SHORT-TERM ADVANCES Clause Samples
The Short Term Advances clause defines the terms under which a borrower may receive temporary, short-duration loans from a lender. Typically, this clause outlines the maximum amount that can be advanced, the interest rate applicable, and the repayment schedule, often requiring repayment within a few months or less. Its core practical function is to provide the borrower with quick access to funds for immediate needs while ensuring the lender's interests are protected through clear repayment terms and limits on borrowing.
SHORT-TERM ADVANCES. Any Member may, but shall be under no ------------------- obligation to, advance funds in excess of its obligation to make Initial Capital Contributions and Additional Capital Contributions ("Advances") in order to pay operational expenditures on a short-term basis in contemplation of income from operations or a disbursement of funds from Third Party Loans, if, in the judgment of the Manager, payment of expenditures cannot or should not be delayed until such funds are obtained by the Company. Amounts funded by a Member pursuant to this Section 2.6 shall bear interest at the Rate plus 200 basis points (but in no event greater than the maximum rate permitted under applicable law), and shall be repaid immediately upon receipt of funds contemplated to be received as provided above or from other Company assets as agreed by all of the Members.
SHORT-TERM ADVANCES. During the first 180 days of the Term, if there is insufficient cash in the NU Account to cover the projected Academic Costs and tuition and fee refunds for the upcoming thirty (30) day period, Contributor will advance to New University, not more often than on a weekly basis, and within seven (7) days of receipt of written request therefore, such funds as are needed to make up any projected shortfall in available Revenues in order for New University to have sufficient cash to pay all Academic Costs and tuition and fee refunds which then are or will come due in the next thirty (30) day period (such advances made by Contributor, “Short Term Advances”). New University shall include in any request seeking a Short Term Advance a calculation of projected Academic Costs, tuition and fee refunds and Revenues for the upcoming thirty (30) day period in such detail as reasonably requested by Contributor.
SHORT-TERM ADVANCES. 13 Solvent.......................................................................11
SHORT-TERM ADVANCES. Subject to the terms and conditions set forth in this Agreement and relying upon the representations and warranties herein set forth, each Short Term Lender, severally and not jointly, agrees (such agreement being herein called such Short Term Lender's "Short Term Advance Commitment") to make loans (the "Short Term Advances") to the Borrower from time to time on or after the date hereof and to but not including the Revolving Credit Maturity Date. A Short Term Lender shall have no obligation to make any Short Term Advance to the extent that the aggregate principal amount of such Short Term Lender's Short Term Advances at any time outstanding would exceed such Short Term Lender's Short Term Advance Committed Amount at such time. Each Short Term Lender's "Short Term Advance Committed Amount" shall be equal to $2,500,000. Short Term Advances may be requested by the Borrower in any principal amount up to the Short Term Advance Committed Amount. A Short Term Lender shall have no obligation to make any Short Term Advance to the extent that doing so would cause the aggregate amount of its outstanding Revolving Credit Loans, Competitive Bid Loans and Short Term Advances to exceed its Revolving Credit Committed Amount.
SHORT-TERM ADVANCES. The Agent, in its individual capacity and under the terms and subject to the conditions of this Agreement, shall provide advances (herein called "Short Term Advances" or "Advances") to Borrowers, from time to time, as requested by Borrowers, provided that:
(i) the aggregate amount of Short Term Advances outstanding at any one time shall not exceed $5,000,000 or such lesser amount, if any, as will, when added to the amount of the Loans then outstanding, aggregate more than the Aggregate Loan Commitment (or such lesser amount as Borrowers are entitled to borrow hereunder at such time by reason of the limitation of the Borrowing Base or otherwise),
(ii) no Short Term Advance shall be outstanding for more than seven Business Days, and
(iii) no Short Term Advance shall be permitted if within the preceding seven Business Days there shall not have been at least one day on which no Short Term Advance shall have been outstanding. Borrowers shall request a Short Term Advance by delivering a Request For Short Term Advance (in such form as may be reasonably requested by First Union, from time to time, the "Request") signed by a Responsible Officer to First Union, as Agent on or before the date the Short Term Advance is to be made. Upon receipt of such Request and if the conditions provided herein shall be satisfied at the time of such receipt, the Agent shall make the Short Term Advance on the date specified therein. Short Term Advances shall bear interest at the LIBO Market Index Rate. If on the seventh Business Day following the making of any Short Term Advance, the Advance is not repaid by the Company the amount due shall be funded automatically by a Revolving Credit Loan which Loan shall be made without regard to any minimum borrowing requirement, condition precedent herein, or Event of Default hereunder which would otherwise entitle any Bank or the Banks not to provide such Revolving Credit Loan, and each Bank shall make its proportionate share of such Revolving Credit Loan. Within the foregoing limit, Borrowers may request Short Term Advances, pay them within seven Business Days and request new Short Term Advances. It is intended, and Borrowers agree, that the Short Term Advance facility shall be used only for its convenience and need for very short term funds. This facility shall not be used as a substitute for Revolving Credit Loans by continuously maintaining a significant amount of Short Term Advances outstanding. All Short Term Advances shall be repaid by B...