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. 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 2.4. The maximum amount of an Advance of the Receivables Loan shall be equal to (a) the aggregate Receivables Loan Borrowing Base for all Eligible Instruments less (b) the then unpaid principal balance of the Receivables 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 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. Lender further 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 2.4. The maximum amount of an Advance of the Receivables Loan shall be equal to (a) the aggregate Receivables Loan Borrowing Base for all Eligible Instruments less (b) the then unpaid principal balance of the Receivables Loan. Borrower shall not have the right to request and Lender shall not have no obligation to make any so called "Availability Advances" of the Receivables 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
Receivables Loan. The Borrower agrees punctually to pay or cause to be paid to the Lender all principal and interest due under the Receivables Loan together with any Non-Utilization Fee due. The Borrower shall make the following payments on the Receivables Loan:
Receivables Loan. The occurrence of an Event of Default by Borrower with respect to any of the Receivables Loan or the Loan Documents.
