Loan Commitment Use of Proceeds Sample Clauses

Loan Commitment Use of Proceeds. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in amounts equal to (a) the then Borrowing Base of the Eligible Instruments less (b) the then unpaid principal balance of the Loan; provided, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount. Lender shall have no obligation to make any Advance after the Borrowing Term has expired.
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Loan Commitment Use of Proceeds. 2.1 (a) Loan Commitment; Determination of Advance Amounts. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Loan Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in paragraph 2.1(a). The Acquisition Refinancing Component Advance shall be in an amount not to exceed the Maximum Acquisition Refinancing Component Amount. Subject to the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the portion of the Loan for which payment of interest is allocated within the applicable Construction Budget. The amount of each Construction Work-Related Advance shall be equal to the costs of the work covered by the applicable Construction Work-Related Advance Request and allocated within the applicable Construction Budget for payment out of the Loan less an amount equal to the sum of (a) an amount ("Basic Retainage") equal to the percentage identified in the Schedule as the Basic Retainage Percentage times the hard costs of such work and (b) any additional retainage in excess of the amount of the Basic Retainage required under the applicable Construction Work Contract(s); provided, however, that Construction Work-Related Advances shall not be made for stored or ordered materials not yet incorporated into the Construction Improvements unless such materials are: (1) owned by the Borrower; (2) kept in a secured, insured and covered facility; and (3) certified as to the foregoing by Lender's Inspector. The Basic Retainage for a Construction Work Phase shall be disbursed at the time of Substantial Completion of the Construction Work Phase to the extent Construction Work Contractor(s) are then entitled to it under the applicable Construction Work Contract(s) between Borrower and such Construction Work Contractor(s), subject to Lender's right to keep such portion of such Basic Retainage as it may reasonably determine to be necessary to ensure Completion of the Construction Work Phase. Lender shall have no obligation to make any Construction Work-Related Advance with respect to a Construction Work Phase if, after giving effect to such Advance, the cost of Completion of the Construction Work Phase exceeds the sum of (i) remaining undisbursed balance of the Construction Component allocated to the Construction Work Phase and (ii) all Required Completion Assurance Deposits (Construction) held with respect ...
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Loan Commitment Use of Proceeds. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower. Advances shall be made against Eligible Instruments at the time they are assigned to Lender ("Initial Availability Advances") in an amount equal to the then Borrowing Base for such Eligible Instruments. As Advances made against Eligible Instruments are repaid, no additional Advances ("Additional Availability Advances") shall be made against those same Eligible Instruments except at the request of Borrower. If Borrower requests an Additional Advance against previously assigned Eligible Instruments such Advance shall be in an amount less then or equal to the then Borrowing Base of all previously assigned Eligible Instruments less the aggregate unpaid principal balance of all Advances previously made against such Eligible Instruments. Any Advance made against an Instrument substituted pursuant to paragraph 3.2 shall be deemed to be an Additional Availability Advance; provided, however, that the substitution of an Eligible Instrument for an ineligible Instrument pursuant to paragraph 3.2 shall not be deemed to be the making of an Initial Availability Advance or Additional Availability Advance. Lender shall have no obligation to make any Advance after the Borrowing Term has expired.
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Loan Commitment Use of Proceeds. 2.1 Subject to the terms and conditions of this Agreement, Lender will from time to time make Advances to Borrower in amounts equal to (a) the then Borrowing Base less (b) the then unpaid principal balance of the Loan; provided, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount.
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Loan Commitment Use of Proceeds. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in amounts equal to (a) the then Borrowing Base of the Eligible Instruments comprising Receivables Collateral less (b) the then unpaid principal balance of the Loan; PROVIDED, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount, at no time shall the unpaid principal balance of the Loan plus the unpaid principal balance of the Presales Loan exceed the Presales Funding Limitation, and at no time shall the sum of (i) the unpaid principal balance of the Loan, (ii) the unpaid principal balance of the Presales Loan, (iii) the Lender's $5,200,000 maximum commitment with respect to the Construction Loan (whether or not funded, but with credit given to any repayment), and (iv) the unpaid balance of the Cocoa Beach Loan; exceed the Aggregate Funding Limitation. Lender shall have no obligation to make any Advance after the Borrowing Term has expired.
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Loan Commitment Use of Proceeds 
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Related to Loan Commitment Use of Proceeds

  • Increase in Revolving Credit Facility The references to “$20,000,000” in Section 2.1 of the Credit Agreement and in Section 2.2(a) of the Credit Agreement are deleted and are replaced by “$60,000,000”.

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $16,000,000 in the aggregate (the "Loan") consisting of $8,000,000 of 7-year Tranche advances and $8,000,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Loan Commitments Subject to the terms and conditions hereof,

  • Revolving Credit Commitment Fee The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual number of days elapsed) on the average daily Unused Revolving Credit Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.

