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Supplemental Advances Sample Clauses

Supplemental Advances. If any Lender (other than an Initial Lender) (such Lender a “Non-Funding Lender”) shall fail to fund its Pro Rata Share of any Loan, then the applicable Borrower shall be deemed to have requested a Borrowing (a “Supplemental Borrowing”) to be made pursuant to Section 2.01(c) in aggregate principal amount equal to the lesser of (a) the aggregate principal amount of the Advances so failed to have been made by all Non-Funding Lenders and (b) the aggregate remaining amount of all Lenders’ (other than the Non-Funding Lenders’) Commitments in respect of the relevant Tranche after giving effect to the prior funding of each such Lender’s Pro Rata Share of the relevant Advance. The Supplemental Borrowing shall be deemed to be requested to be made on the Closing Date (or the Delayed Draw Date, if applicable) as a Base Rate Advance, and the location and number of the account to which funds are deemed to be requested to be disbursed in respect of the Supplemental Borrowing shall be identical to those specified by the applicable Borrower in the notice delivered in respect of the initial Borrowing. Promptly after obtaining knowledge thereof, the Administrative Agent shall advise the applicable Borrower and each Lender of any Lender having become a Non-Funding Lender and shall advise each Lender of the amount of such Lender’s Supplemental Loan to be made under Section 2.01(c) as part of the Supplemental Borrowing. No amounts shall be reallocated from Tranche 1 to Tranche 2 or vice versa as a result of this Section 2.03.
Sample 1
Supplemental Advances. On each Deposit Date on which a Monthly Advance is to be made pursuant to the Pooling Agreement, the Supplemental Servicer shall be responsible for making Supplemental Advances in the amounts specified in the Servicer Disbursement Advice by making a wire transfer of such amounts in immediately available funds to the Certificate Account (or to an Eligible Account designated and held by the Trustee in trust for the Trust for deposit by the Trustee to the Certificate Account); provided that the Supplemental Servicer may but shall not be required to make a Supplemental Advance (a) as to which the Servicer has failed to make the related Primary Advance, (b) with respect to any Mortgage Loan if the Servicer or Supplemental Servicer determines that the mortgage or deed of trust securing the related Mortgage Loan does not constitute a first lien on the related Mortgaged Property; (c) to the extent the making of such Supplemental Advance would (i) cause the aggregate unreimbursed Supplemental Advances to exceed the Maximum Advance Obligation or cause the aggregate of all Supplemental Advances for each of the Scheduled Trusts (including the Trust) to exceed the Global Maximum Advance Obligation or (ii) cause the Supplemental Advance Ratio to exceed 75% after giving effect to any distribution in repayment of Supplement Advances to be made on the immediately succeeding Distribution Date as set forth in the related Servicer Disbursement Advice; (d) with respect to any Mortgage Loan to the extent the making of such Supplemental Advance would cause the aggregate unreimbursed Monthly Advances and Servicing Advances for such Mortgage Loans to exceed 25% of the lesser of (i) the related Cut-off Date Principal Balance and (ii) commencing with the Deposit Date occurring in July 1999, with respect to a Mortgage Loan delinquent more than 90 days, the market value of the related Mortgaged Property as reflected on the most recent BPO, if any, for such property obtained by the Servicer or the Supplemental Servicer; (e) if the Servicer Disbursement Advice setting out the Supplemental Advance to be made for any Deposit Date has not been verified by the Verification Agent and delivered to the Supplemental Servicer at least five (5) Business Days prior to the related Deposit Date; (f) if the Supplemental Servicer determines in its sole good faith discretion that such Supplemental Advance would not be ultimately recoverable by the Servicer from Late Collections; (g) with respect to any...
Sample 1
Supplemental Advances. 30 2.4 [Intentionally omitted]................................... 30 2.5 Overadvances...........................................
Sample 1
Supplemental Advances. (i) The Borrowers may at any time prior to January 31, 1999, by notice to the Administrative Agent, obtain Supplemental Commitments in an aggregate amount not to exceed $50,000,000 to be effective as of each such date (each, a "Supplement Date") specified by notice from the Administrative Agent to the Borrowers; provided, however, that no Default shall have occurred and be continuing as of the date of either such notice or as of the Supplemental Date or shall occur as a result thereof. (ii) The Administrative Agent shall promptly notify such Lenders or other Persons that could be Eligible Assignees of such request by the Borrowers for Supplemental Commitments, which notice shall include (x) the proposed amount of such requested Supplemental Commitments, (y) the proposed Supplement Date and (z) the date by which Lenders or such other Persons wishing to enter into Supplemental Commitments must commit thereto (the "Supplement Commitment Date"). Each Lender or other Person so notified that is willing to enter into a Supplemental Commitment shall give written notice to the Administrative Agent on or prior to the Supplemental Commitment Date of the amount by which it is willing to enter into a Supplemental Commitment. If such Lenders or other Persons notify the Administrative Agent that they are willing to enter into Supplemental Commitments by an aggregate amount that exceeds the amount permitted by Section 2.01(b)(i), the requested Supplemental Commitments shall be allocated among such Lenders and other Persons willing to participate therein in such amounts as are determined by the Administrative Agent. (iii) On or before each Supplement Date, each institution that agrees to enter into a Supplemental Commitment shall commit thereto and shall become a Lender party to this Agreement as of such Supplement Date or, if already a Lender, the Term Commitment of such Lender for such Supplement Commitment shall be so increased by such amount (or by the amount allocated to such Lender pursuant to the last sentence of Section 2.05(b)(ii)) as of such Supplement Date; provided, however, that the Administrative Agent shall have received on or before such Supplement Date the following, each dated such date:
Sample 1
Supplemental Advances. Section 2.1 of the Existing Credit Agreement is hereby amended to add the following at the end thereof:
Sample 1

Related to Supplemental Advances

  • Initial Advances In addition to the terms and conditions set forth in Section 4.2, the obligation of the Lenders to make the initial Advance is conditioned on the Administrative Agent receiving, prior to or on the date of such Advance, each of the following items in form, detail and content reasonably satisfactory to the Administrative Agent, each Lender, and its counsel: (a) a duly executed Revolving Credit Note for each Lender which has requested the same; (b) a certificate of the secretary or an assistant secretary of the Borrower and each of its Subsidiaries (i) certifying an attached complete and correct copy of its bylaws; (ii) solely in the case of the Borrower, certifying an attached complete and correct copy of resolutions duly adopted by the Borrower’s board of directors which have not been amended since their adoption and remain in full force and effect, authorizing the execution, delivery and performance of this Agreement and the Related Documents to which it is a party; (iii) solely in the case of Independent Bank, certifying an attached copy of its certificate of formation, and in the case of the Borrower and each other Subsidiary, certifying that the articles of incorporation or charter attached to the applicable certificate of the Office of the Secretary of State of incorporation delivered pursuant to Section 4.1(d) hereof are complete and correct and have not been amended since the date of the last date of amendment thereto indicated on such certificate of the secretary of state; and (iv) certifying as to the incumbency and specimen signature of each officer executing this Agreement and all other Related Documents to which it is a party, and including a certification by another officer as to the incumbency and signature of the secretary or assistant secretary executing the certificate; (c) an opinion of counsel for the Borrower in form and substance reasonably satisfactory to the Administrative Agent, its counsel, and each Lender; (d) certificates of status or good standing for the Borrower and each Subsidiary issued by the applicable Office of the Secretary of State of incorporation or organization and the respective state, if any, in which the Borrower’s or such Subsidiary’s principal place of business is located, and certified copies of the articles of incorporation for the Borrower and each Subsidiary, all issued by the Office of the Secretary of State of the state of the Borrower’s or such Subsidiary’s incorporation, as applicable, within thirty (30) days of the date hereof; (e) certification that there are no (i) Material Liens of record on the Property of the Borrower only (and not any of its Subsidiaries) other than Permitted Liens and (ii) Material Liens of record on the Property of any Bank Subsidiary other than Permitted Liens; (f) a duly executed Negative Pledge Agreement; (g) a duly executed Notice of Authorized Borrowers; and (h) a duly executed Authority to Debit Account.

  • Additional Advances This Mortgage is given, to secure not only presently existing Secured Indebtedness under the Loan Documents, but also future advances, whether such advances are obligatory or to be made at the option of the Bank or otherwise, as are made within two (2) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mortgage, although there may be no advance made at the time of execution of this Mortgage and although there may be no indebtedness secured hereby outstanding at the time any advance is made. The lien of this Mortgage will be valid as to the Secured Indebtedness, including future advances, from the time of its filing for record in the recorder’s office of the county in which the Property is located. The total amount of indebtedness secured hereby may increase or decrease from time to time, but the total unpaid principal balance of indebtedness secured hereby (including disbursements that the Bank may, but is not obligated to, make under this Mortgage, the Loan Documents, or any other document with respect thereto) at any one time outstanding may be substantially less but shall not exceed $640,000.00, plus interest thereon, and any disbursements made for payment of taxes, special assessments, or insurance on the Property and interest on such disbursements, and all disbursements by Bank pursuant to 735 ILCS 5/15-1302(b)(5) (all such Secured Indebtedness being hereinafter referred to as the maximum amount secured hereby). This Mortgage will be valid and have priority to the extent of the maximum amount secured hereby over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments levied on the Property given priority by law.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Refinancing Preparation Advance If the Financing Agreement provides for the repayment out of the proceeds of the Financing of an advance made by the Association or the Bank (“Preparation Advance”), the Association shall, on behalf of the Recipient, withdraw from the Financing Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Financing Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Association shall pay the amount so withdrawn to itself or the Bank, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.” 2. Paragraph (i) of Section 6.02 is modified to read as follows: “Section 6.02.

  • Equipment Advances (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower. Borrower may request Equipment Advances at any time during the Draw Period, provided that the initial Equipment Advance shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000) (the “Initial Equipment Advance”). The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Line. Each Equipment Advance shall not exceed sixty percent (60%) of the invoice amount of equipment and software listed in that certain Machinery and Equipment 2013 Projection delivered to Bank on or about the Closing Date (which Borrower shall, in any case, have purchased, (i) with respect to the Initial Equipment Advance, within one hundred eighty (180) days and (ii) with respect to all subsequent Equipment Advances, within ninety (90) days, of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Each Equipment Advance must be in an amount equal to the lesser of One Hundred Fifty Thousand Dollars ($150,000) or the amount that has not yet been drawn under the Equipment Line. (ii) Interest shall accrue from the date of each Equipment Advance at the rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on June 30, 2013 shall be payable in twenty seven (27) equal monthly installments of principal, plus all accrued interest, beginning on July 1, 2013, and continuing on the same day of each month thereafter through the Equipment Maturity Date. Any Equipment Advances made by Bank after June 30, 2013 shall immediately amortize and be payable in equal monthly installments of principal, plus all accrued interest, beginning on the first (1st) day of the month immediately following such Equipment Advance and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with the Equipment Advances made under this Section 2.1(b) shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Except as set forth in the Pricing Addendum, Borrower may prepay the Equipment Advances prior to the Equipment Maturity Date, provided that on the date of such prepayment Borrower shall, (i) prepay all but not less than all of the Equipment Advances and (ii) in connection with such prepayment, pay to the Bank to the Prepayment Fee, if applicable. (iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Pacific time three (3) Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. Bank shall be entitled to rely on any facsimile notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance.” 2. Section 2.1(c) of the Agreement hereby is amended and restated in its entirety to read as follows:

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.

Most Referenced Clauses

Most Referenced Definitions