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. The obligation of Lender to make any advance of funds to Borrower hereunder shall be subject to the following conditions precedent:
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 Xxxxxx’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. 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. (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. 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.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make one or more Advances to any Borrower in Sterling, Euros and/or Dollars from time to time on any Business Day during the period from and including the Unconditional Date (in the case of an Offer Acquisition) or the Scheme Effective Date ( in the case of a Scheme Acquisition) to and including the date of termination of the Certain Funds Period in an aggregate principal amount the Sterling Equivalent of which does not exceed such Lender’s Commitment at such time; provided, that, except as the Administrative Agent may otherwise agree, Advances may be made on no more than fifteen (15) occasions.
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 18 Business Day during the period from the date hereof until the Termination Date of such Lender in a principal amount not to exceed such Xxxxxx’s Unused Commitment.
Obligation to Make Advances. The Trust shall not be entitled to --------------------------- any further Advances under the Trust Note and acknowledges that all available Advances have been made. All payments and principal reductions of the Trust Note shall be permanent and no further Advances shall be available to the Trust as a result thereof. The Trust Note is not a revolving credit facility.
Obligation to Make Advances. Subject to Section 7, Secured Party shall make Advances to Debtor as follows:
Obligation to Make Advances. Notwithstanding anything stated to the contrary in this Agreement, Junior Lenders each hereby acknowledge that neither Senior Lender nor any Junior Lender shall have any obligation to continue to make Advances under the Senior Loan Documents or Junior Loan Documents (as applicable) if any Junior Lender or Qualified Ownership Interest Transferee acquires the direct or indirect ownership interests in Borrower pursuant to an Equity Collateral Enforcement Action unless (i) all of the conditions to Advances set forth in the Senior Loan Documents or Junior Loan Documents (as applicable), have been satisfied or, as to any Senior Loan Uncurable Defaults or Junior Loan Uncurable Defaults, as applicable, waived pursuant to Section 12(a)(iii) or 12(b)(iii) of this Agreement (as applicable), (ii) Third-Party Obligor(s) reasonably acceptable to Senior Lender and Junior Lender (if applicable) shall have executed and delivered to Senior Lender and Junior Lender (if applicable) replacement Third-Party Agreements in substance identical to and in form substantially similar to the Third-Party Agreements delivered to Senior Lender and Junior Lender (if applicable) on the Closing Date, pursuant to which such Third-Party Obligor(s) shall undertake the obligations set forth therein (limited, in the case of non-recourse carve-out guaranty, to matters which first arise on or after such Equity Collateral Enforcement Action), (iii) such Advances shall be used for the purposes contemplated by the Senior Loan Agreement or Junior Loan Agreement, as applicable, (iv) a developer expert in the construction, conversion and sale of properties similar in size, nature, and use to the Premises shall have been hired as a construction manager for the Project Improvements or, upon Completion of the Improvements, a sales and/or marketing agent shall have been hired, (v) in Senior Lender’s reasonable judgment, the construction of the Project Improvements shall be capable of being completed on or prior to the Initial Maturity Date, and (vi) the Soft Costs Reserve shall have been funded by the applicable Junior Lender in accordance with Section 6(a) hereof.
