Supplemental Advances Sample Clauses

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...
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Supplemental Advances. Section 2.1 of the Existing Credit Agreement is hereby amended to add the following at the end thereof:
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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.
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Supplemental Advances. 30 2.4 [Intentionally omitted]................................... 30 2.5 Overadvances.............................................. 31 2.6 Interest and Letter of Credit Fees: Rates, Payments, and Calculations.............................................. 31 2.7
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Supplemental Advances. (a) Subject to the terms and conditions of this Agreement, Foothill agrees to make advances ("Supplemental Advances") to Borrower in an amount outstanding not to exceed at any one time the lesser of (i) the Maximum Supplemental Amount, or (ii) the Supplemental Borrowing Base. Borrower shall not be entitled to request or receive Supplemental Advances unless the combined outstanding balance of Advances and Letter of Credit Usage equals the Maximum Revolving Amount. Absent an Event of Default, Supplemental Advances shall be repaid prior to Advances. Upon the occurrence and during the continuance of an Event of Default, as between Foothill and Borrower, all Collections, repayments, and proceeds of Collateral received by Foothill may be allocated by Foothill to the repayment or cash-collateralization of the Obligations by Foothill in such order as Foothill elects in its sole and absolute discretion, even if such allocation does not minimize Borrower's interest expense, or fees or other charges payable by Borrower. Borrower understands that the Foothill Funds may purchase a 100% participation interest in the Supplemental Advances, and that, under certain circumstances during the continuance of an Event of Default, Foothill may be entitled, as between itself and the Foothill Funds, to receive repayment of all Obligations other than the Supplemental Advances (and interest and fees or other charges with respect thereto) prior to the Foothill Funds becoming entitled to repayment of their investment with respect to the Supplemental Advances (and interest and fees or other charges with respect thereto), which entitlement may influence the order in which Foothill elects to cause the Obligations to be reduced, and which election may affect the amount of interest, fees, or other charges required to be paid by Borrower.
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Related to Supplemental Advances

  • Initial Advances The obligation of each Lender to make the initial Advance to be made by it or of the Administrative Agent to issue the initial Letters of Credit is subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Lenders, in their sole and absolute discretion, shall agree otherwise):

  • Additional Advances The Parties hereby agree that during the period from May 1, 2011 through July 31, 2011, the Payee has made additional advances to the Maker, in the aggregate amount of $15,940, in payment of the Maker’s operating expenses during that period, so that effective as of July 31, 2011, the total outstanding principal amount due and payable pursuant to the Note is $226,973.

  • Loan Advances (a) Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Bank agrees to make one or more Loan Advances to Borrower for Approved Purposes in an aggregate principal amount at any one time outstanding up to but not exceeding the Maximum Loan Amount. Within the limit of the Maximum Loan Amount in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repay, and reborrow at any time and from time to time from the Effective Date to the earlier of (a) the expiration of the Revolving Loan Period, or (b) the Termination Date. If, by virtue of payments made on the Note during the Revolving Loan Period, the principal amount owed on the Note prior to the Termination Date reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Loan Advances made thereafter and the Obligations, and Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by Bank. Borrower acknowledges and agrees that the Maximum Loan Amount is calculated in conjunction with the Maximum Purchase Amount under the Mortgage Warehouse Agreement such that in no event shall the aggregate of the outstanding principal balance of the Loan hereunder and the outstanding Purchase Price of the Purchased Mortgage Loans exceed $200,000,000 at any time. Upon the expiration of the Revolving Loan Period, and provided that no Default or Event of Default has occurred and is continuing, the Revolving Loans shall, without any further action by Bank or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note. Borrower shall initiate each Loan Advance by submitting to Bank a written Advance Request no later than 1:00 p.m., Jacksonville, Florida time, on the Advance Date. Bank shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Bank’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically, by facsimile or electronically, and purporting to have been sent to Bank by Borrower and Bank shall have no duty to verify the origin of any such communication or the identity or authority of the Person sending it. Subject to the terms and conditions of this Agreement, each Loan Advance shall be made available to Borrower by depositing the same, in immediately available funds, in an account of Borrower designated by Borrower maintained with Bank. If the conditions to making a Loan Advance as set forth in Section 5 are satisfied, then no later than the Advance Date, Bank shall reflect on its computer system the Loan Advance (the “Confirmation”). In the event Borrower disagrees with any terms of the Confirmation, Borrower shall immediately notify Bank of such disagreement. An objection by Borrower must state specifically that it is an objection, must specify the provision(s) being objected to by Borrower, must set forth such provision(s) in the manner that Borrower believes they should be stated, and must be received by Bank no more than one (1) Business Day after the Confirmation was received by Borrower.

  • 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.

  • Repayments of Interest Advances, the Special Termination Advance or the Final Advance Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Liquidity Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Liquidity Provider on each date on which the Liquidity Provider shall make an Interest Advance, the Special Termination Advance or the Final Advance, an amount equal to (a) the amount of such Advance (any such Advance, until repaid, is referred to herein as an “Unpaid Advance”) (if multiple Interest Advances are outstanding any such repayment to be applied in the order in which such Interest Advances have been made, starting with the earliest), plus (b) interest on the amount of each such Unpaid Advance as provided in Section 3.07 hereof; provided that if (i) the Liquidity Provider shall make a Provider Advance at any time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade Advance or an Applied Non-Extension Advance, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Interest Advance is required to be repaid to the Liquidity Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)); provided, further, that amounts in respect of a Special Termination Advance withdrawn from the Class B Cash Collateral Account for the purpose of paying interest on the Class B Certificates in accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being an “Applied Special Termination Advance”) shall thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; provided, further, that if, following the making of a Special Termination Advance, the Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01, such Special Termination Advance shall thereafter be converted to and treated as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof and treated as an Applied Special Termination Advance for purposes of Section 2.6(c) of the Intercreditor Agreement, and, provided, further, that if, after making a Provider Advance, the Liquidity Provider delivers a Special Termination Notice to the Borrower pursuant to Section 6.02, any Unapplied Provider Advance shall be converted to and treated as a Special Termination Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof under the Intercreditor Agreement. The Borrower and the Liquidity Provider agree that the repayment in full of each Interest Advance, the Special Termination Advance and Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given to the Borrower by the Liquidity Provider.

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half percent (1 .50%) above the Prime Rate.

  • 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.

  • Repayments of Interest Advances or the Final Advance Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Liquidity Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Liquidity Provider on each date on which the Liquidity Provider shall make an Interest Advance or the Final Advance, an amount equal to (a) the amount of such Advance (any such Advance, until repaid, is referred to herein as an "UNPAID ADVANCE"), plus (b) interest on the amount of each such Unpaid Advance as provided in Section 3.07 hereof; PROVIDED that if (i) the Liquidity Provider shall make a Provider Advance at any time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into an Applied Downgrade Advance or an Applied Non-Extension Advance, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Interest Advance is required to be repaid to the Liquidity Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)

  • Extension or Amendment of Loans The Servicer will not, except as otherwise permitted in Section 7.4(a), extend, amend or otherwise modify the terms of any Transferred Loan.

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