INTEREST RESERVE ADVANCES Sample Clauses

INTEREST RESERVE ADVANCES. Each advance of the Loan from the Interest Reserve line item of the Budget also shall be subject to Lender's receipt of evidence reasonably satisfactory to Lender that Operating Revenues are insufficient (after payment of current Operating Expenses) to pay Debt Service then owing on the Loan. For purposes of this paragraph, any amounts paid by Borrower into the Capital Replacements Reserve described in Schedule 2.4(1) shall not be included within Operating Expenses.
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INTEREST RESERVE ADVANCES. If neither an Event of Default nor an Incipient Default exists during the Borrowing Term and, in Lender's discretion, after expiration of the Borrowing Term to the extent that the Interest Reserve Fund has not been exhausted, Lender will charge the Interest Reserve Fund until it has been exhausted for monthly interest xxxxxxxx on the Loan. If the Interest Reserve Fund is exhausted or is otherwise not available for such use, Borrower will pay to Lender the monthly installments of interest on the Note in accordance with the terms of such Note.
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INTEREST RESERVE ADVANCES. (a) On the date hereof, PE Member shall deposit the amount of $750,000.00 (the “Interest Reserve”) from the proceeds of the PE Contribution into an account (“Interest Reserve Account”) over which PE Member shall have sole dominion and control, which funds shall earn a Preferred Return and a Preferred Accrued
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INTEREST RESERVE ADVANCES. If neither an Event of Default nor an Incipient Default exists and subject to the terms and conditions applicable to Interest Reserve Advances under a Development Loan, during the Borrowing Term of a Development Loan and, in Lender's discretion, after expiration of such Borrowing Term to the extent the Interest Reserve Fund under such Development Loan has not been exhausted, Lender will charge the Interest Reserve Fund, IF ANY, under such Development Loan until it has been exhausted for monthly interest billxxxx xx such Development Loan. If the Interest Reserve Fund, IF ANY, under a Development Loan is exhausted or is not otherwise available for such use, the Borrower under such Development Loan will pay to Lender the monthly installments of interest due in connection with such Development Loan in accordance with the terms of the related Note and this Agreement.
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INTEREST RESERVE ADVANCES. Lender hereby agrees that if the Loan ------------------------- has an Interest Reserve Component and Borrower has Performed all Obligations then due, Lender will make Interest Reserve Advances for the purpose of paying interest due on the Loan. Subject to the provisions of paragraph 4.3, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the Loan. Interest Reserve Advances shall be available from and after the initial Advance made hereunder. Borrower shall not be entitled to obtain Interest Reserve Advances after the expiration of the Interest Reserve Borrowing Term unless Lender, in its discretion, agrees in writing with Borrower to make such Advances thereafter on terms and conditions satisfactory to Lender.
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INTEREST RESERVE ADVANCES. If the Loan includes an Interest ------------------------- Reserve Component, Borrower will use the proceeds of Interest Reserve Advances only to pay interest due on the Note.
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INTEREST RESERVE ADVANCES. At its option, Lender may make disbursements directly to Lender for the payment of interest which accrues and becomes due under the Note, if and to the extent the Loan Budget includes a line-item for interest reserve advances.
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INTEREST RESERVE ADVANCES. Borrower acknowledges and agrees that the sum of One Million and No/100 Dollars ($1,000,000.00) of the Loan as specified or to be specified in the Approved Budget represents a reserve for the payment of interest upon the full amount of the Advances of the Loan (the "INTEREST RESERVE") pursuant to this Loan Agreement. Borrower hereby authorizes Lender, and Lender shall have the right, to disburse and charge (or cause to be disbursed and charged) the Interest Reserve in reimbursement of Borrower for the interest payments made by Borrower under this Loan Agreement and the other Security Documents on each interest payment date as such interest payments become due and payable pursuant to the terms hereof and of the Note. Such disbursements shall be made as Advances of the Loan, in amounts equal to the accrued interest which has been paid on each of such interest payment dates. Interest as provided in the Note will be charged on any disbursed portion of the Interest Reserve as and when disbursed, but interest will not be charged on the undisbursed portion of the Interest Reserve. If, at any time during the term of the Loan, the Interest Reserve shall become depleted or shall be deemed by Lender to be insufficient to reimburse Borrower for the interest payments on the Loan as they are made, interest shall be payable on each interest payment date in accordance with the terms of the Loan Agreement and the Note, and Lender shall have no obligation to make any Advance to Borrower for any such interest payments from the remaining proceeds of the Loan. The Interest Reserve shall be available only for disbursement of the periodic payments of accrued interest due to Lender on the Loan pursuant to the terms of this Loan Agreement and the Note, and for no other purpose. If, at any time, Lender shall not have received on the date due, any payment of interest upon the Loan, Lender may, at its sole option, disburse the Interest Reserve directly in payment of such interest amount. Advances of the Interest Reserve shall be subject to the terms and conditions of this Loan Agreement, including, without limitation, the conditions precedent set forth in SECTIONS 2.11 and 2.12.
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INTEREST RESERVE ADVANCES. (a) At any time during the Construction Period when there is insufficient Net Cash Flow from the Project and an insufficient balance in the Mandatory Sweep Account to pay interest which has become due and payable, so long as all conditions applicable to Interest Reserve Advances under Article IV have been satisfied and no Event of Default has occurred and is continuing, Lender shall make Construction Interest Reserve Advances not to exceed in the aggregate the Construction Interest Reserve Amount. Lender shall have no obligation to make any Construction Interest Reserve Advance if such Advance, when combined with all previous Construction Interest Reserve Advances, would exceed the Construction Interest Reserve Amount. Lender's obligation to make Construction Interest Reserve Advances shall terminate without any further action upon the expiration of the Construction Period.
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Related to INTEREST RESERVE ADVANCES

