Common use of Funding of Chadmoore Operations Clause in Contracts

Funding of Chadmoore Operations. On or about the Signing Date but not later than August 25, 2000, Nextel will cause a third-party lender to, or if such arrangements cannot be concluded, cause a wholly owned subsidiary of Nextel (in either case, "LENDER") to provide advances to Chadmoore of up to $5,200,000. From the date hereof until the earlier of (a) the Closing Date, (b) eighteen (18) months from the date hereof, (c) the termination of this Agreement pursuant to Article 9 or (d) the filing by or against Chadmoore of a petition under the U.S. Bankruptcy Code (or similar state law proceeding), on or before the 5th business day of each calendar month beginning September 2000, Chadmoore will submit its request for a cash advance in an amount not to exceed $1.3 million plus any fees or interest then due to Lender or which are reasonably expected to become due within thirty (30) days thereafter, and, not later than five (5) business days after receiving a request for such advance, Lender will advance the requested funds to Chadmoore. Advances made as contemplated by this Section 5.04 will be evidenced and secured on terms reasonably satisfactory to Lender and subordinated on terms to which GATX Capital Corporation consents. Nextel shall cause Lender to exercise commercially reasonable efforts to document such terms as soon as practicable after the Signing Date. Upon the Closing Date, Nextel will repay to the Lender the Funding Adjustment. If this Agreement is terminated pursuant to Article 9, the aggregate amount of advances made as contemplated by this Section 5.04 (the "ADVANCES") shall become due and payable with interest within 180 days of such termination. Interest will accrue on a daily basis from the date of such termination on the unpaid principal amount outstanding pursuant to this Section 5.04, at a rate per annum equal to the Prime Rate. For purposes of this Agreement, "PRIME RATE" means rate of interest per annum publicly announced from time to time by Barclays Bank PLC, as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

Funding of Chadmoore Operations. On or about the Signing Date but not later than August 25, 2000, Nextel will cause a third-party lender to, or if such arrangements cannot be concluded, cause a wholly owned subsidiary of Nextel (in either case, "LENDERLender") to provide advances to Chadmoore of up to $5,200,000. From the date hereof until the earlier of (a) the Closing Date, (b) eighteen (18) months from the date hereof, (c) the termination of this Agreement pursuant to Article 9 or (d) the filing by or against Chadmoore of a petition under the U.S. Bankruptcy Code (or similar state law proceeding), on or before the 5th business day of each calendar month beginning September 2000, Chadmoore will submit its request for a cash advance in an amount not to exceed $1.3 million plus any fees or interest then due to Lender or which are reasonably expected to become due within thirty (30) days thereaftermillion, and, not later than five (5) business days after receiving a request for such advance, Lender will advance the requested funds to Chadmoore. Advances made as contemplated by this Section 5.04 will be evidenced and secured on terms reasonably satisfactory to Lender and subordinated on terms to which GATX Capital Corporation consents. Nextel shall will cause Lender to exercise commercially reasonable efforts to document such terms as soon as practicable after the Signing Date. Upon the Closing Date, Nextel will repay to the Lender the Funding Adjustment. If this Agreement is terminated pursuant to Article 9, the aggregate amount of advances made as contemplated by this Section 5.04 (the "ADVANCESAdvances") shall become due and payable with interest within 180 days of such termination. Interest will accrue on a daily basis from the date of such termination on the unpaid principal amount outstanding pursuant to this Section 5.04, at a rate per annum equal to the Prime Rate. For purposes of this Agreement, "PRIME RATEPrime Rate" means rate of the "Prime Rate" as reported by The Wall Street Journal in its column entitled "Money Rates." Any fees or interest per annum publicly announced from time to time charged by Barclays Bank PLC, as its prime rate in effect at its principal office in New York City; each change a third-party lender in the Prime Rate period prior to the Closing or the termination of this Agreement shall be effective from and including the date such change is publicly announced as being effectivepaid by Acquisition Sub or by another subsidiary of Nextel.

