Common use of Procedures for Funding Clause in Contracts

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereof. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 2 contracts

Samples: Participation Agreement (Sabre Holdings Corp), Participation Agreement (Sabre Holdings Corp)

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Procedures for Funding. (a) The Construction Agent shall designate the date for Lessor Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances Lessor Advance (excluding any conversion and/or continuation of any Loan or Holder AdvanceLessor Advances) may be requested during any calendar month and that no such designation from the Construction Agent is shall be required for the funding of Transaction ExpensesExpenses or for the increase of Lessor Advances described in Section 5.1(b); provided, feesfurther, expenses except with respect to the Initial Closing Date Advance and other disbursements payable any Acquisition Advance concurrent therewith, if any, the funding of Transaction Expenses or the increase of Lessor Advances described in Section 5.1(b), no Lessor Advance shall be requested on a date that is not a Payment Date; provided, further, the Initial Closing Date Advance and any concurrent Acquisition Advance must be approved by the Agent, in its reasonable discretion, which discretion shall include the right to require a funding indemnity letter regarding any such Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8Advance on the Initial Closing Date based on the LIBOR Rate. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the The Construction Agent shall deliver a Requisition to the Agent a Requisition in connection with each Lessor Advance, as described specified in more detail in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments Lessor Parties Commitment at such time, and (iii) request that the Holders Lessor Parties make Holder Lessor Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs that (except with respect to the Punchlist Advance (as defined in the case of a Construction Advance) that Section 5.11)), have previously been incurred or are to be incurred on the date of such Advance Lessor Advances to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (ci) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, unless waived by the Agent (pursuant to instructions from the Majority Secured Parties), and subject to Section 5.16 hereof with respect to the funding of Uninsured Force Majeure Losses, on each the Initial Closing Date and on the Property Closing Date or the date on which the Construction Advance (other than as specified in Section 5.2(c)(ii) or, for the avoidance of doubt, such later date as is requested by Agent pursuant to Section 5A.8(b)(i)) is to be made, as applicable, (iA) the Lenders each Lessor Party shall make Loans a Lessor Advance to the Agent based on their respective Lender Commitments to the its Lessor Party Commitment in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to that the aggregate of the Available Commitments, (ii) the Holders all Lessor Advances at such time shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths be one hundred percent (3.3100%) of the balance of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Expenses, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiB) the total amount of such Loans and Holder the Lessor Advances made on such date shall (x) be used advanced by the Lessor Agent to the Construction Agent and used to pay Property Costs (including Transaction Expenses Expenses) within three (3) Business Days of the receipt by the Lessor Construction Agent of such Advance or Lessor Advance, (y) be advanced by the Lessor Agent on the date of such Advance Lessor Advances to the Construction Agent to pay Property Costs (including Transaction Expenses), as applicable, previously incurred by the Construction Agent or the Lessee or (z) be applied by the Agent in accordance with the last sentence of Section 5.1(a). (ii) Notwithstanding the foregoing, with respect to pay the final Construction Advance regarding the Construction Period Property Costsonly and subject to the satisfaction of the conditions precedent set forth in Section 5.4, as applicable. Notwithstanding each Lessor Party shall make a Lessor Advance such that the Operative Agreements state that Advances aggregate of its funded Property Cost following such final Construction Advance shall be directed an amount equal to its Commitment Percentage multiplied by one hundred percent (100%) of the aggregate Property Cost (exclusive of any amount of Property Cost attributable to any Lessor Advance for Transaction Expenses to the Lessorextent the funding of such Transaction Expenses was effected pursuant to the increase by any Lessor Party of its Lessor Parties Commitment pursuant to Section 5.8) for the Property, each up to an aggregate advance amount equal to the aggregate of the Lessor Parties Commitments (exclusive of any amount of Property Cost attributable to any Lessor Advance for Transaction Expenses to the extent the funding of such Transaction Expenses was effected pursuant to the increase by any Lessor Party of its Lessor Parties Commitment pursuant to Section 5.8); provided, in the event that any Lessor Party shall have previously funded an amount in fact excess of the amount otherwise required to be directed to funded by such Lessor Party under this Section 5.2(c)(ii) (any such amount, an “Overfunded Amount”), the Construction Agent shall pay (for the benefit of the Lessorfrom amounts received in connection with such final Construction Advance) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the such Lessor under the Operative AgreementsParty an amount equal to such Overfunded Amount. (d) With respect to an a Lessor Advance obtained by made to the Lessor Construction Agent to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such AdvanceLessor Advance was made by the Lessor Parties to the Agent, such amounts shall be held by the Lessor (or the Construction Agent on behalf of the Lessor) until the applicable closing date or payment date Property Closing Date or, if such closing date or payment date Property Closing Date does not occur within three (3) Business Days of the date of the LessorConstruction Agent’s receipt of such Lessor Advance, the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Advance Lessor Advances to repay the Lenders and the Holders Lessor Parties and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, thereafter such amounts so returned shall remain available for future Lessor Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts Lessor Advances held by the Lessor (or the Construction Agent on behalf of the Lessor) shall be subject to the lien Lien of the Security Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. With respect to that portion of the purchase price for the Property constituting the Holdback Amount that is initially funded by Lessor Advances and thereafter disbursed by the escrow holder from time to time to reimburse the Construction Agent for amounts paid by the Construction Agent for ordnance‑related matters (as more specifically described in Section 10(b) of the Purchase Agreement), the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Lessor Advances to repay the Lessor Parties. Thereafter such amounts so returned shall remain available for future Lessor Advances in accordance with the terms of the Operative Agreements. Any such Lessor Advances held by the Construction Agent shall be subject to the Lien of the Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. The foregoing provisions of this Section 5.2(d) shall not impair the right of the Construction Agent, in its final Requisition, to request the Punchlist Advance, as more particularly described in Section 5.11. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, Deeds and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, Lessor Parties and the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any HolderLessor Party, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Section 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent (pursuant to instructions from the Majority Secured Parties)).]

Appears in 2 contracts

Samples: Operative Agreements (Big Lots Inc), Participation Agreement (Big Lots Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate deliver to the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction ExpensesAgent, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeClosing Date, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition[Reserved]. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicableSection 5.3, on each Property the Closing Date or the date on which the Construction Advance is to be made, as applicableDate, (i) the Lenders Credit Note Purchasers shall make Loans purchase the Credit Notes issued by the Borrower based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Credit Note Purchaser Commitments, (ii) the Holders Mortgage Lenders shall make Holder Advances Mortgage Loans to the Borrower under the Mortgage Notes based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Mortgage Note Commitments, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made Lessor shall make an advance based on such date its Lessor Commitment (the "Lessor Advance"). Subject to the foregoing sentence, the Requested Funds shall (x) be used funded by the Credit Note Purchasers, the Mortgage Lenders and the Lessor to pay Property Costs including Transaction Expenses within three such that (3I) Business Days the proceeds from the sale of the receipt Credit Notes to the Credit Note Purchasers (the "Note Proceeds") shall equal the product of the Requested Funds set forth in such Requisition times eighty-four and sixty-two hundredths of one percent (84.62%), (II) the Mortgage Loans made by the Lessor Mortgage Lenders under the Mortgage Notes shall equal the product of the Requested Funds set forth in such Advance or Requisition times nine and thirty-eight hundredths of one percent (y9.38%), and (III) be advanced by the Lessor on Advance shall equal the date product of the Requested Funds set forth in such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicableRequisition times six percent (6%). Notwithstanding that the Operative Agreements state that Advances the Lessor shall be directed to issue the LessorCredit Notes and the Mortgage Notes, each Advance the Note Proceeds, and the Mortgage Loans, together with the Lessor Advance, shall in fact be paid to such Persons as directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent Lessee (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor and the Lessee under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Credit Notes, CertificatesMortgage Notes, Bills of Sale Sale, the Deed and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each Holderother Primary Financing Party. The Agent shall then deliver such Operative Agreements to the Lessor and each other Primary Financing Party. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders other Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the Holdersother Primary Financing Parties, and or directly to such other items party as required by the Operative Agreements. Except as otherwise noted, copies shall be held by sufficient for any other deliveries to parties other than the AgentAgent required under Section 5.3. To the extent any such other items delivered to the Agent are requested in writing from time to time by the Lessor, any Lender Lessor or any Holderother Primary Financing Party or are required to be delivered by the Agent pursuant to Section 8.6(g), the Agent shall provide a copy of such item to the party requesting itit or to the parties entitled thereto, as applicable. (f) [Intentionally OmittedReserved].] (g) Notwithstanding the completion of the closing under this Agreement pursuant to Section 5.3, each condition precedent in connection with the closing may be subsequently enforced as a covenant obligation of the Lessee by the Agent (unless such has been expressly waived in writing by the Agent).

Appears in 1 contract

Samples: Participation Agreement (Convergys Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements any Lessor Funding Obligation payable by in favor of or for the Lessor pursuant to benefit of one or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8more Financing Parties. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition; provided, notwithstanding the foregoing, the anticipated final Requisition and (iv) with regard to each Property shall constitute a restatement of be submitted for the representations made by Lessee purposes described in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition5.11. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.45.4 (except that satisfaction of such conditions precedent shall not be required to fund any Lessor Funding Obligation payable in favor of or for the benefit of one or more Financing Parties or Persons, excluding the Lessee and the Construction Agent, working on behalf of one or more Financing Parties), as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to (A) ninety-six five and seven tenths one-half percent (96.795.5%) of (B)(1) the Requested Funds specified in any Requisition plus (2) any additional amount portion of Transaction Expenses as referenced the Lessor Funding Obligations not otherwise included in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8such Requisition, unless any such funding of Transaction Expenses or any indemnity payment Lessor Funding Obligation not otherwise included in such Requisition is declined in writing by each Lender and each Holder the Majority Secured Parties (such decision to be in the reasonable sole discretion of each Lender and each Holderthe Majority Secured Parties) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four six and thirty-one one hundredths percent (8486.31%) of the sum of the Requested Funds plus such portion of the Lessor Funding Obligations not otherwise included in the applicable Requisition and the Tranche B Lenders funding nine and nineteen one-hundredths percent (9.19%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) plus such portion of the Requested FundsLessor Funding Obligations not otherwise included in the applicable Requisition), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three (A) four and three tenths one-half percent (3.34.5%) of the balance of (B)(1) the Requested Funds specified in such Requisition plus (2) any additional amount portion of Transaction Expenses as referenced the Lessor Funding Obligations not otherwise included in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8such Requisition, unless any such funding of Transaction Expenses or any indemnity payment Lessor Funding Obligation not otherwise included in such Requisition is declined in writing by each Lender and each Holder the Majority Secured Parties (such decision to be in the reasonable sole discretion of each Lender and each Holderthe Majority Secured Parties), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; Commitments and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Lexicon Genetics Inc/Tx)

Procedures for Funding. (a) The Construction Agent shall designate the date for Except as expressly provided herein, Advances hereunder shall only be made on the Closing Date and on the first day of each calendar month, unless such day is not a Business Day, in accordance with which case on the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation next occurring Business Day after the first day of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, with respect to the Closing Date, the Acquisition Advance and each Construction Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation Tranche A Non-GAAP Interest Expense and any other Non-GAAP Expenses) in a form reasonably acceptable to the Agent. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Tranche B Lender Commitments plus the Available Holder Commitments balance of funds in the Escrow Account at such timetime plus, in the case of the initial Requisition, the Cash Collateral Lender Commitments, and (iii) request that the Holders Agent disburse funds out of the Escrow Account, that the Tranche B Lenders make Holder Advances Tranche B Loans and that the Cash Collateral Lenders make Cash Collateral Loans (in the case of the Acquisition Advance) to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an the Acquisition Advance) or other Property Project Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, (i) on each Property the Closing Date, the Tranche A Note Purchasers shall purchase the Tranche A Notes, the proceeds from which shall be deposited in the Escrow Account, based on their respective Tranche A Commitments, (ii) on the Closing Date, the Cash Collateral Lenders shall make Cash Collateral Loans based on their respective Cash Collateral Commitments, (iii) on the Closing Date or and the date on which the each Construction Advance is to be made, as applicable, (i) the Tranche B Lenders shall make Tranche B Loans based on their respective Lender Tranche B Commitments to the Lessor in an aggregate amount amount, together with the Tranche A Proceeds disbursed by the Agent and, in the case of the Closing Date, with the Cash Collateral Loans made by the Cash Collateral Lenders toward any Requisition, equal to ninety-six and seven tenths percent (96.7%) the amount of the Requested Funds specified in any such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Tranche B Lender Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiiv) the total amount of such Tranche A Proceeds disbursed by the Agent, Cash Collateral Loans made by the Cash Collateral Lenders and Holder Advances Tranche B Loans made by the Tranche B Lenders on such date shall (x) be used by the Lessor to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Project Costs, as applicable. Except as provided in the following sentence with respect to the Closing Date, the Requested Funds shall be funded with Tranche A Proceeds and Tranche B Loans, (I) with the Agent disbursing an amount equal to the product of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times seventy-four and eighty-four one hundredths of one percent (74.84%) out of the Escrow Account and (II) with the Tranche B Lenders advancing the sum of (A) an amount equal to the product of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times twenty-five and sixteen one hundredths of one percent (25.16%) plus (B) the total amount of Non-GAAP Expenses requested pursuant to such Requisition in the form of Tranche B Loans; provided, however, except as expressly provided in the immediately following proviso, to the extent that the aggregate Available Tranche B Lender Commitments are insufficient to fund any amount as set forth in this Section 5.2(c), such amounts shall be funded out of the Escrow Account; provided, further, in no event shall funds from the Escrow Account be used to fund Non-GAAP Expenses. Notwithstanding the foregoing, in the case of the Requisition requesting an Advance on the Closing Date, the Requested Funds shall be funded first with Cash Collateral Loans from each Cash Collateral Lender in an amount equal to the aggregate Cash Collateral Commitments of the Cash Collateral Lenders, which amount shall be allocated to the cost of the Excess Land, and second with Tranche A Proceeds and Tranche B Loans, (I) with the Agent disbursing an amount equal to the product of the balance of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times seventy-four and eighty-four one hundredths of one percent (74.84%) out of the Escrow Account and (II) with the Tranche B Lenders advancing the sum of (A) an amount equal to the product of the balance of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times twenty-five and sixteen one hundredths of one percent (25.16%) plus (B) the total amount of Non-GAAP Expenses requested pursuant to such Requisition in the form of Tranche B Loans. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Notes, Certificates, Bills of Sale Sale, the Deed and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each HolderPrimary Financing Party. The Agent shall then deliver such Operative Agreements to the Lessor and each Primary Financing Party. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and or directly to such other items party as required by the Operative Agreements. Except as otherwise noted, copies shall be held by the Agent. To the extent sufficient for any such other items are requested in writing from time deliveries to time by the Lessor, any Lender or any Holder, parties other than the Agent shall provide a copy of such item to the party requesting itrequired under Section 5.3, 5.4 or 5. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Toys R Us Inc)

