Funding the Loan. Each loan advance hereunder shall be made upon the written request of the Borrower to the Bank, specifying the date and amount thereof. All advances hereunder shall be made by depositing the same to the checking account of Borrower at the Bank.
Funding the Loan. Each loan advance hereunder shall be made upon the written request of the Borrower to the Bank, specifying the date and amount and intended use thereof. All advances hereunder, whether under the Note, the Lakeshore Note or the Lakes Mall Note, shall be made by depositing the same to the checking account of Borrower at the Bank or other methods acceptable to Borrower and Bank. LAKESHORE ACKNOWLEDGES AND AGREES THAT NO ADVANCES SHALL BE MADE DIRECTLY TO LAKESHORE EXCEPT UPON THE EXPRESS WRITTEN CONSENT OF THE BORROWER RECEIVED BY THE BANK PRIOR TO THE ADVANCE BEING MADE. LAKES MALL ACKNOWLEDGES AND AGREES THAT NO ADVANCES SHALL BE MADE DIRECTLY TO LAKES MALL EXCEPT UPON THE EXPRESS WRITTEN CONSENT OF THE BORROWER RECEIVED BY THE BANK PRIOR TO THE ADVANCE BEING MADE.
Funding the Loan. Each loan advance hereunder shall be made upon the written request of the Borrower to the Bank, specifying the date and amount and intended use thereof. All advances hereunder, whether under the Note or the Lakeshore Note, shall be made by depositing the same to the checking account of Borrower at the Bank or other methods acceptable to Borrower and Bank. LAKESHORE ACKNOWLEDGES AND AGREES THAT NO ADVANCES SHALL BE MADE DIRECTLY TO LAKESHORE EXCEPT UPON THE EXPRESS WRITTEN CONSENT OF THE BORROWER RECEIVED BY THE BANK PRIOR TO THE ADVANCE BEING MADE.
Funding the Loan. (a) Each Advance hereunder shall be made upon the written request of the Borrower to the Agent by facsimile transmission or given in accordance with Section 10.2 hereof, specifying the date and amount thereof, which request must be received by Agent prior to 10:30 A.M., Central Time (standard or daylight savings, as applicable) on (i) in the case of an Advance bearing interest at the Base Rate (as defined in the Notes), the day of the requested Advance, and (ii) in the case of an Advance bearing interest at the Adjusted LIBOR Rate (as defined in the Notes), on the third Business Day preceding the date of requested Advance. Each request for an Advance bearing interest at the Adjusted LIBOR Rate shall also request the initial Interest Period (as defined in the Notes) for such Advance. It is agreed that only three (3) Adjusted LIBOR Rates and three (3) Interest Periods (as defined in the Notes) shall be permitted to be in effect at any time during the term hereof. In the event the LIBOR Rate is not reported by the Telerate Computer Service, the Banks and Borrower agree to negotiate expeditiously and in good faith in an attempt to determine an alternative method of establishing the LIBOR Rate.
(b) Provided Agent shall have received notice in the manner set forth in Section 2.2(a) hereof, the Agent will use its reasonable efforts to notify each Bank from which an advance is requested of such advance prior to 12:00 noon, Central Time (standard or daylight savings, as applicable).
(c) Each Bank shall, not later than 2:00 P.M., Central Time (standard or daylight savings, as applicable) on the date specified in such notice, make available to Agent at its main office in Memphis, Tennessee, an amount in immediately available funds equal to such Bank's pro rata share of the requested Advance. Proceeds received by Agent from the other Banks, and amounts advanced by FTBNA hereunder, shall promptly be made available to Borrower by depositing the same to Borrower's checking account.
Funding the Loan. Each Revolving Credit Advance hereunder shall be made upon the written request of the Borrower to the Bank, specifying the date and amount and intended use thereof. All Revolving Credit Advance hereunder shall be made by depositing the same to the checking account of Borrower at the Bank or other methods acceptable to Borrower and Bank.
