Discretionary Funding Advances Sample Clauses

Discretionary Funding Advances. Pursuant to Section 5.3 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to the extent there are insufficient funds in the Collection Account and the Working Capital Reserve with which to fund any Funding Draw permitted pursuant to any Loan Documents, which Discretionary Funding Advances are to be designated as applicable only to the Loan for which any Funding Draw is funded. Any Discretionary Funding Advances are to be deposited into the Collection Account from which the funds will be available to fund such Funding Draw.
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Discretionary Funding Advances. (a) In the event there are insufficient funds in the Collection Account and no funds in the Working Capital Reserve Account in excess of the Working Capital Reserve Floor (after use of all available funds from each such source) to fund Permitted Development 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 Development 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 Development Expenses. All Discretionary Funding Advances, together with a detailed statement of the sources and uses thereof (which, to the extent of reimbursement rights against an applicable Borrower or Obligor, 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. Notwithstanding anything to the contrary herein or in any other Transaction Document, any amounts disbursed or advanced by the Company in respect of Discretionary Funding Advances made by the Manager to the Company shall be disbursed or advanced in accordance herewith on behalf of the Company and not on behalf of the Manager in its individual capacity. The Manager agrees and acknowledges that the making of a Discretionary Funding Advance to the Company, and the advancing or disbursing of such amount by the Company in respect of an Asset, shall not create (i) a Lien in favor of, or for the benefit of, the Manager in respect of such Asset, or (ii) a participation interest or other rights in favor of, or for the benefit of, the Manager in respect of any existing Lien held by or on behalf of the Company relating to such Asset. Discretionary Funding Advances shall not be regarded as additional Capital Contributions.
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Discretionary Funding Advances. Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund Permitted Vertical Completion Expenses on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose, the Working Capital Reserve has reached the Working Capital Reserve Floor and no funds remain available for drawing under the Advance Facility. All Discretionary Funding Advances are to be designated as applicable only to the Asset to which such Discretionary Funding Advance relates. Any Discretionary Funding Advances are to be deposited into the Collection Account, from which the funds will be available to be disbursed to the Borrower (with respect to the Collateral) or used by the Company (with respect to the Acquired REO Property), as applicable, to pay the Permitted Vertical Completion Expenses relating to the specified Asset.
Sample 1
Discretionary Funding Advances. Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund (i) Permitted Vertical Completion Expenses and (ii) Permitted Horizontal Development Expenses, each on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose and the balance on deposit in the 6 2011-SIP-2 Structured Transaction Custodial and Paying Agency Agreement Version 3.1 EXECUTION VERSION Working Capital Reserve Account has been reduced to (or below) the Working Capital Reserve Floor. All Discretionary Funding Advances are to be designated as applicable only to the Asset to which such Discretionary Funding Advance relates. Any Discretionary Funding Advances are to be deposited into the Collection Account, from which the funds will be available to be disbursed to the Borrower (with respect to the Collateral) or used by the Company (with respect to the Acquired REO Property), as applicable, to pay the Permitted Vertical Completion Expenses or Permitted Horizontal Development Expenses, in each case relating to the specified Asset.
Sample 1
Discretionary Funding Advances. Pursuant to Section 5.4 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to fund Permitted Vertical Completion Expenses on an Asset-by-Asset basis to the extent that funds are not available in the Collection Account for such purpose, the Working Capital Reserve has reached the Working Capital Reserve Floor and no funds remain available for drawing under the Advance Facility. All Discretionary Funding Advances are to be designated as applicable only to the Asset to which such Discretionary Funding Advance relates. Any Discretionary Funding Advances are to be deposited into the Collection Account, from which the funds will be available to be disbursed to the Borrower (with respect to the Collateral) or used by the Company (with respect to the Acquired REO Property), as applicable, to pay the Permitted Vertical Completion Expenses relating to the specified Asset. Notwithstanding anything to the contrary herein or in any other Transaction Document, any amounts disbursed or advanced by the Company in respect of Discretionary Funding Advances made by the Manager to the Company shall be disbursed or advanced in accordance with Section 5.4 of the LLC Operating Agreement on behalf of the Company and not on behalf of the Manager in its individual capacity. The Manager agrees and acknowledges that the making of a Discretionary Funding Advance to the Company, and the advancing or disbursing of such amount by the Company in respect of an Asset, shall not create (i) a mortgage, lien, security interest or other encumbrance in favor of, or for the benefit of, the Manager in respect of such Asset, and (ii) a participation interest or other rights in favor of, or for the benefit of, the Manager in respect of any existing mortgage, lien or security interest held by or on behalf of the Company relating to such Asset.
Sample 1

Related to Discretionary Funding Advances

  • 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.

  • Funding of Borrowings (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request.

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

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • 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.

  • Cash Advances An Finance Charge will be imposed on cash advances from the date made or from the first day of billing cycle in which the cash advance is posted to your account, whichever is later, and will continue to accrue until the date of payment.

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