Operating Loans. In addition to Asset Acquisition Loans, the Borrower may by agreement with the Lender in the Lender’s sole discretion obtain one or more other loans under this Agreement for temporary liquidity with respect to the funding of Borrower costs and expenses or similar matters (an “Operating Loan”). Any such Operating Loan shall be funded to the Custodian Reserve Account. The Borrower shall repay any Operating Loan on the related Repayment Date.
Operating Loans. In lieu of or in addition to making additional Capital Contributions pursuant to Section 5.2 hereof, or borrowing funds pursuant to Section 7.1 hereof, each Member may advance or cause to be advanced to the Company funds. Such advances (herein called “Operating Loans”) shall be deemed to be loans rather than Capital Contributions and shall bear interest at a rate determined by the Manager. Operating Loans shall be evidenced by promissory notes of the Company (“Operating Notes”) and shall be repaid in the manner and at the times specified in Sections 11.2 and 12.1. If the Members so determine, and subject to the approval, if required, of any lenders or governmental authorities having jurisdiction over any Property, such notes may be secured by a lien on all real or personal property owned by the Company or on the beneficial interest therein (or so much thereof as is then owned by the Company), evidenced by a security instrument (which may be, among other types, a mortgage or collateral assignment of beneficial interest) in appropriate form with respect to the law of the jurisdiction in which such property is located, subject to liens, if any, of mortgages granted by the Company or to which such property was subject when acquired by the Company, and to any other lien theretofore granted by the Company. Such security instrument shall also contain provisions requiring its subordination by its holder, to the extent of the cost of improvements reasonably necessary to accomplish the purposes set forth in Article III hereof, to any lien thereafter granted by the Company or its successors in title to a recognized bank, savings and loan association or other lending institution.
Operating Loans. In addition to Loans for the purchase of CCF Eligible Assets, the Borrower may by agreement with the Lender in the Lender’s sole discretion obtain under either Primary Market Facility or Secondary Market Facility one or more other loans under this Agreement for temporary liquidity with respect to the timing of receipts of expected Interest Proceeds (a “PMCCF Operating Loan” or “SMCCF Operating Loan” respectively; and either an “Operating Loan”). Any such Operating Loan shall be funded to the PMCCF Cash Reinvestment Sub-Account, in the case of a PMCCF Operating Loan, or the SMCCF Cash Reinvestment Sub-Account, in the case of a SMCCF Operating Loan.
Operating Loans. In addition to the FRBB Loans, upon a request thereof by the Borrower and subject to the terms and conditions hereof, the Lender may determine, in its sole discretion, to extend one or more other loans to the Borrower under this Agreement only with respect to the funding the Borrower’s payment of Costs and Expenses and Fees (any such loan, an “Operating Loan”).
Operating Loans. The parties recognize that Trans-Mex will require operating funds in order to achieve the goal of the parties that Terminal facilities are established at all of the major U.S./Mexican border crossings, and certain key interior Mexican locations in order to facilitate the transportation of cargo by Trans-Mex to and from the U.S./Mexican border. In order to facilitate this growth, Swift agrees to provide an operating line of credit to Trans-Mex of up to Six Thousand ($6,000) U.S. Dollars multiplied by the number of tractors that Trans-Mex operates in its fleet at any time (the "Operating Line"). Said Operating Line may be drawn upon by Trans-Mex on an as needed basis. The interest rate to be paid by Trans-Mex on such Operating Line shall be equal to the prime rate of interest charged by Xxxxx Fargo Bank, N.A. as may change from time to time (the "Prime Rate"). The interest on the Operating Line shall be payable monthly. The Operating Line shall be documented by a revolving line of credit promissory note. Swift shall not be obligated to loan any additional funds to Trans-Mex but may agree to do so in the future. 4.7
Operating Loans. In addition to FRBNY Loans for the purpose of funding MLSA Loans, Borrower may by agreement with Lender in Lender’s sole discretion obtain one or more other loans under this Agreement for temporary liquidity with respect to the timing of receipts of expected Interest Proceeds (an “Operating Loan”). Any such Operating Loan shall be funded to the Investment Account.
Operating Loans. Subject to the terms and conditions of this Agreement, Borrower may borrow, prepay and reborrow loans (“Operating Loan(s)”), and Lender agrees to make Operating Loans to Borrower from time to time on or before the Operating Loan Maturity Date in an aggregate principal amount at any one time outstanding up to the amount of the Operating Loan Commitment.
Operating Loans. Borrower hereby unconditionally promises to pay to Lender the outstanding principal amount of the Operating Loan and all accrued but unpaid interest thereon shall mature and be due and payable in full, on the Operating Loan Maturity Date.
Operating Loans. Since January 20, 2019, Seller has not taken any draw from or charged any amount to the Zions Bank Line of Credit or the AmEx Account.
Operating Loans. If the amounts of Capital Contributions, loan proceeds, and net cash flow from operations received by the Partnership, less any distributions to the Partners, are not adequate to meet the Partnership’s current or future anticipated costs, expenses, or obligations for the improvement, management, operation, protection, maintenance, or utilization of the Property or the Business (an “Operating Deficit”) as determined by the General Partner, then upon written notice from the General Partner to the Partners that additional funds are necessary to pay for such Operating Deficit, the Partners will have the option, but not the obligation, to loan funds (“Operating Loan(s)”), to the Partnership as set forth in this Section 4.5. Unless otherwise agreed by the Partners, Operating Loans will bear simple interest at a floating rate per annum equal to the thirty (30)-day London Interbank Offered Rate (“LIBOR”) calculated by the Intercontinental Exchange Benchmark Administration Limited (or its successor) applicable to such date plus five percent (5%) (the “General Interest Rate”). Operating Loans will be repaid in full (both principal and interest) before any cash is distributed to the Partners in their capacity as such pursuant to Section 6.3. Operating Loans will be expressly subordinate to any third-party lender to the Partnership and will be treated as equity in the Partnership to the extent required by any third-party lender to the Partnership. Partners making Operating Loans to the Partnership will execute and deliver any documents and agreements evidencing such subordination to the extent required by any third-party lender to the Partnership.
