Draw Loan Sample Clauses

Draw Loan. Subject to the terms and conditions contained in this Agreement, Huntington shall make loans and advances to the Borrower, upon a draw basis, up to a maximum of Ten Million Dollars ($10,000,000.00) (the "Draw Loan"). The principal balance of the Draw Loan shall not exceed an amount equal to ninety percent (90%) of the actual documented cost of each Model Home provided to and accepted by Huntington as collateral. The Huntington shall have no obligation to advance any sums pursuant to the Draw Loan at any time after December 31, 1998 or if at any time and or prior to said date, a set of facts or circumstances exists, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing, would constitute an "Event of Default" under this Agreement.
Sample 1
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Draw Loan. Each request for a Draw Loan must be received by the Bank no later than 11:00 a.m. Chicago, Illinois time at least two (2) days’ prior to the date on the notice that Borrower requests Bank to advance such Draw Loan. All such notices concerning the advance of a Draw Loan shall specify the date of the requested Draw Loan (which shall be a Business Day), the amount of the requested Draw to be advanced, and, if such Draw is a Surplus Draw, Borrower shall deliver to Bank, prior to such Surplus Draw, (i) an updated Schedule 1 to Collateral Assignment, and (ii) the applicable Subsidiary Notes. Upon confirmation by Bank that all requirements of Section 3.2 hereof have been met, the proceeds of such Draw Loan shall be made available at the office of the Bank by credit to the account of the Borrower or by other means requested by the Borrower and acceptable to the Bank.
Sample 1
Draw Loan. A non-utilization fee equal to One-Half of One percent (0.50%) per annum of the total of (a) the Draw Loan Commitment, minus (b) the sum of the daily average of the aggregate principal amount of the Draw Loans outstanding, which non-utilization fee shall be (A) calculated on the basis of a year consisting of 360 days, (B) paid for the actual number of days elapsed and (C) payable monthly in arrears on the last day of each Interest Period, commencing on April 1, 2015 and continuing throughout the Draw Period or earlier acceleration or termination of the Obligations.
Sample 1
Draw Loan. The Draw Loan shall be made available to the Borrowers upon any written, verbal, electronic, telephonic or telecopy loan request which the Bank in good faith believes to emanate from a properly authorized representative of the Borrowers, whether or not that is in fact the case. Each such request shall be effective upon receipt by the Bank, shall be irrevocable, and shall specify the date and the requested amount of borrowing for the disbursement. A request for a disbursement under the Draw Loan must be (i) received by the Bank no later than 11:00 a.m. Jacksonville, Florida time, three (3) days before the day it is to be funded. The proceeds of each disbursement shall be made available at the office of the Bank by credit to the account of the Borrowers or by other means requested by the Borrowers and acceptable to the Bank. Borrowers do hereby irrevocably confirm, ratify and approve all such advances by the Bank and do hereby indemnify the Bank against losses and expenses (including court costs, attorneys’ and paralegals’ fees) and shall hold the Bank harmless with respect thereto.
Sample 1
Draw Loan. Subject to the terms and conditions set forth herein, Lender agrees to make Advances to Borrower from time to time until the Draw Loan Expiry Date in an aggregate amount not to exceed the Draw Loan Maximum Amount, in accordance with, and subject to, the terms, conditions and requirements set forth in this Section and this Agreement.
Sample 1
Draw Loan. Borrower unconditionally promises to pay to Lender the principal amount of the Draw Loan outstanding and all interest thereon. The Draw Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Interest Rate. Commencing on September 1, 2020 or if such day is not a Business Day, the next succeeding Business Day, Borrower shall pay to Lender all interest that has accrued on the Line of Credit from and including the Closing Date through such date. Thereafter, Borrower shall make monthly payments on each Payment Day through May 1, 2021 of all accrued interest on the unpaid principal balance of the Line of Credit. Commencing on August 1, 2021 or if such day is not a Business Day, the next succeeding Business Day, and continuing on each quarterly Payment Day thereafter through the Maturity Date, Borrower shall make quarterly payments of (i) all accrued interest and (ii) principal in the amount of $307,695. Notwithstanding the foregoing, the outstanding unpaid principal balance and all accrued and unpaid interest on the Draw Loan shall be due and payable on the earlier of (x) the Maturity Date, and (y) the date of the acceleration of the Draw Loan in accordance herewith.
Sample 1

Related to Draw Loan

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • Term Loan Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a term loan (the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount not to exceed such Lender’s Term Loan Commitment. Amounts repaid on the Term Loan may not be reborrowed. The Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein, provided, however, all Borrowings made on the Closing Date shall be made as Base Rate Loans.

  • Loan Commitment Disbursement to Borrower Except as expressly and specifically set forth herein, Lender has no obligation or other commitment to loan any funds to Borrower or otherwise make disbursements to Borrower. Borrower hereby waives any right Borrower may have to make any claim to the contrary.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Loan Repayment Upon the terms and conditions of this Agreement, the Issuer agrees to make the Loan to the Company. The proceeds of the Loan shall be deposited with the Trustee pursuant to Section 3.3 hereof. In consideration of and in repayment of the Loan, the Company shall make, as Loan Payments, to the Trustee for the account of the Issuer, payments which correspond, as to time, and are equal in amount as of the Loan Payment Date, to the corresponding Bond Service Charges payable on the Bonds. All Loan Payments received by the Trustee shall be held and disbursed in accordance with the provisions of the Indenture and this Agreement for application to the payment of Bond Service Charges. The Company shall be entitled to a credit against the Loan Payments required to be made on any Loan Payment Date to the extent that the balance of the Bond Fund is then in excess of amounts required (a) for the payment of Bonds theretofore matured or theretofore called for redemption, or to be called for redemption pursuant to Section 6.1 hereof (b) for the payment of interest for which checks or drafts have been drawn and mailed by the Trustee or Paying Agent, and (c) to be deposited in the Bond Fund by the Indenture for use other than for the payment of Bond Service Charges due on that Loan Payment Date. Except for such interest of the Company as may hereafter arise pursuant to Section 8.2 hereof or Sections 5.06 or 5.07 of the Indenture, the Company and the Issuer each acknowledge that neither the Company, the State nor the Issuer has any interest in the Bond Fund or the Bond Purchase Fund, and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders.

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to 0.50% above the Prime Rate.

  • Loan Amount 4. ACCOUNT NAME(S) .............................................................................................................................................................................. BANK NAME / BRANCH ...................................................................................................................................................................

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