Common use of Loans or Advances Clause in Contracts

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SEC; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 3 contracts

Samples: Credit Agreement (Main Street Capital CORP), Credit Agreement (Main Street Capital CORP), Credit Agreement (Main Street Capital CORP)

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Loans or Advances. No Loan Party Obligor nor any Subsidiary of a Loan Party an Obligor shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that (when aggregated with all such loans and advances made by the Obligors and Subsidiaries of the Obligors) do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SECClosing Date; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor Guarantor; provided, if reasonably requested by the Administrative Agent in writing, (A) all such Debt shall be evidenced by promissory notes and all such notes shall be subject to a first priority Lien pursuant to the Security Agreement, and (B) all such Debt shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case, is a Consolidated Subsidiaryreasonably satisfactory to Administrative Agent; (iv) loans and advances by SBIC Entities in the ordinary course of businessadvances, (v) loans or advances consisting of Portfolio Investmentsif any, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 5.30; and (viiv) unsecured loans or advances not otherwise permitted under this Section 6.9, which when aggregated with all loans and advances made by Loan Parties and/or the Obligors and Subsidiaries of Loan Parties to SBIC Entities the Obligors not to otherwise permitted under this Section 6.9 and the total Investments made by the Obligors and Subsidiaries of Obligors under Section 6.11(vi) do not exceed Five Hundred Thousand Dollars ($35,000,000 500,000) in the aggregate at any one time outstanding with maturities not to exceed six (6) monthsoutstanding; provided that after giving effect to the making of any loans, advances or deposits permitted by clauses (i) and (v) of this Section 5.11Section, no Default or Event of Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) 6.9 shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (American CyberSystems Inc)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five One Hundred Thousand Dollars ($500,000100,000) in the aggregate at any one time outstanding made on an arms’-length arms'-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 2012 and described in the Borrower’s 's Form 10-Q K for the quarter year ended June 30December 31, 2010 2012 filed with the SEC; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by or to SBIC Entities in the ordinary course of businessEntities, (v) loans or advances consisting of Portfolio Investments, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Triangle Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 2008 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 2008 filed with the SECSecurities and Exchange Commission; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, Investments and (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.10; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.115.10, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 5.10 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. The term “Noteless Loans” means a Senior Bank Loan Investment with respect to which: (i) the underlying Investment Documents do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Senior Bank Loan Investment; and (ii) no Loan Party nor any Subsidiary of a Loan Party has requested or received a promissory note from the related Obligor. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely (a) non-cash loans or advances to employees of a Loan Party or an Affiliate of a Loan Party in connection with the extent not prohibited exercise by Applicable Lawsemployees of stock options, and (b) other employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SEC2003; (ii) deposits required by government agencies or public utilities; (iii) loans to owners of real property in the ordinary course of the Company’s business and in accordance with its Acquisition, Credit and Collection Policy and evidenced by a Mortgage Receivable secured by a first or second priority lien upon real property; provided that the total face amount of such Mortgage Receivables shall not exceed 25% of the total value of all Mortgage Receivables and all Properties held by the Loan Parties; (iv) loans or advances to the Borrower Borrowers or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, (vi) loans Loans and advances Advances outstanding on the Closing Date and set forth on Schedule 5.11 4.22; and (viivi) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities or advances not to otherwise permitted under this Section 5.09, which when aggregated with the total Investments made under Section 5.10(v) do not exceed two million dollars ($35,000,000 2,000,000) in the aggregate at any one time outstanding with maturities not to exceed six (6) monthsoutstanding; provided that after giving effect to the making of any loans, advances or deposits permitted by clause (i), (ii), (iii), (iv), (v) or (vi) of this Section 5.11Section, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five One Hundred Thousand Dollars ($500,000100,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 2016 and described in the Borrower’s Form 10-Q K for the quarter year ended June 30December 31, 2010 2016 filed with the SEC; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by or to SBIC Entities in the ordinary course of businessEntities, (v) loans or advances consisting of Portfolio Investments, and (vi) loans and advances outstanding on the Closing First Amendment Effective Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor Issuer in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Triangle Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five One Hundred Thousand Dollars ($500,000100,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 and described in the Borrower’s Form 10-Q K for the quarter year ended June 30December 31, 2010 filed with the SECSecurities and Exchange Commission; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by or to SBIC Entities in the ordinary course of businessEntities, (v) loans or advances consisting of Portfolio Investments, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Triangle Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 March 31 2018 and described in the Borrower’s Form 10-Q for the quarter ended June 30March 31, 2010 2018 filed with the SEC; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and 5.11, (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 40,000,000 in the aggregate at any one time outstanding with maturities not to exceed six twelve (612) months, and (viii) loans and advances by a Loan Party arising from payments under any MSC Springing Guarantee; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

Loans or Advances. No Loan Party nor any Applicable Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SEC; (iia) deposits required by government agencies or public utilities; (iiib) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; provided, if requested by the Administrative Agent in writing, all such Debt shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case is reasonably satisfactory to Administrative Agent; (ivc) loans and advances by SBIC Entities in the ordinary course of businessadvances, (v) loans or advances consisting of Portfolio Investmentsif any, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 5.07; (d) loans made in connection with any NMTC Transaction, but only to the extent offset by Debt incurred in connection with such NMTC Transaction under Section 5.27(d), and (viie) unsecured loans or advances not otherwise permitted under this Section 5.07, which when aggregated with all other loans and advances made by the Loan Parties and/or and Applicable Subsidiaries of the Loan Parties under this clause (e) and the total Investments made by the Loan Parties and Subsidiaries of Loan Parties to SBIC Entities under Section 5.09(vi) do not to exceed $35,000,000 1,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) monthsoutstanding; provided provided, that after giving effect to the making of any loans, advances or deposits permitted by clause (a), (b), (c), (d) or (e) of this Section 5.11Section, no Default or Event of Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 5.07 (excluding Senior Bank Loan Investments that are Noteless Loansother than under clause (d) hereof) shall be evidenced by written promissory notes. Except as approved by notes and all such notes shall be subject to the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless LoanAgent’s first priority Lien pursuant to the Security Agreement.

