Additional Advances. At any time prior to the Revolving Period Expiration Date, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion.
Appears in 2 contracts
Sources: Master Repurchase and Securities Contract (Claros Mortgage Trust, Inc.), Master Repurchase and Securities Contract (Claros Mortgage Trust, Inc.)
Additional Advances. At any time prior to the Revolving Period Expiration Date, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, Limit and (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion.
Appears in 2 contracts
Sources: Master Repurchase and Securities Contract (Seven Hills Realty Trust), Master Repurchase and Securities Contract (Seven Hills Realty Trust)
Additional Advances. At any time prior Each Lender will, on each of April 15, 2017, May 15, 2017 and June 15, 2017 (each, together with the Closing Date, shall be deemed to be an “Installment Date”), deliver the amount of such Lender’s Pro Rata Share of Two Million Dollars ($2,000,000) (each such advance, together with the advances delivered on the Closing Date, an “Advance”), by check payable to the Revolving Period Expiration Date, if Margin Excess exists (as determined Company or by Buyer in its sole discretion) with respect wire transfer to a Purchased Assetbank account designated by the Company, Seller may, upon provided that each Lender’s obligation to fund each Advance is subject to the delivery Lender’s receipt from the Company of prior a written notice to Buyer (which may be via email or in physical formatthe “Funding Notice”), substantially in the form attached hereto as Exhibit E, of the Company’s election to be received by no later than borrow such Advance at least five (5) Business Days immediately preceding prior to the date of such Advance (it being understood that neither Lender shall have an obligation to make the requested Additional AdvanceAdvance to which such notice relates if the Company has failed to timely provide such Funding Notice to such Lender, submit to Buyer a request (unless waived by such Lender. In addition, no Lender shall be required make an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, Company (i) each on an Installment Date occurring after April 30, 2017 if the Company has not completed its first Public Offering on or prior to ▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇▇) if either ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ no longer serves as an executive officer the Company as of the conditions precedent set forth in Section 6.02 have been satisfiedapplicable Installment Date, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, or (iii) the requested Additional Advance would not violate a Sub-Limitif an Event of Default has occurred and is continuing, provided that notwithstanding clauses (ivi) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset through (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunderiii) to exceed the maximum approved Purchase Price for such Purchased Assetabove, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advanceeach Lender may, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion, elect to make such Advance to the Company upon receipt of the Funding Notice (to the extent not otherwise waived) as set forth above. If any Lender fails to make an Advance (pursuant to a Funding Notice validly given by the Company hereunder) on an Installment Date (a “Defaulting Lender”) occurring on (a) April 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be entitled to on such Installment Date pursuant to Sections 2.1 and 2.2, and seventy-five percent (75%) of the Upfront Shares issued to Lender shall be cancelled and forfeited automatically, without any action required on the part of the Defaulting Lender, or (b) May 15, 2017 or June 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be entitled to on such Installment Date pursuant to Sections 2.1 and 2.
Appears in 2 contracts
Sources: Note Purchase Agreement, Note Purchase Agreement (Veritone, Inc.)
Additional Advances. At (a) Subject to the terms and conditions set forth herein, the Borrower shall have the right, at any time prior during the Reinvestment Period, to incur additional indebtedness in the form of a one time only increase to the Revolving Period Expiration DateCommitment and/or the Term Commitment (such increase, if Margin Excess exists (as determined an "Increased Commitment" and any loans made to the Borrower pursuant to such Increased Commitment, "Additional Advances") by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format)the Agents and DBRS, to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the an aggregate maximum amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior equal to and immediately after giving effect to the funding of such Additional Advance, $50,000,000; provided that (i) each of the Borrower shall satisfy the conditions precedent set forth of Section 3.04 (including the DBRS rating letter described in Section 6.02 have been satisfied3.04(e)), (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, any such request for an increase shall be in a minimum amount of $5,000,000; (iii) the requested net proceeds of any Additional Advance would not violate a Sub-LimitAdvances are used (x) to purchase or originate additional Collateral Obligations, (y) to pay fees and expenses of the Agents in connection therewith and/or (z) as Principal Proceeds for purposes permitted hereunder; and (iv) the amount written consent of the Lenders has been obtained.
(b) The terms and conditions (other than the Facility Margin Level) of the Additional Advances issued pursuant to this Section 2.18 will be identical to those of the initial Advances (except that the interest due on the Additional Advances will accrue from the issue date of such Additional Advance would not cause Advances). Interest on the Repurchase Price Additional Advances will be payable commencing on the first applicable Payment Date following the issue date of such Purchased Asset Additional Advances. The Additional Advances will rank pari passu in all respects with the initial Advances.
(without giving effect c) Any Increased Commitment issued pursuant to any Price Differential that has accrued but is not yet due and payable hereunder) this Section 2.18 will be offered first to exceed the maximum approved Purchase Price for existing Lenders, in such Purchased Asset, and (v) the amount amounts as are necessary to preserve their pro rata holdings of the requested Advances.
(d) Each Additional Lender shall satisfy the Rating Criteria and, upon the making of an Additional Advance is equal or the extension of an Increased Commitment, shall be deemed to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionbe a Lender for all purposes hereunder.
Appears in 1 contract
Sources: Credit and Security Agreement (WhiteHorse Finance, Inc.)
