Initial Facility Amount; Initial Advance Sample Clauses

Initial Facility Amount; Initial Advance. By and subject to the terms of this Agreement, Lenders agree to lend to Borrower, and Borrower agrees to borrow from Lenders, the principal sum of TWO HUNDRED FIFTY MILLION AND NO/100 DOLLARS ($250,000,000.00), said sum to be evidenced by the Notes. The Notes shall be secured, in part, by the Mortgage encumbering certain real property and improvements as legally defined therein. Notwithstanding anything to the contrary contained in this Agreement, any principal payments made by Borrower under the Loan shall reduce Lenders’ Commitment by a like amount, and any such amounts repaid by Borrower may not be reborrowed. Advances under the Loan shall initially be limited to the Initial Facility Amount (which amount is comprised of the Initial Advance and the Unfunded Initial Facility). The Initial Advance disbursed to or on behalf of Borrower pursuant to the Notes shall be used to refinance the existing indebtedness on the Property and pay all closing costs and expenses incurred in connection with the Loan. Any remaining Unfunded Initial Facility shall only be disbursed from time to time on the terms and conditions set forth in this Agreement to pay for the cost of Additional Improvements, including without limitation, the cost of Tenant Improvements and Leasing Commissions incurred or payable under Approved Leases and any hard or soft redevelopment costs incurred in connection with the Property and the Additional Improvements. In addition, Borrower may use the Unfunded Initial Facility to distribute to its partners or members sums of money to reimburse such partners or members for funds that were advanced (and reasonable capital costs associated therewith) by such partners or members to fund costs incurred after the Effective Date to complete construction of Additional Improvements, including without limitation, the cost of any Tenant Improvements and Leasing Commissions incurred by Borrower from time to time under Approved Leases with respect thereto. Portions of the Unfunded Initial Facility shall be advanced from time to time to Borrower in installments within ten (10) Business Days after receipt by Administrative Agent of an Application for Payment and satisfaction of the conditions provided in Section 3.2 below with respect to the requested Advance.
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Related to Initial Facility Amount; Initial Advance

  • Initial Advance On or prior to the Closing Date, Borrower shall have delivered to Agent the following:

  • Initial Advances The obligation of each Lender to make the initial Advance to be made by it or of the Administrative Agent to issue the initial Letters of Credit is subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Lenders, in their sole and absolute discretion, shall agree otherwise):

  • Loan Amount Party A agrees, subject to the terms and conditions of this Agreement, to extend the Loan to Party B and Party C in a total amount of RMB 10,000,000, of which 80% shall be for the benefit of Party B and the remaining 20% shall be for the benefit of Party C. The Loan shall be interest-free.

  • Maximum Advance Amount The amount of an Advance requested by the Company shall not exceed the Maximum Advance Amount. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed nine and 9/10 percent (9.9%) of the then outstanding Common Stock of the Company. For the purposes of this section beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

  • Term Loan Advance Subject to Section 2.4(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the greater of (A) six and one half of one percent (6.50%) and (B) one and one-half of one percent (1.50%) above the Prime Rate, which interest, in each case, shall be payable monthly in accordance with Section 2.4(e) below.

  • Commitment Amount With respect to any Portfolio Asset that is a Delayed-Draw Loan as of any date of determination, the maximum outstanding principal amount of such Portfolio Asset that a registered holder of the amount of such Portfolio Asset held by the Issuer would on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid, may be reborrowed).

  • Minimum Amount of Each Advance Each Eurodollar Advance shall be in the minimum amount of $5,000,000 and in multiples of $1,000,000 if in excess thereof. Floating Rate Advances may be in any amount.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the "Commitment") is Twelve Million Dollars ($12,000,000).

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Tranche A Loans Unless otherwise agreed to by the Administrative Agent in connection with making the initial Loans, to request a Borrowing of Tranche A Loans, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three (3) Business Days before the date of the proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing; provided, that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.03(e) may be given not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, courier or telecopy to the Administrative Agent of a written Borrowing Request in a form reasonably acceptable to the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01(a):

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