Discretionary Advances. During (a) the occurrence of an Event of Default or (b) upon request by Borrower, Lender is authorized to make Advances under any Loan that Lender, in its sole discretion, desires to fund at Borrower’s request or deems necessary or desirable to pay any Loan Expense or other amount chargeable to Borrower pursuant to the terms of this Agreement or any other Loan Document (an advance made for the foregoing purposes are referred to herein as a “Discretionary Advance”). Each Discretionary Advance made under a Note shall, upon disbursement, automatically constitute principal outstanding under such Note and shall cause a corresponding increase in the aggregate outstanding principal amount of such Note (even if such Discretionary Advance causes the aggregate amount outstanding under the Note to exceed the face amount of such Note or causes the Revolving Principal Balance to exceed the Maximum Commitment). Borrower agrees that each Discretionary Advance shall automatically reduce the amount of availability under the Maximum Commitment. The making by Lender of any Discretionary Advance shall not cure or waive any Event of Default (except only for an Event of Default that has been cured to Lender’s satisfaction as confirmed by Lender’s execution of a written agreement specifically acknowledging and describing the Event of Default so cured, or for an Event of Default that has been waived by Lender as confirmed by Lender’s execution of a written agreement specifically acknowledging and describing the Event of Default so waived).
Discretionary Advances. The Agent may, in its sole discretion, make, for the account of the Lenders on a pro rata basis, advances under the Revolving Loan of up to 10% in excess of the Borrowing Base but not in excess of the limitation set forth in aggregate Revolving Credit Commitments for a period of not more than thirty (30) consecutive days or, following an Event of Default, for such longer period as the Requisite Lenders may elect.
Discretionary Advances. Notwithstanding the Commitment Limit, the Lender shall have the right, but shall not be obligated, to make Advances requested by either Borrower, which when added to all Aggregate Advances as of the date of any request are in excess of the Commitment Limit, in such amounts as such Borrower may request prior to the Termination Date up to the maximum amount hereinafter stated and each Borrower may borrow, pay, prepay, in whole or in part, and reborrow in respect thereof; provided, however, the aggregate principal amount of all such discretionary Advances shall not exceed at any one time outstanding the sum of $1,900,000.00 ("Discretionary Advances"). Any request for an Advance hereunder by either Borrower, which when added to all Aggregate Advances as of the date of such request is in excess of the Line of Credit Commitment, shall be deemed to be a request for a Discretionary Advance. Each request for a Discretionary Advance made by either Borrower may be approved or denied, with or without cause, by the Lender in its sole and absolute discretion. Lender's approval of any request for a Discretionary Advance shall not be deemed to be a waiver of its right to deny any subsequent request for a Discretionary Advance, with or without cause, regardless of whether or not the same circumstances and factors which existed at the time of Lender's approval of any previous request exist at the time of any subsequent request. Each Discretionary Advance and all Mortgage Loans pledged in connection therewith shall be subject to all terms, conditions, representations, warranties, covenants, and agreements contained in this Agreement applicable to any Advance hereunder and any Mortgage Loan pledged to secure the Obligations. Discretionary Advances, and interest thereon, shall be evidenced by the Note and shall be due and payable in accordance with the Loan Documents. Discretionary Advances shall be secured by the Security Instruments and any and all Collateral heretofore, now or hereafter given by the Borrowers to secure any of the Obligations."
Discretionary Advances. THIS IS NOT A COMMITTED LINE OF CREDIT AND ADVANCES UNDER THIS NOTE, IF ANY, SHALL BE MADE BY THE BANK IN ITS SOLE DISCRETION. NOTHING CONTAINED IN THIS NOTE OR ANY OTHER LOAN DOCUMENTS SHALL BE CONSTRUED TO OBLIGATE THE BANK TO MAKE ANY ADVANCES. THE BANK SHALL HAVE THE RIGHT TO REFUSE TO MAKE ANY ADVANCES AT ANY TIME WITHOUT PRIOR NOTICE TO THE BORROWER. The Borrower may request advances, repay and request additional advances hereunder, subject to the terms and conditions of this Note and the Loan Documents (as defined herein). In no event shall the aggregate unpaid principal amount of advances under this Note exceed the face amount of this Note.
Discretionary Advances. Make advances of Loans after the occurrence of any Event of Default, without thereby waiving their right to demand payment of the Obligations under this Agreement, or any of the other Loan Documents, or any other rights or remedies described in this Agreement or any other Loan Document, and without liability to make any other or further advances, notwithstanding Administrative Agent’s or any Lending Party’s previous exercise of any such rights and remedies; or
Discretionary Advances. You will make all Loan advances at your sole discretion.
Discretionary Advances. The Borrower understands and agrees that notwithstanding that conditions to Advances and various covenants and Events of Default are set forth herein as would be common to a loan agreement in which the lender made a commitment to lend, the Bank may, in its sole discretion and for any reason whatsoever, refuse to make Advances pursuant to Section 2.1 even though the Borrower may be in perfect compliance with this Agreement.
Discretionary Advances. In no event shall the Lender be obligated to make an Advance to the Merchant; it being understood that any election by the Lender to make an Advance to the Merchant may be exercised in the Lender’s sole and absolute discretion. Without limiting the generality the foregoing, the Lender’s election to make an Advance on one occasion shall not obligate the Lender to make an Advance on another occasion. Similarly, the absence of an Event of Default shall not obligate the Lender to make an Advance. Notwithstanding the foregoing, and without limiting any of Lender’s rights hereunder, upon Merchant’s loan balance being reduced to no more than twenty-five percent (25%) of the Advance Amount, and upon Merchant’s request, Lender may, in Lender’s sole business discretion, “re-load” the Advance Amount and loan additional monies to Merchant upon substantially the same terms and conditions set forth herein. Merchant understands that any “re-loads” would be made at the sole business discretion of Lender and be conditioned upon, among other things, Merchant’s payment history with Lender and Merchant’s financial condition, as determined by Lender.
Discretionary Advances. Notwithstanding anything contained herein to the contrary, Collateral Agent may, in its sole discretion, make Revolving Advances in excess of the limitations set forth in the Borrowing Base in an aggregate amount of not more than $3,000,000 for the purpose of preserving or protecting the Collateral or for incurring any costs associated with collection or enforcing rights or remedies against the Collateral, or incurred in any action to enforce this Agreement or any other Loan Document.
Discretionary Advances. AFC may, in its sole discretion, from time to time make an Advance to or on behalf of Dealer for the purpose of enabling Dealer to purchase and/or hold Purchase Money Inventory for resale, and for other purposes as provided herein. Dealer acknowledges and agrees that AFC may, with or without cause, refuse to make an Advance. Dealer further agrees that AFC’s decision to make an Advance shall be binding only if it is in writing and signed by AFC. Dealer and AFC agree that Dealer is not obligated to finance any Purchase Money Inventory, or any other assets, through AFC.