Additional Advances. At (a) If Borrower shall receive a request for a future advance on the Asset (an “Underlying Additional Advance”) from the Underlying Borrower, Servicer, Co-Lender Agent or other Person pursuant to the Underlying Loan Documents for the Asset, Borrower may submit a written request for an Additional Advance (an “Additional Advance Request”) to Lender (but not more often than once per month unless approved by the Agent on the Underlying Loan (other than in connection with the funding of interest on the Underlying Loan) and not in an amount less than $90,000) and, within seven (7) Business Days after receipt of such Additional Advance Request, Lender shall make an Additional Advance to Borrower in an amount equal to the product of (i) the amount of the future advance requested to be funded by Borrower with respect to the Asset under the Underlying Loan Documents (the “Underlying Advance Request Amount”) multiplied by (ii) the Advance Rate, provided that each of the following conditions have been satisfied (or waived in writing by Lender in its sole discretion or pursuant to Section 2.07(b):
(i) no monetary or material non-monetary Default or Event of Default shall be continuing both as of the date of the Additional Advance Request and as of the date of funding of such Additional Advance;
(ii) no monetary or material non-monetary Underlying Loan Event of Default shall be continuing both as of the date of the Additional Advance Request and as of the date of funding of such Additional Advance;
(iii) all of the representations and warranties of Borrower and Guarantor contained in this Loan Agreement and the other Loan Documents shall be true and correct in all material respects both as of the date of the Additional Advance Request and as of the date of funding of such Additional Advance, expect for any time exceptions disclosed to Lender in writing and approved by Lender prior to the Revolving Period Expiration Closing Date, if Margin Excess exists ;
(iv) Lender shall have received a copy of the Draw Request (as defined in the Underlying Loan Agreement) together with copies of all supporting documents and information received by Borrower in connection with such Draw Request and shall have determined by Buyer in its sole discretionreasonable discretion that all conditions precedent to the funding of such future advance under the Underlying Loan Documents including, without limitation, each of the conditions set forth in Section 2.9 of the Underlying Loan Agreement have been satisfied in all material respects;
(v) Borrower shall have funded, or shall be contemporaneously funding, to the Underlying Borrower, the Co-Lender Agent or other applicable party an amount equal to the difference between (i) the Underlying Advance Request Amount and (ii) the amount of the Additional Advance to be funded by Lender pursuant to the Additional Advance Request;
(vi) after giving effect to such Additional Advance the aggregate amount of Additional Advances made by Lender shall not exceed the Additional Advance Cap; and
(vii) Borrower shall have paid all of Lender’s reasonable out of pocket costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements and including the cost of any construction consultant retained by Lender; provided, however, that for so long as Lender is a Co-Lender Affiliate, Lender shall use the same construction consultant as the Underlying Lender) incurred in connection with the review of and funding of such Additional Advance Request. Notwithstanding the foregoing, in the event that, as of the date of any Additional Advance Request, Lender is a Co-Lender Affiliate and the applicable Affiliate of Lender that is the noteholder, co-lender or participant under the Underlying Loan has elected to fund and does fund its applicable portion of the applicable Underlying Additional Advance notwithstanding that the conditions to such Additional Advance in clauses (ii) and/or (iii) of this Section 2.07(a) are not satisfied, and provided that the conditions set forth in clauses (i) and (iv)-(vii) of this Section 2.07(a) are satisfied, then Lender shall be obligated to fund such Additional Advance.
(b) In the event that (i) the Borrower determines (subject to the terms of the Participation Agreement and Co-Lender Agreement) not to fund any Underlying Additional Advance request with respect to the Asset due to either a Purchased Assetdefault by Underlying Borrower or a failure to satisfy the applicable conditions precedent to the funding of such additional advance under the Underlying Loan Documents and such refusal to fund continues for ninety (90) days after the requested funding date for such Underlying Additional Advance request or (ii) a monetary or material non-monetary Underlying Loan Event of Default shall be continuing for ninety (90) days (the occurrence of any event described, Seller mayand continuance of such event for the applicable period set forth, upon in the delivery of prior written notice foregoing sub-clauses (i) and (ii) shall be referred to Buyer (which may be via email or in physical formatas a “Trigger Event”), to be received by no later than then, within five (5) Business Days immediately preceding following any such Trigger Event, Borrower shall be required to make a mandatory principal repayment of the Loan to Lender in an amount equal to fifty percent (50%) of Borrower’s Funding Percentage of the remaining unfunded future funding commitments on the Asset minus the amount of any CAE Cure Payment previously made or simultaneously being made by Borrower (such repayment, the “Future Funding Paydown”); provided, however, that no Future Funding Paydown shall result in the termination of the Loan, and, in the event that the Underlying Borrower is able at a later time to correct or cure such default, Underlying Loan Event of Default or failed condition precedent to funding of the Underlying Additional Advance as determined by Lender in its sole good faith discretion, or Lender agrees in writing to waive any such default, Underlying Loan Event of Default or failed condition precedent, then Lender shall be obligated to fund its pro rata share (based on the initial Advance Rate) of the applicable Underlying Additional Advance request with respect to which the applicable Trigger Event existed. Notwithstanding the foregoing, in the event that, as of the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance Request, Lender is a Co-Lender Affiliate, and the applicable Affiliate of Lender that is the noteholder, co-lender or participant under the Underlying Loan agrees in writing to waive any such default, Underlying Loan Event of Default or failed condition precedent in accordance with respect the Co-Lender Agreement, Participation Agreement and the Underlying Loan Documents, then Lender shall be deemed to any LIBOR Based Transaction on have agreed to waive such default, Underlying Loan Event of Default or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionfailed condition precedent hereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (TPG RE Finance Trust, Inc.)