Procedures for Funding. (a) The Each Funding hereunder shall be made on the twenty-sixth (26th) day of each calendar month during the Construction Agent shall designate Period, provided that if such day is not a Business Day the date for Advances hereunder in accordance with of such Funding shall be the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8immediately succeeding Business Day. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance a Funding is to be made, the Construction Agent shall deliver to the Collateral Agent (to be forwarded by the Collateral Agent to the Agent, the Lenders and the Certificateholders), a Requisition as described in Section 4.2 hereof. Such Requisition, upon receipt by the Collateral Agent, shall constitute a Notice of Borrowing under the Credit Agreement and a Notice of Funding under the Trust Agreement and shall constitute a representation and warranty by the Construction Agent and each other Credit Party that as of the date of the Funding to which such Requisition relates (i) each of the representations and warranties set forth in Section 6.2 of this Agreement, including, without limitation, the Incorporated Representations and Warranties, are true and correct (unless such relate solely to an earlier point in time), (ii) each of the conditions precedent to such Funding set forth in Article 5 of this Agreement are satisfied, and (iii) the Construction Agent has no knowledge or reasonable expectation that the aggregate costs for the Property shall exceed the original Construction Budget (or exceed the Construction Budget as modified in accordance with the Operative Agreements) for the Property or that Completion for the Property shall not occur on or prior to the Construction Period Termination Date. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds a Funding in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments Funding Commitment at such time, and (iii) request that the Holders Certificateholders make Holder Certificateholder Advances and that the Lenders make Loans Advances to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance Funding to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance a requested Funding is to be made, as applicable, (i) the Lenders shall make Loans Advances based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds requested Funding specified in any the Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between with the Tranche A Lenders making Advances equal to eighty-two percent (82%) of the requested Funding and the Tranche B Lenders with the Tranche A Lenders funding eighty-four making Advances equal to fifteen percent (8415%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Fundsrequested Funding), up to an aggregate principal amount equal to the aggregate of the Available CommitmentsLender Commitment, (ii) the Holders Certificateholders shall make Holder Certificateholder Advances based on their respective Holder Certificateholder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds requested Funding specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder CommitmentsCertificateholder Commitment; and (iii) the total amount of such Loans and Holder Advances Funding made on such date shall (x) be used by the Lessor to pay Property Costs including and Lease Transaction Expenses specified in such Requisition within three ten (310) Business Days of the receipt by the Lessor of such Advance requested Funding or (y) be advanced by the Lessor on the date of such Advance requested Funding to the Construction Agent or the Lessee to pay Property Costs, as applicableCosts described in such Requisition within ten (10) Business Days of the receipt by the Lessor of such requested Funding. Notwithstanding that the Operative Agreements Related Documents state that Advances a requested Funding shall be directed to the Lessor, each Advance requested Funding shall in fact be directed to the Construction Collateral Agent (for the benefit of the Lessor) and applied by the Construction Collateral Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor or the Construction Agent, as applicable, under the Operative AgreementsRelated Documents. (d) With respect to an Advance a Funding obtained by the Lessor to pay for Property Costs and/or or Lease Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such AdvanceFunding, such amounts shall be held by the Lessor (or the Collateral Agent on behalf of the Lessor) Lessor until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreementdate. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Minimed Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days ---------------------- prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeeach proposed Funding Date, the Construction Agent shall deliver to the Agent Lessor and the Agent, a Requisition as described requisition (a "Requisition"), appropriately completed, ----------- in Section 4.2 hereof.the form of Exhibit C hereto. --------- (b) Each Requisition shall: (i) be irrevocable, ; and (ii) request funds in an amount that is not in excess of at least $500,000 (or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Holder Commitments Lessor Commitment at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Project Costs (in the case of a Construction Advance) that which have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject So long as no Default or Event of Default has occurred and is continuing and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.46.1, 6.2 and/or 6.3, as applicable, on each Property Closing Funding Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 97% of the Requested Funds funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Commitments, ; (ii) the Holders Lessor shall make Holder Advances based on their respective Holder Commitments a Lessor Contribution in an aggregate amount equal to three and three tenths percent (3.3%) 3% of the balance of the Requested Funds funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced an amount equal to the aggregate of the Available Holder CommitmentsLessor Commitment; and (iii) the total amount of such Loans and Holder Advances Lessor Contribution made on such date shall (x) be paid to the Disbursement Account, provided, however, amounts requested to be -------- ------- disbursed into the Disbursement Account may be used by the Lessor to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied reasonably anticipated by the Construction Agent (for the benefit to be incurred within 60 days of the Lessor) pursuant applicable Funding Date. There shall in no event be an amount in excess of $2,600,000 in the Disbursement Account and the Agent shall at all times retain the right to demand that funds remaining in the Disbursement Account, after outstanding checks have cleared, be immediately returned to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect Agent for distribution to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, Lessor. So long as no Default or Event of Default has occurred and is continuing and subject to the terms hereof, and satisfaction of the Credit Agreement and conditions set forth in Sections 6.1, 6.2 and/or 6.3, as applicable, on each date on which the Trust Agreement, Construction Agent is required to pay Project Costs the Construction Agent shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are cause funds to be delivered disbursed from the Disbursement Account to pay such Project Costs. The Construction Agent may cause funds on account in the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are Disbursement Account to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested invested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting itPermitted Investments. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Paragon Health Network Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation . Contemporaneously with the consummation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction ExpensesSpin-Off, feesthe Lessee shall deliver to, expenses and other disbursements payable by the Lessor pursuant and the Agent with respect to or the Initial Closing Date, a Requisition as described in connection with Sections 7.1(aSection 4.2 hereof (including without limitation such information regarding the Land, Improvements and Equipment included within the Group I Properties as the Agent and the Lessor shall reasonably require), 7.1(b), 7.2 and 11.8. Not less than (i) three one (31) Business Days Day prior to the date that the first Advance is of any requested hereunder Base Rate Funding and (ii) three (3) Business Days prior to the date on which of any subsequent Acquisition Advance or Construction Advance is to be maderequested Eurodollar Funding, the Construction Agent Lessee shall deliver to the Agent Lessor and the Agent, with respect to each Property Closing Date after the Initial Closing Date, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, to be acquired on such date and a Completion Certificate with respect to any improvements on such Land, each of the foregoing in a form reasonably acceptable to the Lessor and the Agent). (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances Fundings and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such RequisitionCosts. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4Section 5.3, as applicable, on the Initial Closing Date and on each Property Closing Date or after the date on which the Construction Advance is to be made, as applicableInitial Closing Date, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 96.25% of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision loans to be in apportioned as follows, (y) with respect to the reasonable discretion of each Lender Group I Properties, such loans to be apportioned 81.00% to the Series A Loans and each Holder15.25% to the Series B Loans, and (z) ratably between with respect to the Tranche Group II Properties, 84.50% to Series A Lenders Loans and the Tranche 11.75% to Series B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Loans, up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent (3.3%) of all Holder Fundings at such time shall be 3.75% of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Requisition, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any provided no such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (Funding shall exceed such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate 's pro rata share of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xw) be used by the Lessor to pay the Property Acquisition Costs including Transaction Expenses within three (3) Business Days of after the receipt by the Lessor of such Advance or Funding, (y) be advanced used by the Lessor to pay Transaction Expenses, fees, expenses and other disbursements to the extent permitted under Section 5.3, or (z) be disbursed by the Lessor, on the date of such Advance Funding, to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Pactiv Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Lenders and the Holders may, in their sole discretion, fund Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a)Article IX and Section 13.6 regardless whether the Construction Agent provides such designation with respect thereto; and provided, 7.1(b)further, 7.2 and 11.8not more than one of such Advances may be a Eurodollar Loan. Not less than (i) three (3) Business Days Days' prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Construction or Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make a Holder Advances Funding and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, and further subject to the second proviso to the first sentence of Section 2 hereof respecting the initial Advance hereunder, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent 97% times the sum of (96.7%w) of the Requested Funds specified in any Requisition plus and (x) any additional amount of Transaction Expenses or other costs as referenced in Sections 7.1(a), 7.1(b) and 7.2 Article IX and any additional amount respecting any indemnity payment as referenced in Section 11.8, 13.6 (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder) )), ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four six percent (8486%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths eleven percent (12.711%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent of all Holder Fundings at such time shall be 3% times the sum of (3.3%y) of the balance of the Requested Funds specified in such Requisition plus and (z) any additional amount of Transaction Expenses or other costs as referenced in Sections 7.1(a), 7.1(b) and 7.2 Article IX and any additional amount respecting any indemnity payment as referenced in Section 11.8, 13.6 (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder)), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments and provided no such Holder Funding shall exceed such Holder's pro rata share of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xa) be used by the Lessor to pay Property Acquisition Costs including Transaction Expenses and other costs and indemnity payments within three (3) Business Days of the receipt by the Lessor of such Advance or (yb) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Acquisition Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 Article IX or 11.8 Section 13.6 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date Property Closing Date or, if such closing date or payment date Property Closing Date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding to repay the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Capital One Financial Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with under Sections 7.1(a), 7.1(b), 7.2 ) and 11.8. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), ) and 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), ) and 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 ) or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion or any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Convergys Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, -------- however, it is understood and agreed that no more than two (2) Advances ------- (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expensesmonth. Prior to 12:00 Noon, feesCharlotte, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a)North Carolina time, 7.1(b), 7.2 and 11.8. Not less than at least (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, and subject to the last sentence of this Section 5.2(c), on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date time designated for use of such funds or, if such closing date or payment date does funds are not occur used within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to and shall remain available for future Advances in accordance with the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Us Foodservice/Md/)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month month; provided, further, each such Advance shall include all disbursements made on a given day under any Requisition and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant may relate to one or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8more Properties. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land in the case of a Requisition for an Acquisition Advance for the acquisition of such Land), a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Requisition, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), ) up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent waived in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (American Oncology Resources Inc /De/)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Lenders and the Holders may, in their sole discretion, fund Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a)Article IX and Section 13.6 regardless whether the Construction Agent provides such designation with respect thereto; and provided, 7.1(b)further, 7.2 and 11.8not more than one of such Advances may be a Eurodollar Loan. Not less than (i) three (3) Business Days Days' prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Construction or Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make a Holder Advances Funding and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, and further subject to the second proviso to the first sentence of Section 2 hereof respecting the initial Advance to be made hereunder, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent 97% times the sum of (96.7%w) of the Requested Funds specified in any Requisition plus and (x) any additional amount of Transaction Expenses or other costs as referenced in Sections 7.1(a), 7.1(b) and 7.2 Article IX and any additional amount respecting any indemnity payment as referenced in Section 11.8, 13.6 (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder) )), ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four six percent (8486%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths eleven percent (12.711%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent of all Holder Fundings at such time shall be 3% times the sum of (3.3%y) of the balance of the Requested Funds specified in such Requisition plus and (z) any additional amount of Transaction Expenses or other costs as referenced in Sections 7.1(a), 7.1(b) and 7.2 Article IX and any additional amount respecting any indemnity payment as referenced in Section 11.8, 13.6 (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder)), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments and provided no such Holder Funding shall exceed such Holder's pro rata share of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xa) be used by the Lessor to pay Property Acquisition Costs including Transaction Expenses and other costs and indemnity payments within three (3) Business Days of the receipt by the Lessor of such Advance (it being understood and agreed that the first Advance shall include an amount necessary to cover costs incurred prior to the Initial Closing Date in connection with the Land and Improvements owned or ground leased by the Borrower and located in Hillsborough County, Florida) or (yb) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Acquisition Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 Article IX or 11.8 Section 13.6 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date Property Closing Date or, if such closing date or payment date Property Closing Date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding to repay the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Capital One Financial Corp)

Procedures for Funding. (a) The Construction Agent (or, respecting Section 11.1(c) of the Lease, the Lessee) shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the 8 total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. The Construction Agent or the Lessee, as the case may be, may retain up to five percent (5%) of any Advance to the extent such retained amount is thereafter applied to the Property Cost of the applicable Property on or prior to the date of the next Advance regarding such Property and in any event such amount shall be applied prior to the Expiration Date. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Certificates and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Quorum Health Group Inc)

Procedures for Funding. (a) The Construction Agent Agents shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Guarantor (in the case of an Advance on the Initial Closing Date) or thereafter, the Construction Agent that is a party to a Lease Supplement respecting a particular Property (in the case of an Acquisition Advance or Construction Advance relating to such Property) shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eightyseventy-four seven percent (8477%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths twenty percent (12.720%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the applicable Construction Agent or the applicable Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent that has executed a Lease Supplement respecting the applicable Property (for the benefit of the Lessor) and applied by the such Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s Agent's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security AgreementAgreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Performance Food Group Co)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof, which in all cases shall be the first day of an Interest Period; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable month. Except as otherwise expressly agreed by the Lessor pursuant Agent, all Advances shall be made to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8accounts located outside of the State of Alabama. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be mademade and with respect to the Requested Funds, including without limitation Holder Fees specified in any Requisition, as applicable, (i) the Lenders each Lender shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to such Lender's proportionate share of ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b(less Holder Fees) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and (ii) each Holder (shall make a Holder Advance to the Lessor in an amount equal to such decision to be in Holder's proportionate share of the reasonable discretion sum of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four three percent (843%) of the Requested Funds and plus such Holder's proportionate share of the Holder Fees set forth in such Requisition. The Tranche B A Lenders funding twelve and seven tenths shall make Loans to the Lessor in proportion to such Tranche A Lender's share of the aggregate Tranche A Commitments of eighty-five percent (12.785%) of the Requested FundsFunds (less the Holder Fees); the Tranche B Lenders shall make Loans to the Lessor in proportion to such Tranche B Lender's share of the aggregate Tranche B Commitments of twelve percent (12%) of the Requested Funds (less the Holder Fees), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders ; and each Holder shall make a Holder Advances based on their respective Advance in proportion to such Holder's share of the aggregate Holder Commitments in an aggregate amount equal to of three and three tenths percent (3.33%) of the balance Requested Funds (less the Holder Fees) plus such Holder's share of the Requested Funds Holder Fees specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the . The total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Construction Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s Construction Agent's receipt of such Advance, shall be paid to the Agent to be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security AgreementAgreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding funding of any Advance under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such Advance may be subsequently enforced by the Agent as a covenant of the applicable party (unless such has been expressly waived in writing by the Agent acting upon the direction of the Majority Secured Parties).]

