Limitations on Advances. The following limitations apply to Advances:
Limitations on Advances. The undrawn Credit available under the Revolving Facility shall cease to be available at the expiry of the Disbursement Period.
Limitations on Advances. Lender will only make Advances for the acquisition of Lots and other costs and expenses specified in the Approved Budget, and then only (i) in the case of soft costs payable to Affiliates of Borrower, for those soft costs that are specifically approved by Lender, (ii) in the case of soft costs payable to Persons other than Affiliates of Borrower, for work performed, services rendered or materials furnished, and (iii) in the case of hard costs, for work performed, services rendered or materials furnished. Advances for payment of construction costs will only be made after actual commencement of construction of the Home and may not exceed the aggregate of (a) the costs of labor, materials and services incorporated into the Project in a manner acceptable to Lender not to exceed the Approved Budget, plus (b) if approved by Lender, the purchase price of uninstalled materials to be used in the construction of the Home that are stored on the Lot or in the Home not to exceed the Approved Budget, or elsewhere with the written consent of and in a manner acceptable to Lender, and less (c) any Retainage, if applicable, and less (d) all prior Advances for payment of costs of labor, materials and services for the construction of the Home. Lender shall have no obligation: (i) to make any Advance for a line item in excess of the sums for such line item in the Approved Budget, (ii) to consider an Advance Request unless and until Borrower has complied with this Agreement, and (iii) to make any Advance which would cause the aggregate of all Advances to be greater than the amount of the Maximum Commitment. If the aggregate amount of Advances for any Home is insufficient to pay for all labor and materials necessary to complete the construction of the Home, Borrower shall pay all excess costs immediately with funds from sources other than the Loan.
Limitations on Advances. The outstanding balance of the Loan may increase and decrease from time to time, and Advances thereunder may be repaid and reborrowed, but the total of Advances outstanding at any one time under the Loan shall never exceed the applicable Maximum Loan Amount. 41.4
Limitations on Advances. Notwithstanding anything in this Agreement to the contrary, no advance shall be made or permitted hereunder which would result in the unpaid principal balance of the Revolving Note, including any advances made under the Security Documents hereunder, exceeding in the aggregate at any one time the lesser of: (i) the Borrowing Base Availability, or (ii) the Maximum Revolving Loan Amount. No advance shall be made upon the occurrence and continuance of any Event of Default described in Section 5.01 below. Any recordation of an advance by the Bank on the Revolving Note, the reverse side of the Revolving Note, or on supplemental sheets attached to the Revolving Note, or otherwise on the Bank's records, made pursuant to this Agreement shall be prima facie evidence in any court or other proceeding brought to enforce the Revolving Note that the Borrower has authorized the Bank to make such advances and that the Bank has effected such advances. The advance will be deemed to be at the request of and for the benefit of Borrower when credited to Borrower's account with Bank or when advanced in accordance with the instructions of an authorized representative of Borrower. Bank may establish a cut-off time for requesting advances, with requests made after that time being treated as made the next Business Day of Bank.
Limitations on Advances. 3.7.1 The undrawn Tranche A Credit available under the Finnvera Term Facility shall cease to be available at the expiry of the Availability Period.
Limitations on Advances. The outstanding balance of the Line of Credit may increase and decrease from time to time, and Advances thereunder may be repaid and reborrowed, but the total of Advances outstanding at any one time under the Line of Credit shall never exceed the lesser of:
Limitations on Advances. The outstanding balance of the Revolving Loan may increase and decrease from time to time and Advances thereunder may be repaid and reborrowed, but the total of advances outstanding at any one time under the Revolving Loan shall never exceed the lesser of:
Limitations on Advances. Section 2.2(b) of the Loan Agreement shall be amended and restated as follows:
Limitations on Advances. Notwithstanding anything to the contrary in the Loan Documents, no advances shall be made on the Loan if, after making the requested advance, the total, aggregate, principal amount of all advances outstanding will exceed the total, face amount of all outstanding Eligible Accounts multiplied by the Advance Rate. Borrower will maintain at all times Eligible Accounts so that the total, aggregate, principal amount of all advances at any time outstanding and unpaid shall be in compliance with this formula. If at any time the total, aggregate, principal amount of all such advances outstanding and unpaid exceeds the amount allowable under this formula, Borrower shall immediately make payment to Lender in a sufficient amount to bring the amount of such advances back into compliance, and if such payment is not immediately made, interest shall accrue on such amount at the Default Rate, regardless of whether Lender waives the Event of Default caused by such non-payment.