Additional Advances. At (a) Subject to the terms and conditions set forth herein, the Borrower shall have the right, at any time prior during the Reinvestment Period, to incur additional indebtedness in the form of a one time only increase to the Revolving Period Expiration DateCommitment and/or the Term Commitment (such increase, if Margin Excess exists (as determined an "Increased Commitment" and any loans made to the Borrower pursuant to such Increased Commitment, "Additional Advances") by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format)the Agents and DBRS, to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the an aggregate maximum amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior equal to and immediately after giving effect to the funding of such Additional Advance, $50,000,000; provided that (i) each of the Borrower shall satisfy the conditions precedent set forth of Section 3.05 (including the DBRS rating letter described in Section 6.02 have been satisfied3.05(e)), (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, any such request for an increase shall be in a minimum amount of $5,000,000; (iii) the requested net proceeds of any Additional Advance would not violate a Sub-LimitAdvances are used (x) to purchase or originate additional Collateral Obligations, (y) to pay fees and expenses of the Agents in connection therewith and/or (z) as Principal Proceeds for purposes permitted hereunder; and (iv) the amount written consent of the Lenders has been obtained.
(b) The terms and conditions (other than the Facility Margin Level) of the Additional Advances issued pursuant to this Section 2.18 will be identical to those of the initial Advances (except that the interest due on the Additional Advances will accrue from the issue date of such Additional Advance would not cause Advances). Interest on the Repurchase Price Additional Advances will be payable commencing on the first applicable Payment Date following the issue date of such Purchased Asset Additional Advances. The Additional Advances will rank pari passu in all respects with the initial Advances.
(without giving effect c) Any Increased Commitment issued pursuant to any Price Differential that has accrued but is not yet due and payable hereunder) this Section 2.18 will be offered first to exceed the maximum approved Purchase Price for existing Lenders, in such Purchased Asset, and (v) the amount amounts as are necessary to preserve their pro rata holdings of the requested Advances.
(d) Each Additional Lender shall satisfy the Rating Criteria and, upon the making of an Additional Advance is equal or the extension of an Increased Commitment, shall be deemed to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionbe a Lender for all purposes hereunder.
Appears in 1 contract
Sources: Credit and Security Agreement (WhiteHorse Finance, Inc.)
Additional Advances. At any time prior 14
(a) If (i) Borrower requests an Additional Advance under Section [2.1(b)] of the Loan Agreement and the Administrator (or the Servicer acting on its behalf) reasonably determines that all conditions to the Revolving Period Expiration Dateapplicable Additional Advance set forth in Section [2.1(b)] of the Loan Agreement have been satisfied in full, if Margin Excess exists then the Administrator (as determined by Buyer in or the Servicer acting on its sole discretionbehalf) with respect to a Purchased Asset, Seller may, upon the delivery of prior shall give written notice thereof to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date each of the requested Additional AdvanceHolders, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to which notice shall set forth the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, the portion thereof that is payable by each Holder (iwhich shall be based on such Holder’s Percentage Interest) and the date on which each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the Holder is requested Additional Advance would not violate a Sub-Limit, (iv) the amount to remit its pro rata share of such Additional Advance would not cause thereof to the Repurchase Price Administrator (or the Servicer acting on its behalf), and shall describe in reasonable detail the purpose for such Additional Advance.
(b) Each Holder shall be obligated to fund its pro rata share of each Additional Advance based on each Holder’s Percentage Interest.
(c) If any Holder defaults in its obligation to advance its pro rata share of any Additional Advance approved by Administrator (or the Servicer acting on its behalf) on the date (the “Funding Date”) that such Purchased Asset Advance is required to be made hereunder (without giving effect to any Price Differential such unfunded amount, a “Delinquent Advance Amount”), such Holder shall be a “Delinquent Advance Holder” for all purposes hereunder until and unless such delinquency is cured in accordance with the terms of clause (iii) below, and the following provisions shall apply:
(i) Each Holder that has accrued but is not yet due and payable hereundera Delinquent Advance Holder (a “Non-Delinquent Advance Holder”) shall have the right, but not the obligation, to exceed the maximum approved Purchase Price for fund such Purchased Asset, and (v) the amount Delinquent Advance Holder’s portion of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller the amount so funded by the Non-Delinquent Advance Holder shall execute bear interest at the Mortgage Default Rate, which shall be payable pursuant to Section 3 hereof (any Non-Delinquent Advance Holder making any such advance, an Amended and Restated Confirmation setting forth “Electing Non-Delinquent Advance Holder”). 14 Delete Section 35 if the new outstanding Purchase Price and Applicable Percentage with respect Loan does not include future advances.
(ii) Subject to such Transaction. Notwithstanding Delinquent Advance Holder’s right to cure as provided in clause (iii) below, but notwithstanding anything else to the contrary hereincontained in this Agreement, a Delinquent Advance Holder shall have no right to participate in no event any discussions among and/or decisions by Holders hereunder and/or under the other Loan Documents. Further, any Delinquent Advance Holder shall Buyer make be bound by any amendment to, or waiver of, any provision of, or any action taken or omitted to be taken by the Administrator, the Servicer and/or the Non-Delinquent Advance Holder(s) under, any Loan Document which is made subsequent to the Delinquent Advance Holder’s becoming a Delinquent Advance Holder and prior to such Delinquent Advance Holder’s cure of such delinquency.
(iii) A Delinquent Advance Holder may cure a delinquency arising out of its failure to fund its required portion of any Additional Advance if, within thirty (30) days following the Funding Date (the “Cure Period”), it remits to the Servicer its required portion of such Additional Advance (together with respect interest thereon at the Mortgage Default Rate for the period from the date such Advance was made until the date of repayment). In the event any Delinquent Advance Holder cures a delinquency, such Delinquent Advance Holder nonetheless shall be bound by any amendment to or waiver or any LIBOR Based Transaction on provision of, or after January 1any action taken or omitted to be taken by the Servicer and/or the Non-Delinquent Advance Holders under, 2022any Loan Document which is made subsequent to that Holder’s becoming a Delinquent Advance Holder and prior to its curing the delinquency as provided in this Section 35(c), unless otherwise agreed provided, that such amendment or waiver of action was taken in accordance with the provisions of this Agreement.
