Term Advance Clause Samples

Term Advance. Subject to the terms and conditions of this Agreement and the Trust Indenture, Disbursing Agent shall disburse to Issuer (i) on the date of issuance, or as soon thereafter as practical, the proceeds of the Series 2023-A Notes issued under the Trust Indenture, including (x) Series 2023-A Notes issued on the Closing Date (or soon thereafter as practical) in an aggregate amount of Sixty Million Dollars ($60,000,000) (the “Initial Series 2023-A Term Advance”) and (y) the proceeds of the Reserve Release in accordance with Section 5.01 of the Fourth Supplemental Indenture in an aggregate amount not to exceed Two Million Dollars ($2,000,000) (the “Additional Series 2023-A Term Advance” and together with the Initial Series 2023-A Term Advance, the “Series 2023-A Term Advance”), (ii) on the Fifth Amendment Effective Date, or as soon thereafter as practical or as otherwise set forth in the Trust Indenture, the proceeds of the Series 2024-A Notes issued under the Trust Indenture, in an aggregate amount of Five Million Dollars ($5,000,000), (iii) on the date of issuance, or as soon thereafter as practical, the proceeds of any Additional Series 2024-A Notes issued under the Trust Indenture, (clauses (ii) and (iii), the “Series 2024-A Term Advance”), (iv) on the date of issuance, or as soon thereafter as practical, the proceeds of any Series 2025-A Notes issued under the Trust Indenture (the “Series 2025-A Term Advance”), (v) on the date of issuance, or as soon thereafter as practical, the proceeds of any Series 2025-A2 Notes issued under the Trust Indenture (the “Series 2025-A2 Term Advance”), and (vi) on the date of issuance, or as soon thereafter as practical, the proceeds of any Last Out Notes issued under the Trust Indenture (the “Last Out Term Advance”, and together with the Series 2023-A Term Advance, the Series 2024- A Term Advance, the Series 2025-A Term Advance and the Series 2025-A2 Term Advance, the “Term Advance”). Notwithstanding the foregoing, the reference to “the advance” in the definition of “Disbursement” in the Disbursement Monitoring Agreement shall be deemed to refer to the Series 2023-A Term Advance only.”

Term Advance. Each Term Lender severally agrees, on the terms and conditions hereinafter set forth, to make a single advance to the Borrower on any one Business Day during the period from the Closing Date until the Term Commitment Termination Date in an amount not to exceed such Term Lender’s Term Commitment. The Term Borrowing shall consist of Term Advances of the same Type made simultaneously by the Term Lenders on such Business Day ratably according to their Term Commitments. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.

Term Advance. Each Term Lender severally agrees, on the terms and conditions hereinafter set forth, to make a single advance (each a "Term Advance") to AYE on the Closing Date in an amount not to exceed such Term Lender's Term Commitment. The Term Borrowing shall consist of Term Advances of the same Type made simultaneously by the Term Lenders on such Business Day ratably according to their Term Commitments. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.

Term Advance. Subject to and upon the terms and conditions of this Agreement, Borrower may request, and Bank shall lend, one Term Advance to Borrower on the First Amendment Date in a principal amount of Five Million Dollars ($5,000,000). Borrower shall use the proceeds of the Term Advance in connection with the transaction involving Hyfiniti, and pay related costs over the year following that transaction. Borrower shall make interest-only payments on the principal amount of the Term Advance on the last Business Day of each month, beginning October 31, 2013 and continuing through September 30, 2014. Beginning October 31, 2014, and continuing on the last day of each succeeding month, Borrower shall make equal monthly payments of principal, plus accrued interest, on the Term Advance. On the Term Maturity Date, Borrower shall pay Bank an amount equal to all accrued but unpaid interest and any outstanding principal of the Term Advance. Borrower may prepay all, but not less than all, of the Term Advance, provided that Borrower shall pay a prepayment fee equal to one percent (1.0%) of the amount of any prepayment made on or before the first anniversary of the First Amendment Date, which fee shall be due at the time of such prepayment.

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrower on the Funding Date (the “Term Advance”) in an amount equal to $350,000. The Borrower’s obligation to pay the Term Advance shall be evidenced by the Term Note and shall be secured by the Collateral as provided in Article III. (b) Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested Term Advance by crediting the same to the Borrower’s demand deposit account specified in Section 2.2(c) unless the Lender and the Borrower shall agree in writing to another manner of disbursement. Upon the Lender’s request, the Borrower shall promptly confirm each telephonic request for a Term Advance by executing and delivering an appropriate confirmation certificate to the Lender. The Borrower shall be obligated to repay all Term Advances notwithstanding the Lender’s failure to receive such confirmation and notwithstanding the fact that the person requesting the same was not in fact authorized to do so. Any request for a Term Advance, whether written or telephonic, shall be deemed to be a representation by the Borrower that the conditions set forth in Section 4.2 have been satisfied as of the time of the request.

