Limitations on Advances. The undrawn Credit available under the Revolving Facility shall cease to be available at the expiry of the Disbursement Period.
Limitations on Advances. 3.7.1 The undrawn Tranche A Credit available under the Finnvera Term Facility shall cease to be available at the expiry of the Availability Period.
3.7.2 The aggregate principal amount of each Tranche A Advance (other than the initial Tranche A Advance) shall not exceed the CAD Equivalent (determined as of the date of the Tranche A Notice of Borrowing issued in connection with such Tranche A Advance) of (i) 85% of the portion of the Purchase Price for which such Tranche A Advance is made and (ii) costs for local services up to a maximum amount which, when combined with all amounts previously disbursed by the Tranche A Lenders in reimbursement of costs for local services, does not exceed 30% of the portion of the Purchase Price paid to date (collectively, the “Maximum Amount”) and, in the case of the initial Tranche A Advance only, the sum of the Maximum Amount and up to 100% of the upfront portion of the ECA Premium A.
Limitations on Advances. The outstanding balance of the Loan may increase and decrease from time to time, and Advances thereunder may be repaid and reborrowed, but the total of Advances outstanding at any one time under the Loan shall never exceed the applicable Maximum Loan Amount.
Limitations on Advances. Lender will only make Advances for the acquisition of Lots and other costs and expenses specified in the Approved Budget, and then only (i) in the case of soft costs payable to Affiliates of Borrower, for those soft costs that are specifically approved by Lender, (ii) in the case of soft costs payable to Persons other than Affiliates of Borrower, for work performed, services rendered or materials furnished, and (iii) in the case of hard costs, for work performed, services rendered or materials furnished. Advances for payment of construction costs will only be made after actual commencement of construction of the Home and may not exceed the aggregate of (a) the costs of labor, materials and services incorporated into the Project in a manner acceptable to Lender not to exceed the Approved Budget, plus (b) if approved by Lender, the purchase price of uninstalled materials to be used in the construction of the Home that are stored on the Lot or in the Home not to exceed the Approved Budget, or elsewhere with the written consent of and in a manner acceptable to Lender, and less (c) any Retainage, if applicable, and less (d) all prior Advances for payment of costs of labor, materials and services for the construction of the Home. Lender shall have no obligation: (i) to make any Advance for a line item in excess of the sums for such line item in the Approved Budget, (ii) to consider an Advance Request unless and until Borrower has complied with this Agreement, and (iii) to make any Advance which would cause the aggregate of all Advances to be greater than the amount of the Maximum Commitment. If the aggregate amount of Advances for any Home is insufficient to pay for all labor and materials necessary to complete the construction of the Home, Borrower shall pay all excess costs immediately with funds from sources other than the Loan.
Limitations on Advances. Notwithstanding anything in this Agreement to the contrary, no advance shall be made or permitted hereunder which would result in the unpaid principal balance of the Revolving Note, including any advances made under the Security Documents hereunder, exceeding in the aggregate at any one time the lesser of: (i) the Borrowing Base Availability, or (ii) the Maximum Revolving Loan Amount. No advance shall be made upon the occurrence and continuance of any Event of Default described in Section 5.01 below. Any recordation of an advance by the Bank on the Revolving Note, the reverse side of the Revolving Note, or on supplemental sheets attached to the Revolving Note, or otherwise on the Bank's records, made pursuant to this Agreement shall be prima facie evidence in any court or other proceeding brought to enforce the Revolving Note that the Borrower has authorized the Bank to make such advances and that the Bank has effected such advances. The advance will be deemed to be at the request of and for the benefit of Borrower when credited to Borrower's account with Bank or when advanced in accordance with the instructions of an authorized representative of Borrower. Bank may establish a cut-off time for requesting advances, with requests made after that time being treated as made the next Business Day of Bank.
