Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to the Borrowers from time to time on any Business Day during the period from the date hereof until the Termination Date in an aggregate principal amount at any time outstanding not to exceed such Lender’s Commitment.
Obligation to Make Advances. The obligation of Lender to make any advance of funds to Borrower hereunder shall be subject to the following conditions precedent:
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to any Borrower in Dollars from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate principal amount that will not result in (i) the aggregate principal amount of the Advances of any Lender then outstanding exceeding such Lender’s Commitment or (ii) the aggregate principal amount of all the Advances then outstanding exceeding the aggregate amount of all the Commitments of the Lenders. Within the limits of each Lender’s Commitment and subject to this Section 2.01, any Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.11 or repay pursuant to Section 2.03 and reborrow under this Section 2.01.
Obligation to Make Advances. Notwithstanding any ---------- -- ---- -------- provision of this Agreement, the Bank shall not be required to make any Advance hereunder if the conditions of lending in paragraph 5 hereof have not been satisfied or if any Event of Default has occurred and is continuing.
Obligation to Make Advances. (a) Lender agrees to advance to the Partnership or on behalf of the Partnership up to $14,000,000 to fund the construction costs for the Project and for other purposes approved by the Partnership's general partner (the "General Partner"). Advances shall be made hereunder at such times and in such amounts as the Partnership, in its reasonable judgment, determines are necessary in order to meet its current obligations to make payments for the Project or other approved purposes.
Obligation to Make Advances. (a) Each Lender with a Tranche I Commitment severally agrees, on the terms and conditions hereinafter set forth, to make Advances in Dollars to Altria on the Effective Date, in an aggregate amount not to exceed at any time outstanding such Lender’s Tranche I Commitment. Each Borrowing made pursuant to this Section 2.01(a) shall consist of Tranche I Advances made simultaneously by the Lenders ratably according to their respective Tranche I Commitments. Tranche I Advances made pursuant to this Section 2.01(a) that are repaid or prepaid may not be reborrowed. Upon the making of any Tranche I Advance by a Lender, such Lender’s Tranche I Commitment shall be permanently reduced by an amount equal to such Tranche I Advance and any Tranche I Commitment not drawn on the Effective Date shall terminate.
Obligation to Make Advances. Subject to the terms and conditions of this Agreement, Lender will make Advances to Borrower in an aggregate amount not to exceed the lesser of (i) the Borrowing Base Availability or (ii) the Commitment Amount (less the amount of Lender’s letters of credit issued under this Agreement). Borrower’s obligation to repay the Facility is evidenced by the Note. Borrower may draw up to $40,000,000.00 from time to time on a revolving basis to finance (i) land acquisition, (ii) the purchase of Finished Lots, (iii) the development of land into Finished Lots, and (iv) the construction of single-family residential Units on Finished Lots. If all conditions for Advances are met and subject to the other terms and conditions of this Agreement, Lender will make Advances to Borrower or disburse to third parties as Borrower may direct and Lender may approve, commencing on the date of this Agreement and continuing until the Maturity Date.
Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in U.S. dollars to Altria from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount not to exceed at any time outstanding such Lender’s Commitment.
Obligation to Make Advances. Notwithstanding any provision of this --------------------------- Agreement, the Bank shall not be required to make any Advance under the Liquidation Proceeds Note if the conditions of lending in paragraph 5 hereof have not been satisfied or if any Event of Default has occurred.
Obligation to Make Advances. The Trust shall not be entitled to --------------------------- any further Advances under the Trust Note and acknowledges that all available Advances have been made. All payments and principal reductions of the Trust Note shall be permanent and no further Advances shall be available to the Trust as a result thereof. The Trust Note is not a revolving credit facility.