Appears in 1 contract

Samples: Participation Agreement (Healthsouth Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior to each proposed Funding Date other than the date that initial Advance to be made on the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction initial Funding Date, where such Advance is to bear interest and Yield at a rate equal to the ABR and notice may be madegiven on the initial Funding Date, the Construction Agent shall deliver to the Agent Lessor and the Agent a Requisition as described requisition (a "Requisition"), appropriately completed, in Section 4.2 hereof. (b) the form of Exhibit E hereto. Each Requisition shall: (i) be irrevocable, ; and (ii) request funds in an amount that is not in excess of at least $500,000 (or such lesser amount as shall be equal to the total aggregate of the Available Loan Commitments plus the Available Holder Lessor Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Project Costs (in the case of a Construction Advance) that have previously been incurred or are to which will be incurred on during the date of such Advance to thirty (30) day period following the extent such requested Funding Date and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition Requisition. The Lessee shall not request more than one Funding Date during any calendar month. So long as no Default or Event of Default has occurred and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject is continuing and subject to the satisfaction of Agent Lessor and the conditions precedent set forth in Sections 5.3 or 5.4Agent having each received the materials required by Section 6.1, 6.2 and/or 6.3, as applicable, on each Property Closing Funding Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Agent Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 85% of the Requested Funds funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Loan Commitments, ; (ii) the Holders Lessors shall make Holder Advances based on their respective Holder Commitments available to the Agent Lessor, Lessor Contributions in an aggregate amount equal to three and three tenths percent (3.3%) 15% of the balance of the Requested Funds funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced an amount equal to the aggregate of the Available Holder Lessor Commitments; and (iii) the total amount of such Loans and Holder Advances Lessor Contributions made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance paid to the Construction Agent or the Lessee to pay Property the Project Costs. The Construction Agent agrees that it cannot incur Project Costs (i) unless the Lessee, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the LessorConstruction Agent, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until has complied with the applicable closing date provisions of Section 6 or payment date or, if such closing date or payment date does not occur within three (3ii) Business Days of which would result in the date of Lease Balance exceeding the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security AgreementAggregate Commitment Amount. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (McData Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than eight (8) Fundings (of which only two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advancemay be Eurodollar Fundings) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three one (31) Business Days Day prior to the date that the first Advance is of any requested hereunder Base Rate Funding and (ii) three (3) Business Days prior to the date on which of any subsequent Acquisition Advance or Construction Advance is to be maderequested Eurodollar Funding, the Construction Agent shall deliver to the Agent Lessor and the Agent, (A) with respect to the Initial Closing Date, the Amendment Closing Date and each Property Closing Date, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Lessor and the Agent) and (B) with respect to each Construction Funding, a Requisition identifying (among other things) the Property to which such Work relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances Fundings and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition AdvanceFunding) or other Property Costs Costs, including the cost of Improvements (in the case of a Construction AdvanceFunding) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance Funding is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 97% of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision loans to be in the reasonable discretion of each Lender apportioned 88% to Series A Loans and each Holder) ratably between the Tranche A Lenders and the Tranche 9% to Series B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested FundsLoans), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent (3.3%) of all Holder Fundings at such time shall be 3% of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Requisition, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any provided no such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (Funding shall exceed such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate 's pro rata share of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xw) be used by the Lessor to pay the Property Acquisition Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or Funding (yin the case of a Property Closing Date), (x) be advanced used by the Lessor on the date of such Advance Funding to pay interest regarding the Loans relating to a Property and to pay the Holder Yield regarding the Holder Fundings relating to a Property, in each case to the extent accrued under the Credit Agreement or Trust Agreement (as the case may be) during the period prior to the Basic Rent Commencement Date with respect to such Property, (y) be used by the Lessor to pay Transaction Expenses, fees, expenses and other disbursements to the extent permitted under Sections 5.3, 5.4 or 5.5, or (z) be disbursed by the Lessor, on the date of such Funding, to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Wackenhut Corrections Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Lessor Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances Lessor Advance (excluding any conversion and/or continuation of any Loan or Holder AdvanceLessor Advances) may be requested during any calendar month and that no such designation from the Construction Agent is shall be required for the funding of Transaction ExpensesExpenses or for the increase of Lessor Advances described in Section 5.1(b); provided, feesfurther, expenses except with respect to the Initial Closing Date Advance and other disbursements payable any Acquisition Advance concurrent therewith, if any, the funding of Transaction Expenses or the increase of Lessor Advances described in Section 5.1(b), no Lessor Advance shall be requested on a date that is not a Payment Date; provided, further, the Initial Closing Date Advance and any concurrent Acquisition Advance must be approved by the Lessor pursuant to or Agent, in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8its reasonable discretion. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the The Construction Agent shall deliver a Requisition to the Agent a Requisition in connection with each Lessor Advance, as described specified in more detail in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments Lessor Parties Commitment at such time, and (iii) request that the Holders Lessor Parties make Holder Lessor Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs that (except with respect to the Punchlist Advance (as defined in the case of a Construction Advance) that Section 5.11)), have previously been incurred or are to be incurred on the date of such Advance Lessor Advances to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (ci) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, unless waived by the Agent (pursuant to instructions from the Majority Secured Parties), and subject to Section 5.16 hereof with respect to the funding of Uninsured Force Majeure Losses, on each the Initial Closing Date and on the Property Closing Date or the date on which the Construction Advance (other than as specified in Section 5.2(c)(ii) or, for the avoidance of doubt, such later date as is requested by the Agent pursuant to Section 5A.8(b)(i)) is to be made, as applicable, (iA) the Lenders each Lessor Party shall make Loans a Lessor Advance to the Agent based on their respective Lender Commitments to the its Lessor Party Commitment in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to that the aggregate of the Available Commitments, (ii) the Holders all Lessor Advances at such time shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths be one hundred percent (3.3100%) of the balance of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Expenses, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiB) the total amount of such Loans and Holder the Lessor Advances made on such date shall (x) be used advanced by the Lessor Agent to the Construction Agent and used to pay Property Costs (including Transaction Expenses Expenses) CHAR1\1917164v13 within three (3) Business Days of the receipt by the Lessor Construction Agent of such Advance or Lessor Advance, (y) be advanced by the Lessor Agent on the date of such Advance Lessor Advances to the Construction Agent to pay Property Costs (including Transaction Expenses), as applicable, previously incurred by the Construction Agent or the Lessee or (z) be applied by the Agent in accordance with the last sentence of Section 5.1(a). (ii) Notwithstanding the foregoing, with respect to pay the final Construction Advance regarding the Construction Period Property Costsonly and subject to the satisfaction of the conditions precedent set forth in Section 5.4, as applicable. Notwithstanding each Lessor Party shall make a Lessor Advance such that the Operative Agreements state that Advances aggregate of its funded Property Cost following such final Construction Advance shall be directed an amount equal to its Commitment Percentage multiplied by one hundred percent (100%) of the aggregate Property Cost (exclusive of any amount of Property Cost attributable to any Lessor Advance for Transaction Expenses to the Lessorextent the funding of such Transaction Expenses was effected pursuant to the increase by any Lessor Party of its Lessor Parties Commitment pursuant to Section 5.8) for the Property, each up to an aggregate advance amount equal to the aggregate of the Lessor Parties Commitments (exclusive of any amount of Property Cost attributable to any Lessor Advance for Transaction Expenses to the extent the funding of such Transaction Expenses was effected pursuant to the increase by any Lessor Party of its Lessor Parties Commitment pursuant to Section 5.8); provided, in the event that any Lessor Party shall have previously funded an amount in fact excess of the amount otherwise required to be directed to funded by such Lessor Party under this Section 5.2(c)(ii) (any such amount, an “Overfunded Amount”), the Construction Agent shall pay (for the benefit of the Lessorfrom amounts received in connection with such final Construction Advance) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the such Lessor under the Operative AgreementsParty an amount equal to such Overfunded Amount. (d) With respect to an a Lessor Advance obtained by made to the Lessor Construction Agent to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such AdvanceLessor Advance was made by the Lessor Parties to the Agent, such amounts shall be held by the Lessor (or the Construction Agent on behalf of the Lessor) until the applicable closing date or payment date Property Closing Date or, if such closing date or payment date Property Closing Date does not occur within three (3) Business Days of the date of the LessorConstruction Agent’s receipt of such Lessor Advance, the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Advance Lessor Advances to repay the Lenders and the Holders Lessor Parties and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, thereafter such amounts so returned shall remain available for future Lessor Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts Lessor Advances held by the Lessor (or the Construction Agent on behalf of the Lessor) shall be subject to the lien Lien of the Security Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. With respect to that portion of the purchase price for the Property constituting the Holdback Amount that is initially funded by Lessor Advances and thereafter disbursed by the escrow holder from time to time to reimburse the Construction Agent for amounts paid by the Construction Agent for ordnance-related matters (as more specifically described in Section 10(b) of the Purchase Agreement.), the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Lessor Advances to repay the Lessor Parties. Thereafter such amounts so returned shall remain available for future Lessor Advances in accordance with the terms of the Operative Agreements. Any such Lessor Advances held by the Construction Agent shall be subject to the Lien of the Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. The foregoing provisions of this Section 5.2(d) shall not impair the right of the Construction Agent, in its final Requisition, to request the Punchlist Advance, as more particularly described in Section 5.11. CHAR1\1917164v13 (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, Deeds and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, Lessor Parties and the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any HolderLessor Party, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Section 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent (pursuant to instructions from the Majority Secured Parties)).]

Appears in 1 contract

Samples: Fourth Amendment to Certain Operative Agreements (Big Lots Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses. Prior to 11:00 a.m. New York time, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not not less than (i) three one (31) Business Days Day prior to the date that the first Advance is of any requested hereunder and Base Rate Funding or (ii) three (3) Business Days prior to the date on which of any subsequent Acquisition Advance or Construction Advance is to be maderequested Eurodollar Funding, the Construction Agent Lessee shall deliver to the Agent Lessor and the Agent, with respect to the Restatement Effective Date, a Requisition as described in Section 4.2 hereof. (b) Each The Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such timeLessor Commitment, and (iii) request that the Holders Lessor make Holder Advances Lessor Fundings and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (purposes described in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition5.1. (c) Subject to the satisfaction terms and conditions of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, Credit Agreement on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, Restatement Effective Date, (i) the Lenders each Lender shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of such Lender’s Commitment Percentage times the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to of the aggregate of the Available Commitments, Commitments (such Loans to be apportioned to Series A Loans and Series B Loans in accordance with definitions thereof); (ii) the Holders Lessor shall make Holder Advances based on their respective Holder Commitments a Lessor Funding in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of Lessor’s Commitment Percentage times the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the an aggregate advanced principal amount equal to the aggregate of the Available Holder Commitments; and Lessor Commitment. (iii) the total amount of such Loans and Holder Advances Lessor Fundings made on such date the Restatement Effective Date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreementsaccordance with Section 5.1. (d) With respect The Lessor’s Fundings outstanding from time to an Advance obtained by time shall accrue yield at the Lessor to pay for Property Costs and/or Transaction Expenses Rate, computed using the actual number of days elapsed and a 360-day year (“Yield”). If all or other costs payable under Sections 7.1(aa portion of the principal amount or Yield on the Lessor’s Fundings shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), 7.1(b)such overdue amount shall, 7.2 or 11.8 hereof and not expended by without limiting the rights of the Lessor for such purpose on under the Lease, to the maximum extent permitted by law, accrue Yield at the Overdue Rate, from the date of such Advance, such amounts non payment until paid in full (both before and after judgment). The Loans outstanding from time to time shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of accrue interest as set forth in the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) Subject to the restrictions set forth in Sections 2.3 and 2.9(c) of the Credit Agreement, the Lessee may: (i) upon delivery of written notice to the Agent on or before 11:00 A.M., New York time, one (1) Business Day prior to the date of such conversion, convert all or a part of Eurodollar Rate Fundings to Base Rate Fundings on the last day of the Interest Period for such Eurodollar Rate Fundings; and (ii) upon delivery of written notice to the Agent on or before 11:00 A.M., New York time, three (3) Business Days’ prior to the date of such election or conversion: (A) elect a subsequent Interest Period for all or a portion of Eurodollar Rate Fundings to begin on the last day of the then current Interest Period for such Eurodollar Rate Fundings; and (B) convert Base Rate Fundings to Eurodollar Rate Fundings on any Business Day. All Operative Agreements or any part of outstanding Eurodollar Fundings or Base Rate Fundings may be converted as provided herein, and all or any part of outstanding Eurodollar Fundings may be continued as Eurodollar Fundings for a subsequent Interest Period as provided herein, provided in each case that (i) no Base Rate Funding may be converted into a Eurodollar Funding, and no Eurodollar Funding may be continued as a Eurodollar Funding for a subsequent Interest Period, when any Event of Default has occurred and is continuing, (ii) no Base Rate Funding may be converted into a Eurodollar Funding which are matures after the Maturity Date, and (iii) such notice of conversion shall contain an election by the Borrower of an Interest Period for such Eurodollar Funding to be delivered created by such conversion and such Interest Period shall be in accordance with the terms of the definition of the term “Interest Period” as set forth in Appendix A to the LessorParticipation Agreement and provided, the Agentfurther, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, that with respect to which in each case there conversion or continuation of any Eurodollar Rate Funding, if the Borrower shall fail to give any required notice or if such continuation is not permitted pursuant to the preceding provision, such Funding shall be only one originalautomatically converted to a Base Rate Funding on the last day of such then expiring Interest Period. (f) shall be delivered with originals sufficient for On the Lessorfirst Payment Date that occurs after the Restatement Effective Date, the Agent, each Lender and each Holder. All other items which are to be delivered Lessee shall make a prepayment of Basic Rent (in addition to the Lessor, Basic Rent otherwise due on such Payment Date) in an amount equal to $500,000 (the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items “Prepaid Rent Amount”). Such Prepaid Rent Amount shall be held by the Agent. To the extent any such other items are requested in writing from time to time Lessor, and shall be paid over by the Lessor, any Lender or any HolderLessor to the Agent on each subsequent Payment Date(s) that occurs after the end of the fiscal quarter of the Lessor in which such payment of the Prepaid Rent Amount occurs to be credited against the Lessee’s obligation to pay Basic Rent on such Payment Date(s) until such Prepaid Rent Amount has been reduced to zero. If a Lease Event of Default exists and the Agent so requests, the Agent Lessor shall provide a copy of such item turn over the remaining Prepaid Rent Amount, if any, to the party requesting itAgent for application in accordance with Section 8.1(b)(i) of the Credit Agreement. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Tech Data Corp)

