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. (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. The Loan may not exceed the Maximum Loan Amount at any time. 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 $150,000,000 at any time. Upon the expiration of the Revolving Loan Period, and provided that no 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. No portion of the Loan Advances shall be funded with “plan assets” (within the meaning of 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA) if it would cause Borrower to incur any prohibited transaction excise tax penalties under Section 4975 of the Code. Borrower shall initiate each Loan Advance by submitting to Bank a written Advance Request at least five (5) Business Days prior to the proposed 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 agree...
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. (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").
(b) Lender's obligation to make advances of all or any portion of the Unfunded Loan Amount following the Initial Advance shall be subject to the conditions that, with respect to each such advance requested:
(i) no Default or Event of Default shall have occurred and be continuing;
(ii) no Material Adverse Condition shall exist with respect to Borrower, the Fund taken as a whole, any other member of the Borrower Control Group or any Operating Company; provided, that, if a Material Adverse Condition exists solely with respect to one or more AACDFK Entities and one or more members of the Borrower Control Group (excluding the Borrower and the Fund), that own, directly or indirectly, an interest in such AACDFK Entities (as long as the Material Adverse Condition affecting the applicable members of the Borrower Control Group is solely caused by or results solely from the Material Adverse Condition of the subject AACDFK Entities), and all of the other conditions to Lender's obligation to make advances of all or any portion of the Unfunded Loan Amount are satisfied, Lender shall be obligated to fund such subsequent advance as long as none of the proceeds of such advance shall be advanced, contributed or otherwise invested, directly or indirectly, in any Entity as to which a Material Adverse Condition exists at the time of such advance;
(iii) Lender shall have received Borrower's written request for each advance not less than 30 nor more than 60 days prior to the requested funding date for such advance, specifying the amount requested, the use of the proceeds attributable to such advance, the new Collateral to be furnished in connection therewith, the Borrower's calculation (with all necessa...
Loan Advances. (a) The “Term” of this Loan for the purpose of requesting advances shall commence on the date first set forth above and expire 364 days thereafter. Lender shall make advances available to Borrower under the Loan during the Term or any renewal thereof.
(b) Borrower acknowledges that advances of Loan funds are expressly conditioned upon Lender’s prior approval of Borrower’s intended use of such funds. When Borrower identifies an investment Target, Borrower shall submit an initial draw request in writing to Lender not less than ten (10) business days prior to the date of the requested draw, using the form attached hereto as Exhibit A (the “Initial Draw Request”). Each Initial Draw Request shall be accompanied by supportive materials as to the intended use of the requested Loan funds to enable Lender’s underwriting department to assess the request. Once an Initial Draw Request is approved by Lender, Borrower has up to forty-five (45) days to access up to the amount of the approved draw in the Initial Draw Request by submitting to the Lender, not less than two (2) business days prior to the date of the intended draw, a draw funding request, using the form attached hereto as Exhibit B, which shall include the date of the requested draw funding and an affirmation that the material provided in connection with the Initial Draw Request remain accurate and no material and adverse changes have taken place or material and adverse information has been obtained by the Borrower or Guarantor with respect to the target entity.
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. 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.