Funding of Chadmoore Operations. On or about the Signing Date but not later than August 25, 2000, Nextel will cause a third-party lender to, or if such arrangements cannot be concluded, cause a wholly owned subsidiary of Nextel (in either case, "LENDERLender") to provide advances to Chadmoore of up to $5,200,000. From the date hereof until the earlier of (a) the Closing Date, , (b) eighteen (18) months from the date hereof, (c) the termination of this Agreement pursuant to Article 9 or (d) the filing by or against Chadmoore of a petition under the U.S. Bankruptcy Code (or similar state law proceeding), on or before the 5th business day of each calendar month beginning September 2000, Chadmoore will submit its request for a cash advance in an amount not to exceed $1.3 million plus any fees or interest then due to Lender or which are reasonably expected to become due within thirty (30) days thereafter, and, not later than five (5) business days after receiving a request for such advance, Lender will advance the requested funds to Chadmoore. Advances made as contemplated by this Section 5.04 will be evidenced and secured on terms reasonably satisfactory to Lender and subordinated on terms to which GATX Capital Corporation consents. Nextel shall cause Lender to exercise commercially reasonable efforts to document such terms as soon as practicable after the Signing Date. Upon the Closing Date, Nextel will repay to the Lender the Funding Adjustment. If this Agreement is terminated pursuant to Article 9, the aggregate amount of advances made as contemplated by this Section 5.04 (the "ADVANCESAdvances") shall become due and payable with interest within 180 days of such termination. Interest will accrue on a daily basis from the date of such termination on the unpaid principal amount outstanding pursuant to this Section 5.04, at a rate per annum equal to the Prime Rate. For purposes of this Agreement, "PRIME RATEPrime Rate" means rate of interest per annum publicly announced from time to time by Barclays Bank PLC, as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

Funding of Chadmoore Operations. On or about the Signing Date but not later than August 25, 2000, Nextel will cause a third-party lender to, or if such arrangements cannot be concluded, cause a wholly owned subsidiary of Nextel (in either case, "LENDER") to provide advances to Chadmoore of up to $5,200,000. From the date hereof until the earlier of (a) the Closing Date, (b) eighteen (18) months from the date hereof, (c) the termination of this Agreement pursuant to Article 9 or (d) the filing by or against Chadmoore of a petition under the U.S. Bankruptcy Code (or similar state law proceeding), on or before the 5th business day of each calendar month beginning September 2000, Chadmoore will submit its request for a cash advance in an amount not to exceed $1.3 million plus any fees or interest then due to Lender or which are reasonably expected to become due within thirty (30) days thereaftermillion, and, not later than five (5) business days after receiving a request for such advance, Lender will advance the requested funds to Chadmoore. Advances made as contemplated by this Section 5.04 will be evidenced and secured on terms reasonably satisfactory to Lender and subordinated on terms to which GATX Capital Corporation consents. Nextel shall will cause Lender to exercise commercially reasonable efforts to document such terms as soon as practicable after the Signing Date. Upon the Closing Date, Nextel will repay to the Lender the Funding Adjustment. If this Agreement is terminated pursuant to Article 9, the aggregate amount of advances made as contemplated by this Section 5.04 (the "ADVANCES") shall become due and payable with interest within 180 days of such termination. Interest will accrue on a daily basis from the date of such termination on the unpaid principal amount outstanding pursuant to this Section 5.04, at a rate per annum equal to the Prime Rate. For purposes of this Agreement, "PRIME RATE" means rate of the "Prime Rate" as reported by THE WALL STREET JOURNAL in its column entitled "Money Rates." Any fees or interest per annum publicly announced from time to time charged by Barclays Bank PLC, as its prime rate in effect at its principal office in New York City; each change a third-party lender in the Prime Rate period prior to the Closing or the termination of this Agreement shall be effective from and including the date such change is publicly announced as being effectivepaid by Acquisition Sub or by another subsidiary of Nextel.