Operating Loans. In addition to Asset Acquisition Loans, the Borrower may by agreement with the Lender in the Lender’s sole discretion obtain one or more other loans under this Agreement for temporary liquidity with respect to the funding of Borrower costs and expenses or similar matters (an “Operating Loan”). Any such Operating Loan shall be funded to the Custodian Reserve Account. The Borrower shall repay any Operating Loan on the related Repayment Date.
Operating Loans. In addition to Loans for the purchase of CCF Eligible Assets, the Borrower may by agreement with the Lender in the Lender’s sole discretion obtain under either Primary Market Facility or Secondary Market Facility one or more other loans under this Agreement for temporary liquidity with respect to the timing of receipts of expected Interest Proceeds (a “PMCCF Operating Loan” or “SMCCF Operating Loan” respectively; and either an “Operating Loan”). Any such Operating Loan shall be funded to the PMCCF Cash Reinvestment Sub-Account, in the case of a PMCCF Operating Loan, or the SMCCF Cash Reinvestment Sub-Account, in the case of a SMCCF Operating Loan.
Operating Loans. In lieu of or in addition to making additional Capital Contributions pursuant to Section 5.2 hereof, or borrowing funds pursuant to Section 7.1 hereof, each Member may advance or cause to be advanced to the Company funds. Such advances (herein called “Operating Loans”) shall be deemed to be loans rather than Capital Contributions and shall bear interest at a rate determined by the Manager. Operating Loans shall be evidenced by promissory notes of the Company (“Operating Notes”) and shall be repaid in the manner and at the times specified in Sections 11.2 and 12.
1. If the Members so determine, and subject to the approval, if required, of any lenders or governmental authorities having jurisdiction over any Property, such notes may be secured by a lien on all real or personal property owned by the Company or on the beneficial interest therein (or so much thereof as is then owned by the Company), evidenced by a security instrument (which may be, among other types, a mortgage or collateral assignment of beneficial interest) in appropriate form with respect to the law of the jurisdiction in which such property is located, subject to liens, if any, of mortgages granted by the Company or to which such property was subject when acquired by the Company, and to any other lien theretofore granted by the Company. Such security instrument shall also contain provisions requiring its subordination by its holder, to the extent of the cost of improvements reasonably necessary to accomplish the purposes set forth in Article III hereof, to any lien thereafter granted by the Company or its successors in title to a recognized bank, savings and loan association or other lending institution.
Operating Loans. The parties recognize that Trans-Mex will require operating funds in order to achieve the goal of the parties that Terminal facilities are established at all of the major U.S./Mexican border crossings, and certain key interior Mexican locations in order to facilitate the transportation of cargo by Trans-Mex to and from the U.S./Mexican border. In order to facilitate this growth, Swift agrees to provide an operating line of credit to Trans-Mex of up to Six Thousand ($6,000) U.S. Dollars multiplied by the number of tractors that Trans-Mex operates in its fleet at any time (the "Operating Line"). Said Operating Line may be drawn upon by Trans-Mex on an as needed basis. The interest rate to be paid by Trans-Mex on such Operating Line shall be equal to the prime rate of interest charged by Xxxxx Fargo Bank, N.A. as may change from time to time (the "Prime Rate"). The interest on the Operating Line shall be payable monthly. The Operating Line shall be documented by a revolving line of credit promissory note. Swift shall not be obligated to loan any additional funds to Trans-Mex but may agree to do so in the future.
Operating Loans. In addition to the FRBB Loans, upon a request thereof by the Borrower and subject to the terms and conditions hereof, the Lender may determine, in its sole discretion, to extend one or more other loans to the Borrower under this Agreement only with respect to the funding the Borrower’s payment of Costs and Expenses and Fees (any such loan, an “Operating Loan”).
Operating Loans. In addition to FRBNY Loans for the purpose of funding MLSA Loans, Borrower may by agreement with Xxxxxx in Xxxxxx’s sole discretion obtain one or more other loans under this Agreement for temporary liquidity with respect to the timing of receipts of expected Interest Proceeds (an “Operating Loan”). Any such Operating Loan shall be funded to the Investment Account.
Operating Loans. To the extent Additional Capital Contributions are not adequate to satisfy a Remaining Funding Deficit as reasonably determined by the General Partner, then upon written notice from the General Partner to the Partners that additional funds are necessary to pay such Remaining Funding Deficit, the Partners will have the option, but not the obligation, to loan funds (“Operating Loan(s)”) to the Partnership as set forth in this Section 4.5. Unless otherwise agreed by the Partners, Operating Loans will bear interest at a floating rate per annum equal to the same benchmark rate (and compounded at the intervals as such benchmark rate) used for the primary third-party secured debt of the Partnership plus five percent (5%) (the “General Interest Rate”). If the Partnership does not have third-party secured debt at the time any Operating Loan is outstanding, then the General Interest Rate will be the prime rate (as reported in The Wall Street Journal) plus one percent (1%). Operating Loans will be repaid in full (both principal and interest) pursuant to Section 6.2 before any distributions are made to the Partners in their capacity as such pursuant to Section 6.3 but, for the avoidance of doubt, not before tax distributions are made to the Partners pursuant to Section 6.5. Operating Loans will be expressly subordinate to any third-party secured debt of the Partnership and will be treated as equity in the Partnership to the extent required by any third-party Lender to the Partnership. Partners making Operating Loans to the Partnership will execute and deliver any documents and agreements evidencing such subordination to the extent required by any third-party Lender to the Partnership.
Operating Loans. The authority citation for part 1941 continues to read as follows:
Operating Loans. In addition to the right of the General Partner to request additional Capital Contributions under Section 4.3(c), if the amounts of Capital Contributions, loan proceeds, and net cash flow from operations received by the Partnership, less any distributions to the Partners, are not adequate to meet a Funding Deficit as determined by the General Partner, then upon written notice from the General Partner to the Partners that additional funds are necessary to pay for such Funding Deficit, the Partners will have the option, but not the obligation, to loan funds (“Operating Loan(s)”) to the Partnership as set forth in this Section 4.5. Unless otherwise agreed by the Partners, Operating Loans will bear simple interest at a floating rate per annum equal to the thirty (30)-day London Interbank Offered Rate (“LIBOR”) calculated by the Intercontinental Exchange Benchmark Administration Limited (or its successor) applicable to such date plus five percent (5%) (the “General Interest Rate”). Operating Loans will be repaid in full (both principal and interest) before any cash is distributed to the Partners in their capacity as such pursuant to Section 6.3. Operating Loans will be expressly subordinate to any third-party lender to the Partnership and will be treated as equity in the Partnership to the extent required by any third-party lender to the Partnership. Partners making Operating Loans to the Partnership will execute and deliver any documents and agreements evidencing such subordination to the extent required by any third-party lender to the Partnership.
Operating Loans. The objective shall be to service such loans to assure disbursement in accordance with the basis of approval, repayment from the sources obligated or pledged, and to minimize risk exposure to the lender. Procedures shall require:
(i) The procurement of periodic oper- ating data essential for maintaining control, for the proper analysis of such data, and prompt action as needed;
(ii) Inspections, reappraisals, and borrower visits appropriate to the na- ture and quality of the loan; and
(iii) Controls on insurance, margin requirements, warehousing, and the prompt exercise of legal options to pre- serve the lender’s collateral position and guard against loss.
