Terms of Advances. The Agreement is amended by adding the following as Section 3 e): “The Borrower acknowledges that the Bank will not make an Advance against the ARS Collateral in amounts equal to the fair market or par value of the ARS Collateral unless the Borrower arranges for another person or entity to provide additional collateral or assurances on terms and conditions satisfactory to the Bank. In requesting an Approved Amount equal to the par value of the ARS Collateral, the Borrower has arranged for UBS Financial Services Inc. to provide, directly or through a third party, the pledge of additional collateral and/or assurances to the Bank so that the Bank will consider making Advances from time to time in accordance with the terms of this Agreement and in amounts equal to, in the aggregate, the par value of the ARS Collateral at the date of an Advance. In addition, the Borrower, the Bank and UBS Financial Services Inc. acknowledge and agree that if (a) the Bank is repaid all of the Credit Line Obligations due to the Bank under the Agreement and this Addendum and (b) as part of such repayment, the Bank realizes on the additional collateral and/or assurances pledged or otherwise provided by UBS Financial Services and/or any such third party to the Bank, then the Agreement shall not terminate and the Bank shall automatically assign to UBS Financial Services Inc. and any such third party, and UBS Financial Services Inc. and any such third party shall automatically assume and be subrogated to, all of the Bank’s rights, claims and interest in and under the Agreement and this Addendum, including without limitation, the security interest in the Collateral, including without limitation the ARS Collateral, granted the Bank under the Agreement and this Addendum (further including, without limitation, interest, dividends, distributions, premiums, other income and payments received in respect of any and all such Collateral) to the extent of the amount that the Bank has realized on all or any part of the additional collateral and/or assurances pledged or otherwise provided by UBS Financial Services and/or any such third party to the Bank in order to effect the repayment of the Credit Line Obligations due to the Bank under the Agreement. Upon such automatic assignment and subrogation, UBS Financial Services Inc. and any such third party shall be entitled to directly exercise any and all rights and remedies afforded the Bank under the Agreement, this Addendum and any and all other do...
Terms of Advances a) Advances made under this Agreement will be available to the Borrower in the form, and pursuant to procedures, that are established from time to time by the Bank in its sole and absolute discretion. The Borrower and each other Loan Party shall promptly provide all documents and financial or other information (in connection with any Advance) which the Bank may request. Advances will be made by wire transfer of funds to an account as specified in writing by the Borrower or by any other method agreed upon by the Bank and the Borrower. The Borrower acknowledges and agrees that the Bank will not make any Advance to the Borrower unless the collateral maintenance requirements that are established by the Bank in its sole and absolute discretion have been satisfied.
b) Each Advance made under a Premier Credit Line will be a Variable Rate Advance unless designated as a Fixed Rate Advance in an Advance Advice sent by the Bank to the Borrower. The Bank will not designate any Advance as a Fixed Rate Advance unless it has been requested to do so by the Borrower (acting directly, or acting indirectly through the Borrower's UBS Financial Services Inc. financial advisor or other agent designated by the Borrower and acceptable to the Bank). Each Advance Advice will be conclusive and binding upon the Borrower, absent manifest error, unless the Borrower otherwise notifies the Bank in writing no later than the close of business, New York time, on the third Business Day after the Advance Advice is given by the Bank.
c) Unless otherwise agreed in writing by the Bank: (i) each Fixed Rate Advance must be in an amount of at least $55,000 or such other amount as the Bank may determine from time to time; and (ii) each Variable Rate Advance taken by wire transfer must be in an amount of at least $2,500. If the Borrower is a natural person, the initial Variable Rate Advance under the Credit Line must be in an amount equal to at least $55,000 or such other amount as the Bank may determine from time to time (the "Initial Advance Requirement"). If the initial Advance requested by the Borrower is made in the form of a check drawn on the Credit Line that does not satisfy the Initial Advance Requirement, then, in addition to and not in limitation of the Bank's rights, remedies, powers or privileges under this Agreement or applicable law, the Bank may, in its sole and absolute discretion:
(i) pay the check drawn by the Borrower if, prior to paying that check, the Bank makes another Advance ...
