Procedures for Funding. (a) Not less than three Business Days prior to each proposed Funding Date (but only one Business Day with regard to funding of an ABR Loan exclusively), the Construction Agent shall deliver to the Investor and the Agent, a requisition (a "Requisition"), appropriately completed, in the form of Exhibit F hereto. (b) Each Requisition shall: (i) be irrevocable; and (ii) request funds in an amount of at least $500,000 (or such lesser amount representing Property Acquisition Costs for any Property or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment at such time) for the payment of Project Costs which have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition. (c) So long as no Default or Event of Default has occurred and is continuing and subject to the Lessor and the Agent having each received the materials required by Section 6.1, 6.2 and/or 6.3, as applicable, on each Funding Date (i) the Lenders shall make Loans to the Lessor in an aggregate amount equal to 95.5% of the funds specified in any Requisition, up to an aggregate principal amount equal to the Available Commitments; (ii) each Investor shall make an Investor Contribution in an amount equal to its Proportionate Share of 4.5% of the funds specified in any Requisition, up to an amount equal to the Available Investor Commitment; and (iii) the total amount of such Loans and Investor Contribution made on such date shall be paid to the Construction Agent to pay the Project Costs. (d) Notwithstanding anything to the contrary in this Agreement, (i) the Lenders shall not be required to make Loans with respect to a Property in an aggregate amount in excess of 95.5% of the amount allocated to such Property in the Budget, and (ii) no Investor shall be required to make Investor Contributions with respect to a Property in an aggregate amount in excess of its Proportionate Share of 4.5% of the amount allocated to such Property in the Budget.
Appears in 1 contract
Samples: Participation Agreement (Kindercare Learning Centers Inc /De)
Procedures for Funding. (a) Not less than three Business Days prior to each proposed Funding Date (but only one Business Day with regard to funding of an ABR Loan exclusively)Closing Date, the Construction Agent Lessee shall deliver to the Investor and the Agent, a requisition (a "Requisition"), appropriately completed, in the form of Exhibit F D hereto.
(b) Each Requisition shall: (i) be irrevocable; and (ii) request funds in an amount of at least $500,000 200,000 (or such lesser amount representing Property Acquisition Costs for any Property or such lesser amount amounts as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment at such time) for the payment of Project Equipment Acquisition Costs or other Equipment Acquisition Costs which have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject to the Lessor and the Agent having each received the materials required by Section 6.1, 6.2 6.1 and/or 6.36.2, as applicable, on each Funding Closing Date (i) the Lenders shall make Loans to the Lessor in an aggregate amount equal to 95.597% of the funds specified in any Requisition, up to an aggregate principal amount equal to the Available Commitments; (ii) each the Investor shall make an Investor Contribution in an amount equal to its Proportionate Share of 4.53% of the funds specified in any Requisition, up to an amount equal to the Available Investor Commitment; and (iii) the total amount of such Loans and Investor Contribution made on such date shall be paid to the Construction Agent used to pay the Project Equipment Acquisition Costs.
(d) Notwithstanding anything to the contrary in this Agreement, (i) the Lenders shall not be required to make Loans with respect to a Property piece of Equipment in an aggregate amount in excess of 95.597% of the amount allocated to such Property piece of Equipment in the BudgetRequisition, and (ii) no the Investor shall not be required to make Investor Contributions with respect to a Property piece of Equipment in an aggregate amount in excess of its Proportionate Share of 4.53% of the amount allocated to such Property piece of Equipment in the BudgetRequisition.
Appears in 1 contract
Procedures for Funding. (a) Not less than three Business Days ---------------------- prior to each proposed Funding Date (but only one Business Day with regard to funding of an ABR Loan exclusively)Date, the Construction Agent shall deliver to the Investor Investors and the Agent, a requisition (a "Requisition"), appropriately ----------- completed, in the form of Exhibit F hereto.. ---------
(ba) Each Requisition shall: (i) be irrevocable; and (ii) request funds in an amount of at least $500,000 1,000,000 (or such lesser amount representing Property Acquisition Costs for any Property or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment at such time) for the payment of Property Acquisition Costs or other Project Costs which have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(cb) So long as no Default or Event of Default has occurred and is continuing and subject to the Lessor Investors and the Agent having each received the materials required by Section 6.1, 6.2 and/or 6.3, as applicable, on each Funding Date (i) the Lenders shall make Loans to the Lessor in an aggregate amount equal to 95.595.25% of the funds specified in any Requisition, up to an aggregate principal amount equal to the Available Commitments; (ii) each Investor the Investors shall make an Investor Contribution in an amount equal to its Proportionate Share of 4.54.75% of the funds specified in any Requisition, up to an amount equal to the Available Investor Commitment; and (iii) the total amount of such Loans and Investor Contribution made on such date shall be paid to the Construction Agent to pay the Project Costs.
(dc) Notwithstanding anything to the contrary in this Agreement, (i) the Lenders shall not be required to make Loans with respect to a Property in an aggregate amount in excess of 95.595.25% of, in the case of a Completed Property, the Property Acquisition Cost and in the case of a Construction Period Property, the amount allocated to such Property in the Budget, and (ii) no Investor the Investors shall not be required to make Investor Contributions with respect to a Property in an aggregate amount in excess of its Proportionate Share 4.75% of, in the case of 4.5% a Completed Property, the Property Acquisition Cost and in the case of a Construction Period Property, the amount allocated to such Property in the Budget.
(d) Notwithstanding the provisions of Section 6 to the contrary, the determination by the Agent that the conditions set forth in Section 6.1, 6.2 or 6.3, as applicable, have been satisfied shall be binding on the Investors, except that the Agent and the Investors shall determine whether the conditions set forth in Section 6.2(i) shall be satisfied.
Appears in 1 contract
Procedures for Funding. (a) Not less than three Business Days --------------------------- prior to each proposed Funding Closing Date (but only one Business Day with regard to funding of an ABR Loan exclusivelyother than the Initial Closing Date), the Construction Agent Lessee shall deliver to the Investor Investors and the Agent, a requisition (a "Requisition"), appropriately completed, in the form of Exhibit F D hereto.. ----------- ---------
(b) Each Requisition shall: (i) be irrevocable; and (ii) request funds in an amount of at least $500,000 200,000 (or such lesser amount representing Property Acquisition Costs for any Property or such lesser amount amounts as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment at such time) for the payment of Project Equipment Acquisition Costs or other Equipment Acquisition Costs which have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject to the Lessor and the Agent having each received the materials required by Section 6.1, 6.2 6.1 and/or 6.36.2, as applicable, on each Funding Equipment Closing Date (i) the Lenders shall make Loans to the Lessor in an aggregate amount equal not to 95.5exceed 97% of the aggregate funds specified in any Requisition, up to an aggregate principal amount equal to the Available Commitments; (ii) each Investor with respect to the first Equipment Closing Date, the Investors shall make have made an Investor Contribution in an amount equal to its Proportionate Share of 4.5% of the funds specified in any Requisition, up to an amount equal to the Available Investor Commitment; and (iii) the total amount of such Loans made on such date and Investor Contribution made on such date the first Equipment Closing Date shall be used to fully cover the aggregate Equipment Cost (after giving effect to amounts to be paid to in connection with the Construction Agent to pay the Project CostsEquipment Acquisition Cost for such Equipment Closing Date).
(d) Notwithstanding anything to the contrary in this Agreement, (i) the Lenders shall not be required to make Loans with respect to a Property in an aggregate amount with respect to all the Equipment in excess of 95.597% of the amount allocated to all such Property Equipment (after giving effect to the Equipment purchased in connection with the Budget, and (ii) no Investor shall be required to make Investor Contributions with respect to a Property in an aggregate amount in excess of its Proportionate Share of 4.5% of the amount allocated to such Property in the BudgetRequisition).
Appears in 1 contract
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; provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loans or Holder Advances) may be requested during any calendar month. Except as otherwise expressly agreed by the Agent, all Advances shall be made to accounts located outside of the State of Alabama. Not less than (i) three (3) Business Days prior to each proposed Funding the Initial Closing Date and (but only one ii) three (3) Business Day with regard Days prior to funding of an ABR Loan exclusively)the date on which any Acquisition Advance or Construction Advance is to be made, the Construction Agent shall deliver to the Investor Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereof (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 Requisition identifying (a "Requisition"), appropriately completed, in among other things) the form of Exhibit F heretoProperty to which such Construction Advance relates.
(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 representing Property Acquisition Costs for any Property or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment 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 Project Transaction Expenses, Property Acquisition Costs which (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred and or are to be incurred on the date of such Advance to the extent such were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject Subject to the Lessor and satisfaction of the Agent having each received the materials required by Section 6.1, 6.2 and/or 6.3conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Funding Property Closing Date or the date on which the Construction Advance is to be made and with respect to the Requested Funds, including without limitation Holder Fees specified in any Requisition, as applicable, (i) each Lender shall make Loans to the Lessor in an amount equal to such Lender’s proportionate share of ninety-seven percent (97%) of the Requested Funds (less Holder Fees) and (ii) each Holder shall make a Holder Advance to the Lessor in an amount equal to such Holder’s proportionate share of the sum of three percent (3%) of the Requested Funds plus such Holder’s proportionate share of the Holder Fees set forth in such Requisition. The Tranche A Lenders shall make Loans to the Lessor in an aggregate amount equal proportion to 95.5% such Tranche A Lender’s share of the funds specified aggregate Tranche A Commitments of eighty-five percent (85%) of the Requested Funds (less the Holder Fees); the Tranche B Lenders shall make Loans to the Lessor in any Requisitionproportion 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) and each Investor Holder shall make an Investor Contribution a Holder Advance in an amount equal proportion to its Proportionate Share of 4.5% such Holder’s share of the funds aggregate Holder Commitments of three percent (3%) of the Requested Funds (less the Holder Fees) plus such Holder’s share of the Holder Fees specified in any such Requisition, up to an the aggregate advanced amount equal to the aggregate of the Available Investor Commitment; and (iii) the Holder Commitments. The total amount of such Loans and Investor Contribution Holder Advances made on such date shall (x) be paid 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 Project CostsOperative 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) Notwithstanding anything With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under 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 Construction Agent until the applicable payment date or, if such payment date does not occur within three (3) Business Days of the date of the Construction Agent’s receipt of such Advance, shall be paid to the contrary in this 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. Any such amounts held by the Agent shall be subject to the lien of the Security Agreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent.
(ie) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall not be required delivered to make Loans the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale, the Ground Leases and chattel paper originals, with respect to a Property which in an aggregate amount in excess of 95.5% 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 amount allocated to such Property in Lessor, the BudgetAgent, the Lenders or the Holders, and (ii) no Investor such other items shall be required held by the Agent. To the extent any such other items are requested in writing from time to make Investor Contributions time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it.
(f) Notwithstanding funding of any Advance under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with respect to any such Advance may be subsequently enforced by the Agent as a Property in an aggregate amount in excess of its Proportionate Share of 4.5% covenant of the amount allocated to applicable party (unless such Property has been expressly waived in writing by the BudgetAgent acting upon the direction of the Majority Secured Parties).
Appears in 1 contract
Procedures for Funding. (a) The Construction Agents shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; provided, however, it is understood and agreed that no more than two (2) Advances (excluding any conversion and/or continuation of any Loans or Holder Advances) may be requested during any calendar month. Not less than (i) three (3) Business Days prior to each proposed Funding the Initial Closing Date and (but only one ii) three (3) Business Day with regard Days prior to funding the date on which any Acquisition Advance or Construction Advance is to be made, the Guarantor (in the case of an ABR Loan exclusively)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 Investor Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a Requisition as described in Section 4.2 hereof (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 Requisition identifying (a "Requisition"), appropriately completed, in among other things) the form of Exhibit F heretoProperty to which such Construction Advance relates.
(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 representing Property Acquisition Costs for any Property or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment 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 Project Transaction Expenses, Property Acquisition Costs which (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred and or are to be incurred on the date of such Advance to the extent such were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject Subject to the Lessor and satisfaction of the Agent having each received the materials required by Section 6.1, 6.2 and/or 6.3conditions precedent set forth in Sections 5.3 or 5.4, as applicable, on each Funding 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 95.5% ninety-seven percent (97%) of the funds Requested Funds specified in any RequisitionRequisition (ratably between the Tranche A Lenders and the Tranche B Lenders with the Tranche A Lenders funding seventy-seven percent (77%) of the Requested Funds and the Tranche B Lenders funding twenty percent (20%) of the Requested Funds), up to an aggregate principal amount equal to the aggregate of the Available Commitments; , (ii) each Investor Holder shall make an Investor Contribution a Holder Advance based on its Holder Commitment in an amount equal to its Proportionate Share such that the aggregate of 4.5% all Holder Advances at such time shall be three percent (3%) of the funds balance of the Requested Funds specified in any such Requisition, up to an the aggregate advanced amount equal to the aggregate of the Available Investor CommitmentHolder Commitments; and (iii) the total amount of such Loans and Investor Contribution Holder Advances made on such date shall (x) be paid 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 such Construction Agent (for the benefit of the Lessor) pursuant to pay the Project Costsrequirements imposed on the Lessor under the Operative Agreements.
(d) Notwithstanding anything With respect to an Advance obtained by the Lessor to pay for Property Costs and/or Transaction Expenses or other costs payable under 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 Agent until the applicable closing date or, if such closing date does not occur within three (3) Business Days of the date of the Agent's receipt of such Advance, shall be applied regarding the applicable Advance to repay the Lenders and the Holders and, subject to the contrary in this terms hereof, and of the Credit Agreement and the Trust Agreement, shall remain available for future Advances. Any such amounts held by the Agent shall be subject to the lien of the Security Agreement and shall accrue interest and Holder Yield from the date any such amount is advanced to the Agent.
(ie) All Operative Agreements which are to be delivered to the Lessor, the Agent, the Lenders or the Holders shall not be required delivered to make Loans the Agent, on behalf of the Lessor, the Agent, the Lenders or the Holders, and such items (except for Notes, Certificates, Bills of Sale, the Ground Leases and chattel paper originals, with respect to a Property which in an aggregate amount in excess of 95.5% 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 amount allocated to such Property in Lessor, the BudgetAgent, the Lenders or the Holders, and (ii) no Investor such other items shall be required held by the Agent. To the extent any such other items are requested in writing from time to make Investor Contributions time by the Lessor, any Lender or any Holder, the Agent shall provide a copy of such item to the party requesting it.
(f) Notwithstanding the completion of any closing under this Agreement pursuant to Sections 5.3 or 5.4, each condition precedent in connection with respect to a Property any such closing may be subsequently enforced by the Agent (unless such has been expressly waived in an aggregate amount in excess of its Proportionate Share of 4.5% of writing by the amount allocated to such Property in the BudgetAgent).
Appears in 1 contract
Samples: Participation Agreement (Performance Food Group Co)
Procedures for Funding. (a) Not less than three Business Days prior to each proposed Funding Closing Date (but only one Business Day with regard to funding of an ABR Loan exclusivelyother than the Initial Closing Date), the Construction Agent Lessee shall deliver to the Investor Investors and the Agent, a requisition (a "Requisition"), appropriately completed, in the form of Exhibit F D hereto.
(b) Each Requisition shall: (i) be irrevocable; and (ii) request funds in an amount of at least $500,000 200,000 (or such lesser amount representing Property Acquisition Costs for any Property or such lesser amount amounts as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment at such time) for the payment of Project Equipment Acquisition Costs or other Equipment Acquisition Costs which have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject to the Lessor and the Agent having each received the materials required by Section 6.1, 6.2 6.1 and/or 6.36.2, as applicable, on each Funding Equipment Closing Date (i) the Lenders shall make Loans to the Lessor in an aggregate amount equal not to 95.5exceed 97% of the aggregate funds specified in any Requisition, up to an aggregate principal amount equal to the Available Commitments; (ii) each Investor with respect to the first Equipment Closing Date, the Investors shall make have made an Investor Contribution in an amount equal to its Proportionate Share of 4.5% of the funds specified in any Requisition, up to an amount equal to the Available Investor Commitment; and (iii) the total amount of such Loans made on such date and Investor Contribution made on such date the first Equipment Closing Date shall be used to fully cover the aggregate Equipment Cost (after giving effect to amounts to be paid to in connection with the Construction Agent to pay the Project CostsEquipment Acquisition Cost for such Equipment Closing Date).
(d) Notwithstanding anything to the contrary in this Agreement, (i) the Lenders shall not be required to make Loans with respect to a Property in an aggregate amount with respect to all the Equipment in excess of 95.597% of the amount allocated to all such Property Equipment (after giving effect to the Equipment purchased in connection with the Budget, and (ii) no Investor shall be required to make Investor Contributions with respect to a Property in an aggregate amount in excess of its Proportionate Share of 4.5% of the amount allocated to such Property in the BudgetRequisition).
Appears in 1 contract
Procedures for Funding. (a) The Construction Agent shall designate the date for Advances hereunder in accordance with the terms and provisions hereof; provided, however, it is understood and agreed that no more than two Advances may be requested during any calendar month and the 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 Article IX and Section 13.6 regardless whether the Construction Agent provides such designation with respect thereto; and provided, further, not more than one of such Advances may be a Eurodollar Loan. Not less than (i) three (3) Business Days' prior to the Initial Closing Date and (ii) three (3) Business Days prior to each proposed Funding Date (but only one Business Day with regard the date on which any Construction or Acquisition Advance is to funding of an ABR Loan exclusively)be made, the Construction Agent shall deliver to the Investor and the Agent, (A) with respect to the Initial Closing Date and each Acquisition Advance, a requisition Requisition as described in Section 4.2 hereof and (B) with respect to each Construction Advance, a "Requisition"), appropriately completed, in Requisition identifying (among other things) the form of Exhibit F heretoProperty to which such Construction Advance relates.
(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 representing Property Acquisition Costs for any Property or such lesser amount as shall be equal to the total aggregate of the Available Commitments plus the Available Investor Commitment Holder Commitments at such time, and (iii) request that the Holders make a Holder Funding and that the Lenders make Loans to the Lessor for the payment of Project the Property Acquisition Costs which (in the case of an Acquisition Advance) or other Property Costs (in the case of a Construction Advance) that have previously been incurred and were not the subject of and funded pursuant to a prior Requisition, in each case as specified in the Requisition.
(c) So long as no Default or Event of Default has occurred and is continuing and subject Subject to the Lessor and satisfaction of the Agent having each received the materials required by Section 6.1conditions precedent set forth in Sections 5.3, 6.2 and/or 6.35.4 or 5.5, as applicable, on each Funding 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 to the Lessor in an aggregate amount equal to 95.597% times the sum of (w) the funds Requested Funds specified in any RequisitionRequisition and (x) any additional amount of Transaction Expenses or other costs as referenced in Article IX and any additional amount respecting any indemnity payment as referenced in Section 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 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-six percent (86%) of the Requested Funds and the Tranche B Lenders funding eleven percent (11%) of the Requested Funds), up to an aggregate principal amount equal to the Available Commitments; , (ii) each Investor Holder shall make an Investor Contribution a pro rata Holder Funding based on its Holder Commitment in an amount equal to its Proportionate Share such that the aggregate of 4.5all Holder Fundings at such time shall be 3% times the sum of (y) the funds Requested Funds specified in such Requisition and (z) any Requisitionadditional amount of Transaction Expenses or other costs as referenced in Article IX and any additional amount respecting any indemnity payment as referenced in Section 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 sole discretion of each Lender and each Holder)), up to an the aggregate advanced amount equal to the aggregate of the Available Investor CommitmentHolder 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 Investor Contribution Holder Fundings made on such date shall (a) be paid 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 (b) be advanced by the Lessor on the date of such Advance to the Construction Agent or the Lessee to pay the Project Property Costs, as applicable.
(d) Notwithstanding anything With respect to an Advance obtained by the Lessor to pay for Property Acquisition Costs and/or Transaction Expenses or other costs payable under Article IX or Section 13.6 hereof and not expended by 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 Property Closing Date or, if such Property Closing Date does not occur within three (3) Business Days of the date of the Lessor's receipt of such Advance, shall be applied to repay the applicable Advance to the contrary in this 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. Any such amounts held by the Lessor (i) or the Lenders shall not be required to make Loans with respect to a Property in an aggregate amount in excess of 95.5% Agent on behalf of the amount allocated to such Property in the Budget, and (iiLessor) no Investor shall be required subject to make Investor Contributions with respect to a Property in an aggregate amount in excess of its Proportionate Share of 4.5% the lien of the amount allocated to such Property in the BudgetSecurity Agreement.
Appears in 1 contract
Samples: Participation Agreement (Capital One Financial Corp)