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrower on the Funding Date (the “Term Advance”) in the amount of $2,238,000. The Borrower’s obligation to pay the Term Advance shall be evidenced by the Term Note and shall be secured by the Collateral as provided in Article III. (b) Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the Term Advance by crediting the same to the Borrower’s demand deposit account specified in Section 2.2(c) unless the Lender and the Borrower shall agree in writing to another manner of disbursement.

Term Advance. (a) Borrower and Bank acknowledge that Bank has made the Term Advance under the Original Agreement on or prior to the Term Availability Date in an amount equal to the Term Loan Amount. As of the date hereof, the outstanding principal amount of the Term Advance is $_________________. Amounts borrowed under this Section 2.1.2 may not be reborrowed once repaid. (b) Interest shall accrue from the date of the Term Advance at the rate specified in Section 2.3(a). Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower's deposit accounts or against the Committed Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. The Term Advance shall be payable in thirty-six (36) equal monthly installments of principal, plus accrued interest, beginning on the first (1st) calendar day of the month following the date of the Term Advance, and continuing on the same day of each month thereafter through the Term Maturity Date, at which time all Obligations owing under this Section 2.1.2 shall be immediately due and payable.

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make advances to the Borrowers from time to time from the Funding Date and prior to the date which is twelve (12) months from the Funding Date (each a “Term Advance”). The Lender shall have no obligation to make a Term Advance if, after giving effect to such requested Term Advance, the outstanding principal balance of the Term Advances would exceed $6,000,000 reduced by the aggregate amount of the scheduled principal payments described in Section 2.6. The Borrowers’ joint and several obligation to pay the Term Advances shall be evidenced by the Term Note and shall be secured by the Collateral as provided in Article III. (b) The Borrowers shall comply with the following procedures in requesting Term Advances: (i) The Borrowers shall make each request for a Term Advance provided that it is received by the Lender no later than the Cut-off Time on the Business Day on which the Borrowers wish to receive the Term Advance, and provided that the request specifies the amount and the date of the requested Term Advance. (ii) Each Term Advance shall be in multiples of $1,000,000, with a minimum initial Term Advance amount of at least $2,000,000. (iii) Each request shall be by a Person authorized pursuant to Section 2.2(a). (c) Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall deposit the proceeds of the requested Term Advance by crediting the same to the Borrowers’ demand deposit account specified in Section 2.2(d). Upon the Lender’s request, the Borrowers shall promptly confirm each request for a Term Advance or any alternative method of disbursing a Term Advance by executing and delivering an appropriate confirmation certificate to the Lender. The Borrowers shall be obligated to repay all Term Advances notwithstanding the Lender’s failure to receive such confirmation and notwithstanding the fact that the Person requesting the same was not in fact authorized to do so. Any request for a Term Advance, whether written or telephonic, shall be deemed to be a representation by the Borrowers, upon which the Lender may rely, that the Borrowers are in compliance with the conditions set forth in Section 4.2 as of the time of the request.

Term Advance. (a) The Lender agrees, subject to the terms and conditions of this Agreement, to make a single advance to the Borrowers on or about January ___, 2007 in the amount of $518,000 (the “Term Advance”). The Borrowers’ obligation to pay the Term Advance shall constitute an additional “Obligation” hereunder, shall be evidenced by the Term Note and shall be secured by all of the Collateral. (b) Upon fulfillment of the applicable conditions precedent to the Term Advance, the Lender shall disburse the Term Advance in the manner specified in that certain authority to pay letter by the Borrower Agent to the Lender dated on or about January ___, 2007. (c) The outstanding principal balance of the Term Advance shall be due and payable as follows: (i) in equal monthly installments of $9,000.00, beginning on February 1, 2007, and on the first day of each month thereafter; and (ii) upon the earlier to occur of (A) July 1, 2007, and (B) the initial Capital Raise Event, the Borrowers shall prepay the Term Advance in an amount equal to $250,000; and (iii) upon any Capital Raise Event (other than any Capital Raise Event in connection with which the Borrowers made the prepayment required by clause (ii) above), the Borrowers shall repay the Term Advance in full. (d) All prepayments of principal with respect to the Term Advance shall be applied to the most remote principal installment or installments then unpaid. (e) On the Termination Date, the entire unpaid principal balance of the Term Advance and all unpaid interest accrued thereon shall also be fully due and payable. (f) Notwithstanding the provisions of Section 2.3(a), the Term Advance shall bear interest at a rate of eighteen percent (18%) per annum, computed on the basis of a year of 360 days and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365-day year). At the Lender’s option during a Default Period, the Lender may institute the Default Rate with respect to the Term Advance as contemplated by Section 2.3(b). All accrued interest with respect to the Term Advance shall be due and payable on (i) each Interest Payment Date, and (ii) on the date of any principal payment made or required to be made with respect to the Term Advance.