(iv) Any Delinquent Advance Holder agrees to indemnify and save harmless Administrator, Servicer and each of the other Holders and their respective successors and assigns, and each of their agents, employees, officers, directors, stockholders, partners and members (collectively, “Indemnified Parties”) for, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, known or unknown, contingent or otherwise, whether incurred or imposed within or outside the judicial process, including, without limitation, reasonable attorneys’ fees and disbursements imposed upon or incurred by Buyer in its sole discretionor asserted against any of the Indemnified Parties by reason of Delinquent Advance Holder’s failure to comply with the provisions hereof, including, without limitation, failing to make an Additional Advance which is required pursuant to the terms of the Loan Documents, the terms of which shall survive the termination of this Agreement.] -44- Co-Lender Agreement
Appears in 1 contract
Sources: Master Repurchase and Securities Contract Agreement (Starwood Credit Real Estate Income Trust)
Additional Advances. At any time prior (a) Notwithstanding that all Commitments (other than to make Loans deemed made pursuant to Section 2.12(c) of the Credit Agreement in respect of Letter of Credit Disbursements) have previously terminated as of the First Amendment Effective Time pursuant to the Revolving Period Expiration DateFirst Amendment, if Margin Excess exists the Lenders have agreed to provide, severally and not jointly or jointly and severally, an additional advance of Loans pursuant to the Credit Agreement on the date hereof in the amount of Twelve Million Dollars ($12,000,00.00) (the “Second Amendment Advance”). The Second Amendment Advance, together with the Additional Advance (as determined by Buyer defined in its sole discretionthe First Amendment), the Remaining Advance (as defined in the First Amendment), and the Pre-Assignment Principal Balance (as defined in the First Amendment), are deemed to have been made in the aggregate as a Loan to the Borrowers under the Credit Agreement and to constitute the principal balance of the Loans as of the date hereof, in the amount of Twenty-Eight Million Three Hundred Twenty-Five Thousand Eight Hundred Dollars ($28,325,800.00) with respect (the “Existing Principal Obligations”). The Borrowers confirm that all Commitments remain terminated, and agree that they have requested the Second Amendment Advance to a Purchased Asset, Seller may, be made pursuant to the same terms as the other advances constituting the Loans;
(b) Each Lender agrees severally and not jointly or jointly and severally that upon the delivery effectiveness of prior written notice to Buyer (which may be via email or this Amendment on the Second Amendment Effective Time each such Lender shall make the Second Amendment Advance on the Second Amendment Effective Time in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up aggregate principal amount equal to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance its Percentage Share indicated on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding Schedule I hereto of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Second Amendment Advance, and, in each case, when made, the Second Amendment Advance would not cause shall be added to and constitute a part of the Repurchase Price outstanding Revolving Loans under the Credit Agreement.
(c) Upon the making of such Purchased Asset (without giving the Second Amendment Advance hereunder, the Administrative Agent shall promptly update the Register to give effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Second Amendment Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion.
Appears in 1 contract
Sources: Loan and Security Agreement (INVACARE HOLDINGS Corp)
Additional Advances. At any time prior (a) If Borrower shall receive a request for a future advance on the Asset (an “Underlying Additional Advance”) from the Underlying Borrower, Servicer, Co-Lender Agent or other Person pursuant to the Revolving Period Expiration Date, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Underlying Loan Documents for the Asset, Seller mayBorrower may submit a written request for an Additional Advance (an “Additional Advance Request”) to Lender (but not more often than once per month unless approved by the Agent on the Underlying Loan (other than in connection with the funding of interest on the Underlying Loan)) and, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than within five (5) Business Days immediately preceding after receipt of such Additional Advance Request, Lender shall make an Additional Advance to Borrower in an amount equal to the product of (i) the amount of the future advance requested to be funded by Borrower with respect to the Asset under the Underlying Loan Documents (the “Underlying Advance Request Amount”) multiplied by (ii) the Advance Rate, provided that each of the following conditions have been satisfied (or waived in writing by Lender in its sole discretion or pursuant to Section 2.07(b):
(i) no monetary or material non-monetary Default or Event of Default shall be continuing both as of the date of the requested Additional Advance Request and as of the date of funding of such Additional Advance, submit to Buyer a request ;
(an “ii) no monetary or material non-monetary Underlying Loan Event of Default shall be continuing both as of the date of the Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase Request and as of the Purchase Price for date of funding of such Purchased Asset (an “Additional Advance”;
(iii) up to all of the amount representations and warranties of such Margin Excess for such Purchased Asset. Buyer Borrower and Guarantor contained in this Loan Agreement and the other Loan Documents shall fund such be true and correct in all material respects both as of the date of the Additional Advance on Request and as of the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the of funding of such Additional Advance, expect for any exceptions disclosed to Lender in writing and approved by Lender prior to the Closing Date;
(iiv) Lender shall have received a copy of the Draw Request (as defined in the Underlying Loan Agreement) together with copies of all supporting documents and information received by Borrower in connection with such Draw Request and shall have determined in its reasonable discretion that all conditions precedent to the funding of such future advance under the Underlying Loan Documents including, without limitation, each of the conditions precedent set forth in Section 6.02 Sections 2.9 and 2.10 of the Underlying Loan Agreement have been satisfiedsatisfied in all material respects;
(v) Borrower shall have funded, or shall be contemporaneously funding, to the Underlying Borrower, the Co-Lender Agent or other applicable party an amount equal to the difference between (i) the Underlying Advance Request Amount and (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance to be funded by Lender pursuant to the Additional Advance Request;
(vi) after giving effect to such Additional Advance the aggregate amount of Additional Advances made by Lender shall not exceed the Additional Advance Cap; and
(vii) Borrower shall have paid all of Lender’s reasonable out of pocket costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements and including the cost of any construction consultant retained by Lender; provided, however, that for so long as Lender is equal to or greater than $1,000,000. In a Co-Lender Affiliate, Lender shall use the same construction consultant as the Underlying Lender) incurred in connection with the review of and funding of such Additional Advance Request. Notwithstanding the foregoing, in the event that, as of the date of any Additional Advance Request, Lender is a Co-Lender Affiliate and the applicable Affiliate of Lender that is the noteholder, co-lender or participant under the Underlying Loan has elected to fund and does fund its applicable portion of the applicable Underlying Additional Advance notwithstanding that the conditions to such Additional Advance in clauses (ii) and/or (iii) of this Section 2.07(a) are not satisfied, and provided that the conditions set forth in clauses (i) and (iv)-(vii) of this Section 2.07(a) are satisfied, then Lender shall be obligated to fund such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth .
(b) In the new outstanding Purchase Price and Applicable Percentage event that (i) the Borrower determines (subject to the terms of the Co-Lender Agreement) not to fund any Underlying Additional Advance request with respect to the Asset due to either a default by Underlying Borrower or a failure to satisfy the applicable conditions precedent to the funding of such Transactionadditional advance under the Underlying Loan Documents and such refusal to fund continues for ninety (90) days after the requested funding date for such Underlying Additional Advance request or (ii) a monetary or material non-monetary Underlying Loan Event of Default shall be continuing for ninety (90) days (the occurrence of any event described, and continuance of such event for the applicable period set forth, in the foregoing sub-clauses (i) and (ii) shall be referred to as a “Trigger Event”), then, within five (5) Business Days following any such Trigger Event, Borrower shall be required to make a mandatory principal repayment of the Loan to Lender in an amount equal to fifty percent (50%) of Borrower’s Funding Percentage of the remaining unfunded future funding commitments on the Asset minus the amount of any CAE Cure Payment previously made or simultaneously being made by Borrower (such repayment, the “Future Funding Paydown”); provided, however, that no Future Funding Paydown shall result in the termination of the Loan, and, in the event that the Underlying Borrower is able at a later time to correct or cure such default, Underlying Loan Event of Default or failed condition precedent to funding of the Underlying Additional Advance as determined by Lender in its sole good faith discretion, or Lender agrees in writing to waive any such default, Underlying Loan Event of Default or failed condition precedent, then Lender shall be obligated to fund its pro rata share (based on the initial Advance Rate) of the applicable Underlying Additional Advance request with respect to which the applicable Trigger Event existed. Notwithstanding anything to the contrary hereinforegoing, in no the event shall Buyer make that, as of the date of any Additional Advance Request, Lender is a Co-Lender Affiliate, and the applicable Affiliate of Lender that is the noteholder, co-lender or participant under the Underlying Loan agrees in writing to waive any such default, Underlying Loan Event of Default or failed condition precedent in accordance with respect the Co-Lender Agreement and the Underlying Loan Documents, then Lender shall be deemed to any LIBOR Based Transaction on have agreed to waive such default, Underlying Loan Event of Default or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionfailed condition precedent hereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (TPG RE Finance Trust, Inc.)
Additional Advances. At (i) On any time Business Day prior to the Revolving Period Expiration Repurchase Date, if Margin Excess exists (as determined by Buyer in its sole discretion) at any time the effective Advance Rate based on the outstanding Purchase Price with respect to a Purchased Asset is less than the Advance Rate as set forth in the Confirmation for such Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer Administrative Agent a request (an “Additional Advance Notice”) for Buyer to that Buyers transfer additional funds cash to Seller so as to increase the outstanding Purchase Price for such Purchased Asset in the amount requested by Seller (an “Additional Advance”) up ). Buyers’ agreement to make any Additional Advance shall be in the sole discretion of Administrative Agent, on behalf of Buyers, and in any case is subject to the amount satisfaction of such Margin Excess for such Purchased Asset. Buyer shall fund the following conditions precedent, both immediately prior to making such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately also after giving effect to the consummation thereof:
(A) as of the funding of such Additional Advance, no Margin Deficit that is due and payable or Event of Default has occurred and is continuing or would result from the funding of such Additional Advance;
(iB) each the funding of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such related Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved applicable Maximum Advance Rate;
(C) the funding of the Additional Advance would not cause the aggregate outstanding Purchase Price for such all Purchased Asset, and Assets to exceed the Maximum Facility Amount;
(vD) the amount of the requested Additional Advance is equal to or greater no less than $1,000,000. In connection with any such 500,000; and
(E) Administrative Agent, on behalf of Buyers, shall have satisfactorily completed all applicable credit approval requirements.
(ii) On the date of the Additional Advance, Buyer which shall occur following the final approval of the Additional Advance that all conditions set forth in this Article 3(k) have been satisfied, Buyers shall transfer cash to Seller as provided in this Article 3(k) (and in accordance with the wire instructions provided by Seller in such request). Upon approval by Administrative Agent, on behalf of Buyers, of a particular Additional Advance pursuant to this Article 3(k), Administrative Agent, on behalf of Buyers, and Seller shall execute an Amended and Restated modify the existing Confirmation setting for the applicable Transaction to set forth the new Advance Rate, outstanding Purchase Price and Applicable Percentage with respect to Buyer’s LTV for such Transaction. Notwithstanding anything Purchased Asset and any other modifications to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction terms set forth on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionthe existing Confirmation.
