Regular Advance definition
Examples of Regular Advance in a sentence
Any failure on behalf of Borrower to comply with the provisions of this Section 2.7 shall not in any manner affect the obligation of Borrower to repay such Regular Advance or Cash Secured Advance in accordance with the terms of this Agreement.
Notwithstanding anything in this Agreement to the contrary, Bank shall not be obligated to make any Regular Advance, Cash Secured Advance, any advance of credit or issue any Letter of Credit if, after giving effect to such Regular Advance, Cash Secured Advance, other advance or Letter of Credit, a Deficiency would occur.
If Alternate Base Rate Advances are made by the Lenders other than the Swing Line Lender under the immediately preceding sentence, each such Lender shall make the amount of its Regular Advance available to the Administrative Agent, in same day funds, at the Administrative Agent’s office, not later than 2:00 p.m. (Philadelphia time) on the Business Day next succeeding the date such notice is given.
Borrower must deliver an Advance Request to Bank not later than 12:00 noon, Minneapolis time, on the date of the requested Regular Advance or Cash Secured Advance.
If a Regular Advance to reimburse Bank for any drawing, expenditure or other payment made, or cost or expense incurred, by Bank in respect of any Letter of Credit results (or to the extent that it results) in any Deficiency, then Borrower will immediately eliminate any Deficiency in accordance with the terms of Section 2.6.
If Alternate Base Rate Advances are made by the Lenders other than the Swing Line Lender under the immediately preceding sentence, each such Lender shall make the amount of its Regular Advance available to the Administrative Agent, in same day funds, at the Administrative Agent's office, not later than 2:00 p.m. (Philadelphia time) on the Business Day next succeeding the date such notice is given.
Upon the making of a Regular Advance by a Lender pursuant to this Section 2.4(b)(iii)(B), the amount so funded shall become due under such Lender's Revolving Credit Note and shall no longer be owed under the Swing Line Note.
To obtain a Regular Advance or Cash Secured Advance prior to the termination of this Agreement pursuant to Article XI and subject to the other terms of this Agreement, Borrower must deliver to the Asset Based Finance division of Bank a duly completed advance request in the form of Exhibit B attached (“Advance Request”).
Upon the making of a Regular Advance by a Lender pursuant to this Section 2.4(b)(iii)(B), the amount so funded shall become due under such Lender’s Revolving Credit Note and shall no longer be owed under the Swing Line Note.
You must borrow the Reverse Mortgage Facility amount in one lump sum unless the Reverse Mortgage Details provide that the Regular Advance Option is applicable.