Limitation and application of Advances Sample Clauses

Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed the amount of the Loan Facility and the amount of each Advance shall not exceed the lesser of $28,000,000, and (ii) 50% of the Valuation Amount of the Vessel which is to be financed therewith. 2.5.2 The Loan shall be made available by the advance of Advance A and Advance B each in the amounts referred to in clause 1.2. 2.5.3 Each Advance shall be paid forthwith upon drawdown to such account or accounts as the Borrowers shall stipulate in the relevant Drawdown Notice.
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Limitation and application of Advances. 2.3.1 The amount of the Loan shall not exceed USD 126,000,000 and shall be equal to the aggregate of: (a) the lesser of (i) USD17,000,000 and (ii) 50% of the Valuation Amount of Vessel A in respect of Advance A; (b) the lesser of (i) USD17,000,000 and (ii) 50% of the Valuation Amount of Vessel B in respect of Advance B; (c) the lesser of (i) USD44,500,000 and (ii) 60% of the Valuation Amount of Vessel C in respect of Advance C; (d) the lesser of (i) USD47,500,000 and (ii) 60% of the Valuation Amount of Vessel D in respect of Advance D provided that the fourth Advance to be drawn down shall be in an amount of no more than the lesser of (A) the amount relative to that Advance referred to above in this clause 2.3.1 and (B) such amount as, when drawn down, will make the Loan equal to 55% of the aggregate Valuation Amounts of the Mortgaged Vessels at that Drawdown Date. (the Valuation Amount in each case being determined no more than 10 days prior to the relevant Drawdown Date). If an Advance is not drawn in full the undrawn amount shall be cancelled and the amount of each repayment instalment for that Advance shall be reduced proportionately. 2.3.2 Each Advance shall be paid forthwith upon drawdown to such account or accounts as the Borrower shall stipulate in the Drawdown Notice for that Advance.
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Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed USD 132,413,281.62 and shall be equal to the aggregate of: (a) USD12,541,500 in respect of Advance A; (b) USD12,385,428 in respect of Advance B; (c) USD19,486,353.62 in respect of Advance C; (d) the lesser of (i) USD10,000,000 and (ii) 50% of the Valuation Amount of Vessel D in respect of Advance D; (e) the lesser of (i) USD10,000,000 and (ii) 50% of the Valuation Amount of Vessel E in respect of Advance E; (f) the lesser of (i) USD22,000,000 and (ii) 50% of the Valuation Amount of Vessel F in respect of Advance F; (g) the lesser of (i) USD23,000,000 and (ii) 60% of the Valuation Amount of Vessel G in respect of Advance G; and (h) the lesser of (i) USD23,000,000 and (ii) 60% of the Valuation Amount of Vessel H in respect of Advance H (the Valuation Amount in each case being determined no more than 10 days prior to the relevant Drawdown Date). If an Advance is not drawn in full the undrawn amount shall be cancelled and the amount of each repayment instalment for that Advance shall be reduced proportionately. 2.5.2 Each Advance shall be paid forthwith upon drawdown, in the case of Advance A, Advance B Advance C, Advance D, Advance E and Advance F, to such account or accounts as the Borrowers shall stipulate in the relevant Drawdown Notice and, in the case of Advance G and Advance H, to such account of the Builder as the Borrowers shall stipulate in the relevant Drawdown Notice, unless on the Drawdown Date of Advance G or Advance H Vessel G or, as the case may be, Vessel H, has already been delivered by the Builder to Limnos or, as the case may be, Skyros, and the full purchase price of Vessel G or, as the case may be, Vessel H, has been paid to the Builder, in which case Advance G or, as the case may be, Advance H, shall be paid to such account or accounts as the Borrowers shall stipulate in the Drawdown Notice for that Advance.
Sample 1
Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed the amount of the Loan Facility and the amount of each Tranche shall not exceed: (a) in respect of the first Advance, USD24,971,250; and (b) in respect of the second Advance, the lesser of (i) $3,153,750 and (ii) such amount as when added to USD23,540,000 equals 80% of the Valuation Amount of the Vessel which is to be financed therewith. 2.5.2 The Loan shall be made available by the advance of Tranche A and Tranche B each in the amounts referred to in clause 2.5.1 and the same shall be applied: (a) as to the first Advance of each Tranche, in payment of (i) USD17,940,000 to the Builder in payment of the first instalment payable by the relevant Borrower under the relevant Shipbuilding Contract; (ii) USD5,600,000 to the relevant Seller as payment of all amounts payable by the relevant Borrower under the relevant Novation Agreement; (iii) USD1,431,250 to the Agent in payment of the fee payable under clause 5.2; (b) as to the second Advance of each Tranche, in payment to the Builder of the delivery instalment payable under the relevant Shipbuilding Contract; 2.5.3 Each Advance shall be paid forthwith upon drawdown to such account or accounts as the Borrowers shall stipulate in the relevant Drawdown Notice.