Appears in 1 contract
Sources: Master Repurchase and Securities Contract Agreement (Claros Mortgage Trust, Inc.)
Additional Advances. At any time prior 14
(a) If (i) Borrower requests an Additional Advance under Section [2.1(b)] of the Loan Agreement and the Administrator (or the Servicer acting on its behalf) reasonably determines that all conditions to the Revolving Period Expiration Dateapplicable Additional Advance set forth in Section [2.1(b)] of the Loan Agreement have been satisfied in full, if Margin Excess exists then the Administrator (as determined by Buyer in or the Servicer acting on its sole discretionbehalf) with respect to a Purchased Asset, Seller may, upon the delivery of prior shall give written notice thereof to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date each of the requested Additional AdvanceHolders, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to which notice shall set forth the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, the portion thereof that is payable by each Holder (iwhich shall be based on such Holder’s Percentage Interest) and the date on which each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the Holder is requested Additional Advance would not violate a Sub-Limit, (iv) the amount to remit its pro rata share of such Additional Advance would not cause thereof to the Repurchase Price Administrator (or the Servicer acting on its behalf), and shall describe in reasonable detail the purpose for such Additional Advance.
(b) Each Holder shall be obligated to fund its pro rata share of each Additional Advance based on each Holder’s Percentage Interest.
(c) If any Holder defaults in its obligation to advance its pro rata share of any Additional Advance approved by Administrator (or the Servicer acting on its behalf) on the date (the “Funding Date”) that such Purchased Asset Advance is required to be made hereunder (without giving effect to any Price Differential such unfunded amount, a “Delinquent Advance Amount”), such Holder shall be a “Delinquent Advance Holder” for all purposes hereunder until and unless such delinquency is cured in accordance with the terms of clause (iii) below, and the following provisions shall apply:
(i) Each Holder that has accrued but is not yet due and payable hereundera Delinquent Advance Holder (a “Non-Delinquent Advance Holder”) shall have the right, but not the obligation, to exceed the maximum approved Purchase Price for fund such Purchased Asset, and (v) the amount Delinquent Advance Holder’s portion of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller the amount so funded by the Non-Delinquent Advance Holder shall execute bear interest at the Mortgage Default Rate, which shall be payable pursuant to Section 3 hereof (any Non-Delinquent Advance Holder making any such advance, an Amended and Restated Confirmation setting forth “Electing Non-Delinquent Advance Holder”). 14 Delete Section 35 if the new outstanding Purchase Price and Applicable Percentage with respect Loan does not include future advances.
(ii) Subject to such Transaction. Notwithstanding Delinquent Advance Holder’s right to cure as provided in clause (iii) below, but notwithstanding anything else to the contrary hereincontained in this Agreement, a Delinquent Advance Holder shall have no right to participate in no event any discussions among and/or decisions by Holders hereunder and/or under the other Loan Documents. Further, any Delinquent Advance Holder shall Buyer make be bound by any amendment to, or waiver of, any provision of, or any action taken or omitted to be taken by the Administrator, the Servicer and/or the Non-Delinquent Advance Holder(s) under, any Loan Document which is made subsequent to the Delinquent Advance Holder’s becoming a Delinquent Advance Holder and prior to such Delinquent Advance Holder’s cure of such delinquency.
(iii) A Delinquent Advance Holder may cure a delinquency arising out of its failure to fund its required portion of any Additional Advance if, within thirty (30) days following the Funding Date (the “Cure Period”), it remits to the Servicer its required portion of such Additional Advance (together with respect interest thereon at the Mortgage Default Rate for the period from the date such Advance was made until the date of repayment). In the event any Delinquent Advance Holder cures a delinquency, such Delinquent Advance Holder nonetheless shall be bound by any amendment to or waiver or any LIBOR Based Transaction on provision of, or after January 1any action taken or omitted to be taken by the Servicer and/or the Non-Delinquent Advance Holders under, 2022any Loan Document which is made subsequent to that Holder’s becoming a Delinquent Advance Holder and prior to its curing the delinquency as provided in this Section 35(c), unless otherwise agreed provided, that such amendment or waiver of action was taken in accordance with the provisions of this Agreement.
(iv) Any Delinquent Advance Holder agrees to indemnify and save harmless Administrator, Servicer and each of the other Holders and their respective successors and assigns, and each of their agents, employees, officers, directors, stockholders, partners and members (collectively, “Indemnified Parties”) for, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, known or unknown, contingent or otherwise, whether incurred or imposed within or outside the judicial process, including, without limitation, reasonable attorneys’ fees and disbursements imposed upon or incurred by Buyer in its sole discretionor asserted against any of the Indemnified Parties by reason of Delinquent Advance Holder’s failure to comply with the provisions hereof, including, without limitation, failing to make an Additional Advance which is required pursuant to the terms of the Loan Documents, the terms of which shall survive the termination of this Agreement.]
Appears in 1 contract
Sources: Master Repurchase and Securities Contract (Starwood Credit Real Estate Income Trust)
Additional Advances. At any time prior to during the Revolving Period Expiration DateFunding Period, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format)Buyer, to be received by no later than five (5a) for each Purchased Asset where the proposed Purchase Date for the requested Additional Advance (as defined below) is within ninety (90) days of the date of the related written notice, 11:00 a.m. on the second Business Day immediately preceding the date of the requested Additional Advance, or (b) in all other instances, seven (7) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and and, immediately after giving effect to the funding of such the Additional Advance, Advance (i) each of the conditions precedent set forth in Section 6.02 6.02(b) have been satisfied, (ii) the Aggregate Amount Outstanding aggregate outstanding Purchase Price of all Transactions does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance Amount would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Maximum Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional AdvanceAdvance funded by Buyer pursuant to this Section 3.11, Buyer and Seller shall execute and deliver an Amended and Restated updated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything the foregoing, Seller shall not be permitted to the contrary herein, make more than three (3) requests for Additional Advances under this Section 3.11 in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretioncalendar month.
