Prior Advances. All prior Advances to Borrower have been applied to the payment of obligations of Borrower for materials, labor and other costs incurred in connection with the construction of the Improvements, and for no other purpose.
Prior Advances. No other Advance shall been made during the calendar month in which such Subsequent Advance Date falls.
Prior Advances. Prior to the Fourth Restatement Closing Date and in accordance with the Existing Agreement, the Borrowers sold to certain of the Purchasers various Existing Notes, and the Company sold to certain of the Purchasers various Warrants, for the consideration set forth in the Existing Agreement, and subject to the terms set forth in the Existing Agreement and in such Existing Notes (as amended on the Fourth Restatement Closing Date) and Warrants.
Prior Advances. Prior to the Third Restatement Closing Date and in accordance with the Existing Agreement, the Borrowers sold to the Purchasers various Notes, and the Company sold to the Purchasers various Warrants, respectively, for the consideration set forth in the Existing Agreement. The terms of the Notes and Warrants issued prior to the Third Restatement Closing Date by the Borrowers and the Company, respectively, are set forth in the Amended and Restated Notes and in such Warrants, respectively, as updated or amended as set forth on Schedule 1.1(d) or as required to be amended after the Third Restatement Closing Date under Section 8.22 as of any date of determination.
Prior Advances. The obligation of the Purchasers to make Advances prior to the date hereof was subject to certain terms and conditions, which were set forth in Article IV of the Existing Agreement. Such terms and conditions are incorporated by reference herein to the extent they remain applicable as of the Third Restatement Closing Date.
Prior Advances. Stratosphere and Grand acknowledge and agree that Grand has previously advanced an aggregate of $18,551,902 under the Guarantee and that such amounts have been paid by Grand in partial satisfaction of the Obligations (as defined in the Guarantee). The parties acknowledge that all funds advanced by Grand under the Guarantee have been applied by Stratosphere either to pay costs incurred for the Resort to become Operating (as defined in the Indenture) or to pay certain Amounts Required For Completion (as defined in the Guarantee) payable by the Obligors on or prior to the date on which the Resort becomes Operating, all of which costs and amounts are described on Schedule I hereto.
Prior Advances. The Company hereby acknowledges and agrees that the Purchaser made the Prior Advances to the Company prior to the date hereof, and that the amount of such Prior Advances is included in the principal amount hereof and shall accrue interest and be subject to prepayment and conversion in the same manner as the rest of the principal amount and accrued interest under this Debenture.
Prior Advances. The balance of the Line of Credit available to be advanced to the Borrower will be reduced by the Prior Advances.
Prior Advances. As of the date hereof, Borrower has requested and received advances against the Note in the cumulative amount of $________________, which said sum was used solely for making real estate secured loans to unrelated third parties. Borrower acknowledges and confirms that the maximum amount that may be advanced under the Note is Ten Million Dollars ($10,000,000).
Prior Advances. The Interim Funding Agreement shall be deemed terminated as of the date hereof and superseded by the terms of this Agreement, the Security Agreement and the Note. The Asta Parties acknowledge and agree that:
(a) On and as of the date of this Agreement, Asta has provided PLF with (i) the aggregate amount of Four Million Dollars ($4,000,000) (the “Initial Loan”) to fund the acquisition of certain Purchase Agreements (the “Interim Investments”), and (ii) an additional amount equal to Three Hundred Sixty Thousand Dollars ($360,000) (the “Initial Overhead Advance”) for operating expenses associated with the Interim Investments pursuant to the terms of a certain Interim Claims Funding Term Sheet, executed by ASFI and PLF on September 28, 2011, (the “Interim Agreement”). The Initial Loan and the Initial Overhead Advance shall bear interest at the rate of one percent (1%) per annum in accordance with the Note;
(b) The right of Asta to repayment of the Initial Loan shall be assigned to Lender upon execution hereof, and the obligation to repay such Interim Loan shall be assumed by Borrower pursuant to an Assignment and Assumption Agreement, to be executed by Asta, Lender and Borrower on terms which incorporate by reference all of the repayment terms of the Loan Documents, and which shall fully and finally discharge PLF from any further obligation to Asta or any other party with respect to the Interim Agreement, the Initial Loan or the Investment, except as undertaken pursuant to this Agreement;
(c) The Interim Investments shall be irrevocably assigned and transferred by Asta and PLF to Borrower, following which assignment and transfer, the Interim Investments shall be treated, for all purposes, as Investments made pursuant to the Operating Agreement, including for purposes of Section 5.1 thereof;
(d) The amount of the Interim Loan shall be credited toward fulfillment of the Annual Investment Advance Commitment applicable to the first twelve (12) month period following the date of this Agreement; and
(e) The Initial Overhead Advance shall be credited toward the Annual Overhead Commitment applicable to the first twelve (12) month period following the date of this Agreement.
