Loan Advances. The Lender agrees to make advances to the Borrower from time to time until December 1, 1995, subject to all of the terms and conditions of this Agreement. All requests by the Borrower for advances shall be made in such manner and form and with such prior notice to the Lender as the Lender may reasonably require from time to time. Each request for an advance shall be for a minimum amount of $50,000.00. Each such request shall contain or be accompanied by such information and documents (which shall be Certified if required by the Lender) concerning the Collateral, the Borrower's financial condition, use of the proceeds of such advance and of advances previously made and/or any other matters as the Lender may from time to time require. In no event shall the Lender be obligated to make any advance hereunder if an Event of Default has occurred under the Note or if such advance would cause the total principal amount of advances made and outstanding hereunder to exceed the Maximum Loan Amount. Even if the total principal amount of advances outstanding shall at any time and for any reason exceed the Maximum Loan Amount, the Borrower shall nonetheless be liable for the entire principal amount outstanding, with interest thereon at the rate and calculated in the manner provided in the Note, in accordance with this Agreement and the Note. If the total principal amount of advances outstanding hereunder shall at any time exceed the Maximum Loan Amount, the Borrower shall immediately pay to the Lender upon demand the amount of such excess, with interest thereon at the rate and calculated in the manner provided in the Note. The Borrower agrees that the Borrower shall be liable for, and the Collateral shall secure, the repayment of each advance made by the Lender to or for the Borrower hereunder, with interest at the rate and calculated in the manner provided in the Note, whether or not such advance was duly requested or authorized by the Borrower and whether or not any person requesting such advance was duly authorized to make such request. Subject to all of the terms and conditions of this Agreement and the other Loan Documents, the Borrower may borrow hereunder until December 1, 1995. Borrower acknowledges and agrees that on December 1, 1995, the Lender shall advance to the Borrower the balance of the Loan, should such funds not have been previously advanced by the Lender.
Loan Advances. During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.
Loan Advances. Advances under the Loan may be requested in writing by Authorized Persons (as defined in Exhibit A). Each advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (a) when credited to the Borrower’s account on the Xxxxxxx Platform or (b) when advanced in accordance with the instructions of an Authorized Person. Lender, at its option, may set a cutoff time, after which all requests for advances will be treated as having been requested on the next succeeding Business Day (as hereinafter defined). "Business Day" means any day that is not a Saturday, a Sunday or a day on which banks under the laws of the State of New York are authorized or required to be closed.
Loan Advances. Lender shall notify Participant prior to making an advance of additional funds under a Loan; provided, however, that such advances shall be limited to the amount of the Unfunded Commitment related to such Loan at the time of such advance. Participant shall pay to Lender, at the time of such advance, Participant’s pro rata share of the advance.
Loan Advances. Bank shall notify Participant three business days prior to making an advance of additional funds under a Loan; provided, however, that such advances shall be limited to the amount of the outstanding Commitment related to such Loan at the time of such advance. Participant shall pay to Bank, at the time of such advance, the amount of the advance. In the event Participant fails to pay such amount as required hereby, the unpaid amount shall bear interest at a rate per annum equal to the effective federal funds rate as published in The Wall Street Journal (Eastern Edition) for the date such payment is due.
Loan Advances. Lender shall make Advances to Borrower from time to time in accordance with and subject to the terms hereof, up to a maximum principal amount at any time outstanding equal to the Borrowing Base at such time. It is expressly understood and agreed that Lender may use the Borrowing Base as a maximum ceiling on any Advance to Borrower at any time. If the unpaid balance of the Loan should exceed the Borrowing Base or any other limitation set forth in this Agreement, such Loan shall nevertheless constitute Obligations that are secured by the Collateral and entitled to all benefits thereof. The Loan shall be evidenced by the Note.
Loan Advances. (a) On the date hereof, the outstanding principal balance of the Original Note, as amended by the First Amendment, is $36,250,000, and the outstanding principal balance of the First Additional Note is $10,000,000. Lender shall lend to Borrower an additional amount equal to the New Loan Amount, which will be advanced as follows: on the Closing Date or, if later, the date on which Borrower fulfills all conditions precedent to funding, Lender will advance to Borrower $38,750,000 ("Initial Advance") and, at the request of the Borrower made in accordance with and subject to the conditions contained in Section 2.1(b), Lender will advance to Borrower on or before August 1, 2001 in one or more tranches the additional aggregate amount of not more than $25,000,000 ("Unfunded Loan Amount").
Loan Advances. Subject to compliance by Borrower with the terms and conditions of this Agreement, Lenders shall make, and Borrower shall accept from Lenders, Future Advances under this Agreement for the applicable purposes or uses permitted as required hereunder. If Lenders are comprised of more than one Person, then no Lender shall be obligated to advance more than its Pro Rata Share of any Future Advance hereunder. The Lenders shall not be required to make Future Advances for the costs incurred by Borrower with respect to materials stored off the Property. No Future Advances or any portion thereof shall be made directly or indirectly for payments to a Borrower Related Party, except (a) as expressly permitted in the Loan Documents, or (b) as otherwise may be approved in writing by Administrative Agent. The obligations of the Lenders to make Future Advances hereunder are several, and not joint, and under no circumstances shall any Lender be obligated to fund more of its Pro Rata Share of any Future Advance or more than its Commitment.
Loan Advances. During the Commitment Period, each Lender severally agrees to make revolving credit advances (each an “Advance” and collectively, the “Advances”) to the Borrower Representative on any Business Day; provided that after giving effect to any such Advance, (i) with regard to the Lenders collectively, the aggregate outstanding principal amount of the Obligations shall not exceed the lesser of (x) Two Hundred Million Dollars ($200,000,000), (the “Aggregate Committed Amount”) and (y) the Borrowing Base Amount and (ii) with regard to each Lender individually, such Lender’s Commitment Percentage of Obligations shall not exceed its respective Committed Amount. The Loan may be repaid and reborrowed in accordance with the provisions hereof.
