Advance of Loan Proceeds. The Department agrees to advance to the Borrower pursuant to this Agreement up to Three Million Nine Hundred and Seventeen Thousand Dollars ($3,917,000) to pay Project Costs in accordance with the Project Budget.
Advance of Loan Proceeds. 5.1 Upon execution of this Agreement, Party B may send a notice to Party A for advance of the loan either on one-time basis or, according to business needs of Chengdu Yougao, by stages.
Advance of Loan Proceeds. The Department agrees to advance to the Borrower pursuant to this Agreement up to One Million Thirty-Five Thousand Dollars ($1,035,000) to pay Project Costs in accordance with the Project Budget.
Advance of Loan Proceeds. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the Loans. Each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Closing Date. Upon satisfaction of the applicable conditions set forth in Article V and subject to Section 2.08 hereof, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.
Advance of Loan Proceeds. Subject to terms and upon the conditions specified herein, the Lender shall advance the proceeds of the Loan to the Borrower in accordance with the instructions set forth in the Drawdown Notice.
Advance of Loan Proceeds. Lender shall, subject to compliance with all of the other terms, conditions and provisions of this Agreement, make a disbursement of a portion of the Loan Proceeds (“Initial Loan Advance”) at closing in an amount mutually agreed upon between Lender and Borrower.
Advance of Loan Proceeds. Each Lender shall severally, subject to compliance with all of the other terms, conditions and provisions of this Agreement, make a disbursement of its respective Pro Rata Share of the Loan Proceeds (“Loan Advances”) entirely at closing.
Advance of Loan Proceeds. Subject to the terms of this Agreement, the Lender shall make the proceeds of the Loan available to the Borrowers on the Drawdown Date by paying the proceeds thereof to the Borrowers or such other parties in payment of such sums which the Borrowers and the Lender agree are due to such parties as costs associated with the acquisition and/or financing of the Vessels. The Borrowers hereby unconditionally and irrevocably authorizes the Lender to make the payments specified in such Drawdown Notice.
Advance of Loan Proceeds. On or before the Conversion Date, but in no event more than four (4) times in total including upon Borrower’s Completion of the Project, Borrower shall submit evidence of all costs and expenses associated with the Project requested in such Construction Advance, in form and substance reasonably required by Lxxxxx, together with all evidence as required pursuant to Section 2.8 hereof. Notwithstanding the aforesaid, in no event shall Lender be obligated to advance funds from the Loan in excess of the lesser of (i) $10,000,000, or (ii) sixty (60%) percent of the “As Complete” MAI Appraised Value and fifty five percent (55%) of the “As Stabilized” MAI Appraised Value of the Mortgaged Property. Loan Agreement -8- BankNewport/PHR Cherry Propco, LLC
Advance of Loan Proceeds. Subject to Xxxxxxxx's fulfillment of each of the conditions precedent set forth below, Lenders shall advance the proceeds of the Loan (in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00)) to or for the benefit of Borrower precisely in the manner set forth below; provided that the Lenders shall be jointly and severally obligated to advance the full loan proceeds in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) hereunder. The Loan shall be advanced by Lenders to permit the Borrower to purchase all of the outstanding equity securities of the businesses in the United Kingdom referred to as Palm Technologies Holdings Limited (and with it its wholly-owned subsidiary, Relay Systems) on account of the purchase price under the Purchase Agreement (as hereinafter defined) in one disbursement in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) Dollars by wire transfer initiated before 10:05 A.M. Eastern Standard Time on March 19, 1999 (the "Closing Date") to the following account: Name: Firstar Bank Milwaukee, NA Address: 000 Xxxx Xxxxxxxxx Xxx. Milwaukee, WI Routing Numbers: 000000000 For Further Credit To: Firstar Minnesota ABA: 000000000 Beneficiary: Xxxxxxxxxxx, Xxxxx and Xxxxxxxx Beneficiary Account: 0000000 The Lenders understand that time is of the essence regarding this advance as Borrower will be unable to close the purchase of the aforesaid shares unless Lenders initiate their $1.5 million wire transfer to the above account prior to 10:05 A.M. Eastern Standard Time on March 19, 1999.