Procedures for Funding. (a) The Construction Agent Lessee shall designate the date for Advances hereunder in accordance with the terms and provisions hereofhereof which date shall not be earlier than three (3) Business Days following the Lessee's delivery to Agent of a Requisition in the form of Exhibit A hereto with respect to any such Advance; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior respect to the date that Advance to be made on the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Funding Date, such Advance is to be made, the Construction Agent shall deliver bear interest at a rate equal to the Agent a Requisition as described in Section 4.2 hereof. (b) ABR and notice may be given on the Funding Date. Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate amount of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor Trust for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) . Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicableSection 6.1, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor Borrower in an aggregate amount equal to ninety-six and seven tenths percent (96.796%) of the Requested Funds amount specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b8.1(a) and 7.2 8.1(b) and any additional amount respecting any indemnity payment as referenced in Section 11.812.6, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Lender Commitments, ; (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths four percent (3.34%) of the balance of the Requested Funds amount specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b8.1(a) and 7.2 8.1(b) and any additional amount respecting any indemnity payment as referenced in Section 11.812.6, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder), up to the an aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor Trust to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor Trust on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the LessorTrust, each Advance shall in fact be directed to the Construction Agent Lessee (for the benefit of the LessorTrust) and applied by the Construction Agent Lessee (for the benefit of the LessorTrust) pursuant to the requirements imposed on the Lessor Trust under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the LessorTrust, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the LessorTrust, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificatescertificates, Bills bills of Sale sale, and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the LessorTrust, the Agent, each Lender and each Holder. All other items which are to be delivered to the LessorTrust, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the LessorTrust, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the LessorTrust, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. Notwithstanding the completion of any closing under this Agreement pursuant to Sections 6.1 or 6.2, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent). (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Lam Research Corp)

Procedures for Funding. (a) The Construction Agent (or, respecting Section 11.1(c) of the Lease, the Lessee) shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Certificates and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Province Healthcare Co)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) Funding may be requested during any calendar month other than Fundings which are made solely to fund interest and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8Holder Yield. Not less than five (i) three (35) Business Days prior to the date that the first Advance is of any requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance Base Rate Funding or Construction Advance is to be madeEurodollar Funding, the Construction Agent shall deliver to the Agent Lessor and the Agent, (A) with respect to the Initial Closing Date and each Property Closing Date, a Requisition as described in Section SECTION 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Lessor and the Agent) and (B) with respect to each Construction Funding, a Requisition identifying (among other things) the Property to which such Work relates. Each such Requisition (other than a Requisition for an Acquisition Funding) shall be delivered to the Lessor and the Agent on a date between (and including) the first (1st) and the fifth (5th) Business Day of a calendar month. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances Fundings and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition AdvanceFunding) or other Property Costs Costs, including the cost of Improvements (in the case of a Construction AdvanceFunding) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 SECTIONS 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance Funding is to be made, as applicable, , (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent 97% of the sum of (96.7%A) of the Requested Funds specified in any Requisition plus Requisition, (B) any additional amount of Transaction Expenses and other fees, taxes, expenses and disbursements (as referenced described in Sections 7.1(aSECTION 9.1(A) AND 9.1(B)) (unless such funding of fees, taxes, expenses, disbursements or Transaction Expenses is declined in writing by each Lender and each Holder, such decision to be in the sole discretion of each Lender and each Holder), 7.1(band (C) and 7.2 and any additional amount respecting any indemnity payment (as referenced described in Section 11.8, SECTION 13.5) (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be Holder, in the reasonable sole discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), -- up to an aggregate principal amount equal to the aggregate of the Available Commitments, Commitments (such Loans to be apportioned 88% to Series A Loans and 9% to Series B Loans); (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent (3.3%) of all Holder Fundings at such time shall be 3% of the balance sum of (A) the Requested Funds specified in such Requisition plus any Requisition, (B) any additional amount of Transaction Expenses and other fees, taxes, expenses and disbursements (as referenced described in Sections 7.1(aSECTION 9.1(A) AND 9.1(B)) (unless such funding of fees, taxes, expenses, disbursements or Transaction Expenses is declined in writing by each Lender and each Holder, such decision to be in the sole discretion of each Lender and each Holder), 7.1(band (C) and 7.2 and any additional amount respecting any indemnity payment (as referenced described in Section 11.8, SECTION 13.5) (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be Holder, in the reasonable sole discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate ) -- provided no such Holder Funding shall exceed such Holder's pro rata share of the Available Holder Commitments; and and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xw) be used by the Lessor to pay the Property Acquisition Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or Funding (yin the case of a Property Closing Date), (x) be advanced used by the Lessor on the date of such Advance Funding to pay interest regarding the Loans relating to a Property and to pay the Holder Yield regarding the Holder Fundings relating to a Property, in each case to the extent accrued under the Credit Agreement or Trust Agreement (as the case may be) during the period prior to the Completion Date with respect to such Property, (y) be used by the Lessor to pay Transaction Expenses, fees, taxes, expenses, other disbursements and indemnities to the extent permitted under SECTIONS 5.3, 5.4, 5.5, 9.1(A), 9.1(B) OR 13.5 (as applicable), or (z) be disbursed by the Lessor, on the date of such Funding, to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Aviation Sales Co)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2i) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than ten (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (310) Business Days prior to the date on which any subsequent (A) Acquisition Advance or Construction (B) any other Project Loan Advance where the Lessee has not waived all of the conditions precedent to such Project Loan Advance set forth in Schedule 11.02 to the Participation Agreement is to be made and (ii) not less than two (2) Business Days prior to the date on which any Project Loan Advance (other than an Acquisition Advance) where the Lessee has waived the conditions precedent to such Project Loan Advance set forth in Schedule 11.02 to the Participation Agreement is to be made, the Construction Agent applicable Lessee (i) acting on behalf of the Lessor pursuant to Section 11.02, shall deliver to the Real Estate Administrative Agent, as the assignee of the Owner Trustee's rights and obligations under the applicable Project Loan Agreement pursuant to the applicable Assignment of Contracts, (with a copy to the Administrative Agent) the Requisition and (ii) acting on behalf of the Owner Trustee pursuant to Section 11.01, shall deliver to the Administrative Agent, a Revolving Credit Loan Request or to the Real Estate Administrative Agent (with a Requisition copy to the Administrative Agent), a Swing Loan Request, as described in Section 4.2 hereofthe case may be and as required pursuant to the Credit Agreement. (b) Each Requisition shalland Revolving Credit Loan Request or Swing Loan Request, as the case may be, shall among other things: (i) be irrevocable, irrevocable and (ii) request funds Project Loans and Loans in an amount that is not the same amount, but in excess no event (x) less than $50,000 (except if such Loans are made to capitalize interest) or (y) greater than the lesser of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are amount permitted to be incurred on drawn under the date of such Advance to applicable Project Loan Agreement or under the extent such were not subject to a prior Requisition, in each case as specified in Credit Agreement. The Revolving Credit Loan Request or the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4Swing Loan Request, as applicable, on each Property Closing Date shall request that Loans be made for the sole purpose of permitting the Owner Trustee to make Project Loans and that the funds be transferred directly to the applicable Lessor, Agree SPC or Developer as so specified in the date on which the Construction Advance is to be madeRevolving Credit Loan Request or Swing Loan Request, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Borders Group Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate deliver to the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction ExpensesAgent, feesprior to 12:00 Noon Charlotte, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) North Carolina time at least three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeClosing Date, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereof4 hereof and Agent shall promptly provide copies thereof to Lenders. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, on each Property the Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any the Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eightysixty-four nine and ninety-three hundredths percent (8469.93%) of the Requested Funds and the Tranche B Lenders funding twelve twenty-seven and seven tenths hundredths percent (12.727.07%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Lender Commitments, ; (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be amounts requested in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date the Closing Date shall (x) be used by the Lessor to refinance the Existing Debt and pay Property Costs including the Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreementsrelated thereto. (dc) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement.[Intentionally Reserved] (ed) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Notes and Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Pep Boys Manny Moe & Jack)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two four (24) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders severally shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four eight percent (8488%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths nine percent (12.79%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders severally shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three ten (310) Business Days of the receipt by the Lessor of such Advance unless such advance is in connection with an Escrowed Closing (as defined in Section 5.2(d) hereof) and within ninety (90) days of receipt by the Lessor of such Advance if such Advance is made in connection with an Escrowed Closing or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall either (i) be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if and applied for such purpose on such closing date or payment (ii) be held by an escrow agent on behalf of the Lessor until the applicable closing date pursuant to an escrow agreement in a form acceptable to the Agent and applied for such purpose in accordance with the terms and subject to the conditions set forth in such escrow agreement (an "Escrowed Closing"). If the closing does not occur within three ten (310) Business Days (or within ninety (90) days in the case of an Escrowed Closing) of the date of the Lessor’s 's receipt of such Advance, such amounts shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain become upon such repayment available for future Advances, . Amounts paid pursuant to Section 5.13 of this Agreement or otherwise in connection with a Terminated Property shall become upon such repayment available for future Advances up to but not count as an Advance for purposes to exceed the aggregate amount of the two Advance limit per month provided Advances made for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder CommitmentsTerminated Property. Any such amounts held by the Lessor (or the Agent or escrow agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent, acting at the direction of the Majority Secured Parties).]

Appears in 1 contract

Samples: Participation Agreement (Centennial Healthcare Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days --------------------------- prior to each proposed Closing Date (other than the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeInitial Closing Date), the Construction Agent Lessee shall deliver to the Agent Investors and the Agent, a Requisition as described requisition (a "Requisition"), appropriately completed, in Section 4.2 hereof.the form of Exhibit D hereto. ----------- --------- (b) Each Requisition shall: (i) be irrevocable, ; and (ii) request funds in an amount that is not in excess of at least $200,000 (or such lesser amounts as shall be equal to the total aggregate of the Available Commitments plus the Available Holder Commitments Investor Commitment at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Equipment Acquisition Costs (in the case of an Acquisition Advance) or other Property Equipment Acquisition Costs (in the case of a Construction Advance) that which have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject So long as no Default or Event of Default has occurred and is continuing and subject to the satisfaction of Lessor and the conditions precedent set forth in Sections 5.3 or 5.4Agent having each received the materials required by Section 6.1 and/or 6.2, as applicable, on each Property Equipment Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal not to ninety-six and seven tenths percent (96.7%) exceed 97% of the Requested Funds aggregate funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Commitments, ; (ii) with respect to the Holders first Equipment Closing Date, the Investors shall make Holder Advances based on their respective Holder Commitments have made an Investor Contribution in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder CommitmentsInvestor Commitment; and (iii) the total amount of such Loans and Holder Advances made on such date and Investor Contribution made on the first Equipment Closing Date shall (x) be used by to fully cover the Lessor aggregate Equipment Cost (after giving effect to pay Property Costs including Transaction Expenses within three (3) Business Days of amounts to be paid in connection with the receipt by the Lessor of Equipment Acquisition Cost for such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative AgreementsEquipment Closing Date). (d) With respect Notwithstanding anything to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a)contrary in this Agreement, 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessori) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as be required to make Loans in an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, aggregate amount with respect to which all the Equipment in each case there shall be only one original) shall be delivered with originals sufficient for excess of 97% of the Lessor, the Agent, each Lender and each Holder. All other items which are amount allocated to be delivered all such Equipment (after giving effect to the Lessor, Equipment purchased in connection with the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting itRequisition). (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Hanover Compressor Co /)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Bank, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Bank) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders Bank make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders Bank shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders Bank shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent Bank on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders Loans and the Holders Holder Advances and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent Bank on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders Lessor shall be delivered to the AgentBank, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, Lessor and the Agent, each Lender and each HolderBank. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders Lessor shall be delivered to the AgentBank, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the AgentBank. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent Bank shall provide a copy of such item to the party requesting ititem. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Bank (unless such has been expressly waived in writing by the Bank).]