Funding the Loan. Revolving Credit Advances shall be made (i) by automated transfer, as described in that certain agreement by and between the Borrower and the Bank entitled "Automated Transfer Facility Including Automated Principal Reduction", or (ii) upon the oral request, followed by immediate written or fax confirmation, or the written request of the Borrower to the Bank and to the attention of:
Funding the Loan. Extending Credit. Each loan advance hereunder shall be made by depositing the same to the checking account of the Borrower in Bank, or in such other manner as the Borrower and Bank may, from time to time, agree. Extensions of credit upon the Loan may also be made by Bank’s issuance of a letter of credit in accordance with a Reimbursement Agreement between the Bank and the Borrower. Any payments made by Bank with respect to a letter of credit issued for the benefit of the Borrower shall be added to the unpaid principal balance of the Note, unless the Borrower, concurrently with or prior to the payment of such letter of credit, pays to the Bank the amount of such letter of credit. In addition, if any lockbox and lockbox account is established by the Borrower with the Bank, all proceeds from the lockbox account shall be automatically and daily applied by the Bank to the payment of the Loan. In addition, if any deposit account is maintained by the Borrower with the Bank, amounts in such deposit account may be automatically and daily applied by the Bank to the payment of the Loan. Borrower hereby irrevocably authorizes Bank to charge any deposit account of the Borrower with the Bank for the purpose of paying any principal or interest on the Loans, for purposes of paying any reimbursement obligations under Reimbursement Agreement in connection with letters of credit and any related credit support for letters of credit, fees, premiums and other sums payable hereunder, including reimbursing expenses pursuant to to this Agreement and agrees that all such amounts charged shall constitute loan advances and that all such loan advances so made shall be deemed to have been requested by Borrower pursuant to Section 2.2 hereof.
Funding the Loan. Each loan advance hereunder shall be made by depositing the same to the checking account of Borrower Representative, or in such other manner as Borrower Representative and Lender may agree in writing from time to time. Borrower Representative shall provide Lender with at least one (1) Business Day’s written notice of the requested advance, specifying the date and amount of the advance, together with a completed Borrowing Base Certificate. Lender shall, on or after 1:00 P.M. (Eastern Time) of the advance date, make the amount of the requested advance available to Borrowers, provided all conditions precedent to such advance have been met or satisfied. Each requested loan advance hereunder shall be in the minimum amount of $50,000.00 and multiples of $50,000.00 in excess thereof.
Funding the Loan. Each Advance hereunder, other than the Loan Balance outstanding on the Closing Date shall be made upon the written request of the Borrower to the Bank, specifying the date and amount and intended use thereof. All advances hereunder shall be made by depositing the same to the checking account of Borrower at the Bank or other methods acceptable to Borrower and Bank.
Funding the Loan. City’s obligation to fund the three loan installments shall be conditioned upon compliance by Borrower with the following requirements (collectively, the “Funding Conditions”) to the reasonable satisfaction of City:
(a) Sit-In Movement, Inc. shall provide to City, as a pre-condition to the payment of the fiscal year 2013 (“FY 2013”) installment, acceptable Audit Reports for its fiscal years 2010 and 2011;
(b) Sit-In Movement, Inc. shall provide to City an acceptable Audit Report for fiscal year 2012 by January 31, 2014 (as granted by the former City Manager).
(c) Sit-In Movement, Inc. shall provide to City, as a pre-condition to the payment of the fiscal year 2014 (“FY 2014”) installment, acceptable Audit Reports for its fiscal year 2013;
(d) Sit-In Movement, Inc. shall provide to City, as a pre-condition to the payment of the fiscal year 2015 (“FY 2015”) installment, acceptable Audit Reports for its fiscal years 2014;
(e) Until the loan is repaid or forgiven in full by the City, Sit-In Movement, Inc. and ICRCM, LLP (“ICRCM”) shall reserve two (2) voting seats on the Sit-In Movement, Inc. Board of Directors for the Mayor of the City and the City Manager, or their designees;
(f) Sit-In Movement, Inc and ICRCM shall place all funds paid by the City into a Restricted Deposit Account;
(g) Sit-In Movement, Inc. and ICRCM shall maintain and, upon reasonable notice, provide to the City, an accounting of funds encumbered or withdrawn from the Restricted Deposit Account;
(h) The Sit-In Movement, Inc and ICRCM Board of Directors shall establish an Audit Committee by January 1, 2014 which shall hold meetings at least quarterly;
(i) The Sit-In Movement, Inc. and ICRCM will begin a search for an executive-level staff member before January 1, 2014, known as a “Development Director,” who will begin work during the first quarter of 2014;
(j) The Sit-In Movement, Inc. and ICRCM shall provide a sustainability plan to the City Council by January 31, 2014, as granted by the former City Manager. Sustainability plans shall include, but are not limited to, a specific metric and a timeline for; increasing attendance and revenue, the creation of reserves and an endowment; and
(k) Borrower shall execute the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing attached hereto as Exhibit D and incorporated thereby and shall authorize recording of the UCC-1 financing statements. Except as detailed in this Section, if the Funding Conditions are not satisfied the Ci...