Limitations on Advances. Notwithstanding anything to the contrary in this Loan Agreement or the Promissory Note, no advances shall be made on the Loan under the Promissory Note if, after making the requested advance, the total, principal amount of all advances outstanding will exceed the lesser of the following (the "Reducing Available Borrowing Base"):
(i) the Facility Amount,
(ii) an amount equal to (a) 3.5 times EBITDA for the Computation Period most recently ended less (b) other borrowed debt of Borrowers, and
(iii) the Borrowing Base. Borrowers will at all times maintain personal and real property so that the total, aggregate, principal amount of all advances at any time outstanding and unpaid shall be in compliance with this formula. If at any time the total, aggregate, principal amount of all such advances outstanding and unpaid exceeds the amount allowable under this formula, Borrowers shall immediately make payment to Lender in a sufficient amount to bring the amount of such advances back into formula.
Limitations on Advances. In addition to the limitations set forth on Exhibit D or elsewhere in this Agreement, each Advance to fund a Mortgage Loan shall be limited so as not to exceed the product of (a) the Advance Rate for such Mortgage Loan set forth on Exhibit D, times (b) the Collateral Value for such Mortgage Loan.
Limitations on Advances. The outstanding principal balance of the Acquisition Loan may increase and decrease from time to time, and Acquisition Advances thereunder may be repaid and reborrowed, but the total of Acquisition Advances outstanding at any one time under the Acquisition Loan shall never exceed the Maximum Acquisition Loan Amount. The Borrower shall immediately pay to the Bank any amount by which the Acquisition Loan exceeds the Maximum Acquisition Loan Amount. The Bank may, in its discretion, make, or permit to remain outstanding, Advances to the Borrower in excess of the Maximum Acquisition Loan Amount and all such amounts shall be part of the Acquisition Loan and Indebtedness, shall bear interest as provided in the Acquisition Note, shall be payable ON DEMAND and shall be entitled to all rights and security provided for herein, in the Security Agreement and all other Loan Documents.
Limitations on Advances. The outstanding balance of the Line of Credit may increase and decrease from time to time, and Advances thereunder may be repaid and reborrowed, but the total of Advances outstanding at any one time under the Line of Credit shall never exceed the lesser of:
(i) The Maximum Line of Credit Amount; and
(ii) The “Borrowing Base,” which shall be the aggregate of the following:
(1) Fifty percent (50%) of Eligible Domestic Inventory; provided, however, that this portion of the Borrowing Base, after the application of such limitation, shall not exceed Six Hundred Thousand Dollars ($600,000.00), and provided that no advances are made against inventory in transit, work in progress or raw materials;
(2) Ninety Percent (90%) of Eligible Insured Domestic Accounts Receivable, not exceeding 90 days from date of invoice;
(3) Seventy Five Percent (75%) of Domestic Eligible Accounts Receivable, not exceeding 90 days from date of invoice;
(4) Ninety Percent (90%) of Eligible Insured Foreign Accounts Receivable, not exceeding 90 days from date of invoice; and
(5) Fifty Percent (50%) of Eligible Foreign Accounts Receivable, not exceeding 90 days from date of invoice. Notwithstanding the definition of Borrowing Base above, the portion of the Borrowing Base under items (b)(ii)(3) and (5) above with respect to uninsured Receivables shall not exceed Five Hundred Thousand Dollars ($500,000.00) (after the application of the stated percentage limitation). In the event that the outstanding Advances exceed the lesser of (i) the Maximum Line of Credit Amount, or (ii) the Borrowing Base, then the Borrower shall within ten (10) calendar days cure such deficiency by either pledging additional collateral to Lender or paying down the Line of Credit in an amount at least equal to such deficiency. Accounts receivable from affiliates or related parties are ineligible for financing. Ineligibles for financing are accounts receivable from third parties originated by any other foreign affiliate. Financing of insured accounts receivable is limited to the policy amount. Any Receivables from one Receivable Debtor to the extent it is in excess of twenty percent (20%) of all Receivables shall be discounted one hundred percent (100%) on the portion that exceeds twenty percent (20%) of all Receivables. Existing cash collateral shall remain in place.”
Limitations on Advances. Section 2.2(b) of the Loan Agreement shall be amended and restated as follows:
