Receivables Loan. All conditions precedent to the closing of the amendment to the Receivables Loan, as reflected in the Receivables Loan Agreement, shall have been satisfied.
Receivables Loan. Upon Borrower's request, subject to the conditions precedent state in Article V hereof and elsewhere in this Agreement Lender hereby agrees that the Receivables Loan will be disbursed to Borrower, from time to time, in periodic advances, but in no event after the Receivables Borrowing Term has expires, in amounts not to exceed those determined by subtracting (a) the difference between the unpaid principal balance outstanding under the Loan at the time of each Advance over the outstanding principal balance of the aggregate of (i) Advances made under the Mortgage Loan Facility, (ii) the Aloha Bay Loan, (iii) the Office Loan, (iv) the Additional Advances and (v) the Biloxi Note from (b) the Borrowing Base, determined as of the date thereof after giving effect to all Eligible Receivables then assigned to (and not reassigned by) Lender; provided, however, that the outstanding principal amount of the Loan shall not exceed at any time the Maximum Loan Amount, and; provided, further, that the principal amount of any and all indebtedness of Borrower to Lender which is secured by Receivables Collateral encumbering Lots shall not exceed $35,000,000.00."
Receivables Loan. Upon Borrower's request, subject to the conditions precedent stated in ARTICLE V hereof and elsewhere in this Agreement, Lender hereby agrees that the Receivables Loan will be disbursed to Borrower, from time to time, in periodic advances, but in no event after the Receivables Borrowing Term has expired, in amounts not to exceed those determined by subtracting (a) the difference between the unpaid principal balance outstanding under the Loan at the time of each Advance over the outstanding principal balance of the aggregate of (i) Advances made under the Mortgage Loan Facility, (ii) the Aloha Bay Loan, and (iii) the Office Loan, from (b) the Borrowing Base, determined as of the date thereof after giving effect to all Eligible Receivables then assigned to (and not reassigned by) Lender; provided, however, that the outstanding principal amount of the Loan shall not exceed at any time the Maximum Loan Amount, and; provided, further, that the principal amount of any and all indebtedness of Borrower to Lender which is secured by Receivables Collateral encumbering Lots shall not exceed $35,000,000.00.
2.2.1 Advances of the Receivables Loan will not be made more frequently than once every month in amounts of not less than $100,000.00.
2.2.2 No Advances under the Receivables Loan will be made after the Receivables Borrowing Term has expired unless Lender, in its sole discretion, shall agree in writing to make additional Advances.
2.2.3 Borrower shall use the proceeds of the Receivables Loan for purposes of providing working capital to Borrower.
2.2.4 Except as hereinafter set forth, payments of principal and interest outstanding under the Receivables Loan shall be made in accordance with the terms and provisions of the Receivables Note.
2.2.5 Lender's obligation to make Advances of the Receivables Loan, from time to time, against Instruments or Contracts arising from the sale of Lots or Units in any Project is subject to and conditioned upon such Instruments or Contracts qualifying as Eligible Receivables and is furthermore subject to and conditioned upon the satisfaction of all other conditions precedent to the making of the Advance, as set forth in this Agreement. In connection therewith, but without limiting the generality of the foregoing, Lender's obligation to make Advances of the Receivables Loan against Instruments or Contracts arising from the sale of Lots or Units in any Additional Project is subject to Lender's receipt and approval of copies of the regi...
Receivables Loan. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances of the Receivables Loan to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in paragraph 2.
Receivables Loan. During the Availability Period and to the extent of ---------------- Availability, Lender shall make Advances of the Receivables Loan to Borrower. Each such Advance shall be in an amount not less than $100,000 and made no more frequently than four (4) times each month nor more than one (1) time each week. Requests for Advances shall be made at least five (5) Business Days prior to the date of disbursement and shall be in the form of EXHIBIT C hereto. Any amounts repaid during the Availability Period may be reborrowed during the Availability Period. Lender shall have no obligation to make Advances hereunder to the extent any requested Advance would cause the principal balance of the Receivables Loan to exceed Availability, provided that Lender may elect to make Advances in excess of Availability.
Receivables Loan. The receivables loan facility in the amount of ---------------- $10,000,000 extended and made by Lender to Borrower on or about the Closing Date.
Receivables Loan. Without the prior written consent of Lender, Borrower shall not be entitled to prepay the Receivables Loan except in accordance with the terms of this Agreement. Commencing on the Receivables Loan Opening Prepayment Date, Borrower shall have the option to prepay the Receivables Loan on any Installment Date, upon thirty (30) days' prior written notice, accompanied by the simultaneous payment of the applicable Receivables Loan Prepayment Premium. No more than fifty percent (50%) of the then outstanding principal balance of the Receivables Loan may be prepaid within the twelve (12) month period beginning on the Receivables Loan Opening Prepayment Date or during any successive twelve (12) month period thereafter, provided, however, that at such time as the unpaid principal balance of the Receivables Loan is no greater than Two Million Dollars ($2,000,000), Borrower shall have the right to prepay the Receivables Loan in full during any successive twelve (12) month period thereafter, under the conditions set forth above. Any prepayment in full of the Receivables Loan shall be accompanied by prepayment in full of the Inventory Loan.
Receivables Loan. Without the prior written consent of Lender, Borrower shall not be entitled to prepay the Receivables Loan except in accordance with the terms of this Agreement. Commencing on the Receivables Loan Opening Prepayment Date, Borrower shall have the option to prepay the Receivables Loan in whole, but not in part, on any Installment Date thereof, upon thirty (30) days' prior written notice to Lender, accompanied by the simultaneous payment of the applicable Receivables Loan Prepayment Premium.
Receivables Loan. Upon the terms and subject to the conditions set forth in this Agreement, Lender shall advance to Borrower, and Borrower may borrow, repay and reborrow, principal under the Receivables Loan in an amount not to exceed at any time the lesser of (i) the amount of the Borrowing Base, or (ii) $10,000,000.00 less the amount outstanding under the Mortgage Loan. Lender shall have no obligation to make any further Receivables Loan Advances after the expiration of the Receivables Loan Revolving Credit Period.
Receivables Loan. The average daily outstanding principal balance of the Receivable Loan will bear interest in