Appears in 1 contract

Samples: Participation Agreement (Dollar Tree Stores Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two four (24) Advances Fundings (excluding any conversion and/or continuation of any Loan or Holder Advancewhich only one (1) may be a Eurodollar Funding) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three one (31) Business Days Day prior to the date that the first Advance is of any requested hereunder Base Rate Funding and (ii) three (3) Business Days prior to the date on which of any subsequent Acquisition Advance or Construction Advance is to be maderequested Eurodollar Funding, the Construction Agent shall deliver to the Agent Lessor and the Agent, (A) with respect to the Initial Closing Date and each Property Closing Date, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Lessor and the Agent) and (B) with respect to each Construction Funding, a Requisition identifying (among other things) the Property to which such Work relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances Fundings and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition AdvanceFunding) or other Property Costs Costs, including the cost of Improvements (in the case of a Construction AdvanceFunding) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance Funding is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 97% of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision loans to be in the reasonable discretion of each Lender apportioned 88% to Series A Loans and each Holder) ratably between the Tranche A Lenders and the Tranche 9% to Series B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested FundsLoans), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent (3.3%) of all Holder Fundings at such time shall be 3% of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]Funds

Appears in 1 contract

Samples: Participation Agreement (Wackenhut Corrections Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Lessor Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances Lessor Advance (excluding any conversion and/or continuation of any Loan or Holder AdvanceLessor Advances) may be requested during any calendar month and that no such designation from the Construction Agent is shall be required for the funding of Transaction ExpensesExpenses or for the increase of Lessor Advances described in Section 5.1(b); provided, feesfurther, expenses except with respect to the Initial Closing Date Advance and other disbursements payable any Acquisition Advance concurrent therewith, if any, the funding of Transaction Expenses or the increase of Lessor Advances described in Section 5.1(b), no Lessor Advance shall be requested on a date that is not a Payment Date; provided, further, the Initial Closing Date Advance and any concurrent Acquisition Advance must be approved by the Lessor pursuant to or Agent, in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8its reasonable discretion. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the The Construction Agent shall deliver a Requisition to the Agent a Requisition in connection with each Lessor Advance, as described specified in more detail in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments Lessor Parties Commitment at such time, and (iii) request that the Holders Lessor Parties make Holder Lessor Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs that (except with respect to the Punchlist Advance (as defined in the case of a Construction Advance) that Section 5.11)), have previously been incurred or are to be incurred on the date of such Advance Lessor Advances to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (ci) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, unless waived by the Agent (pursuant to instructions from the Majority Secured Parties), and subject to Section 5.16 hereof with respect to the funding of Uninsured Force Majeure Losses, on each the Initial Closing Date and on the Property Closing Date or the date on which the Construction Advance (other than as specified in Section 5.2(c)(ii) or, for the avoidance of doubt, such later date as is requested by the Agent pursuant to Section 5A.8(b)(i)) is to be made, as applicable, (iA) the Lenders each Lessor Party shall make Loans a Lessor Advance to the Agent based on their respective Lender Commitments to the its Lessor Party Commitment in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to that the aggregate of the Available Commitments, (ii) the Holders all Lessor Advances at such time shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths be one hundred percent (3.3100%) of the balance of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Expenses, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiB) the total amount of such Loans and Holder the Lessor Advances made on such date shall (x) be used advanced by the Lessor Agent to the Construction Agent and used to pay Property Costs (including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements.Expenses) (d) With respect to an a Lessor Advance obtained by made to the Lessor Construction Agent to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such AdvanceLessor Advance was made by the Lessor Parties to the Agent, such amounts shall be held by the Lessor (or the Construction Agent on behalf of the Lessor) until the applicable closing date or payment date Property Closing Date or, if such closing date or payment date Property Closing Date does not occur within three (3) Business Days of the date of the LessorConstruction Agent’s receipt of such Lessor Advance, the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Advance Lessor Advances to repay the Lenders and the Holders Lessor Parties and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, thereafter such amounts so returned shall remain available for future Lessor Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts Lessor Advances held by the Lessor (or the Construction Agent on behalf of the Lessor) shall be subject to the lien Lien of the Security Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. With respect to that portion of the purchase price for the Property constituting the Holdback Amount that is initially funded by Lessor Advances and thereafter disbursed by the escrow holder from time to time to reimburse the Construction Agent for amounts paid by the Construction Agent for ordnance-related matters (as more specifically described in Section 10(b) of the Purchase Agreement), the Construction Agent shall return such amounts (together with Breakage Costs, if not returned on the applicable Payment Date) to the Agent and such amounts then shall be applied regarding the applicable Lessor Advances to repay the Lessor Parties. Thereafter such amounts so returned shall remain available for future Lessor Advances in accordance with the terms of the Operative Agreements. Any such Lessor Advances held by the Construction Agent shall be subject to the Lien of the Lease and shall accrue Lessor Yield as a Lessor Advance from the date advanced to the Construction Agent until such amounts are repaid to the Lessor Parties. The foregoing provisions of this Section 5.2(d) shall not impair the right of the Construction Agent, in its final Requisition, to request the Punchlist Advance, as more particularly described in Section 5.11. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, Deeds and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, Lessor Parties and the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders any Lessor Party or the Holders Agent shall be delivered to the Agent, on behalf of the Lessor, Lessor Parties and the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any HolderLessor Party, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Section 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent (pursuant to instructions from the Majority Secured Parties)).]

Appears in 1 contract

Samples: Fourth Amendment to Certain Operative Agreements (Big Lots Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate the date for Advances hereunder Closing Date in a written notice to the Agent (the "Closing Notice"), in form and substance satisfactory to the ------------- Agent, in its reasonable discretion, in accordance with the terms and provisions hereof; except that it is understood , which date shall not be earlier than three Business Days following the delivery of such notice. The interest rate under each Note and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or the Holder Advance) may Yield under each Certificate will be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable set by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) Agent three (3) Business Days prior before the Closing Date and will be based upon U.S. Treasuries of constant maturity by reference to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereofBloomberg. (b) Each Requisition The Closing Notice shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such timeCommitments, and (iii) request that the Holders make the Holder Advances Advance and that the Lenders make Loans the Loan to the Lessor for the payment of all amounts owed to the 1998 Holders and the 1998 Lenders under the 1998 Operative Agreements, Transaction Expenses, Property Acquisition Costs (in Commitment Fees, Administrative Fees, and the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance balance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such RequisitionLessee. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicableSection 5.3, on each Property the Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their the Loan, each in the amount of its respective Lender Commitments Commitment, to or as directed by the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, ; (ii) the Holders shall make the Holder Advances based on their Advance, each in the amount of its respective Holder Commitments Commitment, to or as directed by the Lessor in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans the Loan and the Holder Advances Advance made on such date shall (x) be used as directed by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall specified in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative AgreementsSection 5.1(a). (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and [not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement.used] (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originalsoriginals and the like, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of the Closing under this Agreement, each condition precedent in connection with the Closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Smart & Final Inc/De)

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Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereofhereof and, with respect to Advances made with respect to the Little Rock Property, the Bond Documents; except that provided, however, it is understood and agreed that (x) no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 7.3(a), 7.4, 7.5, 7.6 and 11.811.8 and (y) the aggregate amount of Advances that may be requested to apply towards the cost of remediation efforts on the Little Rock Property respecting Hazardous Substances shall be no more than $1,000,000. Not less later than 12:00 Noon, New York time (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent and, to the extent required by the Bond Documents with respect to Advances made toward the acquisition and development of the Little Rock Property, the Bond Trustee, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, performed or to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. The Construction Agent shall be solely responsible for completing the Requisition in accordance with the terms hereof and the Agent shall have no obligation to verify the accuracy of the information provided therein. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition. The Construction Agent shall be solely responsible for completing the Requisition in accordance with the terms hereof and (iv) the Agent shall constitute a restatement have no obligation to verify the accuracy of the representations made by Lessee in the certificate information provided pursuant to Section 5.3(z) as of the date of such Requisitiontherein. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.796%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses amounts as referenced in Sections 7.1(a), 7.1(b) ), 7.3(a), 7.4, 7.5, 7.6 and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four seven percent (8487%) of the Requested Funds and the Tranche B Lenders funding twelve eight and seven tenths 89/100 percent (12.7%8.89) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three four and three tenths 11/100 percent (3.34.11%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses amounts as referenced in Sections 7.1(a7.1(a),7.1(b), 7.1(b) 7.3(a), 7.4, 7.5, 7.6 and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date with respect to Property Costs other than with respect to the Little Rock Property shall (x) be used by the Lessor to pay Property Costs (other than with respect to the Little Rock Property) including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property CostsCosts (other than with respect to the Little Rock Property), as applicableapplicable and (iv) the total amount of such Loans and Holder Advances made on such date with respect to the Little Rock Property shall be used by the Lessor on the date of receipt by Lessor of such Advances to make a Bond Loan to the Series 0000-X Xxxx Xxxxxxxxx in order for the Series 0000-X Xxxx Xxxxxxxxx to acquire the Series 2000-B Bond, the proceeds of which shall (x) be used by the Bond Trustee, on behalf of the City of Little Rock, to pay Property Costs with respect to the Little Rock Property within three (3) Business Days of the receipt by Bond Trustee of such amounts. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the LessorLessor (or, with respect to the Little Rock Property, the Bond Trustee, for the benefit of the City of Little Rock)) and applied by the Construction Agent (for the benefit of the LessorLessor (or, with respect to the Little Rock Property, applied by the Bond Trustee to the Construction Agent for the benefit of the City of Little Rock)) pursuant to the requirements imposed on the Lessor under the Operative AgreementsAgreements and, with respect to the Advances made for the Little Rock Property, the Bond Documents. (d) With respect to (i) an Advance obtained by the Lessor to pay for Property Costs , if any, and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 7.3(a), 7.4, 7.5, 7.6 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, (ii) amounts of a Bond Loan made to the Series 2000-B Bond Purchaser from Advances to acquire the Series 2000-B Bond, and not expended by the Series 0000-X Xxxx Xxxxxxxxx for such purpose on the date of such loan, such amounts shall not count as an Advance be applied by the Series 0000-X Xxxx Xxxxxxxxx on the next succeeding Business Day to repay the applicable Bond Loan and in turn the Lessor shall apply such amount to repay the Lenders and the Holders for purposes the applicable Advances, and subject to the terms hereof and of the two Advance limit per month provided Credit Agreement and the Trust Agreement, shall remain available for future Advances, (iii) amounts paid to the Bond Trustee by the Series 0000-X Xxxx Xxxxxxxxx to acquire Series 2000-B Bond and not expended by the Bond Trustee to pay for Property Costs with respect to the Little Rock Property on the date of receipt, shall be held by the Bond Trustee until the applicable closing date or payment date, or if such closing date or payment date does not occur within three (3) Business Days of the date of the Bond Trustee's receipt of such amounts, shall be applied by the Bond Trustee to repay the Series 2000-B Bond issued with respect to such amount (and such Series 2000-B Bond shall be surrendered and cancelled upon such repayment) and the Series 0000-X Xxxx Xxxxxxxxx shall repay the applicable Bond Loan and in Section 5.2(a)turn the Lessor shall apply such amount to repay the Lenders and the Holders for the applicable Advances, and subject to the terms hereof and of the Credit Agreement and the Trust Agreement, shall not reduce the Lender Commitments or the Holder Commitmentsremain available for future Advances. Any such amounts held by the Lessor Lessor, the Series 2000-B Bond Purchaser or the Bond Trustee (or the Agent on behalf of the Lessorany such party) shall be subject to the lien Lien of the Security AgreementAgreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent. (e) All Operative Agreements Agreements, Bond Loan Documents and Bond Documents which are to be delivered to the Lessor, the Trustee, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Trustee, the Agent, the Lenders or the Holders, and such items (except for Notes, the Bond Loan Note, Bonds, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Trustee, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Trustee, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Trustee, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, the Trustee, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Acxiom Corp)

Procedures for Funding. (a) The Except as expressly provided herein, Advances hereunder shall only be made on the Closing Date and on the first day of each calendar month, unless such day is not a Business Day, in which case on the next occurring Business Day after the first day of such month; provided, on no more than three (3) separate occasions during any -------- calendar year, the Construction Agent shall may designate a Business Day other than the first day of the month as the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder an Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, with respect to the Closing Date, the Acquisition Advance and each Construction Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation Tranche A Non-GAAP Interest Expense and any other Non-GAAP Expenses), in a form reasonably acceptable to the Agent. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Tranche B Lender Commitments plus the Available Holder Commitments balance of funds in the Escrow Account at such time, and (iii) request that the Holders make Holder Advances Agent disburse funds to Lessor out of the Escrow Account and that the Tranche B Lenders make Tranche B Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an the Acquisition Advance) or other Property Project Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, (i) on each Property the Closing Date, the Tranche A Note Purchasers shall purchase the Tranche A Notes, the proceeds from which shall be deposited in the Escrow Account, based on their respective Tranche A Commitments, (ii) on the Closing Date or and the date on which the each Construction Advance is to be made, as applicable, (i) the Tranche B Lenders shall make Tranche B Loans based on their respective Lender Tranche B Commitments to the Lessor in an aggregate amount amount, together with the Tranche A Proceeds disbursed by the Agent toward any Requisition, equal to ninety-six and seven tenths percent (96.7%) the amount of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Tranche B Lender Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Tranche A Proceeds disbursed by the Agent and Tranche B Loans and Holder Advances made by the Tranche B Lenders on such date shall (x) be used by the Lessor to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Project Costs, as applicable. The Requested Funds shall be funded with Tranche A Proceeds and Tranche B Loans, (I) with the Agent disbursing an amount equal to the product of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times seventy-five percent (75%) out of the Escrow Account and (II) with the Tranche B Lenders advancing the sum of (A) an amount equal to the product of the Requested Funds (less any Non-GAAP Expenses) set forth in such Requisition times twenty-five percent (25%) plus (B) the total amount of Non-GAAP Expenses requested pursuant to such Requisition in the form of Tranche B Loans. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Lease and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]each

