Loan Advances. Advances made under the Note shall be in the form of a continual revolving credit whereby advances may be made, repaid and readvanced from time to time. The Mortgagee shall maintain an account on its books (the "Loan Account"), which shall evidence at all times the amount from time to time outstanding under the Note. This Mortgage secures the unpaid balances of any advances or readvances made under the Note, this Mortgage, the Agreement or any other Loan Document after this Mortgage has been delivered to the appropriate County Officer for recordation. It is also expressly provided for and agreed that this Mortgage secures said future advances and readvances, whether such advances and readvances are obligatory or to be made at the option of Mortgagee or otherwise, to the same extent as if such future advances and readvances were made on the date of the execution of this Mortgage although there may be no advance made at the time of execution of this Mortgage or no indebtedness outstanding at the time any advance or readvance is made. The total amount of indebtedness that may be secured by this Mortgage may decrease or increase from time to time; provided, however, that the total unpaid balance secured at any time shall not exceed Twenty Million Dollars ($20,000,000.00) plus interest thereon, and advances made by Mortgagee pursuant to this Mortgage, including without limitation, for the payment of taxes, assessments, insurance premiums, costs for the protection of the Mortgaged Property, reasonable attorneys' fees (at all tribunal levels) and court costs incurred in the collection of any or all of such sums of money and interest thereon. It shall be an Event of Default hereunder if Mortgagor shall file a notice pursuant to Section 697.04(1)(b), Florida Statutes, limiting the amount of indebtedness that may be secured by this Mortgage. All future advances and readvances shall be made within twenty (20) years from the date hereof or such longer period of time as may be authorized by Florida law, and all indebtedness created by such future advances and readvances shall be secured hereby. All provisions of this Mortgage shall apply to any future advances or readvances made pursuant to the provisions of this Section. Nothing herein contained shall limit the amount secured by this Mortgage if such amount is increased by advances made by Mortgagee as herein elsewhere provided.
Loan Advances. During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.
Loan Advances. Advances under the Loan may be requested in writing by Authorized Persons (as defined in Exhibit A). Each advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (a) when credited to the Borrower’s account on the Xxxxxxx Platform or (b) when advanced in accordance with the instructions of an Authorized Person. Lender, at its option, may set a cutoff time, after which all requests for advances will be treated as having been requested on the next succeeding Business Day (as hereinafter defined). "Business Day" means any day that is not a Saturday, a Sunday or a day on which banks under the laws of the State of New York are authorized or required to be closed.
Loan Advances. Lender shall notify Participant prior to making an advance of additional funds under a Loan; provided, however, that such advances shall be limited to the amount of the Unfunded Commitment related to such Loan at the time of such advance. Participant shall pay to Lender, at the time of such advance, Participant’s pro rata share of the advance.
Loan Advances. Bank shall notify Participant three business days prior to making an advance of additional funds under a Loan; provided, however, that such advances shall be limited to the amount of the outstanding Commitment related to such Loan at the time of such advance. Participant shall pay to Bank, at the time of such advance, the amount of the advance. In the event Participant fails to pay such amount as required hereby, the unpaid amount shall bear interest at a rate per annum equal to the effective federal funds rate as published in The Wall Street Journal (Eastern Edition) for the date such payment is due.
Loan Advances. Lender shall make Advances to Borrower from time to time in accordance with and subject to the terms hereof, up to a maximum principal amount at any time outstanding equal to the Borrowing Base at such time. It is expressly understood and agreed that Lender may use the Borrowing Base as a maximum ceiling on any Advance to Borrower at any time. If the unpaid balance of the Loan should exceed the Borrowing Base or any other limitation set forth in this Agreement, such Loan shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all benefits thereof. The Loan shall be evidenced by the Note.
Loan Advances. (a) On the date hereof, the outstanding principal balance of the Original Note, as amended by the First Amendment, is $36,250,000, and the outstanding principal balance of the First Additional Note is $10,000,000. Lender shall lend to Borrower an additional amount equal to the New Loan Amount, which will be advanced as follows: on the Closing Date or, if later, the date on which Borrower fulfills all conditions precedent to funding, Lender will advance to Borrower $38,750,000 ("Initial Advance") and, at the request of the Borrower made in accordance with and subject to the conditions contained in Section 2.1(b), Lender will advance to Borrower on or before August 1, 2001 in one or more tranches the additional aggregate amount of not more than $25,000,000 ("Unfunded Loan Amount").
Loan Advances. Subject to compliance by Borrower with the terms and conditions of this Agreement, Lenders shall make, and Borrower shall accept from Lenders, Future Advances under this Agreement for the applicable purposes or uses permitted as required hereunder. If Lenders are comprised of more than one Person, then no Lender shall be obligated to advance more than its Pro Rata Share of any Future Advance hereunder. The Lenders shall not be required to make Future Advances for the costs incurred by Borrower with respect to materials stored off the Property. No Future Advances or any portion thereof shall be made directly or indirectly for payments to a Borrower Related Party, except (a) as expressly permitted in the Loan Documents, or (b) as otherwise may be approved in writing by Administrative Agent. The obligations of the Lenders to make Future Advances hereunder are several, and not joint, and under no circumstances shall any Lender be obligated to fund more of its Pro Rata Share of any Future Advance or more than its Commitment.
Loan Advances. During the Commitment Period, each Lender severally agrees to make revolving credit advances (each an "Advance" and collectively, the "Advances") to the Borrower Representative on any Business Day; provided that after giving effect to any such Advance, (i) with regard to the Lenders collectively, the aggregate outstanding principal amount of the Obligations shall not exceed the lesser of (x) Two Hundred Thirty Million Dollars ($230,000,000), (the "Aggregate Committed Amount") and (y) the Borrowing Base Amount and (ii) with regard to each Lender individually, such Lender's Commitment Percentage of Obligations shall not exceed its respective Committed Amount. The Loan may be repaid and reborrowed in accordance with the provisions hereof.