Terms of Advances. All amounts advanced by Green Funding pursuant to ----------------- this Agreement shall bear interest at a rate of 6% per annum. On each December 31 and June 30, all accrued and unpaid interest shall be capitalized and added to the then outstanding principal. Principal, together with accrued and unpaid interest thereon, shall be payable on the earlier to occur of the second anniversary of the date of this Agreement or the tenth day following the closing by the Company (or its successor) of a sale of securities pursuant to its initial public offering. Simultaneously with the execution of this Agreement, the Company will execute and deliver a promissory note (the "Working Capital Note") payable to Green Funding in the form attached as Exhibit A hereto in order to evidence the advances made pursuant to this Agreement.
Terms of Advances a) Advances made under this Agreement will be available to the Borrower in the form, and pursuant to procedures, as are established from time to time by the Bank in its sole and absolute discretion. The Borrower and each Loan Party agree to provide all documents, financial or other information regarding any Advance as the Bank may request. Advances will be made by wire transfer of funds to an account as specified in writing by the Borrower or by any other method agreed upon by the Bank and the Borrower. The Borrower acknowledges and agrees that the Bank will not make any Advance to the Borrower unless the collateral maintenance requirements that are established by the Bank in its sole and absolute discretion have been satisfied.
b) Each Advance made under a Premier Credit Line will be a Variable Rate Advance unless otherwise designated as a Fixed Rate Advance in an Advance Advice sent by the Bank to the Borrower. The Bank will not designate any Advance as a Fixed Rate Advance unless it has been requested to do so by the Borrower (acting directly or indirectly through the Borrower’s UBS Financial Services Inc. financial advisor or other agent designated by the Borrower and acceptable to the Bank). Each Advance Advice will be conclusive and binding upon the Borrower, absent manifest error, unless the Borrower otherwise notifies the Bank in writing no later than the close of business, New York Time, on the third Business Day after the Advance Advice is received by the Borrower.
c) Each Advance made under a Prime Credit Line will be a Variable Advance.
d) Unless otherwise agreed by the Bank: (i) all Fixed Rate Advances must be in an amount of at least $100,000: and (ii) all Variable Rate Advances must be in an amount of at least $2,500. If the Borrower is a natural person, the initial Variable Rate Advance under the Credit Line must be in an amount equal to at least $25,001 (the “Initial Advance Requirement”). If the initial Advance requested by the Borrower is made in the form of a check drawn on the Credit Line that does not satisfy the Initial Advance Requirement, then, in addition to and not in limitation of the Bank’s rights, remedies, powers or privileges under this Agreement or applicable law, the Bank may, in its sole and absolute discretion,
(i) pay the check drawn by the Borrower if, prior to paying that check, the Bank makes another Advance to the Borrower, which Advance shall be in an amount not less than $25,001; or
(ii) pay the check drawn by the...
Terms of Advances. Amounts specified in the foregoing schedule (each an “Advance” and collectively, the “Advances”) shall be made at the option of the Investor. Advances shall be unsecured and bear interest at five percent (5%) simple interest per annum on the basis of 360 day year. Interest shall be due and payable by no later than December 31 of each year, commencing with December 31, 2017. Each Advance shall be treated as a separate loan. Each such loan shall mature and all unpaid principal and accrued interest shall be due in full two (2) years following the date of the applicable Advance. Each Advance shall be evidenced by a separate promissory note in the form attached hereto as Exhibit A. If Investor does not make a particular Advance on the date specified above, Players shall provide Investor with written notice and Investor shall have thirty (30) days from receipt of such notice within which to make such Advance. If Investor has not made such Advance by the close of such thirty (30) day period, Investor shall have permanently lost the right to: (i) make such Advance (and only such Advance); and (ii) receive the Warrants (as defined below) specified in Section 2(A) below to the extent associated with such Advance.
