Multiple Advances. The Secondary 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, during the period commencing as of the Secondary Loan Effective Date and continuing until the Secondary Loan Commitment Termination Date (the “Secondary Loan Commitment Period”), Lender agrees to make Advances to Borrower for purposes of funding (x) Qualifying Expenses incurred by Borrower during the Secondary Loan Commitment Period, either by Lender directly paying such Qualifying Expenses or reimbursing Borrower for such Qualifying Expenses, or (y) repayment of all or any portion of the Initial Loan and Security Agreement Advance (a “Repayment Amount”); provided, however, that (i) the aggregate amount of all Advances made under this Section 2.3(b) for the purpose of funding Qualifying Expenses shall not exceed the Secondary Loan Commitment Amount minus the amount of the Adjusted Retained Net Offering Proceeds from time to time; (ii) the aggregate amount of the Advances to pay Qualifying Expenses under clause (i) plus the aggregate amount of the Advances to pay all Repayment Amounts shall not exceed the Secondary Loan Commitment Amount; and (iii) all such Advances may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed. If the entire Secondary Loan Commitment Amount available to Borrower hereunder is not requested by Borrower prior to the Secondary Loan 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. The undersigned acknowledges and understands that:
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 $6,500,000.00 (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.
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 RHS, RBS, RUS, FSA, USDA § 1942.123 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:
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). "
Multiple Advances. The principal amount of this Promissory Note ("Note") shall be paid by Payee to or for the benefit of Maker in multiple advances. Interest shall commence on the date of each advance, and the advances shall be paid by Payee to Maker pursuant to the terms and conditions of that certain Loan Agreement dated April 3, 2001 between Maker and Payee.
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. Xxxxxxxx’s Note shall evidence multiple Loan Advances to be made by Xxxxxx to Borrower from time to time on a non-self replenishing basis. Loan Advances under the Borrower’s Note may be requested orally or in writing. Lender may, but need not, require that all oral requests be confirmed in writing. Xxxxxxxx agrees to be liable for all sums advanced by Xxxxxx under Xxxxxxxx’s Loan and Note in accordance with the instructions of any officer or other representative of Borrower or credited to Xxxxxxxx’s deposit account(s) with Xxxxxx. Xxxxxxxx additionally agrees that the unpaid principal balance outstanding under Borrower’s Loan and Note shall at all times be evidenced by endorsements on the Note, or alternatively, by Xxxxxx’s internal records, including Xxxxxx’s daily computer print-out. Borrower additionally agrees that Lender may, within its sole judgment, refuse to extend Loan Advances to Borrower whenever Lender determines or has reason to believe that any one or more of the following conditions exists or will occur: (a) the amount of the requested Loan Advance will result in Borrower exceeding its maximum Loan commitments; (b) Borrower is not complying or has not complied with Xxxxxx’s procedures and additional requirements for requesting Loan Advances; (c) Xxxxxxxx has failed to provide Lender with satisfactory documentation to support the requested Loan Advance; (d) Xxxxxx has reason to believe that Borrower is not presently complying, or has not complied with the terms and conditions of this Agreement, or has committed or is in the process of committing an Event of Default hereunder or under any Security Agreement directly or indirectly securing repayment of Borrower’s Loan an Note; or (e) Lender deems itself to be insecure with regard to the repayment of Xxxxxxxx’s Loan and Note. Lender shall have no obligation or liability to Borrower or to any other person or persons arising out of or in any way accruing from Xxxxxx’s reasonable refusal to extend Loan Advances to Borrower for any of the reasons stated above.
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.
