Direct Advances. Borrower hereby irrevocably authorizes Administrative Agent on behalf of Lenders (but Administrative Agent shall have no obligation unless otherwise noted) to (i) advance Loan funds directly to Lenders to pay interest due on the Loan, and (ii) advance and directly apply the proceeds of any advance to the satisfaction of any of Borrower’s obligations under any of the Loan Documents, even though Borrower did not include that amount in a Draw Request and/or no Default exists. Each such direct advance (except for application of a Borrower’s Deposit) shall be added to the outstanding principal balance of the Loan and shall be secured by the Loan Documents. Notwithstanding the foregoing, unless Borrower pays such interest from other resources, and provided further that no Default exists nor has any event occurred which with the passing of time or giving of notice would become a Default, Administrative Agent may advance Loan funds pursuant to this Section for interest payments as and when due to the extent of any interest reserve created for such purposes. Nothing contained in this Agreement shall be construed to permit Borrower to defer payment of interest on the Loan beyond the date(s) due. The allocation of Loan funds in the Budget for interest shall not affect Borrower’s absolute obligation to pay the same in accordance with the Loan Documents. Administrative Agent may hold, use, disburse and apply the Loan and the Borrower’s Deposit for payment of any obligation of Borrower under the Loan Documents. Borrower hereby assigns and pledges the Loan Proceeds and any Borrower’s Deposit to Administrative Agent for itself and for the benefit of Lenders for such purposes. Administrative Agent on behalf of Lenders may advance and incur such expenses as Administrative Agent deems necessary for the completion of the Improvements and to preserve the Property, and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Loan Documents and shall be payable to Administrative Agent on behalf of Lenders on demand. Administrative Agent on behalf of Lenders may disburse any portion of any advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section and the amount of advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.
Direct Advances. 5.2.1 Subject to the terms and conditions hereof, from time to time during the period from the date hereof until the Facility C Termination Date and upon giving to the Administrative Agent prior written notice in accordance with Section 5.3 by means of a Notice of Borrowing (except in the case of a US Prime Rate Advance pursuant to the Sweep to Loan Arrangement), the US Borrower may borrow from each Lender, through the Administrative Agent, up to the amount of its Facility C Available Commitment:
Direct Advances. After the occurrence of an Event of Default, the Lenders may from time to time make Advances for any other costs on the Project Development Budget, regardless of whether the Borrower has submitted a requisition therefor. Such Advances may be made directly to parties to whom such amounts are due or to the Lenders to reimburse the Lenders for sums due to them. All such Advances to parties other than the Borrower shall be deemed Advances to the Borrower hereunder and shall be secured by the Collateral to the same extent as if they were made directly to the Borrower.
Direct Advances. At its option, Lender may (i) make any Advances through the Title Company which issues the Title Policy, or directly to any Person to whom Lender determines that payment is due and (ii) make advances to any Person to whom Lender determines that payment should be made in order to cure or to prevent the occurrence of any Default. Any of the aforesaid Advances shall be deemed advanced under the Note as of the date on which funds are transferred by Lender. The execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization to advance the proceeds of the Loan.
Direct Advances. Borrower hereby irrevocably authorizes Lender (but Lender shall have no obligation) to advance Loan funds directly to itself to pay interest due on the Loan. Each such direct advance (except for application of a Borrower's Deposit) shall be added to the outstanding principal balance of the Loan and shall be secured by the Loan Documents. Unless Borrower pays such interest from other resources, Lender may advance Loan funds pursuant to this Section for interest payments as and when due. Nothing contained in this Agreement shall be construed to permit Borrower to defer payment of interest on the Loan beyond the date(s)
Direct Advances. Upon Borrower's or Manager's request, or upon the occurrence of a Default, Lender shall have the right (but no obligation) to make any or all Advances directly to the General Contractor, the Trade Contractors or any other Person to whom payment is due. Such direct Advances may be made by deposit in a bank account to be designated by Lender which may be controlled by the General Contractor, by a Trade Contractor or by such other Person, in each case individually or jointly with Lender, as Lender may elect. Such direct Advances also may be made by check payable to the Person to whom an Advance is to be made. The execution of this Agreement by Borrower and Manager shall, and hereby does, constitute an irrevocable direction and authorization to so disburse the Loan proceeds. No further direction or authorization from Borrower or Manager shall be necessary or required for such direct Advances and all such Advances shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrower, regardless of the disposition thereof by the General Contractor, any Trade Contractor or any other Person.
Direct Advances. Borrower hereby irrevocably authorizes Administrative Agent on behalf of Lenders (but Administrative Agent shall have no obligation) to (i) advance Loan funds directly to Lenders to pay interest due on the Loan, and (ii) advance and directly apply the proceeds of any advance to the satisfaction of any of Borrower's obligations under any of the Loan Documents, even though Borrower did not include that amount in a Draw Request and/or no Default exists. Each such direct advance (except for application of a Borrower's Deposit) shall be added to the outstanding principal balance of the Loan and shall be secured by the Loan Documents. Unless Borrower pays such interest from other resources, Administrative Agent may advance Loan funds pursuant to this Section for interest payments as and when due. Nothing contained in this Agreement shall be construed to permit Borrower to defer payment of interest on the Loan beyond the date(s)
Direct Advances. The Bank shall consider making advances (each, an "Advance") to the Borrower from the date hereof through March 27, 2001 (the "Facility Termination Date") in an amount at any time outstanding not to exceed $20,000,000. Each advance shall be in an amount equal to an integral multiple of $100,000 greater than or equal to $1,000,000. The Borrower may borrow such amount, repay and reborrow, always in the Bank's discretion, so long as no Advance causes that dollar limit to be exceeded. Each individual Advance hereunder will always be at the sole discretion of the Bank. Nothing herein should be interpreted as a promise to make any one or more Advances. The proceeds of each Advance shall be used by the Borrower for the Borrower's general corporate purposes. The Borrower's obligation to repay Advances will be evidenced by and payable on demand with interest in accordance with the Borrower's promissory note in the form of Exhibit A hereto (the "Note").
Direct Advances. Regardless of whether Xxxxxxxx has submitted an Advance Request therefor, Lender may from time to time make Advances for payment of amounts that become due to Lender, including interest on the Loan, Rate Management Obligations, late charges, and other fees and expenses payable to Lender under the terms of this Loan Agreement and the other Loan Documents. Such Advances may be made directly to Xxxxxx to reimburse Lender for sums due to it. All such Advances to Xxxxxx shall be deemed Advances to Borrower hereunder and shall be included within the Obligations to the same extent as if they were made directly to Borrower.
Direct Advances. (a) At Lender’s option, during the existence of an Event of Default, Lender may make any or all Advances directly to any of the Trade Contractors for Project Costs which shall theretofore have been approved by Lender and for which Borrower shall have failed to make payment and the execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization to so advance the proceeds of the Future Funding directly to the Trade Contractors. No further authorization from Borrower shall be necessary and all such Advances shall satisfy the obligations of Lender hereunder with respect to such Advance and shall be secured by the Security Instrument as fully as if made directly to Borrower.
