Future Advance. In connection with this Amendment, Lender is making a Future Advance to Borrower in the amount of $53,439,000.
Future Advance. The parties agree and acknowledge that the Secured Party, although under no obligation, may advance the Debtor additional funds from time to time. The future advances shall become secured pursuant to the terms and conditions as contained herein.
Future Advance. Borrower hereby requests, and Lender hereby agrees to make, on or about the date of this First Amendment, a Future Advance in the amount of $58,881,000. In connection with the Future Advance, Borrower has amended all of the existing Security Instruments (except for the Security Instruments encumbering existing Mortgaged Properties located in New York), has added seven Additional Mortgaged Properties to the Collateral Pool by granting Security Instruments encumbering the Additional Mortgaged Properties to WMF, and has executed certain additional documents, and taken certain additional actions, in connection therewith. To reflect the foregoing, Exhibit A to the Master Agreement is hereby replaced in its entirety by the Exhibit A attached to this Agreement.
Future Advance. This Note is given to evidence the Additional Advance contemplated in Paragraph 6 of the Letter Agreement and the amounts secured by this Note and the AIC Phase II Note shall be deemed the Phase II Advance as referenced in the Mortgage. * * * * * [Signature Page Follows]
Future Advance. If the Advance Request is to obtain a Future Advance, such Advance Request shall be in the minimum amount of $5,000,000. If all conditions precedent contained in Section 5.03 and the General Conditions contained in Section 5.01 are satisfied, Lender shall make the requested Future Advance, at a closing to be held at offices reasonably designated by Lender on a Closing Date reasonably selected by Lender, which date shall be not more than three (3) Business Days after Borrower’s receipt from Lender of the confirmed Rate Form (or on such other date as Borrower and Lender may agree).
Future Advance. In connection with this Amendment, Lender is making the Refinance Advance to Borrower, and Borrower is repaying the Payoff Note.
Future Advance. So long as no Event of Default has occurred and is continuing, subject to the satisfaction of the conditions set forth herein, Lender shall make one or more advances in an aggregate amount not to exceed the principal amount of the Future Advance for Approved Leasing Expenses. The making of any advance shall not be deemed a waiver of Lender’s rights and/or remedies hereunder, nor shall it be construed to be a waiver of any of the conditions precedent to Lender’s obligations to make further or future advances of the Future Advance. The Future Advance shall be subject to Borrower’s compliance with the following conditions precedent to Lender’s satisfaction:
Future Advance. Upon satisfaction of the conditions referenced herein and provided no Event of Default has occurred and is continuing, Lender shall, at Borrower’s request, from time to time, make advances to Borrower in the aggregate amount of up to the lesser of (i) eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to Account Debtors in connection therewith in the ordinary course of Borrower’s business) of Borrower’s Eligible Receivables, plus fifty percent (50%) of Eligible Inventory, each on a consolidated basis or (ii) the trailing twelve months EBITDA multiplied by the applicable Leverage Maximum [less amount of lender term loan outstanding] (as the case may be, the “Future Advance Amount”). Provided, however, the sum of all advances with respect to the Revolving Loans shall at no time exceed the Maximum Revolving Limit, except as such amount may be increased or, upon the occurrence and continuation of an Event of Default, decreased by Lender, in its sole discretion.
Future Advance. It is acknowledged that simultaneously herewith, Mortgagor has borrowed the additional sum of $250,000.00 from Mortgagee, under and pursuant to the terms of that certain Promissory Note in the principal amount of $250,000.00, dated of even date herewith and executed by Mortgagor in favor of Mortgagee (the "250M Note"). The 250M Note is made pursuant to the terms and provisions of the Original Mortgage, as modified herein, and the additional sum evidenced thereby shall be and is fully secured by the Original Mortgage and the Original Loan Documents, as modified herein, all of which shall provide Mortgagee with a first priority lien and security interest in the Mortgaged Property, except as set forth in that certain Subordination Agreement dated as of even date herewith by and among Mortgagor, Mortgagee, Mitchell Entertainment Company, a Delaware corporation ("Mitchell") xxx Xxrragon South Development Corp., a Nevada corporaxxxx ("Tarragon") (the "Subordination Agreement").
Future Advance. This Mortgage is given to secure not only an existing indebtedness, but also such future advances, whether such advances are obligatory or are to be made at the option of the Mortgagee, or otherwise, as are made within twenty years from the date hereof, to the same extent as if such future advance were made on the date of execution of this Mortgage. The total amount of indebtedness that may be so secured may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall not exceed $50,000, plus interest thereon, and any disbursements made for future advances plus interest thereon, including, but not limited to, the payment of taxes, levies or insurance on the Mortgaged Property.