Sample 1
Limitation and application of Advances. 2.3.1 The amount of the Loan shall not exceed the amount of the Loan Facility. 2.3.2 The principal amount specified in a Drawdown Notice for borrowing on the relevant Drawdown Date shall, subject to the terms of this Agreement, not exceed: (a) in respect of Advance A, an amount equal to the least of (i) twelve million eight hundred fifty thousand Dollars (USD12,850,000) and (ii) 60% of the Valuation Amount of Vessel A (to be determined no more than 20 days prior to the relevant Drawdown Date), to be made available by the Lender to the Borrowers and be applied in or towards partly refinancing the acquisition cost of Vessel A; (b) in respect of Advance B, an amount equal to the least of (i) seven million one hundred fifty thousand Dollars (USD7,150,000) and (ii) 60% of the Valuation Amount of Vessel B (to be determined no more than 20 days prior to the relevant Drawdown Date), to be made available by the Lender to the Borrowers and be applied in or towards refinancing the acquisition cost of Vessel B; 2.3.3 Each Advance shall be paid forthwith upon drawdown to such account as the Borrowers shall stipulate in the relevant Drawdown Notice.
Sample 1
Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed the amount of the Loan Facility and the amount of: (a) Advance A shall not exceed USD24,971,250; (b) Advance B shall not exceed the lesser of (i) $3,153,750, and (ii) such amount as when added to USD23,540,000 equals 80% of the Valuation Amount of the Vessel as at the Drawdown Date in respect of Advance B. 2.5.2 The Loan shall be made available by the advance of Advance A and Advance B each in the amounts referred to in clause 2.5.1 and the same shall be applied: (a) as to Advance A in payment of: (i) USD17,940,000 to the Builder in payment of the first instalment payable by the Borrower under the Shipbuilding Contract; (ii) USD5,600,000 to the Seller as payment of all amounts payable by the Borrower under the Novation Agreement; and (iii) USD1,431,250 to the Agent in payment of the fee payable under clause 5.2; and (b) as to Advance B, in payment to the Builder of the delivery instalment payable under the Shipbuilding Contract; 2.5.3 Each Advance shall be paid forthwith upon drawdown to such account or accounts as the Borrower shall stipulate in the relevant Drawdown Notice.
Sample 1
Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed USD48,465,000 and shall be equal to the aggregate of: (a) the least of (i) USD13,935,000, (ii) 60% of the Valuation Amount of Vessel A and (iii) 60% of the Purchase Price of Vessel A; (b) the least of (i) USD13,935,000, (ii) 60% of the Valuation Amount of Vessel B and (iii) 60% of the Purchase Price of Vessel B; and (c) the least of (i) USD20,595,000 (ii) 60% of the Valuation Amount of Vessel C and (iii) 60% of the Purchase Price of Vessel C (the Valuation Amount in each case being determined no more than 10 days prior to the relevant Drawdown Date). 2.5.2 Each Advance shall be paid forthwith upon drawdown, in the case of Advance A and Advance B, to such account or accounts as the Borrowers shall stipulate in the relevant Drawdown Notice and, in the case of Advance C, to such account of the Builder as the Borrowers shall stipulate in the relevant Drawdown Notice, unless on the Drawdown Date of Advance C Vessel C has already been delivered by the Builder to Iraklia and the full Purchase Price of Vessel C has been paid to the Builder, in which case Advance C shall be paid to such account or accounts as the Borrowers shall stipulate in the Drawdown Notice for Advance C.
Sample 1
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Limitation and application of Advances. 2.5.1 The amount of the Loan shall not exceed USD125,000,000 and shall be equal to the aggregate of: (a) USD14,784,946.20 in respect of Advance A, of which USD10,799,625 has already been drawn; (b) USD12,096,774.20 in respect of Advance D, of which USD7,026,041.65 has already been drawn; (c) USD23,857,526.90 in respect of Advance G, of which USD21,660,000 has already been drawn; (d) USD25,201,612.90 in respect of Advance H, of which USD21,660,000 has already been drawn; and (e) USD49,059,139.80 in respect of Advance I. If an Advance is not drawn in full the undrawn amount shall be cancelled and the amount of each repayment instalment for that Advance shall be reduced proportionately. 2.5.2 The Undrawn Commitment of Advance A, the Undrawn Commitment of Advance D, the Undrawn Commitment of Advance G, the Undrawn Commitment of Advance H and Advance I (in the aggregate amount of USD63,854,333.35) shall be paid forthwith upon drawdown to such account of the Seller as the Borrowers shall stipulate in the relevant Drawdown Notice.
Sample 1

Related to Limitation and application of Advances

  • CESSATION OF ADVANCES If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good xxxxx xxxxx itself insecure, even though no Event of Default shall have occurred.

  • Use of Advances utilize the proceeds of all Advances for the Companies' own business purposes; and not permit such proceeds to be used, directly or indirectly, by any other Person or for any other purpose;

  • Conversion of Advances (a) The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. on the third Business Day prior to the date of any proposed Conversion into or Continuation as Eurodollar Rate Advances and on the Business Day of any proposed Conversion into Base Rate Advances subject to the provisions of Section 2.18, Convert all Advances of one Type into Advances of another Type or Types or Continue Advances of the same Type having the same or a new Interest Period; provided that no Advance shall be Converted to or Continued as a Eurodollar Rate Advance if any Event of Default shall have occurred and be continuing. Each such notice of a Conversion or Continuation shall, within the restrictions specified above, specify (i) the date of such Conversion or Continuation, (ii) the Advances to be Converted or Continued and (iii) with respect to any Continuation, or if such Conversion is into, or with respect to Eurodollar Rate Advances, the duration of the Interest Period for each such Advance. (b) If the Borrower shall fail to select the Type of any Advance or the duration of any Interest Period for any Eurodollar Rate Advance in accordance with the provisions contained in the definition of “Interest Period” and Section 2.19(a) or if any proposed Conversion of an Advance to a Eurodollar Rate Advance upon Conversion shall not occur as a result of the circumstances described in Section 2.18 or 2.19(c), such Advance will automatically, on the last day of the then-existing Interest Period therefor, Convert into a Base Rate Advance. (c) Each notice of Conversion or Continuation given pursuant to Section 2.19(a) shall be irrevocable and binding on the Borrower. In the case of any Advance that is to be Converted to a Eurodollar Rate Advance, the Borrower shall indemnify the Lenders against any loss, cost or expense incurred by the Lenders as a result of any failure to fulfill on the date specified for such Conversion the applicable conditions set forth in Article III, including any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund such Eurodollar Rate Advance, upon such Conversion, when such Conversion, as a result of such failure, does not occur. The Borrower’s obligations under this paragraph (c) shall survive the repayment of all other amounts owing to the Lenders under this Agreement and the other Loan Documents and the termination of the Commitment. (d) References in this Section 2.19 to “Advances” and “Types of Advances” shall not include the Swing Line Advances.

  • Purpose of Advances The Borrowers undertake with each Creditor Party to use each Advance only for the purpose stated in the preamble to this Agreement.

  • Availability of Types of Advances If any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4.

  • Making of Advances (a) Subject to Section 2.06(d), each Interest Advance shall be made by the Liquidity Provider upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Borrower, such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such time and used solely for the payment when due of interest with respect to the Class A Certificates at the Stated Interest Rate therefor in accordance with Section 3.05(a) and 3.05(b) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of such Interest Advance so repaid, but not to exceed the Maximum Commitment; provided, however, that, subject to Section 2.06(d), the Maximum Available Commitment shall not be so reinstated at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing or (y) a Final Advance, a Downgrade Advance, a Non-Extension Advance or a Special Termination Advance shall have occurred. (b) (i) A Non-Extension Advance shall be made by the Liquidity Provider if this Agreement is not extended in accordance with Section 3.05(d) of the Intercreditor Agreement unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Borrower in accordance with said Section 3.05(d), upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex II, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account in accordance with Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement.

