First Advance. As of the date of the first advance of Project Funds to Lessee pursuant to this Agreement, the amount of the money expended by Lessee on account of the construction of the Project in accordance with the Project Plans and the items listed on Project Budget will not be less than the amount of such first advance.
First Advance. The obligations of the Lenders to make the first Advance are subject to the following additional conditions precedent, each of which shall have been met or performed on or before the Closing Date:
First Advance. Upon signing this Agreement, Lender agrees to make a first Advance to Borrower in the amount of One Million and No/100 Dollars ($1,000,000), to be used for general corporate business purposes (the “First Advance”). The First Advance shall bear interest from the date advanced until the date of repayment at a simple interest rate equal to 2.58% per annum. The parties hereby agree and acknowledge that the interest rate of the First Advance set forth herein is consistent with prevailing fair market rates for similar loans. Accrued interest on the First Advance shall be due and payable at maturity. Lender’s calculations of accrued interest on the First Advance shall be binding and conclusive in the absence of manifest error.
First Advance. The sole Advance of the Loan shall be made upon satisfaction of all conditions specified in Article VIII and in accordance with the provisions of Section 2.01(a).
First Advance. As of the date of the first advance of Project Funds to the Developer pursuant to this Agreement, the amount of the money expended by the Developer on account of the construction of the Project in accordance with the Project Plans and the items listed on Project Budget will not be less than the amount of such first advance.
First Advance. The obligation of the Bank to make the first Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received not later than two (2) Banking Days before the day on which the Drawdown Notice for the first Advance is given, the documents and evidence specified in Part 2 of Schedule 3 in form and substance satisfactory to the Bank.
First Advance. The first Advance, which shall be used (i) to repay loans provided by the Guarantor to the Borrower from, among other sources, funds borrowed by the Guarantor from Citicorp North America, Inc. ("Citicorp") and other lenders, and (ii) to pay the management fee of the Lender as set out in clause 5, will be transferred to and deposited in the Borrower's accounts, and the Borrower hereby instructs the Bank to transfer the deposited first Advances in USD to the Bank account of the Guarantor. The Lender hereby agrees to exchange HUF amounts of the loan into USD using the Exchange Rate without charging further fees. The Guarantor hereby instructs the Bank to transfer to and deposit in the appropriate Citicorp account the amount due to settle the Citicorp loan made to the Guarantor. The Parties agree and the Lender undertakes that the above mentioned transfers shall be completed in such a way that the Citicorp Loan Settlement Account and the bank accounts of the other relevant creditors of the Guarantor will be credited on value date October 15, 1996.
First Advance. Once the Conditions to First Advance in Attachment D have been satisfied, Eureka County shall make a first advance of grant funds to NRHA in an amount sufficient to complete development of Stage I of Phase I of the Single Family Project in accordance with the Phase 1 Budget at Attachment G, and shall include (1) the consideration paid by Eureka County to NRHA under the Contract for Services of Independent Contractor between the Parties dated July 6, 2010, allocated to the Single Family Project, (2) funds disbursed by Eureka County to NRHA under the Interim Agreement between the Parties dated May 4, 2011 allocated to the Single Family Project, (3) pre-development, project start-up, and related costs and expenses incurred or to be incurred by NRHA in connection with the Single Family Project as reasonably determined by NRHA and Eureka County, including attorneys' fees and costs, (4) that portion of the Development Fee in accordance with the Single Family Real Property Agreement and Phase 1 Budget, and (5) the closing costs in connection with the Closing required to be paid by NRHA under ¶500G of the Single Family Real Property Agreement. At Closing, the amounts listed in (1) and (2), above, shall be applied to outstanding principal under the Note but shall not be actually disbursed by Eureka County. At Closing, NRHA shall pay to Eureka County unpaid interest on the funds disbursed by Eureka County to NRHA under the Interim Agreement of May 4, 2011 accruing through the date of Closing. Upon Closing (and NRHA's payment of such unpaid interest and NRHA's execution and delivery of the Note), any amounts owed by NRHA to Eureka County under the Contract for Services of Independent Contractor dated July 6, 2010 allocated to the Single Family Project and the Interim Agreement dated May 4, 2011 allocated to the Single Family Project, shall be paid in full.
First Advance. At the Closing, 16,500 Interests in the Borrower owned by the Lender shall be converted into a portion of the Loan in the principal amount of $11,000,000 (such portion of the Loan, the "First Advance"). Upon such conversion, the First Advance shall be deemed disbursed, all the Interests of the Lender in the Borrower shall be deemed cancelled, the Joint Venture-II Agreement shall be terminated and replaced by the Western Realty Tobacco LLC Limited Liability Company Agreement dated as of the date hereof in the form attached hereto as Exhibit A, and Brooke (Overseas) shall become the sole member of the Borrower.
First Advance. 50% of Curtis' Estimated Net Sale (billinxx xx Curtis' xxxxxxxrs less allowance fxx xxxold copies) ("ENS") less Curtis' distributor fee to be paid xx 00 days after the on sale date.
