First Advance Sample Clauses

First Advance. As of the date of the first advance of Project Funds to Lessee pursuant to this Agreement, the amount of the money expended by Lessee on account of the construction of the Project in accordance with the Project Plans and the items listed on Project Budget will not be less than the amount of such first advance.
AutoNDA by SimpleDocs
First Advance. The obligations of the Lenders to make the first Advance are subject to the following additional conditions precedent, each of which shall have been met or performed on or before the Closing Date:
First Advance. Upon signing this Agreement, Lender agrees to make a first Advance to Borrower in the amount of One Million and No/100 Dollars ($1,000,000), to be used for general corporate business purposes (the “First Advance”). The First Advance shall bear interest from the date advanced until the date of repayment at a simple interest rate equal to 2.58% per annum. The parties hereby agree and acknowledge that the interest rate of the First Advance set forth herein is consistent with prevailing fair market rates for similar loans. Accrued interest on the First Advance shall be due and payable at maturity. Lender’s calculations of accrued interest on the First Advance shall be binding and conclusive in the absence of manifest error.
First Advance. The sole Advance of the Loan shall be made upon satisfaction of all conditions specified in Article VIII and in accordance with the provisions of Section 2.01(a).
First Advance. The obligation of the Bank to make the first Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received not later than two (2) Banking Days before the day on which the Drawdown Notice for the first Advance is given, the documents and evidence specified in Part 2 of Schedule 3 in form and substance satisfactory to the Bank.
First Advance. As of the date of the first advance of Project Funds to the Developer pursuant to this Agreement, the amount of the money expended by the Developer on account of the construction of the Project in accordance with the Project Plans and the items listed on Project Budget will not be less than the amount of such first advance.
First Advance. The first Advance, which shall be used (i) to repay loans provided by the Guarantor to the Borrower from, among other sources, funds borrowed by the Guarantor from Citicorp North America, Inc. ("Citicorp") and other lenders, and (ii) to pay the management fee of the Lender as set out in clause 5, will be transferred to and deposited in the Borrower's accounts, and the Borrower hereby instructs the Bank to transfer the deposited first Advances in USD to the Bank account of the Guarantor. The Lender hereby agrees to exchange HUF amounts of the loan into USD using the Exchange Rate without charging further fees. The Guarantor hereby instructs the Bank to transfer to and deposit in the appropriate Citicorp account the amount due to settle the Citicorp loan made to the Guarantor. The Parties agree and the Lender undertakes that the above mentioned transfers shall be completed in such a way that the Citicorp Loan Settlement Account and the bank accounts of the other relevant creditors of the Guarantor will be credited on value date October 15, 1996.
AutoNDA by SimpleDocs
First Advance. The Lender shall advance the First Advance Amount to the Borrower on the First Advance Date not later than 3:00 p.m. (Oklahoma City time) on the First Advance Closing Date by wire transfer of Dollars to the Borrower. A Loan Notice shall not be required to be provided to Lender in connection with the First Advance.
First Advance. Subject to the provisions of clause 3.1, the Borrower undertakes to comply with the terms of this clause 4 so as to ensure that a Drawdown Notice is delivered for the first Advance in an amount in euro not less than the amount referred to in clause 1.1(ii) (the "NUON AMOUNT").
First Advance. The effectiveness of this Agreement and the ------------- obligation of Banks to make the first Advance or issue the first Letter of Credit under this Agreement shall be subject to Agent's receipt of the following documents and satisfaction of the following conditions, each in form and substance satisfactory to Banks:
Time is Money Join Law Insider Premium to draft better contracts faster.