Funding of Loan. Each Lender party hereto on the Agreement Date shall deposit an amount equal to its Commitment with the Administrative Agent at the Principal Office, in immediately available funds not later than 10:00 a.m. on the Effective Date. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not later than 1:00 p.m. on the Effective Date, the proceeds of such amounts received by the Administrative Agent.
Funding of Loan a. Subject to compliance with the terms hereof and the Financing Agreements, Lender shall advance the Loan to IEL from time to time as required by IEL's manager and HIIC's affiliate, Xxxxxx'x Interactive Entertainment Company ("HIEC"), (each, a "Funding Date") during the period from the date hereof through the earlier of (i) the consummation of the Subsidiary Amalgamation and (ii) June 21, 1997. Funding shall occur as requested by HIEC as necessary to fund IEL's immediate working capital needs. Upon consummation of the Subsidiary Amalgamation, Outstanding Amounts (as defined in the Note) under the Note shall automatically convert into shares of common stock, $.01 par value, of SGI ("Common Stock") and HIIC shall receive a warrant to purchase shares of Common Stock in an amount equal to the difference between (x) one million shares of Common Stock and (y) any Common Stock received pursuant to the conversion of Outstanding Amounts under the Note.
b. Upon the advice of HIEC, IEL shall request funds on behalf of the Borrower by delivering a Notice of Borrowing to Lender (with a copy to SGIH) identifying (i) the total amount of the Loan to be funded and (ii) the Funding Date. Within three (3) days of receipt of a Notice of Borrowing, SGIH and SGI shall cause their respective Chief Executive Officer to deliver to HIIC Officer's Certificates of SGIH and SGI which shall state that, as of the date thereof and on the Funding Date, the representations set forth herein shall be true and correct and no default of SGI or SGIH exists under the Note.
c. Following receipt and review of the required documentation, Lender shall advance the Loan requested on the Funding Date if such documentation is reasonably satisfactory to Lender in all material respects.
d. If either or both of SGIH and SGI fail to timely deliver the Officer's Certificate, HIIC may, at its sole discretion (i) declare this Agreement in default; or (ii) elect to advance the funds requested.
e. IEL may prepay any amounts outstanding under the Loan at any time and from time to time. Any such prepayments shall be used to repay the Loan with the earliest advances under the Loan to be repaid first.
Funding of Loan. Upon the satisfaction of the conditions set forth in Section 5, each of the Lenders (severally and not jointly) agrees to advance to Borrowers such Lender's Pro Rata Share of a term loan (the “Loan”) in one advance to Borrower on the Closing Date in the aggregate amount of the Maximum Facility.
Funding of Loan. Within five (5) business days from the Effective Date, Lender will disburse the Loan Amount by one or more wire transfers of immediately available funds to Borrower. The date upon which such wire transfer is completed and fully accumulated on the bank account of the Borrower will be the "Funding Date."
(a) Lender’s funding instructions: bank wire using on-line banking system wire website. Any commissions, levies, duties and any other costs and payments incurred in respect of wire transfer of the Loan Amount from the Lender to the Borrower shall be covered by the Lender.
Funding of Loan. Not later than 11:30 am. (San Francisco time) on the Closing Date and subject to and upon fulfillment of the applicable conditions set forth in
Funding of Loan. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, including, without limitation, satisfaction of the conditions precedent set forth in Section 3.1.1 hereof, on the Effective Date, Borrower agrees to borrow from Lender, and Lender shall disburse to Borrower from the proceeds of the Loan the sum of FOUR MILLION THREE HUNDRED EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($4,385,000.00) which shall be used for paying (A) the cost of paying off any existing financing secured by an encumbrance on the Assets, (B) out‑of‑pocket fees, costs and expenses incurred by Lender in connection with the Loan transaction, including, without limitation, all appraisal, title, escrow, engineering, environmental and attorneys’ fees and expenses (collectively, the "Lender Expenses"), (C) the Loan Commitment Fee, (D) establishment of the Tax and Insurance Reserve and (E) fees payable to the broker named in Section 12.27 of this Agreement. Borrower hereby authorizes Lender to disburse on the Effective Date such Loan proceeds directly to Lender as are necessary to pay the Lender Expenses and the Loan Commitment Fee.
Funding of Loan. Each Lender shall make its Percentage Share of the Loan available to the Administrative Agent, in same-day funds, on the Closing Date at the Contact Office, ABA 000-000-000 for the Administrative Agent’s Account No. 00-000-000, Ref: CNL Hotels & Resorts, no later than 12:00 p.m. (New York time) on the Closing Date.
Funding of Loan. (a) Upon the fulfillment of all the conditions set forth in this Section 3 to the disbursement of the proceeds of the Loan, or the waiver of any such conditions in writing, Lender shall disburse to or at the direction of each Resort Loan Party the amount of the Resort Loan set forth for such Resort Loan Party on Schedule II.
(b) If requested by CCI and the Resort Loan Parties, Lender shall fund the proceeds of the Loan required to be funded by Lender pursuant to this Agreement through an escrow. If funding is to take place through an escrow, conditions denominated conditions precedent in this Agreement, other than conditions that are by their terms, to be fulfilled no later than a specified number of days before the Closing Date, may be fulfilled simultaneously with such funding through escrow.
(c) Each Resort Loan Party and Lender hereby acknowledge and agree that on the date of the execution and delivery of this Agreement by Lender, all of the conditions to funding set forth in this Section 3 have been fulflled, and that on such date, Lender is unconditionally obligated to fund the Loan.
Funding of Loan. Not later than 1:00 p.m. (New York City time) on the date of the Loan, the Bank shall make the Loan available to the Borrower by promptly crediting the amount thereof, in funds immediately available, by wire transfer, automated clearing house debit or interbank transfer to the Agent under the Revolving Credit Agreement for application as a prepayment of the amounts outstanding thereunder.
Funding of Loan. (a) Each Lender shall wire the principal amount of its Loan in immediately available funds, by 12:00 noon, New York City time, on the Effective Date, to the Administrative Agent’s Account.
(b) Upon satisfaction or waiver of the applicable conditions set forth in Article 4, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds to the following account: International Lease Finance Corp JPMorgan Chase Bank ABA: 000000000 SWIFT: XXXXXX00 Account: 000-000-0000 or such other account in accordance with instructions provided by the Borrower in writing prior to the Effective Date to (and reasonably acceptable to) the Administrative Agent.
