Amount of Advances. Each Borrowing shall be in an aggregate amount not less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof.
Amount of Advances. In no event shall any Advance exceed the full amount of Building Loan Costs theretofore paid or to be paid with the proceeds of such Advance plus any Building Loan Costs incurred by Borrower through the date of the Draw Request for such Advance minus (i) the applicable Retainage for each Contract and Subcontract, and (ii) the aggregate amount of any Advances previously made by Lender. It is further understood that the Retainage described above is intended to provide a contingency fund protecting Lender against failure of Borrower or Guarantor to fulfill any obligations under the Loan Documents, and that Lender may charge amounts to pay for Building Loan Costs against such Retainage in the event Lender is required or elects to expend funds to cure any Default or Event of Default, in either instance, in accordance with the terms of this Agreement. No Advance of the Loan by Lender shall be deemed to be an approval or acceptance by the Lender of any work performed thereon or the materials furnished with respect thereto.
Amount of Advances. (1) Each State shall, not later than the fifteenth day of May preceding the beginning of a financial year of this Agreement, inform the Minister of the amounts that the State wishes the Commonwealth to advance to it under this Agreement in respect of the financial year for —
Amount of Advances. In no event shall the Lender be obligated to Advance more than the Construction Loan Amount, or, if less, total Project Costs actually incurred by the Borrower, less, in either case, the Required Equity Funds. In no event shall any Advance for Direct Costs of constructing the Improvements exceed an amount equal to (a) the total value of the labor, materials, fixtures, machinery and equipment completed, approved and incorporated into the Land or the Improvements prior to the date of the Draw Request for such Advance, less (b) retainage in an amount equal to five percent (5%) of such total value ("Retainage"), less (c) the total amount of any Advances previously made by the Lender for such Direct Costs. Retainage shall not be required to be Advanced by the Lender to the Borrower. With respect to any other Direct Costs and all Indirect Costs, in no event shall any Advance exceed an amount equal to the amount of such Direct Costs and Indirect Costs approved by the Lender, incurred by the Borrower prior to the date of the Draw Request for such Advances, and theretofore paid or to be paid with the proceeds of such Advance, less the total amount of any Advances previously made by the Lender for such Direct Costs and Indirect Costs.
Amount of Advances. In no event shall any Bank be obligated to advance more than its Commitment, or, if less, its Commitment Percentage of total Project Costs actually incurred by the Borrower less Required Equity Funds. In no event shall any Advance for Direct Costs of constructing the Improvements exceed an amount equal to the sum of (a) the total value of the labor, materials, fixtures, machinery and equipment completed, approved and incorporated into the Land or the Improvements prior to the date of the Draw Request for such Advance, minus (b) retainage in an amount equal to ten percent (10%) of such total value described in (a) ("Retainage"), minus (c) the total amount of any Advances previously made by the Banks for such Direct Costs. Notwithstanding the foregoing, an Advance in excess thereof may be made hereunder for the purpose of making final payment of any balance due any subcontractor (including materialmen or suppliers within the term "subcontractor") after full and final completion of the work on the Improvements being done by such subcontractor or after full and final completion of the work on the Improvements constituting a Phase of the Project being done by such subcontractor, as certified by the Construction Inspector, and delivery to the Agent of such items as are required by Section 12.6 as the Agent may deem applicable, including without limitation, such evidence as may be reasonably required by the Agent to assure the Banks that no party claims or has a right to claim any statutory or common law lien arising out of such subcontractor's work or the supplying of labor, equipment, material, and/or services in connection therewith. Retainage shall otherwise be advanced by the Banks subject to the terms of this Agreement to the Borrower upon satisfaction of the conditions set forth in Section 12.6. With respect to any other Direct Costs and all Indirect Costs, in no event shall any Advance exceed an amount equal to the amount of such Direct Costs and Indirect Costs approved by the Agent, incurred by the Borrower prior to the date of the Draw Request for such Advance, and theretofore paid or to be paid with the proceeds of such Advance, less the total amount of any Advances previously made by the Banks for such Direct Costs and Indirect Costs.
Amount of Advances. Subject to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will make advances (“Advances”) to Borrower in aggregate amounts outstanding at any time equal to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit and (y) an amount equal to the sum of:
Amount of Advances. Subject to the terms and conditions set forth in this Agreement, Brascan shall make Advances of Eurodollar Rate Loans to Borrower, upon the request of Borrower in accordance with the provisions of Section 2.2 hereof, in aggregate amounts outstanding at any time up to the Maximum Advance Amount. The Advances shall be evidenced by one or more secured promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1.
Amount of Advances. The Indenture Trustee will from time to time (but not more often than twice per month for each Constructed Facility), disburse moneys to pay Land Acquisition Costs, Construction Costs and Other Project Costs of the Myrtle Beach Facility, Greenville Facility, North Augusta Facility, Pinellas Facility and Sun City Facility in accordance with the Project Budget for each such Facility and from the Construction Fund Sub-Account with respect to such Facility, upon compliance with the terms and conditions set forth in the Construction Consultant Agreement for such Constructed Facility. NHLP covenants that (a) each disbursement to pay Land Acquisition Costs of such Constructed Facility shall be in an amount not exceeding the amount then due or previously paid the seller of the real estate, (b) each disbursement to pay Construction Costs of such Constructed Facility shall be in an amount not exceeding the amount then due contractors for work completed and in place plus materials stored on site in which the Indenture Trustee has a perfected first security interest (subject to National Health Corporation Indenture of Trust and Security Agreement the conditions set forth below), less a 10% retainage, which retainage shall not be paid until completion of all work by the contractor responsible therefor, (c) the amount of each disbursement for Other Project Costs with respect to any such Facility shall in no event exceed the amount of Other Project Costs with respect to such Constructed Facility then due and unpaid, and (d) no disbursement for any Construction Cost or other Project Cost item shall be made which will cause the total disbursements for that item to exceed the amount shown therefor on the Project Budget (together with any Change Orders) for such Constructed Facility.
Amount of Advances. In the case of advances under the Loan with respect to construction items, said advances shall be comprised as the total sum of:
