Funding Mechanics. (a) Within fifteen (15) days after Lender’s receipt of a written notice of drawdowvn executed by Borrower (“Drawdown Notice”) a form of which is attached as Exhibit A-1 hereto, Lender agrees to advance funds to Borrower from time to time in the form of loans (each such advance, a “Loan”) until the Maturity Date; provided, however, that in no event shall the aggregate principal amount of all Loans advanced hereunder at any time exceed $48,000 and provided further, that no Event of Default (as defined below) has occurred and is continuing. Loans repaid may not be reborrowed by Borrower,
Appears in 2 contracts
Samples: Unsecured Subordinated Promissory Note, Subordination Agreement (Metropark Usa Inc)
Funding Mechanics. (a) Within fifteen (15) days after Lender’s receipt of a written notice of drawdowvn drawdown executed by Borrower (“Drawdown Notice”) a form of which is attached as Exhibit A-1 hereto, Lender agrees to advance funds to Borrower from time to time in the form of loans (each such advance, a “Loan”) until the Maturity Date; provided, however, that in no event shall the aggregate principal amount of all Loans advanced hereunder at any time exceed $48,000 1,109,469.28 and provided further, that no Event of Default (as defined below) has occurred and is continuing. Loans repaid may not be reborrowed by Borrower,.
Appears in 1 contract
Funding Mechanics. (a) Within fifteen (15) days after Lender’s receipt of a written notice of drawdowvn drawdown executed by Borrower (“Drawdown Notice”) a form of which is attached as Exhibit A-1 hereto, Lender agrees to advance funds to Borrower from time to time in the form of loans (each such advance, a “Loan”) until the Maturity Date; provided, however, that in no event shall the aggregate principal amount of all Loans advanced hereunder at any time exceed $48,000 1,272,000.00 and provided further, that no Event of Default (as defined below) has occurred and is continuing. Loans repaid may not be reborrowed by Borrower,.
Appears in 1 contract
Funding Mechanics. (a) Within fifteen (15) days after Lender’s receipt of a written notice of drawdowvn drawdown executed by Borrower (“Drawdown Notice”) a form of which is attached as Exhibit A-1 hereto, Lender agrees to advance funds to Borrower from time to time in the form of loans (each such advance, a “Loan”) until the Maturity Date; provided, however, that in no event shall the aggregate principal amount of all Loans advanced hereunder at any time exceed $48,000 711,908.00 and provided further, that no Event of Default (as defined below) has occurred and is continuing. Loans repaid may not be reborrowed by Borrower,.
Appears in 1 contract
Funding Mechanics. (a) Within fifteen (15) days after Lender’s receipt of a written notice of drawdowvn drawdown executed by Borrower (“Drawdown Notice”) a form of which is attached attached’ as Exhibit A-1 hereto, Lender agrees to advance funds to Borrower from time to time in the form of loans (each such advance, a “Loan”) until the Maturity Date; provided, however, that in no event shall the aggregate principal amount of all Loans advanced hereunder at any time exceed $48,000 1,358,622.72 and provided further, that no Event of Default (as defined below) has occurred and is continuing. Loans repaid may not be reborrowed by Borrower,.
Appears in 1 contract