Obligation to Make Advances Sample Clauses
The Obligation to Make Advances clause defines the lender's duty to provide funds to the borrower under a loan agreement. It typically outlines the conditions under which advances will be made, such as meeting certain financial covenants or providing required documentation, and may specify limits on the amount or frequency of advances. This clause ensures that both parties understand when and how funds will be disbursed, thereby providing clarity and predictability in the lending relationship.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to the Borrowers from time to time on any Business Day during the period from the date hereof until the Termination Date in an aggregate principal amount at any time outstanding not to exceed such Lender’s Commitment.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to any Borrower in Dollars from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate principal amount that will not result in (i) the aggregate principal amount of the Advances of any Lender then outstanding exceeding such ▇▇▇▇▇▇’s Commitment or (ii) the aggregate principal amount of all the Advances then outstanding exceeding the aggregate amount of all the Commitments of the Lenders. Within the limits of each Lender’s Commitment and subject to this Section 2.01, any Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.11 or repay pursuant to Section 2.03 and reborrow under this Section 2.01.
Obligation to Make Advances. The obligation of Lender to make any advance of funds to Borrower hereunder shall be subject to the following conditions precedent:
(a) Borrower shall provide Lender on the date of any such advance of funds a certificate, signed by an officer of Borrower with knowledge of the matters set forth therein, certifying that, as of such date, (i) all of the representations and warranties of Borrower contained in Section 6 hereof are true and correct, except to the extent that such representations and warranties expressly relate to an earlier date, in which event, such representations and warranties remain true and correct as of such earlier date, and (ii) Borrower has performed and complied with all agreements, covenants and conditions contained herein and contemplated hereby which are required to be performed or complied with by Borrower.
(b) Prior to the initial advance of funds hereunder, Borrower shall have delivered to Lender: (i) a resolution of Borrower authorizing the execution and delivery of this Agreement, the Note, the Subordination Agreement and any other instrument or document executed and delivered by Borrower to Lender in connection with the Loan and all acts required to be performed by Borrower hereunder and thereunder; and (ii) a certificate of existence for Borrower issued by the Secretary of State of the state of its formation dated not more than thirty (30) days prior to the date of such initial advance.
Obligation to Make Advances. Notwithstanding any provision of this Agreement, the Bank shall not be required to make any Advance hereunder if the conditions precedent in paragraph 4 hereof have not been satisfied or if any Event of Default has occurred and is continuing.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to the Borrowers from time to time on any Five-Year Credit Agreement 16 Business Day during the period from the date hereof until the Termination Date of such Lender in a principal amount not to exceed such ▇▇▇▇▇▇’s Unused Commitment.
Obligation to Make Advances. Subject to the terms and conditions of this Agreement, Lender will make Advances to Borrower in an aggregate amount not to exceed the lesser of (i) the Borrowing Base Availability or (ii) the Commitment Amount (less the amount of Lender’s letters of credit issued under this Agreement). Borrower’s obligation to repay the Facility is evidenced by the Note. Borrower may draw up to $40,000,000.00 from time to time on a revolving basis to finance (i) land acquisition, (ii) the purchase of Finished Lots, (iii) the development of land into Finished Lots, and (iv) the construction of single-family residential Units on Finished Lots. If all conditions for Advances are met and subject to the other terms and conditions of this Agreement, Lender will make Advances to Borrower or disburse to third parties as Borrower may direct and Lender may approve, commencing on the date of this Agreement and continuing until the Maturity Date.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to Altria from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount not to exceed at any time outstanding such Lender’s Commitment.
Obligation to Make Advances. (a) Lender agrees to advance to the Partnership or on behalf of the Partnership up to $14,000,000 to fund the construction costs for the Project and for other purposes approved by the Partnership's general partner (the "General Partner"). Advances shall be made hereunder at such times and in such amounts as the Partnership, in its reasonable judgment, determines are necessary in order to meet its current obligations to make payments for the Project or other approved purposes.
(b) Lender's obligation to advance funds to the Partnership pursuant to this Section 1 is revolving in nature through January 1, 1993. Accordingly, Lender's outstanding obligation to advance funds pursuant to Section 1(a) shall be reduced by the amount of any advances already made hereunder, but, through January 1, 1993, shall increase by the amount of any payments already made hereunder.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to the Company from time to time on up to seven different Business Days during the period from the date hereof until the Commitment Termination Date in an aggregate principal amount not to exceed such Lender’s Commitment.
Obligation to Make Advances. Marriott and the General Partner agree to advance to the Partnership $3.5 million, on a revolving basis, to pay debt service under the Loan Agreement. Advances shall be made hereunder at such time as funds of the Partnership from day to day operations of the Hotel or funds otherwise available to the Partnership are insufficient to fulfill the Partnership's obligations under the Loan Agreement and the promissory note thereunder.