must have been employed in a paid status or on any form of medical leave (FMLA, CFRA, etc.), or on military leave seventy-five percent (75%) or more of the school days in a school year.

  • UNPAID DISCRETIONARY LEAVE 1. a. An employee shall be entitled to a minimum of three (3) days of unpaid discretionary leave each year.

  • Advance Payment The right to indemnification conferred in this Article VII shall include the right to be paid or reimbursed by the Company the reasonable expenses incurred by a Person of the type entitled to be indemnified under Section 7.3 who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without any determination as to the Person’s ultimate entitlement to indemnification; provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition of a Proceeding shall be made only upon delivery to the Company of a written affirmation by such Person of his or her good faith belief that he has met the standard of conduct necessary for indemnification under Article VII and a written undertaking, by or on behalf of such Person, to repay all amounts so advanced if it shall ultimately be determined that such indemnified Person is not entitled to be indemnified under this Article VII or otherwise.

  • Salary Step Advancement No period of unpaid leave shall be counted toward time served for purposes of salary step advancement. Completion of at least 75% of the assigned work year for the employee in a paid status is a prerequisite to salary advancement.

  • Salary Advancement Assigned salary ranges normally contain 5 steps. Employees move through these steps on the basis of performance in the position hired/promoted into. Regular, full-time employees shall be eligible for salary step advancement consideration, as follows:

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