TERM LOAN DISBURSEMENT Sample Clauses

TERM LOAN DISBURSEMENT. On the Closing Date, Lenders shall advance the term loan portion of the Loan proceeds to Borrowers in the principal amount of Seven Hundred Fifty-Seven Five Hundred Thousand Dollars ($757,500,000) (the “Term Loan”). The Term Loan is not a revolving loan, and may not be re-borrowed.
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TERM LOAN DISBURSEMENT. Xxxxxxxx and Xxxxxx agree that the proceeds of the Term Loan shall be disbursed to Borrower upon Xxxxxxxx’s execution and delivering of the Agreement and the Term Loan Note.
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TERM LOAN DISBURSEMENT. The obligation of the Lender Group (or any member thereof) to disburse proceeds of the Term Loan (on both the First Term Loan Disbursement Date and the Second Term Loan Disbursement Date) is subject to the following conditions precedent:
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TERM LOAN DISBURSEMENT. Borrower and Lender agree that the proceeds of the Term Loan shall be disbursed to Borrower in the following manner: (a) $2,500,000 upon Borrower’s execution and delivering of the Agreement and the Term Loan Note (the “Closing Date”) and (b) $2,500,000 upon formal and final approval of loans to Borrower from each of the City of Canton and Xxxxx County.
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TERM LOAN DISBURSEMENT. Borrower and Lender agree that the proceeds of the Term Loan shall be disbursed to Borrower in four (4) installments in an amount not to exceed Five Hundred Thousand Dollars ($500,000.00) at Closing, up to Five Hundred Thousand Dollars ($500,000.00) on January 15, 2020, up to One Million Dollars ($1,000,000.00) on February 15, 2020 and up to One Million Dollars on March 15, 2020. Borrower and Lender further agree that any balance not disbursed to Borrower from any installment shall be available to be withdrawn by Borrower on the next disbursement date. Borrower and Lender further agree that disbursement of the Term Loan proceeds will be made available to Borrower based upon written applications for disbursement of loan proceeds (each being an “Application”) to be submitted by Borrower to cover the soft costs and the direct costs of renovations and/or improvements to the Hotel that have been completed by Borrower prior to submission of the Application to Lender. Such soft costs, completed renovations and/or improvements to the Hotel will hereinafter be referred to as the “Work”. Each Application shall include: (i) an itemized statement of the Work, (ii) the amounts owed by Borrower for the Work, (iii) a list of the contractors, subcontractors and materialmen (collectively “Contractors”) that completed the Work, (iv) the amounts due and owing to each Contractor for the Work, (v) after the first disbursement of loan proceeds hereunder, each Application shall include verification of payment and a waiver of liens from each Contractor that was named in the prior Application submitted by Borrower hereunder, and (vi) such other documentation that Lender may reasonably require to confirm completion of the Work and payment of Contractors by Borrower. Lender shall distribute the loan proceeds as requested in each applicable Application once it has received a complete Application, including all required documentation, been provided reasonable access to the Hotel and the Work, and confirmed completion of the Work covered by the applicable Application in accordance with the terms of this Loan Agreement. Lender will diligently act to complete its review of the Application and of the Work as soon as possible and shall approve or deny any Application received thereby no later than seven (7) business days after receipt of a complete Application from Borrower. Borrower and Lender further agree that under no circumstances will the total disbursement of loan proceeds exceed Th...
Sample 1
TERM LOAN DISBURSEMENT. Xxxxxxxx and Xxxxxx agree that the proceeds of the Term Loan shall be disbursed to Borrower in the following manner and subject to the following requirements:
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Related to TERM LOAN DISBURSEMENT

  • Loan Disbursements (a) On the Effective Date, each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrowers such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrowers such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Term Loan On the Closing Date, each Lender that has a Closing Date Term Commitment severally, and not jointly, agrees, on the terms and conditions set forth in this Agreement, to make a Term Loan to the Borrower pursuant to such Lender’s Closing Date Term Commitment, which Term Loans: (i) can only be incurred on the Closing Date in the entire amount of each Lender’s Term Commitment; (ii) once prepaid or repaid, may not be reborrowed; (iii) may, except as set forth herein, at the option of the Borrower, be incurred and maintained as, or Converted into, Closing Date Term Loans that are Base Rate Loans or Eurodollar Loans, in each case denominated in Dollars, provided that all Closing Date Term Loans made as part of the same Term Borrowing shall consist of Term Loans of the same Type; (iv) shall be repaid in accordance with Section 2.12(b); and (v) shall not exceed (A) for any Lender at the time of incurrence thereof the aggregate principal amount of such Lender’s Closing Date Term Commitment, if any, and (B) for all the Lenders at the time of incurrence thereof the Total Closing Date Term Commitment. The Closing Date Term Loans to be made by each Lender will be made by such Lender in the aggregate amount of its Term Commitment in accordance with Section 2.06 hereof. Each Lender having an Incremental Term Loan Commitment hereby severally, and not jointly, agrees on the terms and subject to the conditions set forth herein and in the applicable Incremental Term Loan Assumption Agreement, to make Incremental Term Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment. Amounts paid or prepaid in respect of Incremental Term Loans may not be reborrowed.

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