Additional Advances Clause Samples
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Additional Advances. Each Lender will, on each of April 15, 2017, May 15, 2017 and June 15, 2017 (each, together with the Closing Date, shall be deemed to be an “Installment Date”), deliver the amount of such Lender’s Pro Rata Share of Two Million Dollars ($2,000,000) (each such advance, together with the advances delivered on the Closing Date, an “Advance”), by check payable to the Company or by wire transfer to a bank account designated by the Company, provided that each Lender’s obligation to fund each Advance is subject to the Lender’s receipt from the Company of a written notice (the “Funding Notice”), substantially in the form attached hereto as Exhibit E, of the Company’s election to borrow such Advance at least five (5) Business Days prior to the date of such Advance (it being understood that neither Lender shall have an obligation to make the Advance to which such notice relates if the Company has failed to timely provide such Funding Notice to such Lender, unless waived by such Lender. In addition, no Lender shall be required make an Advance to the Company (i) on an Installment Date occurring after April 30, 2017 if the Company has not completed its first Public Offering on or prior to ▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇▇) if either ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ no longer serves as an executive officer the Company as of the applicable Installment Date, or (iii) if an Event of Default has occurred and is continuing, provided that notwithstanding clauses (i) through (iii) above, each Lender may, in its sole discretion, elect to make such Advance to the Company upon receipt of the Funding Notice (to the extent not otherwise waived) as set forth above. If any Lender fails to make an Advance (pursuant to a Funding Notice validly given by the Company hereunder) on an Installment Date (a “Defaulting Lender”) occurring on (a) April 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be entitled to on such Installment Date pursuant to Sections 2.1 and 2.2, and seventy-five percent (75%) of the Upfront Shares issued to Lender shall be cancelled and forfeited automatically, without any action required on the part of the Defaulting Lender, or (b) May 15, 2017 or June 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be entitled to on such Installment Date pur...
Additional Advances. Lender's obligations to make any Loan and/or any advance under any Note on any date in the future (to the extent that there are funds remaining to be disbursed hereunder or under any Note) are subject to the conditions precedent that:
Additional Advances. If an Event of Default shall occur, Lender may, but shall not be obligated to, take any and all actions to cure such default, and all amounts expended in so doing, all Loan Expenses and all other amounts paid or advanced by Lender pursuant to the Loan Documents, and all other amounts advanced by Lender in connection with the performance of the Work or preserving any security for the Loan, shall constitute additional advances of the Loan, shall be secured by the Mortgage and all other security for the Loan, and shall bear interest at the Default Rate from the date advanced until paid.
Additional Advances. Upon repayment to the Lender of the Principal Amount in whole or in part, the Borrower may from time to time, at the Lender’s option, borrow Additional Principal Amounts, in which event, this Mortgage will remain as security for the Outstanding Principal Amount, interest and other monies from time to time owing by the Borrower to the Lender whether the same is from time to time reduced and thereafter increased or entirely extinguished and thereafter incurred again, provided that this Mortgage at any one time secures only that portion of the Outstanding Principal Amount not exceeding the Principal Amount, together with any interest or compound interest accrued on the Outstanding Principal Amount at the Interest Rate and other amounts secured hereby. This Mortgage will be general and continuing security and is made to secure a current or running account. For greater certainty, this Mortgage shall not be deemed to have been redeemed by reason only that: (a) advances made under it are repaid; or (b) the account of the Borrower with the Lender ceases to be in debit. Notwithstanding anything contained in this Mortgage, the Lender may, at its option and without notice to the Borrower, or at the Borrower’s request, provide a discharge of this Mortgage at any time when there are no monies owing or liabilities outstanding to the Lender from the Borrower.
Additional Advances. Without the prior consent of the other Lender, a Lender shall not make advances under its Loan Documents that would cause the outstanding principal balance to exceed the maximum principal amounts set forth in the Recitals, unless the advance is needed to protect the Lender’s interest in the Property (such as payment for real estate taxes, property insurance premiums that are in arrears, repairs, or completion of the Work). The foregoing does not, however, prohibit a Lender from waiving any of its rights and privileges under its Loan Documents or permitting any departure by Borrower from the performance of its duties and obligations, and any such waiver or departure shall not require the consent of any other Lender. No Lender shall make any other loans to Borrower that are secured by the Property or Collateral without the prior written consent of the other Lender.
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.
Additional Advances. (a) Prime Borrower, together with each Site Borrower that is the owner of an Additional Portfolio Property (as hereinafter defined), may elect to obtain one or more additional advances of the Loan proceeds prior to the expiration of the Advancement Period (as hereinafter defined) in the maximum aggregate original principal amount as of the date hereof of up to the difference of (i) Sixty-Five Million and No/100 Dollars ($65,000,000) less (ii) the amount of the Initial Advance (individually and collectively, the “Additional Advances”) under the terms and provisions provided herein. The amount of the Additional Advances will be equal to sixty-two and one-half percent (62.5%) of (a) the gross purchase price of the applicable Additional Portfolio Property, to be set forth on Exhibit H hereto, plus (b) all amounts due to Lender or its attorneys or Affiliates (as defined below) with respect to the closing and funding of the applicable Additional Advance, plus (c) the fees payable to STAG Capital or STAG III or their respective Affiliates or successors in connection with the acquisition of the applicable Additional Portfolio Property in accordance with the Limited Liability Company Operating Agreement of STAG GI Investments dated as of July 6, 2010, plus (d) the fees payable to Holiday, Fenoglio, Fowler, L.P. in connection with the applicable Additional Advance, plus (e) all other reasonable third party costs incurred in connection with the underwriting and acquisition of the applicable Additional Portfolio Property including, without limitation, for the Title Commitment, Title Policy and Survey expenses, brokerage fees, recording fees and transfer taxes, mortgage recording fees, legal fees and disbursements, the cost of obtaining the Zoning Materials and Environmental and Engineering Reports, and the cost of the Searches, Tenant Bankruptcy Searches and similar searches and reports. Borrower and Lender shall update Exhibit H simultaneously with the acquisition of each Additional Portfolio Property in accordance with the terms of this Loan Agreement.
(b) Prime Borrower may seek to obtain Additional Advances hereunder by identifying additional Site(s) (each, an “Additional Portfolio Property,” which also constitute Sites and Portfolio Properties hereunder) to secure the Loan. Prime Borrower shall deliver to Lender the Preliminary Underwriting Materials in support thereof. Lender shall have the right to review, underwrite, accept or reject any proposed Additional Po...
Additional Advances. The terms and provisions governing Additional Advances are set forth in Section 6 of the Fee Letter, and are incorporated herein by reference.
Additional Advances. At any time prior to the Revolving Period Expiration Date, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion.
Additional Advances. All fees, charges, expenses, costs, expenditures, obligations, liabilities, losses, penalties and damages incurred or suffered by the Agent and for which Borrower is bound to indemnify or reimburse the Agent under this Agreement (other than those which may be paid without demand therefor, by the Agent initiated Advances pursuant to Section 2.1) may, at the option of the Agent, be paid by Agent-initiated Advances pursuant to Section 2.1 if such amounts remain unpaid for a period of ten (10) days after the Agent has made demand therefor.