  • Term Loan Commitment As to each Term Loan Lender, the amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the aggregate principal amount of the Term Loans from time to time outstanding to the Borrower.

  • Term Loan Commitments Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, each Lender severally agrees to make a term loan (the “Term Loan”) to the Borrower on the Closing Date in such principal amount as the Borrower shall request up to, but not exceeding such Lender’s Term Loan Commitment.

  • Revolving Commitment Fee The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender under each Facility in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee equal to the Applicable Rate with respect to commitment fees for such Facility times the actual daily amount by which the aggregate Revolving Credit Commitments for such Facility exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans for such Facility plus (B) the Outstanding Amount of L/C Obligations for such Facility; provided that any commitment fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; provided, further, that no commitment fee shall accrue on any of the Revolving Credit Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee with respect to each Revolving Credit Facility shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the applicable conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date during the first full fiscal quarter to occur after the Closing Date, and on the Maturity Date for the applicable Revolving Credit Facility. The commitment fee with respect to each Revolving Credit Facility shall be calculated quarterly in arrears.

  • Increase in Revolving Credit Commitments (a) The Borrower may, by written notice to the Administrative Agent from time to time, request that the Total Revolving Credit Commitment be increased by an amount not to exceed the Incremental Revolving Facility Amount at such time. Upon the approval of such request by the Administrative Agent (which approval shall not be unreasonably withheld), the Administrative Agent shall deliver a copy thereof to each Revolving Credit Lender. Such notice shall set forth the amount of the requested increase in the Total Revolving Credit Commitment (which shall be in minimum increments of $5,000,000 and a minimum amount of $10,000,000 or equal to the remaining Incremental Revolving Facility Amount) and the date on which such increase is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such notice and which, in any event, must be on or prior to the Revolving Credit Maturity Date), and shall offer each Revolving Credit Lender the opportunity to increase its Revolving Credit Commitment by its Pro Rata Percentage of the proposed increased amount. Each Revolving Credit Lender shall, by notice to the Borrower and the Administrative Agent given not more than 10 days after the date of the Administrative Agent's notice, either agree to increase its Revolving Credit Commitment by all or a portion of the offered amount (each Revolving Credit Lender so agreeing being an "INCREASING REVOLVING LENDER") or decline to increase its Revolving Credit Commitment (and any Revolving Credit Lender that does not deliver such a notice within such period of 10 days shall be deemed to have declined to increase its Revolving Credit Commitment) (each Revolving Credit Lender so declining or being deemed to have declined being a "NON-INCREASING REVOLVING LENDER"). In the event that, on the 10th day after the Administrative Agent shall have delivered a notice pursuant to the second sentence of this paragraph, the Revolving Credit Lenders shall have agreed pursuant to the preceding sentence to increase their Revolving Credit Commitments by an aggregate amount less than the increase in the Total Revolving Credit Commitment requested by the Borrower, the Borrower may arrange for one or more banks or other entities (any such bank or other entity referred to in this clause (a) being called an "AUGMENTING REVOLVING LENDER"), which may include any Lender, to extend Revolving Credit Commitments or increase their existing Revolving Credit Commitments in an aggregate amount equal to the unsubscribed amount; PROVIDED that each Augmenting Revolving Lender, if not already a Revolving Credit Lender hereunder, shall be subject to the approval of the Administrative Agent, the Swingline Lender and the Issuing Bank (which approvals shall not be unreasonably withheld) and the Borrower and each Augmenting Revolving Lender shall execute all such documentation as the Administrative Agent shall reasonably specify to evidence its Revolving Credit Commitment and/or its status as a Revolving Credit Lender hereunder. Any increase in the Total Revolving Credit Commitment may be made in an amount which is less than the increase requested by the Borrower if the Borrower is unable to arrange for, or chooses not to arrange for, Augmenting Revolving Lenders.

  • Revolving Credit Facility Fee From the Effective Date to the Revolving Credit Maturity Date, the Borrowers shall pay, jointly and severally, to the Agent for distribution to the Lenders pro-rata in accordance with their respective Percentages, a Revolving Credit Facility Fee quarterly in arrears commencing January 1, 2008 and on the first day of each calendar quarter thereafter (in respect of the prior three months or any portion thereof). The Revolving Credit Facility Fee payable to each Lender shall be determined by multiplying the Applicable Fee Percentage times such Lender’s Revolving Credit Percentage of the Revolving Credit Aggregate Commitment then in effect (whether used or unused). The Revolving Credit Facility Fee shall be computed on the basis of a year of three hundred sixty (360) days and assessed for the actual number of days elapsed. Whenever any payment of the Revolving Credit Facility Fee shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Upon receipt of such payment, Agent shall make prompt payment to each Lender of its share of the Revolving Credit Facility Fee based upon its respective Percentage. It is expressly understood that the Revolving Credit Facility Fees described in this Section are not refundable.

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

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