Multiple Advances. The Cushion Loan provided by Lender under this Agreement shall be structured as a multiple advance term loan. Accordingly, subject to and upon the terms and conditions of this Agreement, from and after the Effective Date and continuing until the Commitment Termination Date, Lender agrees (subject to the fulfillment of all conditions precedent set forth in this Agreement and so long as no Event of Default exists which has not been waived or timely cured) to make Advances (collectively, the “Cushion Advances” and each a “Cushion Advance”) to Borrower for purposes of providing Borrower with the funds necessary to satisfy any Additional Contribution required to be made by Borrower in accordance with the provisions of the Partnership Agreement. In addition to the foregoing, in the event that Borrower has fully exhausted the Reserve Funding Commitment Amount pursuant to the receipt of Reserve Funding Advances in accordance with Section 2.2 of this Agreement, Lender agrees to make Cushion Advances to Borrower for purposes of providing Borrower with the funds necessary to satisfy any additional Reserve Contributions required to be made by Borrower in accordance with the provisions of the Partnership Agreement. Notwithstanding the foregoing, (i) the aggregate amount of all Cushion Advances made under this Section 2.3(b) shall not exceed the Cushion Commitment Amount, and (ii) all such Cushion Advances shall be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed. If the entire Cushion Commitment Amount available to Borrower hereunder is not requested by Borrower prior to the Commitment Termination Date, then any principal amounts for which disbursement has not been requested by Borrower shall not be disbursed hereunder and Borrower shall not be liable for such non-disbursed amounts.
Multiple Advances. In accordance with the terms of this Agreement and other Loan documents, you will provide me with a draw note and the maximum total principal balance will not exceed $700,000.00 (Principal).
Multiple Advances. The undersigned acknowledges and understands that:
(1) Advances evidencing disbursements under this note, may be made upon receipt of oral or written instructions or as required from time to time;
(2) All advances are subject to the BANK'S prior approval;
(3) The balance outstanding on the note at any time shall be the difference between the total advances made less the total repayments, plus interest and charges, regardless that the sum of the advances may exceed the face amount of the note;
(4) The maximum amount of principal outstanding at any time shall not exceed the face amount of the note, except for monies expended by the BANK in the payment of any tax, assessment, rent, municipal or governmental charge, premium for insurance, lien, repair, maintenance, protection or preservation of any collateral securing this note.
Multiple Advances. In accordance with the terms of this Agreement and other Loan documents, you will provide me with a revolving draw note and the maximum outstanding principal balance will not exceed $3,000,000.00 (Principal).
Multiple Advances. When interim financing is not available or when it is in the best interest of the Federal Gov- ernment, the Agency may provide for multiple advances of the funds to cover the cost of construction.
(1) The Agency will review and ap- prove the multiple advances proposed by the borrower.
(2) When multiple advances are used, the Agency will close the loan prior to any advancement of funds and the rel- evant provisions of 7 CFR part 1924, subpart A will be used to monitor the construction.
(3) The loan check will be handled in accordance with 7 CFR part 1902, sub- part A.
Multiple Advances. [ ] This note may be disbursed in multiple advances under a line of credit or revolving credit agreement. (see paragraph 5.
Multiple Advances. When tem- porary paper, such as bond anticipation notes or interim receipts, is used to conform with the multiple advance re- quirement, the original temporary paper will be forwarded to the Finance Office after each advance is made to the borrower. The borrower’s case number will be entered in the upper right-hand corner of such paper by the Distict Office. The permanent debt in- strument(s) should be forwarded to the Finance Office as soon as possible after the last advance is made, except that for notes and single instrument bonds fully registered as to principal and in- terest the original will be retained in the District Office and a copy will be forwarded to the Finance Office. The following actions will be taken prior to issuance of the permanent instru- ments:
(1) The Finance Office will be notified of the anticipated date for the retire- ment of the interim instruments and the issuance of permanent instruments of debt.
(2) The Finance Office will prepare a statement of account including ac- crued interest through the proposed date of retirement and also show the daily interest accrual. The statement of account and the interim financing instruments will be forwarded to the District Director.
(3) The District Director will collect interest through the actual date of the retirement and obtain the permanent instrument(s) of debt in exchange for the interim financing instruments. The permanent instruments and the cash collection will be forwarded to the Fi- xxxxx Office immediately, except that for notes and single instrument bonds fully registered as to principal and in- terest the original will be retained in the District Office and a copy will be forwarded to the Finance Office. In de- veloping the permanent instruments, the sequence of preference set out
Multiple Advances. The proceeds of the obligation secured by this Deed of Trust may be advanced in multiple installments at different times subsequent to the recordation of this Deed of Trust. Each advance made subsequent to the initial advance shall be deemed to be “obligatory” in nature (subject to conditions precedent for advances) and shall be secured in the same lien priority position as the initial advance. If for any reason a court of competent jurisdiction should determine the foregoing sentence to be unenforceable, then all amounts advanced by Beneficiary or any Bank as of the time that a third party acquires or provides notice of (whichever action such court may require) an interest in the property encumbered by this Deed of Trust shall continue to be secured in a first priority lien position (subject only to the existing lien of Beneficiary), and amounts advanced by Beneficiary or any Bank after the acquisition or giving notice of (as applicable) the intervening interest (except for amounts determined by the court to be senior to the intervening interest, even though advanced by Beneficiary or any Bank after the recordation or giving notice of the intervening interest) shall be secured in a position junior to the intervening interest. The foregoing sentence shall not be construed to permit any person or entity to acquire an intervening interest without Beneficiary’s or Banks’ consent, to acknowledge that any or all of the secured obligation will be subordinate to intervening interests, or to excuse any party that may obtain an intervening interest from complying with the requirements of applicable Governmental Requirements for giving actual notice to Beneficiary or any Bank or for taking other necessary measures to establish its lien priority over subsequently advanced amounts, and the holder of any intervening interest will be charged with notice of the provisions of this paragraph to the fullest extent allowed by law. Rather, the intent of this paragraph is to ensure that in no circumstance will the provisions of this Deed of Trust securing other and subsequent advances in the same lien priority as the initial advance hereunder impair or adversely affect the priority that Beneficiary would have had absent those provisions.
Multiple Advances. Prior to n/a or the earlier termination hereof, the Borrower may obtain advances from the Bank under this Installment or Single Payment Note (the “Note”) in an aggregate amount not exceeding the Loan Amount. Although this Note is expressed as payable in the full Loan Amount, the Borrower will be obligated to pay only the amounts actually disbursed hereunder, together with accrued interest on the outstanding balance at the rates and on the dates specified therein and such other charges provided for herein.
Multiple Advances. The Loan will be funded in two or more advances. The first ("First Advance") shall not exceed Five Million and No/100 Dollars and the subsequent advances ("Subsequent Advances") shall not exceed Three Million and No/100 Dollars ($3,000,000) in the aggregate. Interest on the amount advanced shall commence on the date of each advance. The First Advance shall be paid at the Closing (as defined in this Agreement), and Subsequent Advances shall be paid within three (3) days after Borrower gives Lender notice of its request for the Subsequent Advances, but in no event shall any of the Subsequent Advances be funded prior to April 18, 2001. At the closing of the First Advance Borrower shall pledge 1,799,083 shares which shall be deemed sufficient to support the full five million & NO/100 Dollar advance. At the Closing of the Subsequent Advances, Borrower shall pledge a sufficient number of shares of the Pledged Stock to provide a seventy five percent (75%) loan to value based upon the Bid Price (as defined in this subsection). "
