Principal Advances. Any principal advances made to the Mortgagor prior to the related Closing Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the Mortgagee's consolidated interest or by other title evidence acceptable to Fxxxxx Mae and Fxxxxxx Mac. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan.
Principal Advances. Following the satisfaction of the requirements in Section 3.8(a) of the Agreement, and on any date thereafter through the fifth anniversary of the date that the TIF District is certified, the Owner may request the Authority enter an advance of principal under this Note (a “Principal Advance”) on the ledger of such advances maintained by the registrar (the “Principal Advance Ledger”), by submitting to the Authority a certificate (the “Principal Advance Certificate”) signed by the Owner’s duly authorized representative, containing the following: (i) a statement that each cost identified in the Principal Advance Certificate is a Qualified Public Redevelopment Cost reimbursable pursuant to Section 3.7 hereof and that no part of such cost has been included in any previous Principal Advance Certificate; (ii) evidence that each identified Qualified Public Redevelopment Cost has been paid or incurred by or on behalf of the Master Developer; (iii) a certification from the City Engineer that the Developer Improvements for which reimbursement is requested have been approved by the City and have been completed based on the requirements of EXHIBIT D and EXHIBIT E; (iv) a statement that no uncured Event of Default by the Master Developer has occurred and is continuing under the Agreement (as defined below); (v) a statement describing the type and amount of Qualified Public Redevelopment Costs that were expended outside the TIF District, if any; and (vi) a statement that the expenditures for which reimbursement is requested complies with Section 4.5 of the Agreement. The Owner may submit one (1) Principal Advance Certificate per month to the Authority. Within forty-five (45) days after receipt of the Principal Advance Certificate, the Authority shall, if the Authority Representative has determined that all the aforementioned requirements have been satisfied, so notify the Owner and direct the registrar to enter the amount requested in the Principal Advance Ledger on the next February 1 or August 1, provided that the aggregate amount of sums entered on the Principal Advance Ledger shall not exceed $23,336,500. The Authority may, if not satisfied that the conditions described herein have been met, return the Principal Advance Certificate with a statement of the reasons why the Principal Advance Certificate is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require. Failure by the Authority to notify the Owner of a...
Principal Advances. If the Bank shall make any payment under the Letter of Credit pursuant to a Drawing with respect to the payment of principal of maturing Notes and the conditions precedent set forth in Section 3.2 shall have been fulfilled on such date, and the Corporation (at its option) does not reimburse or cause to be reimbursed the Bank in connection therewith on the same Business Day, then such payment shall constitute a principal advance made by the Bank to the Corporation on the date and in the amount of such payment (each such advance
being a “Principal Advance” and, collectively, the “Principal Advances”). The Corporation shall pay or cause to be paid interest on the unpaid amount of each Principal Advance from the date that such Principal Advance is made by the Bank until such amount is repaid in full. Such interest shall be payable by the Corporation in arrears (based on the actual days elapsed since the date of such Principal Advance, divided by 365), on the first day of each calendar month during the term of each Principal Advance and, with respect to any such amount repaid, on the date any such amount is repaid, at a rate per annum equal to the Principal Advance Rate.
Principal Advances. Upon the terms and subject to the conditions set forth in this Agreement, each Lender severally, but not jointly, agrees to lend to Borrower, pro rata in accordance with its Commitment Percentage, and Borrower agrees to borrow from Lenders, on a revolving basis, at any time and from time to time, in accordance with the terms hereof, from the Closing Date to the Termination Date, during which period Borrower may borrow, repay and reborrow in accordance with the terms hereof, for the purpose of acquisitions, pre-development, development, and renovations/expansions, entitled land (not to exceed 20% of the Revolving Commitment Amount in the aggregate at any one time), short-term working capital (including Distributions not to exceed $10,000,000.00 in the aggregate at any one time), principal amortization requirements and letters of credit issued for the account of Borrower (not to exceed $15,000,000.00 in the aggregate at any one time); provided, however, that (A) at no time shall any Lender be obligated to lend to Borrower more than its Commitment Percentage of the total amount of proceeds of the Loan which Borrower is then qualified to receive hereunder, (B) the amount of the Total Revolving Outstandings shall never exceed the lesser of (x) the Revolving Commitment Amount and (y) the Loan Availability, (C) the amount of the Total Revolving Tranche A Outstandings shall never exceed the Tranche A Loan Availability, and (D) the amount of the Total Revolving Tranche B Outstandings shall never exceed the Tranche B Loan Availability. In no event shall Borrower use Loan proceeds in connection with the acquisition of unentitled land (i.e., land with none of the following: (i) existing or approved infrastructure, (ii) access or entitlement to utilities or (iii) plan for development), mortgages or public or private securities (other than the purchase of shares in Xxxx Centers, Inc. not to exceed $5,000,000.00 in the aggregate at any one time), without in each instance obtaining Agent’s prior written consent. All Advances by each Lender shall be evidenced by a Note. Each Note executed by the Borrower shall be in the aggregate principal amount equal to such Lender’s Commitment Percentage of the Revolving Commitment Amount. Each Lender shall enter in its ledgers and records the amount of each such Advance, and of each payment made upon the Loan, and each Lender is authorized by Borrower to enter on a schedule attached to the Note a record of such Advances and payments; p...