Appears in 1 contract

Samples: Participation Agreement (Capital One Financial Corp)

Procedures for Funding. (a) The Construction Agent Lessee shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that (i) no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of (ii) Advances with respect to a Property (other than Advances with respect to Transaction Expenses, fees, taxes, expenses and other disbursements payable by the Lessor funded pursuant to Sections 5.3, 9.1(a) or in connection with Sections 7.1(a9.1(b), 7.1(b), 7.2 and 11.8) may only be made on the Property Closing Date for such Property. Not less than (i) three (3) Business Days prior to the date that the first Advance is of any requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeAdvance, the Construction Agent Lessee shall deliver to the Agent Lessor and the Agent, with respect to the Initial Closing Date and each Property Closing Date, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements and a schedule of the Equipment, if any, acquired on such date, each of the foregoing in a form reasonably acceptable to the Lessor, and the Agent). (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, Date, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) 97% of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, Commitments (such loans to be apportioned 87% to Series A Loans and 10% to Series B Loans); (ii) the Holders each Holder shall make a pro rata Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance at such time shall be 3% of the Requested Funds specified in any Requisition, provided no such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any Holder Advance shall exceed such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate 's pro rata share of the Available Holder Commitments; and and (iii) the total amount of such Loans and Holder Advances made on such date shall (xw) be used by the Lessor to pay the Property Acquisition Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance (in the case of a Property Closing Date), (x) be used by the Lessor to pay Transaction Expenses, fees, taxes, expenses and other disbursements to the extent permitted under Sections 5.3, 9.1(a) or 9.1(b) (as applicable), or (y) be advanced disbursed by the Lessor Lessor, on the date of such Advance Advance, to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Healthsouth Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has previously been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Rf Micro Devices Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereofhereof which date shall not be earlier than three (3) Business Days following the Construction Agent's delivery to Agent of a Requisition with respect to any such Advance; except that provided, however, it is understood and -------- ------- agreed that no more than two one (21) Advances Advance (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from month. On the first (1st) Business Day of each calendar month, as needed, the Construction Agent is required for funding of Transaction Expensesshall deliver to the Agent, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection (A) with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior respect to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any each subsequent Acquisition Advance or Construction Advance is to be madeAdvance, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.796%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), ) and 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four six percent (8486%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths ten percent (12.710%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, ; (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths four percent (3.34%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), ) and 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable sole discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion or any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Smart & Final Inc/De)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances Advance (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceLessor Advances) may be requested during any calendar month and that no such designation from the Construction Agent is shall be required for the funding of Transaction ExpensesExpenses or for the increase of Loan amounts or Lessor Advances described in Section 5.1(b); provided, feesfurther, expenses except with respect to the Closing Date Advance and other disbursements payable the Acquisition Advance concurrent therewith, if any, the funding of Transaction Expenses or the increase of Loan amounts or Lessor Advances described in Section 5.1(b), no Advance shall be requested on a date that is not a Payment Date; provided, further, the Closing Date Advance and the Acquisition Advance, if concurrent with the Closing Date Advance, must be approved by the Lessor pursuant Agent, in its commercially reasonable discretion, which discretion shall include the right to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8require a funding indemnity letter regarding any such Advance on the Closing Date based on the LIBOR Rate. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the The Construction Agent shall deliver a Requisition to the Agent a Requisition in connection with each Advance, as described specified in more detail in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Mortgage Loan Commitments plus the Available Holder Credit Loan Commitments plus the Available Lessor Commitment at such time, and (iii) request that the Holders Lessor make Holder Lessor Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs that (except with respect to the Punchlist Advance (as defined in the case of a Construction Advance) that Section 5.22)), have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (ci) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, and subject to Section 5.16 hereof with respect to the funding of Uninsured Force Majeure Losses, on each Property the Closing Date or the date on which the Construction Advance (other than as specified in Section 5.2(c)(ii)) is to be made, as applicable, (iA) the Lenders each Credit Lender shall make Loans a Credit Loan based on their respective Lender Commitments (but not to the Lessor exceed) its Credit Loan Commitment in an amount such that the aggregate amount equal to ninetyof all Credit Loans at such time shall be eighty-six and seven tenths five percent (96.785%) of the Requested Funds specified in any Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced Expenses, and (B) each Mortgage Lender shall make a Mortgage Loan based on (but not to exceed) its Mortgage Loan Commitment in Sections 7.1(a), 7.1(b) and 7.2 and any additional an amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to that the aggregate of the Available Commitments, (ii) the Holders all Mortgage Loans at such time shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths be ten percent (3.310%) of the balance of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced Expenses, and (C) the Lessor shall make an advance based on its Lessor Commitment (each, a “Lessor Advance”) in Sections 7.1(a), 7.1(ban amount such that the aggregate of all Lessor Advances at such time shall be five percent (5%) and 7.2 and of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Expenses, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiD) the total amount of such Credit Loans, Mortgage Loans and Holder Advances Lessor Advance made on such date shall (x) be used by the Lessor to pay Property Costs (including Transaction Expenses Expenses) within three five (35) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property CostsCosts (including Transaction Expenses), as applicable, previously paid or incurred by the Construction Agent or the Lessee. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent or the Lessee or to the Construction Agent’s or the Lessee’s designee (for the benefit of the Lessor) and applied by the Construction Agent Lessee (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (ii) Notwithstanding the foregoing, with respect to the final Construction Advance regarding the Property only and subject to the satisfaction of the conditions precedent set forth in Section 5.4, (A) each Credit Lender shall make a Credit Loan such that the aggregate Credit Loan Property Cost following such final Construction Advance shall equal eighty-five percent (85%) of the Property Cost (exclusive of any amount of Lessor Property Cost attributable to any Lessor Advance for any Uninsured Force Majeure Loss pursuant to Section 5.16), up to an aggregate principal amount equal to the aggregate of the Credit Loan Commitments, (B) each Mortgage Lender shall make a Mortgage Loan such that the aggregate Mortgage Loan Property Cost following such final Construction Advance shall equal ten percent (10%) of the Property Cost (exclusive of any amount of Lessor Property Cost attributable to any Lessor Advance for any Uninsured Force Majeure Loss pursuant to Section 5.16), up to an aggregate principal amount equal to the aggregate of the Mortgage Loan Commitments, and (C) the Lessor shall make an advance such that the aggregate Lessor Property Cost (exclusive of any amount of Lessor Property Cost attributable to any Lessor Advance for any Uninsured Force Majeure Loss pursuant to Section 5.16) following such final Construction Advance shall equal five percent (5%) of the Property Cost (exclusive of any amount of Lessor Property Cost attributable to any Lessor Advance for any Uninsured Force Majeure Loss pursuant to Section 5.16), up to an aggregate principal amount equal to the aggregate of the Lessor Commitments; provided, in the event that any Financing Party shall have previously funded an amount in excess of the amount otherwise required to be funded by such Financing Party under this Section 5.2(c)(ii) (any such amount, an “Overfunded Amount”), the Construction Agent shall pay (from amounts received in connection with such final Construction Advance) to such Financing Party an amount equal to such Overfunded Amount; provided, notwithstanding the foregoing provisions of subsection (C), the Lessor shall remain responsible for funding in connection with events of Uninsured Force Majeure Loss pursuant to Section 5.16. (d) With respect to an Advance obtained by the Lessor to pay for actual Property Costs and/or Transaction Expenses previously incurred or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof intended by the Construction Agent to be paid directly to third parties and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date conditions precedent therefor under the Operative Agreements have been satisfied or, if such closing date or payment date does not occur within three (3) Business Days of the date of the LessorAgent’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Credit Lenders, the Mortgage Lenders and the Holders Lessor and, subject to the terms hereof, and of the Credit Loan Agreement and the Trust Mortgage Loan Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien Lien of the Security AgreementAgreement and shall accrue interest or Lessor Yield, as appropriate, from the date advanced to the Agent until such amounts are repaid to the Credit Lenders, the Mortgage Lenders and the Lessor, as appropriate. The foregoing provisions of this Section 5.2(d) shall not impair the right of the Construction Agent, in its final Requisition, to request the Punchlist Advance, as more particularly described in Section 5.22. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Mortgage Lenders or the Holders Credit Lenders shall be delivered to the Agent, on behalf of the Lessor, the Agent, Agent and the Lenders or the HoldersLenders, and such items (except for Mortgage Notes, CertificatesCredit Notes, Bills of Sale the Ground Lease and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each Holderthe Lenders. All other items which are to be delivered to the Lessor, the Agent, Agent or the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, Agent and the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender Lessor or any Holderof the Lenders, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Section 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Nvidia Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan conversions or Holder Advancecontinuations) may be requested during any calendar month provided, further, each such Advance shall include all disbursements made on a given day, and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant may relate to one or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8more Properties . Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land (in the case of a Requisition for an Acquisition Advance for the acquisition of such Land), if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and ninety- seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four eight percent (8488%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths nine percent (12.79%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their then respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Certificates and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent waived in connection with any such closing may be subsequently enforced by the Agent, unless such condition has been expressly and irrevocably waived in writing by the Agent.]

Appears in 1 contract

Samples: Participation Agreement (Correctional Services Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has previously been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Rf Micro Devices Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances Fundings hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) Funding may be requested during any calendar month and no such designation from the Construction Agent is required other than Acquisition Fundings for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8New Properties. Not less than (i) three one (31) Business Days Day prior to the date that the first Advance is of any requested hereunder and Base Rate Funding or (ii) three (3) Business Days prior to the date on which of any subsequent Acquisition Advance or Construction Advance is to be maderequested Eurodollar Funding, the Construction Agent shall deliver to the Agent Lessor and the Agent, (A) with respect to the Initial Closing Date and each Property Closing Date, a Requisition as described in Section SECTION 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Lessor and the Agent) and (B) with respect to each Construction Funding, a Requisition identifying (among other things) the Property to which such Work relates. Each such Requisition (other than a Requisition for an Acquisition Funding) shall be delivered to the Lessor and the Agent on a date between (and including) the first (1st) and the fifteenth (15th) day of a calendar month. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances Fundings and that the Lenders make Loans to the Lessor for repayment of Existing Loans and Existing Holder Fundings or the payment of Transaction Expenses, the Property Acquisition Costs (in the case of an Acquisition AdvanceFunding) or other Property Costs Costs, including the cost of Improvements (in the case of a Construction AdvanceFunding) that have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the terms and conditions of the Credit Agreement and the Trust Agreement and subject to the satisfaction of the conditions precedent set forth in Sections 5.3 SECTIONS 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance Funding is to be made, as applicable, , (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent 97% of the sum of (96.7%A) of the Requested Funds specified in any Requisition plus Requisition, (B) any additional amount of Transaction Expenses and other fees, taxes, expenses and disbursements (as referenced described in Sections 7.1(aSECTION 9.1(A) AND 9.1(B)) (unless such funding of fees, taxes, expenses, disbursements or Transaction Expenses is declined in writing by each Lender and each Holder, such decision to be in the sole discretion of each Lender and each Holder), 7.1(band (C) and 7.2 and any additional amount respecting any indemnity payment (as referenced described in Section 11.8, SECTION 13.5) (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be Holder, in the reasonable sole discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), -- up to an aggregate principal amount equal to the aggregate of the Available Commitments, Commitments (such Loans to be apportioned 87% to Series A Loans and 10% to Series B Loans); (ii) the Holders each Holder shall make a pro rata Holder Advances Funding based on their respective its Holder Commitments Commitment in an amount such that the aggregate amount equal to three and three tenths percent (3.3%) of all Holder Fundings at such time shall be 3% of the balance sum of (A) the Requested Funds specified in such Requisition plus any Requisition, (B) any additional amount of Transaction Expenses and other fees, taxes, expenses and disbursements (as referenced described in Sections 7.1(aSECTION 9.1(A) AND 9.1(B)) (unless such funding of fees, taxes, expenses, disbursements or Transaction Expenses is declined in writing by each Lender and each Holder, such decision to be in the sole discretion of each Lender and each Holder), 7.1(band (C) and 7.2 and any additional amount respecting any indemnity payment (as referenced described in Section 11.8, SECTION 13.5) (unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be Holder, in the reasonable sole discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate ) -- provided no such Holder Funding shall exceed such Holder's pro rata share of the Available Holder Commitments; and and (iii) the total amount of such Loans and Holder Advances Fundings made on such date shall (xw) be used by the Lessor to pay the Property Acquisition Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or Funding (yin the case of a Property Closing Date), (x) be advanced used by the Lessor on the date of such Advance Funding to pay interest regarding the Loans relating to a Property and to pay the Holder Yield regarding the Holder Fundings relating to a Property, in each case to the extent accrued under the Credit Agreement or Trust Agreement (as the case may be) during the period prior to the Completion Date with respect to such Property, (y) be used by the Lessor to pay Transaction Expenses, fees, taxes, expenses, other disbursements and indemnities to the extent permitted under SECTIONS 5.3, 5.4, 5.5, 9.1(A), 9.1(B) OR 13.5 (as applicable), or (z) be disbursed by the Lessor, on the date of such Funding, to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Tech Data Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) three (3) Business Days prior to each proposed Closing Date (other than the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeInitial Closing Date), the Construction Agent Lessee shall deliver to the Agent Investors and the Agent, a Requisition as described requisition (a "Requisition"), appropriately completed, in Section 4.2 hereofthe form of Exhibit D hereto. (b) Each Requisition shall: (i) be irrevocable, ; and (ii) request funds in an amount that is not in excess of at least $200,000 (or such lesser amounts as shall be equal to the total aggregate of the Available Commitments plus the Available Holder Commitments Investor Commitment at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Equipment Acquisition Costs (in the case of an Acquisition Advance) or other Property Equipment Acquisition Costs (in the case of a Construction Advance) that which have previously been incurred or are to be incurred on the date of such Advance to the extent such and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject So long as no Default or Event of Default has occurred and is continuing and subject to the satisfaction of Lessor and the conditions precedent set forth in Sections 5.3 or 5.4Agent having each received the materials required by Section 6.1 and/or 6.2, as applicable, on each Property Equipment Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal not to ninety-six and seven tenths percent (96.7%) exceed 97% of the Requested Funds aggregate funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Commitments, ; (ii) with respect to the Holders first Equipment Closing Date, the Investors shall make Holder Advances based on their respective Holder Commitments have made an Investor Contribution in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder CommitmentsInvestor Commitment; and (iii) the total amount of such Loans and Holder Advances made on such date and Investor Contribution made on the first Equipment Closing Date shall (x) be used by to fully cover the Lessor aggregate Equipment Cost (after giving effect to pay Property Costs including Transaction Expenses within three (3) Business Days of amounts to be paid in connection with the receipt by the Lessor of Equipment Acquisition Cost for such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative AgreementsEquipment Closing Date). (d) With respect Notwithstanding anything to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a)contrary in this Agreement, 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessori) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as be required to make Loans in an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, aggregate amount with respect to which all the Equipment in each case there shall be only one original) shall be delivered with originals sufficient for excess of 97% of the Lessor, the Agent, each Lender and each Holder. All other items which are amount allocated to be delivered all such Equipment (after giving effect to the Lessor, Equipment purchased in connection with the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting itRequisition). (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Hanover Compression Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8month. Not less than (i) three one (31) Business Days Day prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three five (35) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be mademade (unless such Acquisition Advance or Construction Advance is concurrent with the Initial Closing Date in which case the deliveries hereinafter referenced may be delivered one (1) Business Day prior to the date of the requested Advance), the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4, 5.4A, 5.4B or 5.45.4C, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four three percent (8483%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths fourteen percent (12.714%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.],

Appears in 1 contract

Samples: Participation Agreement (Guilford Pharmaceuticals Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof, which in all cases shall be the first day of an Interest Period; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceAdvances) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable month. Except as otherwise expressly agreed by the Lessor pursuant Agent, all Advances shall be made to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8accounts located outside of the State of Alabama. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, if any, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be mademade and with respect to the Requested Funds, including without limitation Holder Fees specified in any Requisition, as applicable, (i) the Lenders each Lender shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to such Lender’s proportionate share of ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b(less Holder Fees) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and (ii) each Holder (shall make a Holder Advance to the Lessor in an amount equal to such decision to be in Holder’s proportionate share of the reasonable discretion sum of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four three percent (843%) of the Requested Funds and plus such Holder’s proportionate share of the Holder Fees set forth in such Requisition. The Tranche B A Lenders funding twelve and seven tenths shall make Loans to the Lessor in proportion to such Tranche A Lender’s share of the aggregate Tranche A Commitments of eighty-five percent (12.785%) of the Requested FundsFunds (less the Holder Fees); the Tranche B Lenders shall make Loans to the Lessor in proportion to such Tranche B Lender’s share of the aggregate Tranche B Commitments of twelve percent (12%) of the Requested Funds (less the Holder Fees), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders ; and each Holder shall make a Holder Advances based on their respective Advance in proportion to such Holder’s share of the aggregate Holder Commitments in an aggregate amount equal to of three and three tenths percent (3.33%) of the balance Requested Funds (less the Holder Fees) plus such Holder’s share of the Requested Funds Holder Fees specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the . The total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 7.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Construction Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the LessorConstruction Agent’s receipt of such Advance, shall be paid to the Agent to be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security AgreementAgreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding funding of any Advance under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such Advance may be subsequently enforced by the Agent as a covenant of the applicable party (unless such has been expressly waived in writing by the Agent acting upon the direction of the Majority Secured Parties).]

Appears in 1 contract

Samples: Participation Agreement (Healthsouth Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two one (21) Advances Advance (excluding any conversion and/or continuation of any Loan Loans or Holder AdvanceLessor Advances) may be requested during any calendar month and that no such designation from the Construction Agent is shall be required for the funding of Transaction ExpensesExpenses or for the increase of Loan amounts or Lessor Advances described in Section 5.1(b); provided, feesfurther, expenses except with respect to the Closing Date Advance and other disbursements payable the Acquisition Advance concurrent therewith, if any, the funding of Transaction Expenses or the increase of Loan amounts or Lessor Advances described in Section 5.1(b), no Advance shall be requested on a date that is not a Payment Date; provided, further, the Closing Date Advance and the Acquisition Advance, if concurrent with the Closing Date Advance, must be approved by the Lessor pursuant Agent, in its commercially reasonable discretion, which discretion shall include the right to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8require a funding indemnity letter regarding any such Advance on the Closing Date based on the LIBOR Rate. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the The Construction Agent shall deliver a Requisition to the Agent a Requisition in connection with each Advance, as described specified in more detail in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Mortgage Loan Commitments plus the Available Holder Credit Loan Commitments plus the Available Lessor Commitment at such time, and (iii) request that the Holders Lessor make Holder Lessor Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) (i) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, and subject to Section 5.16 hereof with respect to the funding of Uninsured Force Majeure Losses, on each Property the Closing Date or the date on which the Construction Advance (other than as specified in Section 5.2(c)(ii)) is to be made, as applicable, (iA) the Lenders each Credit Lender shall make Loans a Credit Loan based on their respective Lender Commitments (but not to the Lessor exceed) its Credit Loan Commitment in an amount such that the aggregate amount equal to ninetyof all Credit Loans at such time shall be eighty-six and seven tenths five percent (96.785%) of the Requested Funds specified in any Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced Expenses, and (B) each Mortgage Lender shall make a Mortgage Loan based on (but not to exceed) its Mortgage Loan Commitment in Sections 7.1(a), 7.1(b) and 7.2 and any additional an amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to that the aggregate of the Available Commitments, (ii) the Holders all Mortgage Loans at such time shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths be ten percent (3.310%) of the balance of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount of Transaction Expenses as referenced Expenses, and (C) the Lessor shall make an advance based on its Lessor Commitment (each, a “Lessor Advance”) in Sections 7.1(a), 7.1(ban amount such that the aggregate of all Lessor Advances at such time shall be five percent (5%) and 7.2 and of the Requested Funds specified in such Requisition plus (to the extent not so specified) any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Expenses, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iiiD) the total amount of such Credit Loans, Mortgage Loans and Holder Advances Lessor Advance made on such date shall (x) be used by the Lessor to pay Property Costs (including Transaction Expenses Expenses) within three five (35) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property CostsCosts (including Transaction Expenses), as applicable, previously paid or incurred by the Construction Agent or the Lessee. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent or the Lessee or to the Construction Agent’s or the Lessee’s designee (for the benefit of the Lessor) and applied by the Construction Agent Lessee (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Nvidia Corp)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereofOperative Agreements; except that it is understood and agreed that provided, there shall be no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during in any calendar month and no such designation from month. The Loans extended on the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable Closing Date plus the amounts advanced on the Closing Date by the Lessor pursuant to or Lenders in connection with Sections 7.1(a)their acquisition of assignment interests pursuant to the Master Transfer Agreement as referenced in Section 1 shall be for an aggregate amount of $5,000,000 or more. Except with respect to any Capitalized Costs relating to any Hedging Agreement, 7.1(b), 7.2 and 11.8the Loans extended on any other date shall be for an aggregate amount of $500,000 or more. Not less than (i) three (3) Business Days prior to the Closing Date (which shall also be the date that the first Advance is requested hereunder Lessor acquires the Property (including without limitation a ground lease interest therein)) and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, with respect to the Closing Date and each Construction Advance, as applicable, a Requisition as described in Section 4.2 hereofhereof in a form reasonably acceptable to the Agent. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments Credit Lender Commitments, plus the Available Holder Mortgage Lender Commitments, plus the Available Lessor Commitments at such time, and (iii) request that the Holders Lenders make Holder Advances Loans and that the Lenders Lessor make Loans to the Lessor Advances for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) Expenses or other Property Project Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, (i) on each Property the Closing Date or the and each date on which the a Construction Advance is to be made, as applicable, the Conduit may (iif the Conduit declines, the other Lenders, subject to Section 3.4, shall) make Loans up to the Lenders Credit Loan Commitments and Mortgage Loan Commitments in the case of the Conduit, or, in the case of the Investors, their respective Credit Loan Commitments and Mortgage Loan Commitments, and the Lessor shall make Loans based on their respective Lender Commitments a Lessor Advance up to the its Lessor in an aggregate amount equal to ninetyCommitment such that eighty-six and seven tenths two percent (96.782%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)are funded by Credit Loans, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four twelve percent (8412%) of the Requested Funds are funded by Mortgage Loans and the Tranche B Lenders funding twelve and seven tenths six percent (12.76%) of the Requested Funds)Funds are funded by Lessor Advances, up to an aggregate principal amount equal to the aggregate of the Available Commitments, and (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Credit Loans, Mortgage Loans and Holder Lessor Advances made on such date shall (x) be used by the Lessor to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Project Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Notes, Certificates, Bills of Sale Notes and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each HolderPrimary Financing Party. The Agent shall then deliver such Operative Agreements to each Primary Financing Party. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and or directly to such other items shall be held party as required by the AgentOperative Agreements, with originals sufficient for the intended recipients. To the extent any such other items delivered to the Agent are requested in writing from time to time by any Primary Financing Party or are required to be delivered by the Lessor, any Lender or any HolderAgent pursuant to Section 8.6(g), the Agent shall provide a copy of such item to the party requesting itit or to the parties entitled thereto, as applicable. (f) [Intentionally OmittedNotwithstanding the completion of any closing or funding under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing or funding may be subsequently enforced by the Agent as a covenant obligation of the Lessee (unless expressly waived by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Human Genome Sciences Inc)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereofOperative Agreements; except that it is understood and agreed that provided, there shall be no more than one (1) Advance in any two (2) Advances (excluding week period. The Loans extended on any conversion and/or continuation other date shall be for an aggregate amount of any Loan $500,000 or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8more. Not less than (i) three (3) Business Days prior to the Closing Date (which shall also be the date that the first Advance is requested hereunder Lessor acquires the Property (including without limitation a ground lease interest therein)) and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, with respect to the Closing Date and each Construction Advance, as applicable, a Requisition as described in Section 4.2 hereofhereof in a form reasonably acceptable to the Agent. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments Credit Lender Commitments, plus the Available Holder Mortgage Lender Commitments, plus the Available Lessor Commitments at such time, and (iii) request that the Holders Lenders make Holder Advances Loans and that the Lenders Lessor make Loans to the Lessor Advances for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) Expenses or other Property Project Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, (i) on the Closing Date, the Lessor shall make a Lessor Advance in an amount equal to its Lessor Commitment and, to the extent the Requested Funds set forth in the Requisition relating to the Closing Date exceeds the amount of the Lessor Commitment, the Credit Lenders shall make Credit Loans up to the Credit Loan Commitments and the Mortgage Lenders shall make Mortgage Loans up to the Mortgage Loan Commitments, such that eighty-nine and thirty-six hundredths percent (89.36%) of the Requested Funds in excess of the amount of the Lessor Commitment are funded by Credit Loans and ten and sixty-four hundredths percent (10.64%) of the Requested Funds in excess of the amount of the Lessor Commitment are funded by Mortgage Loans, and (ii) on each Property Closing Date or the date on which the a Construction Advance is to be made, as applicable, (i) the Credit Lenders shall make Credit Loans based on their respective Lender Commitments up to the Lessor in an aggregate amount equal Credit Loan Commitments and the Mortgage Lenders shall make Mortgage Loans up to ninetythe Mortgage Loan Commitments, such that eighty-nine and thirty-six and seven tenths hundredths percent (96.789.36%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) are funded by Credit Loans and 7.2 ten and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eightysixty-four hundredths percent (8410.64%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)are funded by Mortgage Loans, up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Credit Loans, Mortgage Loans and Holder Lessor Advances made on any such date shall (x) be used by the Lessor to pay Property Project Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Project Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Notes, Certificates, Bills of Sale Notes and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each HolderPrimary Financing Party. The Agent shall then deliver such Operative Agreements to each Primary Financing Party. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and or directly to such other items shall be held party as required by the AgentOperative Agreements, with originals sufficient for the intended recipients. To the extent any such other items delivered to the Agent are requested in writing from time to time by any Primary Financing Party or are required to be delivered by the Lessor, any Lender or any HolderAgent pursuant to Section 8.6(g), the Agent shall provide a copy of such item to the party requesting itit or to the parties entitled thereto, as applicable. (f) [Intentionally OmittedTo the extent the closing contemplated under the Operative Agreements for the Closing Date occurs as of such date, the conditions precedent set forth in Section 5.3 shall be deemed satisfied or waived unless any such condition precedent has not been satisfied due to any Full Recourse Event of Default or due to any other intentional act or omission on the part of the Lessee. Notwithstanding the completion of any closing or funding under this Agreement pursuant to Section 5.4, each condition precedent in connection with any such closing or funding may be subsequently enforced by the Agent as a covenant obligation of the Lessee (unless expressly waived by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (United Therapeutics Corp)

Procedures for Funding. (a) The Construction Agent only Advances shall designate occur on the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8Initial Closing Date. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) Initial Closing Date or three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, as applicable, the Construction Agent Lessee shall deliver to the Agent a Requisition as described in Section 4.2 hereof4.2; provided, however, that if the Requisition is delivered less than three (3) Business Days prior to the Initial Closing Date and the Agent, in its discretion, accepts such Requisition the requirement that the Requisition be delivered at least three (3) Business Days prior to the Initial Closing Date shall be deemed waived. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is Loans not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such timeLender Commitments, (iii) request that Lessor Advances not in excess of the Holders make Holder Advances total aggregate of the Available Lessor Commitments and (iv) request that the Lenders make Loans to and the Lessor make Lessor Advances for the payment of Transaction Expenses, Expenses and Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4Section 5.3, as applicable, on the Initial Closing Date and on each Property Closing Date or the date on which the Construction Advance is to be made, as applicableDate, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninetytwenty-six and seven tenths five percent (96.725%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Lender Commitments, and (ii) the Holders Lessor shall make Holder Advances a Lessor Advance based on their respective Holder Commitments its Lessor Commitment in an amount such that the aggregate amount equal to three and three tenths of all Lessor Advances at such time shall be seventy-five percent (3.375%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Lessor Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to If a Requisition is submitted for an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and such Advance is not expended by on behalf of the Lessor for the purposes specified in such purpose Requisition on the date of such Advance, such amounts Advance shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date for expenditure thereof, or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s Agent's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders Lessor and, subject to the terms hereof, hereof and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security AgreementDocuments and shall accrue interest and Lessor Yield from the date any such amount is advanced to the Agent until the date repaid to the Lenders and the Lessor, as applicable. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, Agent on behalf of the Lessor, the Agent, the Lenders Agent or the Holders, Primary Financing Parties and such items (except for Notes, Certificates, Bills of Sale Sale, Deeds, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each HolderPrimary Financing Party. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and or directly to such other items shall be held party as required by the AgentOperative Agreements. To the extent any such other items delivered by the Agent are requested in writing from time to time by any Primary Financing Party or are required to be delivered by the Lessor, any Lender or any HolderAgent pursuant to Section 8.6(g), the Agent shall provide a copy of such item to the party requesting itit or to the parties entitled thereto, as applicable. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Section 5.3, each condition precedent in connection with any such closing may be subsequently enforced as a covenant obligation of the Lessee by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (West Corp)

Procedures for Funding. (a) The Construction Agent Lessee shall designate deliver to the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction ExpensesAgent, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent each Property Closing Date a Requisition as described in Section 4.2 hereof4.2. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition[Reserved]. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicableSection 5.3, on each the applicable Property Closing Date or and provided the date on which applicable Property Closing Date is during the Construction Advance is to be made, as applicableCommitment Period, (i) the Credit Lenders shall make Loans to the Lessor under the Credit Note Loan Agreement based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.7%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Credit Note Commitments, (ii) the Holders Mortgage Lenders shall make Holder Advances Loans to the Lessor under the Mortgage Note Loan Agreement based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.3%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a)Mortgage Note Commitments, 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made Lessor shall make an advance based on such date shall its Lessor Commitment (x) be used each advance by the Lessor, a "Lessor to pay Property Costs including Transaction Expenses within three Advance"). The Requested Funds shall be funded by the Credit Lenders, the Mortgage Lenders and the Lessor such that (3I) Business Days the Credit Loans made by the Credit Lenders under the Credit Notes shall equal the product of the receipt Requested Funds set forth in such Requisition times sixty-nine percent (69%), (II) the Mortgage Loans made by the Lessor Mortgage Lenders under the Mortgage Notes shall equal the product of the Requested Funds set forth in such Advance or Requisition times twenty-five percent (y25%), and (III) be advanced by the Lessor on Advance shall equal the date product of the Requested Funds set forth in such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicableRequisition times six percent (6%). Notwithstanding that the Operative Agreements state that Advances the Advance shall be directed to the Lessor, each the Advance shall in fact be paid to such Persons as directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent Lessee (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor and the Lessee under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement[Reserved]. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and such items (except for Notes, Certificates, Bills of Sale Sale, Deeds and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with a number of originals sufficient for the Lessor, the Agent, Agent and each Credit Lender and Mortgage Lender. The Agent shall then deliver such Operative Agreements to the Lessor and each HolderCredit Lender and Mortgage Lender. All other items which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Primary Financing Parties shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersPrimary Financing Parties, and or directly to such other items party as required by the Operative Agreements. Except as otherwise noted, copies shall be held by sufficient for any other deliveries to parties other than the AgentAgent required under Section 5.3. To the extent any such other items delivered to the Agent are requested in writing from time to time by the Lessor, any Lender Lessor or any Holderother Primary Financing Party or are required to be delivered by the Agent pursuant to Section 8.6(g), the Agent shall provide a copy of such item to the party requesting itit or to the parties entitled thereto, as applicable. (f) [Intentionally OmittedReserved].] (g) Notwithstanding the completion of the closing under this Agreement, any condition precedent (other than Sections 5.3(u), (x), (z), (aa), (bb), (dd) and (ff) and Sections 5.3(a), (b), (k), (m), (v) and (z) solely with respect to deliveries from any Financing Party) not satisfied prior to the Closing Date may be subsequently enforced by the Agent as a covenant obligation of the Lessee, if the applicable Closing Date was permitted to occur even though such condition precedent was not satisfied on such Closing Date, unless expressly waived in writing by the Agent.

Appears in 1 contract

Samples: Participation Agreement (Cypress Semiconductor Corp /De/)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 ) and 11.811.8 or to fund amounts pursuant to Section 18.1 of the Lease. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the date that the first Advance is requested hereunder and each subsequent Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land covered by the Ground Lease, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior RequisitionRequisition or other Property Costs as are otherwise requested pursuant to Section 5.13, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a) and 7.1(b), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.811.8 and any additional amount pursuant to Section 18.1 of the Lease, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eightyeight-four five percent (8485%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.712%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders shall make Holder Advances based on their respective Holder Commitments in an aggregate amount equal to three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a) and 7.1(b), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.811.8 and any additional amount pursuant to Section 18.1 of the Lease, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder), up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements (including the previous provisions of this Section 5.2(c)) state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 ) or 11.8 hereof or any additional amount pursuant to Section 18.1 of the Lease and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. In addition, any amount prepaid by the Construction Agent regarding any Advance made pursuant to Section 5.13 hereof also shall remain available for future Advances. (e) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale Sale, the Ground Leases and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally OmittedNotwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in writing by the Agent).]

Appears in 1 contract

Samples: Participation Agreement (Franklin Resources Inc)

Procedures for Funding. (a) The Construction Agent Lessee shall designate deliver to the date for Advances hereunder in accordance with the terms and provisions hereof; except that it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month and no such designation from the Construction Agent is required for funding of Transaction ExpensesAgent, feesprior to 12:00 Noon Charlotte, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8. Not less than (i) North Carolina time at least three (3) Business Days prior to the date that the first Advance is requested hereunder and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be madeClosing Date, the Construction Agent shall deliver to the Agent a Requisition as described in Section 4.2 hereof4 hereof and Agent shall promptly provide copies thereof to Lenders. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition and (iv) shall constitute a restatement of the representations made by Lessee in the certificate provided pursuant to Section 5.3(z) as of the date of such Requisition. (c) Subject to the satisfaction of the conditions precedent set forth in Sections Section 5.3 or 5.4, as applicable, on each Property the Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make refinance the Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths ninety?five percent (96.795%) of the Requested Funds specified in any the Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four seventy?five percent (8475%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths twenty percent (12.720%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Lender Commitments, ; (ii) the Holders Lessor shall make Holder Advances a Lessor Advance based on their respective Holder Commitments its Lessor Commitment in an aggregate amount equal to three and three tenths five percent (3.35%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be amounts requested in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder CommitmentsLessor Commitment; and (iii) the total amount of such Loans assumed and Holder Advances the Lessor Advance made on such date the Closing Date shall (x) be used by the Lessor to acquire title to the Property, prepay a portion of the loans evidenced by the Existing Notes and to pay Property Costs including the Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance or (y) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreementsrelated thereto. (dc) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement.[Intentionally Reserved] (ed) All Operative Agreements which are to be delivered to the Lessor, the Agent, Agent or the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersLenders, and such items (except for the Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agent, each Lender Agent and each HolderLender. All other items which are to be delivered to the Lessor, the Agent, Agent or the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersLenders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender Lessor or any HolderLender, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Pep Boys Manny Moe & Jack)

Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; except that provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loan or Holder Advance) may be requested during any calendar month; and provided further, not more than one (1) of such Advances in any calendar month and no such designation from the Construction Agent is required for funding of Transaction Expenses, fees, expenses and other disbursements payable by the Lessor pursuant to or in connection with Sections 7.1(a), 7.1(b), 7.2 and 11.8may be based on a Eurodollar Rate. Not less than (i) three (3) Business Days prior to the date that the first Advance is requested hereunder Initial Closing Date and (ii) three (3) Business Days prior to the date on which any subsequent Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Agent Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereofhereof (including without limitation a legal description of the Land, a schedule of the Improvements, if any, and a schedule of the Equipment, if any, acquired or to be acquired on such date, and a schedule of the Work, if any, to be performed, each of the foregoing in a form reasonably acceptable to the Agent) and (B) with respect to each Construction Advance, a Requisition identifying (among other things) the Property to which such Construction Advance relates. (b) Each Requisition shall: (i) be irrevocable, (ii) request funds in an amount that is not in excess of the total aggregate of the Available Commitments plus the Available Holder Commitments at such time, and (iii) request that the Holders make Holder Advances and that the Lenders make Loans to the Lessor for the payment of Transaction Expenses, Property Acquisition Costs (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred or are to be incurred on the date of such Advance to the extent such were not subject to a prior Requisition, in each case as specified in the Requisition. Regardless of whether such is expressly set forth in any Requisition, a Requisition shall be deemed to be submitted at the appropriate time (during the period that the Commitments and (ivthe Holder Commitments remain in effect) shall constitute a restatement of the representations made by Lessee and in the certificate provided pursuant appropriate amount necessary to Section 5.3(z) as of pay interest on the date of such RequisitionLoans and Holder Yield on the Holder Advances. (c) Subject to the satisfaction of the conditions precedent set forth in Sections 5.3 5.3, 5.4 or 5.45.5, as applicable, on each Property Closing Date or the date on which the Construction Advance is to be made, as applicable, (i) the Lenders shall make Loans based on their respective Lender Commitments to the Lessor in an aggregate amount equal to ninety-six and seven tenths percent (96.797%) of the Requested Funds specified in any Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder) ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding eighty-four percent (84%) of the Requested Funds and the Tranche B Lenders funding twelve and seven tenths percent (12.7%) of the Requested Funds)Requisition, up to an aggregate principal amount equal to the aggregate of the Available Commitments, (ii) the Holders each Holder shall make a Holder Advance based on its Holder Commitment in an amount such that the aggregate of all Holder Advances based on their respective Holder Commitments in an aggregate amount equal to at such time shall be three and three tenths percent (3.33%) of the balance of the Requested Funds specified in such Requisition plus any additional amount of Transaction Expenses as referenced in Sections 7.1(a), 7.1(b) and 7.2 and any additional amount respecting any indemnity payment as referenced in Section 11.8, unless any such funding of Transaction Expenses or any indemnity payment is declined in writing by each Lender and each Holder (such decision to be in the reasonable discretion of each Lender and each Holder)Requisition, up to the aggregate advanced amount equal to the aggregate of the Available Holder Commitments; and (iii) the total amount of such Loans and Holder Advances made on such date shall (x) be used by the Lessor to pay Property Costs including and/or Transaction Expenses within three (3) Business Days of the receipt by the Lessor of such Advance, (y) be used by the Lessor on the date of such Advance to pay interest on the Loans relating to the Property and to pay the Holder Yield on the Holder Advances relating to the Property, in each case to the extent accrued under the Credit Agreement or Trust Agreement (as the case may be) during the period prior to the Rent Commencement Date with respect to such Property, or (yz) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay Property Costs, as applicable. Notwithstanding that the Operative Agreements state that Advances shall be directed to the Lessor, each Advance shall in fact be directed to the Construction Agent (for the benefit of the Lessor) and applied by the Construction Agent (for the benefit of the Lessor) pursuant to the requirements imposed on the Lessor under the Operative Agreements. (d) With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under Sections 7.1(a), 7.1(b), 7.2 or 11.8 Section 9.1 hereof and not expended by the Lessor for such purpose on the date of such Advance, such amounts shall be held by the Lessor (or the Agent on behalf of the Lessor) until the applicable closing date or payment date or, if such closing date or payment date does not occur within three (3) Business Days of the date of the Lessor’s 's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances, shall not count as an Advance for purposes of the two Advance limit per month provided for in Section 5.2(a), and shall not reduce the Lender Commitments or the Holder Commitments. Any such amounts held by the Lessor (or the Agent on behalf of the Lessor) shall be subject to the lien of the Security Agreement. (e) All Operative Agreements items described in Sections 5.3, 5.4 or 5.5 which are to be delivered to the Lessor, the Agent, the Lenders Agent or the Holders Lessor shall be delivered to the AgentXxxxx & Xxx Xxxxx, PLLC, on behalf of the Lessor, the Agent, the Lenders Agent or the HoldersLessor, and such items (except for Notes, Certificates, Bills of Sale and chattel paper originals, with respect to which in each case there shall be only one original) shall be delivered with originals sufficient for the Lessor, the Agenteach Holder, each Lender and each Holder. All other items which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall be delivered to the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such other items shall be held by the Agent. To the extent any such other items are requested in writing from time to time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it. (f) [Intentionally Omitted.]

Appears in 1 contract

Samples: Participation Agreement (Performance Food Group Co)

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