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Revolving Advances Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit or (y) an amount equal to the sum of:

  • Loan Advances (a) Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Bank agrees to make one or more Loan Advances to Borrower for Approved Purposes in an aggregate principal amount at any one time outstanding up to but not exceeding the Maximum Loan Amount. Within the limit of the Maximum Loan Amount in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repay, and reborrow at any time and from time to time from the Effective Date to the earlier of (a) the expiration of the Revolving Loan Period, or (b) the Termination Date. If, by virtue of payments made on the Note during the Revolving Loan Period, the principal amount owed on the Note prior to the Termination Date reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Loan Advances made thereafter and the Obligations, and Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by Bank. Borrower acknowledges and agrees that the Maximum Loan Amount is calculated in conjunction with the Maximum Purchase Amount under the Mortgage Warehouse Agreement such that in no event shall the aggregate of the outstanding principal balance of the Loan hereunder and the outstanding Purchase Price of the Purchased Mortgage Loans exceed $200,000,000 at any time. Upon the expiration of the Revolving Loan Period, and provided that no Default or Event of Default has occurred and is continuing, the Revolving Loans shall, without any further action by Bank or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note. Borrower shall initiate each Loan Advance by submitting to Bank a written Advance Request no later than 1:00 p.m., Jacksonville, Florida time, on the Advance Date. Bank shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Bank’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically, by facsimile or electronically, and purporting to have been sent to Bank by Borrower and Bank shall have no duty to verify the origin of any such communication or the identity or authority of the Person sending it. Subject to the terms and conditions of this Agreement, each Loan Advance shall be made available to Borrower by depositing the same, in immediately available funds, in an account of Borrower designated by Borrower maintained with Bank. If the conditions to making a Loan Advance as set forth in Section 5 are satisfied, then no later than the Advance Date, Bank shall reflect on its computer system the Loan Advance (the “Confirmation”). In the event Borrower disagrees with any terms of the Confirmation, Borrower shall immediately notify Bank of such disagreement. An objection by Borrower must state specifically that it is an objection, must specify the provision(s) being objected to by Borrower, must set forth such provision(s) in the manner that Borrower believes they should be stated, and must be received by Bank no more than one (1) Business Day after the Confirmation was received by Borrower.

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Agent Advances (i) Subject to the limitations set forth below and notwithstanding anything else in this Agreement to the contrary, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole discretion, (A) at any time that a Default exists, or (B) at any time that any of the other conditions precedent set forth in Article 4 have not been satisfied, to make Base Rate Advances to the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed the lesser of (y) the Revolving Loan Commitment minus all Aggregate Revolving Credit Obligations and (z) $10,000,000, which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses as provided under this Agreement (any of such advances are herein referred to as “Agent Advances”); provided, that (i) such amount shall not be outstanding more than 30 days and (ii) the Majority Lenders may at any time revoke the Administrative Agent’s authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. The Administrative Agent shall promptly provide to the Administrative Borrower written notice of any Agent Advance.

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half percent (1 .50%) above the Prime Rate.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

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