Principal Advances. The Borrower may request advances (the “Principal”) from the Lender, in writing, as it requires from time to time for the purpose of commercializing the GluCurve CGM, clinical trials for the Diabetes Solution for human health, working capital and general corporate purposes. Amounts advanced by the Lender to the Borrower hereunder are considered Principal. Each of the Initial Advance, the Second Advance and the Third Advance are incorporated into the Principal amount borrowed by the Borrower from the Lender.
Principal Advances. Upon the terms and subject to the conditions set forth in this Agreement, Lender agrees to make Project Loans to Borrower on a revolving basis, in Advances, at any time and from time to time, in accordance with the terms hereof, from the Closing Date to the Termination Date, during which period Borrower may borrow, repay and reborrow in accordance with the terms hereof, for the purpose of acquiring, developing and constructing Projects; provided, however, that (a) at no time shall Lender be obligated to lend to Borrower more than the total amount of proceeds of the Loan which Borrower has then qualified to receive hereunder, and (b) the aggregate unpaid principal balance of all Total Revolving Outstandings shall never exceed the Revolving Loan Amount. All Advances shall be evidenced by the Note. Lender shall enter in its ledgers and records the amount of each such Advance and of each payment made upon such Advances, and Lender is authorized by Borrower to enter on a schedule attached to the Note a record of Advances and payments; provided, however, that the failure by Lender to make any such entry or any error by Lender in making such entry shall not limit or otherwise affect the obligations of Borrower hereunder and under the Note. Notwithstanding the expressed principal amount of the Note, Borrower shall not at any time be obligated to repay more or less than the total of all Advances made by Lender pursuant hereto, together with interest thereon at the rates specified below and in the Note, computed on each Advance from the date it is so made by Lender, and all other advances made by Lender pursuant to the terms of the Loan Documents, with interest thereon as therein provided, less all payments of principal of and interest on the Note, and of such advances and interest thereon, made by Borrower. The entire unpaid principal amount of the Loan shall be due and payable on the Termination Date, and the entire unpaid principal amount of each Project Loan shall be due and payable on the Project Loan Maturity Date therefor.
Principal Advances. Borrower shall be entitled to receive advances of principal hereunder upon Xxxxxxxx’s compliance with and satisfaction of those conditions precedent to such advances as are set forth in that Secured Construction Loan Agreement.
Principal Advances. If the Bank shall make any payment under the Letter of Credit pursuant to a Drawing with respect to the payment of principal of maturing Notes and the conditions precedent set forth in Section 3.2 shall have been fulfilled on such date, and the Corporation (at its option) does not reimburse or cause to be reimbursed the Bank in connection therewith on the same Business Day, then such payment shall constitute a principal advance made by the Bank to the Corporation on the date and in the amount of such payment (each such
Principal Advances. Upon the terms and subject to the conditions set forth in this Agreement, Lender agrees to make Project Loans, for the purpose of acquiring, developing and constructing Projects. The Construction Project Loan only shall be on a revolving basis, in Advances, at any time and from time to time, in accordance with the terms hereof, from the Closing Date to the Termination Date, during which period Borrower may borrow, repay and reborrow as to the Construction Project Loan. The Development Project Loan shall be made on a term basis in accordance with the terms hereof. Such loans are subject to the provision, however, that (a) at no time shall Lender be obligated to lend to Borrower more than the total amount of proceeds of the Loan which Borrower has then qualified to receive hereunder; (b) the aggregate unpaid principal balance of all Total Revolving Outstandings shall never exceed the Revolving Loan Amount; and
Principal Advances. If the Bank shall make any payment under the Letter of Credit pursuant to a Payment Draft with respect to the payment of principal of maturing Notes and the conditions precedent set forth in Section 3.2 shall have been fulfilled, and the Authority (at its option) does not reimburse or cause to be reimbursed the Bank in connection therewith on the same Business Day, then such payment shall constitute a principal advance made by the Bank to the Authority on the date and in the amount of such payment (each such advance being a “Principal Advance” and, collectively, the “Principal Advances”). The Authority shall pay interest on the unpaid amount of each Principal Advance from the date that such Principal Advance is made by the Bank until such amount is repaid in full. Such interest shall be payable monthly in arrears (based on the actual days elapsed since the date of such Principal Advance, divided by 360), on the first day of each calendar month during the term of each Principal Advance and, with respect to any such amount repaid, on the date any such amount is repaid, at a rate per annum equal to the Advance Rate.