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrowers under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows: (i) for Prime-based Advances, at the office of Agent located at Xxx Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx 00000, not later than 1:00 p.m. (Detroit time) on the date of such Advance; and (ii) for Eurodollar-based Advances, at the Agent’s Correspondent for the account of the Eurodollar Lending Office of the Agent, not later than 12:00 p.m. (the time of the Agent’s Correspondent) on the date of such Advance. (b) Subject to submission of an executed Request for Revolving Credit Advance by Borrowers without exceptions noted in the compliance certification therein, Agent shall make available to Borrowers the aggregate of the amounts so received by it from the Revolving Credit Lenders in Dollars: (i) for Prime-based Advances, not later than 4:00 p.m. (Detroit time) on the date of such Revolving Credit Advance, by credit to an account of Borrowers maintained with Agent or to such other account or third party as Borrowers may reasonably direct in writing, provided such direction is timely given; and (ii) for Eurodollar-based Advances, not later than 4:00 p.m. (the time of the Agent’s Correspondent) on the date of such Revolving Credit Advance, by credit to an account of Borrowers maintained with Agent’s Correspondent or to such other account or third party as Borrowers may direct, provided such direction is timely given. (c) Agent shall deliver the documents and papers received by it for the account of each Revolving Credit Lender to such Revolving Credit Lender. Unless Agent shall have been notified by any Revolving Credit Lender prior to the date of any proposed Revolving Credit Advance that such Revolving Credit Lender does not intend to make available to Agent such Revolving Credit Lender’s Percentage of such Advance, Agent may assume that such Revolving Credit Lender has made such amount available to Agent on such date, as aforesaid. Agent may, but shall not be obligated to, make available to Borrowers the amount of such payment in reliance on such assumption. If such amount is not in fact made available to Agent by such Revolving Credit Lender, as aforesaid, Agent shall be entitled to recover such amount on demand from such Revolving Credit Lender. If such Revolving Credit Lender does not pay such amount forthwith upon Agent’s demand therefor and the Agent has in fact made a corresponding amount available to Borrowers, the Agent shall promptly notify Borrowers and Borrowers shall pay such amount to Agent, if such notice is delivered to Borrowers prior to 1:00 p.m. (Detroit time) on a Business Day, on the day such notice is received, and otherwise on the next Business Day, and such amount paid by Borrowers shall be applied as a prepayment of the Revolving Credit (without any corresponding reduction in the Revolving Credit Aggregate Commitment), reimbursing Agent for having funded said amounts on behalf of such Revolving Credit Lender. The Borrowers shall retain their claims against such Revolving Credit Lender with respect to the amounts repaid by it to Agent and, if such Revolving Credit Lender subsequently makes such amounts available to Agent, Agent shall promptly make such amounts available to the Borrowers as a Revolving Credit Advance. Agent shall also be entitled to recover from such Revolving Credit Lender or Borrowers, as the case may be, but without duplication, interest on such amount in respect of each day from the date such amount was made available by Agent to Borrowers, to the date such amount is recovered by Agent, at a rate per annum equal to: (i) in the case of such Revolving Credit Lender, for the first two (2) Business Days such amount remains unpaid, the Federal Funds Effective Rate, and thereafter, at the rate of interest then applicable to such Revolving Credit Advances; and (ii) in the case of Borrowers, the rate of interest then applicable to such Advance of the Revolving Credit. Until such Revolving Credit Lender has paid Agent such amount, such Revolving Credit Lender shall have no interest in or rights with respect to such Advance for any purpose whatsoever. The obligation of any Revolving Credit Lender to make any Revolving Credit Advance hereunder shall not be affected by the failure of any other Revolving Credit Lender to make any Advance hereunder, and no Revolving Credit Lender shall have any liability to the Borrowers or any of their respective Subsidiaries, the Agent, any other Revolving Credit Lender, or any other party for another Revolving Credit Lender’s failure to make any loan or Advance hereunder.

  • Optional Conversion of Advances Each Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 12:00 noon on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.10 and 2.14, Convert all or any part of Advances made to such Borrower of one Type comprising the same Borrowing into Advances of the other Type or of the same Type but having a new Interest Period; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the applicable Borrower. This Section shall not apply to Swingline Borrowings, which may not be Converted.

  • Advances; Reimbursement of Advances (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of the Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to the Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to the Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Lead Note or any Property Advance. The Lead Servicer, the Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA and the Note A-2 PSA, as applicable. (b) The Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization as provided in the Servicing Agreement. (c) To the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, the Non-Lead Note Holder (including any Securitization into which the Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon at the Reimbursement Rate. In addition, the Non-Lead Note Holder (including any Securitization into which the Non-Lead Note is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for the Non-Lead Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement (to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement of such amounts). (d) The parties to each of the Note A-1 PSA and the Note A-2 PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based on the information that they have on hand and in accordance with the Note A-1 PSA and the Note A-2 PSA, as applicable. (e) If the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of the Non-Lead Note share from the Non-Lead Note Holder.

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

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