Loan Drawdowns Sample Clauses

Loan Drawdowns. The Borrower shall be entitled, at its discretion, to utilize the Loan or any portion thereof during the Availability Period whereby such Loan Amounts shall be deposited directly by the Lender into the Borrower’s bank account detailed in Schedule 4.1 hereto on the Funding Date and the Lender shall deliver to the Borrower a wire confirmation thereof upon the Funding Date.

Loan Drawdowns. The Borrower shall be entitled, at its discretion, to draw down an amount not exceeding EUR six million (€6,000,000) for purposes of financing the German Projects on or following the Closing, or elsewhere, provided (i) such transaction is pre-approved by the Lender and (ii) no more than EUR two million (€2,000,000) shall be used to finance one specific Each such drawdown amount shall be deposited within two (2) Business Days of written request from the Borrower to the Lender directly by the Lender into the Company’s bank account detailed in Schedule 4.1 hereto and the Lender shall deliver to the Borrower a wire confirmation thereof upon such transfer date.

Loan Drawdowns. (A) The Borrower shall (i) draw down the First Drawdown Amount on the execution date of this Agreement, and (ii) thereafter shall be entitled, at its discretion, to utilize the remainder of the Loan or any portion thereof during the Availability Period in up to eight (8) Drawdowns, as follows: 4.1. The first Drawdown in the amount of USD One Million and Five Hundred Thousand US Dollars (USD 1,500,000) (the “First Drawdown Amount”) shall be drawn by the Borrower upon the execution hereof (the “First Drawdown”). The First Drawdown Amount will be deposited directly by the Lender into the Company’s bank account detailed in Schedule 4.1 hereto and the Lender shall deliver to the Borrower a wire confirmation thereof upon the Effective Date. Without derogating from ▇▇▇▇▇▇’s responsibilities under this Agreement, including for avoidance of doubt its obligation to provide the First Drawdown Amount it is agreed that a sum of USD Four Hundred Eighty Thousand (USD 480,000) from the First Drawdown Amount shall be provided by M.R.M. Merhavit Holding and Management Ltd on behalf of the Lender. 4.2. Each of the additional eight (8) Drawdowns in the amount of up to USD Five Hundred and Sixty-Two Thousand, Five Hundred (USD 562,500) each (the “Remaining Drawdown Amount(s)”) may be drawn down on the seventh (7th) day of each calendar month commencing on March 7, 2024 during the Availability Period (the “Remaining Drawdown Payment Date(s)”). It is hereby agreed that failure to meet the Remaining Drawdown Amounts, if Borrower elects to draw, upon the Remaining Drawdown Payment Date(s) shall be considered as a material breach of this Agreement. 4.3. Notwithstanding, if during the Availability Period, the Borrower completes a One Million Fundraise, the Lender shall defer payment of the applicable Remaining Drawdown Amount, in an amount equal to the amount raised by the Company in the One Million Fundraise (the “Deferred Drawdown”) such that the Lender shall not deliver payment of the Deferred Drawdown on the original Remaining Drawdown Payment Date, and such amount shall instead be delivered thirty (30) days following payment of the final Drawdown under the Remaining Drawdown Amounts (in other words, and for the avoidance of any doubt, the Deferred Drawdown shall be the final Remaining Drawdown Amount delivered by the Lender to the Borrower; if the One Million Fundraise was USD One Million One Hundred and Twenty Five Thousand (USD 1.125 Million) then such number will represent t...