Terms of Advances a) Advances made under this Agreement will be available to the Borrower in the form, and pursuant to procedures, that are established from time to time by the Bank in its sole and absolute discretion. Advances will be made by wire transfer of funds to an account as specified in writing by the Borrower or by any other method agreed upon by the Bank and the Borrower. The Borrower acknowledges and agrees that the Bank will not make any Advance to the Borrower unless the collateral maintenance requirements (i.e., margin requirements) that are established by the Bank in its sole and absolute discretion have been satisfied.
b) Each Advance made under a Credit Line will be a Variable Rate Advance unless designated as a Fixed Rate Advance in an Advance Advice sent by the Bank to the Borrower. The Bank will not designate any Advance as a Fixed Rate Advance unless it has been requested to do so by the Borrower (acting directly or acting indirectly through the Borrower’s financial advisor or other agent designated by the Borrower and acceptable to the Bank).
c) Unless otherwise agreed in writing by the Bank: (i) each Fixed Rate Advance must be in an amount of at least $25,000 or such other amount as the Bank may determine from time to time; and (ii) each Variable Rate Advance taken by wire transfer must be in an amount of at least $2,500.
Terms of Advances. The Shareholders will subordinate and postpone their Advances (including postponement of the date for payment of principal and interest thereon) as may be required from time to time in order to facilitate other Project Financing or to keep the Company in compliance with the terms of any credit facilities from time to time being used by the Company, and the Company will, at any time upon request by any Shareholder, execute and deliver to that Shareholder a promissory note and such other documentation as such Shareholder may reasonably require evidencing the obligations of the Company to that Shareholder in connection with the Advances. All Advances will be repaid before the Company is permitted to declare or pay any dividend.
Terms of Advances. 9 5.7 WAIVER OF PRE-EMPTIVE RIGHTS................................................. 10 5.8 GUARANTEES................................................................... 11
Terms of Advances. The terms of each Advance shall, unless all of the Shareholders otherwise agree and except as provided in section 5.4, be as follows:
(a) the Goodwill Loans shall not bear interest, and shall be payable on the seventh anniversary of this Agreement;
(b) Advances other than the Goodwill Loans shall bear interest on the unpaid balance thereof at the rate of 12% per annum, computed from the dates such Advances arise, calculated daily and compounded semi- annually, not in advance, both before and after maturity or default, and such interest shall (subject to the remaining provisions of this section) be due and payable 30 days following the end of each fiscal year of the Company; (c) the principal amount of each Advance other than the Goodwill Loans shall (subject to the remaining provisions of this section) be repaid in such installments and at such times as the Directors of the Company may by resolution determine. Any repayments of principal shall be directed as follows:
(i) firstly, towards payment of that portion of any Shareholder's Advances which are in excess of its proportionate holdings of Shares in the Company; and (ii) secondly, towards payment of the remaining Advances pro rata amongst the Shareholders according to their respective holdings of Shares in the Company;
Terms of Advances. Dealer will repay each Advance as provided herein or in any other written agreement between NDF and Dealer. Dealer agrees that:
(a) Dealer will pay NDF's financing, service and late charges, according to and upon receipt of the billing statements which NDF delivers to Dealer and within the time specified by NDF, and will not delay payment of any obligations to NDF, or assert any defense or set-off with respect to said obligations, on account of any dispute between Dealer and the vendor or manufacturer of any Inventory (as hereinafter defined). Dealer will repay the full invoice amount relating to Advances used to fund the acquisition of Inventory, notwithstanding any allowance or discount provided by the vendor or manufacturer to NDF. Advances disbursed directly to vendors or manufacturers will be treated as outstanding from the date on which NDF processes the applicable invoice, regardless of any funding delay allowed by the vendor or manufacturer.
(b) NDF, at its discretion, may at any time and without notice to Dealer apply any monies received from Dealer in payment of any of Dealer's obligations or liabilities to NDF, in such order of application as NDF may determine.
(c) Advances will bear interest at a per annum rate equal to the Prime Rate plus 1.75% (subject to any interest-free period provided by a vendor), but any past due amounts owing hereunder will bear a rate equal to 1.50% per month. Interest will be calculated on a simple interest basis for a year of 365 or 366 days, based on actual days elapsed. If any payment is due on a date that is not a business day, the due date will be extended to the next business day. "Prime Rate" means the prime rate announced by NationsBank, N.A. at its office in Charlotte, North carolina and in effect on the last business day of the calendar month, effective for the next month.