Appears in 1 contract

Samples: Credit Agreement (Trex Co Inc)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five One Hundred Thousand Dollars ($500,000100,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 2011 and described in the Borrower’s Form 10-Q K for the quarter year ended June 30December 31, 2010 2011 filed with the SECSecurities and Exchange Commission; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by or to SBIC Entities in the ordinary course of businessEntities, (v) loans or advances consisting of Portfolio Investments, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Triangle Capital CORP)

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Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party (other than Structured Subsidiaries) shall make loans or advances to any Person except: (i) solely to 140760.01015/122598522v.1140760.01015/122598522v.9 43991335.2 EXHIBIT 10.1 the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Two Hundred Thousand Dollars ($500,000200,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SECbusiness; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, ; and (viv) loans and advances outstanding on the Closing Restatement Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (HMS Income Fund, Inc.)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five One Hundred Thousand Dollars ($500,000100,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 2014 and described in the Borrower’s Form 10-Q K for the quarter year ended June 30December 31, 2010 2014 filed with the SEC; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by or to SBIC Entities in the ordinary course of businessEntities, (v) loans or advances consisting of Portfolio Investments, and (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor Issuer in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Triangle Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SECSecurities and Exchange Commission; (ii) deposits required by government agencies or public utilities; (iii) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, Investments and (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 and (vii) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities not to exceed $35,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) months5.11; provided that after giving effect to the making of any loans, advances or deposits permitted by this Section 5.11, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

Loans or Advances. No Loan Party nor any Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely (a) non-cash loans or advances to employees of a Loan Party or an Affiliate of a Loan Party in connection with the extent not prohibited exercise by Applicable Lawsemployees of stock options, and (b) other employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30December 31, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SEC2004; (ii) deposits required by government agencies or public utilities; (iii) loans to owners of real property in the ordinary course of the Company’s business and in accordance with its Acquisition, Credit and Collection Policy and evidenced by a Mortgage Receivable secured by a first or second priority lien upon real property; provided that the total face amount of such Mortgage Receivables shall not exceed 25% of the total value of all Mortgage Receivables and all Properties held by the Loan Parties; (iv) loans or advances to the Borrower Borrowers or any Guarantor that is a Consolidated Subsidiary; (iv) loans and advances by SBIC Entities in the ordinary course of business, (v) loans or advances consisting of Portfolio Investments, (vi) loans Loans and advances Advances outstanding on the Closing Date and set forth on Schedule 5.11 4.22; and (viivi) loans by Loan Parties and/or Subsidiaries of Loan Parties to SBIC Entities or advances not to otherwise permitted under this Section 5.9, which when aggregated with the total Investments made under Section 5.10(v) do not exceed two million dollars ($35,000,000 2,000,000) in the aggregate at any one time outstanding with maturities not to exceed six (6) monthsoutstanding; provided that after giving effect to the making of any loans, advances or deposits permitted by clause (i), (ii), (iii), (iv), (v) or (vi) of this Section 5.11Section, no Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) shall be evidenced by written promissory notes. Except as approved by the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless Loan.

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Loans or Advances. No Loan Party nor any Applicable Subsidiary of a Loan Party shall make loans or advances to any Person except: (i) solely to the extent not prohibited by Applicable Laws, employee loans or advances that do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate at any one time outstanding made on an arms’-length basis in the ordinary course of business and consistently with practices existing on June 30, 2010 and described in the Borrower’s Form 10-Q for the quarter ended June 30, 2010 filed with the SEC; (iia) deposits required by government agencies or public utilities; (iiib) loans or advances to the Borrower or any Guarantor that is a Consolidated Subsidiary; provided, if requested by the Administrative Agent in writing, all such Debt shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case is reasonably satisfactory to Administrative Agent; (ivc) loans and advances by SBIC Entities in the ordinary course of businessadvances, (v) loans or advances consisting of Portfolio Investmentsif any, (vi) loans and advances outstanding on the Closing Date and set forth on Schedule 5.11 5.07; and (viid) unsecured loans or advances not otherwise permitted under this Section 5.07, which when aggregated with all loans and advances made by the Loan Parties and/or and Applicable Subsidiaries of the Loan Parties not otherwise permitted under this Section 5.07 and the total Investments made by the Loan Parties and Subsidiaries of Loan Parties to SBIC Entities under Section 5.09(vi) do not to exceed $35,000,000 1,000,000 in the aggregate at any one time outstanding with maturities not to exceed six (6) monthsoutstanding; provided provided, that after giving effect to the making of any loans, advances or deposits permitted by clause (a), (b), (c) or (d) of this Section 5.11Section, no Default or Event of Default shall have occurred and be continuing. All loans or advances permitted under this Section 5.11 (excluding Senior Bank Loan Investments that are Noteless Loans) 5.07 shall be evidenced by written promissory notes. Except as approved by notes and all such notes shall be subject to the Administrative Agent in writing, no Loan Party nor any Subsidiary of a Loan Party shall request or receive a promissory note or other instrument from any Obligor in connection with a Noteless LoanAgent’s first priority Lien pursuant to the Security Agreement.

Appears in 1 contract

Samples: Credit Agreement (Trex Co Inc)

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