Appears in 1 contract
Sources: Master Repurchase and Securities Contract (TPG RE Finance Trust, Inc.)
Additional Advances. At any time prior to the Revolving Period Expiration Date, if Margin Excess exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretion.
Appears in 1 contract
Sources: Master Repurchase and Securities Contract (Claros Mortgage Trust, Inc.)
Additional Advances. At any time prior 2.1 FINOVA is willing to make the Revolving Period Expiration DateTranche A Loan and the Tranche B Loan (collectively, if Margin Excess exists (as determined by Buyer in its sole discretionthe "Additional Advances") with respect to a Purchased Asset, Seller may, upon Borrower on the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date terms and conditions provided herein. The proceeds of the requested Additional AdvanceAdvances shall be used solely for the payment of existing accounts payable and employees salaries and commissions in the ordinary course of business and for the purposes set forth in the Business Plan. The Documents are hereby modified as follows to provide for the Additional Advances. The Additional Advances shall reduce, submit to Buyer a request (an “Additional Advance Notice”) dollar for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to dollar, the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on borrowing availability under the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000Mortgage Loan Facility. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer the outstanding principal balance of the Additional Advances and the outstanding principal balance of the Mortgage Loan Facility exceed, at any time, the sum of Fifteen Million Dollars ($15,000,000) and in the event such limitation is exceeded, Borrower shall immediately make a payment to FINOVA in an amount equal to such excess together with interest thereon. No prepayment premium shall be payable in connection with the payment of such excess. The Additional Advances are nonrevolving in nature.
2.2 The Tranche A Loan shall be advanced to Borrower in no more than two (2) Advances, on or before December 31, 1998. FINOVA's obligation to make any Additional Advances of the Tranche A Loan are conditioned upon the satisfaction of both the General Conditions (as hereinafter defined) and the Conditions Precedent (as hereinafter defined). FINOVA shall have no obligation to make any Advance with respect to any LIBOR Based Transaction on or of the Tranche B Loan after January 31, 1999 and there shall be no more than two (2) Advances of the Tranche B Loan proceeds in any one (1) calendar month. FINOVA's obligation to make any Advances of the Tranche B Loan shall be subject to the continued satisfaction of the General Conditions and to the satisfaction of the Conditions Subsequent (as hereinafter defined). Subject to the foregoing conditions, 2022, unless otherwise agreed by Buyer Additional Advances shall be advanced to Borrower pursuant to the Request for Advance and Certification in its sole discretion.the form attached hereto as Exhibit 2.2
Appears in 1 contract
Sources: Forbearance Agreement and Amendment to Loan Agreement (Mego Financial Corp)
Additional Advances. At Tenant shall be entitled to Additional Advances as set forth in this Section 6.5(c). Provided that no Event of Default on the part of Tenant has occurred:
(i) If Tenant expends funds (from whatever source) for the development of the Planned Improvements in accordance with the Planned Improvements Requirements (provided that any time prior amounts expended in excess of one hundred and ten percent (110%) of any applicable line item in the Construction Budget shall require Landlord’s consent (not to the Revolving Period Expiration Datebe unreasonably withheld) to be included) (any such expending of funds (from whatever source), if Margin Excess exists a “Qualifying Spend”) in excess of two hundred fifty million dollars (as determined by Buyer in its sole discretion$250,000,000.00) and provides Landlord with backup documentation reasonably acceptable to Landlord with respect to the same (the “First Advance Milestone”), Tenant may deliver a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer a request (an “Additional First Advance Notice”) for Buyer to transfer additional funds Landlord within sixty (60) days of satisfaction of achieving the First Advance Milestone. Within thirty (30) days of Landlord’s receipt of the First Advance Notice and an endorsement to Seller Landlord’s owner’s title insurance policy increasing the insured amount thereunder by $100,000,000.00 in the form attached hereto as Exhibit G or in another form reasonably acceptable to increase Landlord (at Tenant’s sole cost and expense), Landlord shall advance to Tenant an amount equal to $100,000,000 (the Purchase Price for such Purchased Asset (an “First Additional Advance”). Landlord shall cooperate reasonably and in good faith (at no unreimbursed cost to Landlord) up in Tenant’s efforts to the amount of cause such Margin Excess for such Purchased Assettitle insurance endorsement to be issued. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the Upon Landlord’s funding of such the First Additional Advance, Base Rent shall increase by an amount equal to (ia) each of if and after the conditions precedent set forth in Section 6.02 Base Rent Conditions have been satisfied, seven million dollars ($7,000,000.00) per annum or (b) unless and until the Base Rent Conditions have been satisfied eight million five hundred thousand dollars ($8,500,000.00) per annum, and Landlord and Tenant shall enter into an amendment to this Lease setting forth the increased Base Rent.
(ii) If, from and after achieving the Aggregate Amount Outstanding does not exceed First Advance Milestone, T▇▇▇▇▇ makes additional Qualifying Spend in excess of two hundred million dollars ($200,000,000.00) and provides Landlord with backup documentation reasonably acceptable to Landlord with respect to the Maximum Amountsame (the “Second Advance Milestone”), Tenant may deliver a written notice (the “Second Advance Notice”) to Landlord within sixty (60) days of satisfaction of achieving the Second Advance Milestone. Within thirty (30) days of Landlord’s receipt of the Third Advance Notice and an endorsement to Landlord’s owner’s title insurance policy increasing the insured amount thereunder by $100,000,000.00 in the form attached hereto as Exhibit G or in another form reasonably acceptable to Landlord (at Tenant’s sole cost and expense), Landlord shall advance to Tenant an amount equal to $100,000,000 (the “Second Additional Advance”). Landlord shall cooperate reasonably and in good faith (at no unreimbursed cost to Landlord) in Tenant’s efforts to cause such title insurance endorsement to be issued. Upon Landlord’s funding of the Second Additional Advance, Base Rent shall increase by an amount equal to (a) if and after the Base Rent Conditions have been satisfied, seven million dollars ($7,000,000.00) per annum or (b) unless and until the Base Rent Conditions have been satisfied eight million five hundred thousand dollars ($8,500,000.00) per annum, and Landlord and Tenant shall enter into an amendment to this Lease setting forth the increased Base Rent.
(iii) If, from and after achieving the requested Additional Second Advance would not violate Milestone, T▇▇▇▇▇ makes additional Qualifying Spend in excess of two hundred million dollars ($200,000,000.00) and provides Landlord with backup documentation reasonably acceptable to Landlord with respect to the same (the “Third Advance Milestone”), Tenant may deliver a Sub-Limit, written notice (iv) the amount of such Additional “Third Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunderNotice”) to exceed Landlord within sixty (60) days of satisfaction of achieving the maximum approved Purchase Price for such Purchased Asset, and Third Advance Milestone. Within thirty (v30) the amount days of Landlord’s receipt of the requested Additional Third Advance is Notice and an endorsement to Landlord’s owner’s title insurance policy increasing the insured amount thereunder by $100,000,000.00 in the form attached hereto as Exhibit G or in another form reasonably acceptable to Landlord (at Tenant’s sole cost and expense), Landlord shall advance to Tenant an amount equal to or greater than $1,000,000100,000,000 (the “Third Additional Advance”). In connection with any Landlord shall cooperate reasonably and in good faith (at no unreimbursed cost to Landlord) in Tenant’s efforts to cause such title insurance endorsement to be issued. Upon Landlord’s funding of the Third Additional Advance, Buyer Base Rent shall increase by an amount equal to (a) if and Seller after the Base Rent Conditions have been satisfied, seven million dollars ($7,000,000.00) per annum or (b) unless and until the Base Rent Conditions have been satisfied eight million five hundred thousand dollars ($8,500,000.00) per annum, and Landlord and Tenant shall execute enter into an Amended and Restated Confirmation amendment to this Lease setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionincreased Base Rent.
Appears in 1 contract
Sources: Ground Lease (Bally's Chicago, Inc.)
Additional Advances. At any time prior to during the Revolving Period Expiration DateFunding Period, if Margin Excess Additional Advance Availability exists (as determined by Buyer in its sole discretion) with respect to a Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format)Buyer, to be received by no earlier than ninety (90) days prior to, and no later than five 11:00 a.m. on the seventh (57th) Business Days Day immediately preceding preceding. the date of the requested Additional Advance, submit to Buyer a request (an “Additional Advance Notice”) for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to the amount of such Margin Excess Additional Advance Availability for such Purchased Asset. Buyer shall fund such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and to, and, immediately after giving effect to to, the funding of such the Additional Advance, Advance (i) each of the conditions precedent set forth in Section 6.02 6.02(b) and each of the Additional Advance Requirements have been satisfied, (ii) the Aggregate Amount Outstanding aggregate outstanding Purchase Price of all Transactions does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-LimitSub‑Limit, (iv) the amount of such Additional Advance Amount would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Maximum Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000. In connection with any such Additional AdvanceAdvance funded by Buyer pursuant to this Section 3.11, Buyer and Seller shall execute and deliver an Amended and Restated updated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything the foregoing, Seller shall not be permitted to the contrary herein, make more than three (3) requests for Additional Advances under this Section 3.11 in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretioncalendar month.
Appears in 1 contract
Sources: Master Repurchase and Securities Contract (KKR Real Estate Finance Trust Inc.)
Additional Advances. At (i) On any time Business Day prior to the Revolving Period Expiration Repurchase Date, if Margin Excess exists (as determined by Buyer in its sole discretion) at any time the effective Advance Rate based on the outstanding Purchase Price with respect to a Purchased Asset is less than the Advance Rate as set forth in the Confirmation for such Purchased Asset, Seller may, upon the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date of the requested Additional Advance, submit to Buyer Administrative Agent a request (an “Additional Advance Notice”) for Buyer to that Buyers transfer additional funds cash to Seller so as to increase the outstanding Purchase Price for such Purchased Asset in the amount requested by Seller (an “Additional Advance”) up ). Buyers’ agreement to make any Additional Advance shall be in the sole discretion of Administrative Agent, on behalf of ▇▇▇▇▇▇, and in any case is subject to the amount satisfaction of such Margin Excess for such Purchased Asset. Buyer shall fund the following conditions precedent, both immediately prior to making such Additional Advance on the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately also after giving effect to the consummation thereof:
(A) as of the funding of such Additional Advance, no Margin Deficit that is due and payable or Event of Default has occurred and is continuing or would result from the funding of such Additional Advance;
(iB) each the funding of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such related Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved applicable Maximum Advance Rate;
(C) the funding of the Additional Advance would not cause the aggregate outstanding Purchase Price for such all Purchased Asset, and Assets to exceed the Maximum Facility Amount;
(vD) the amount of the requested Additional Advance is equal to or greater no less than $1,000,000. In connection with any such 500,000; and
(E) Administrative Agent, on behalf of Buyers, shall have satisfactorily completed all applicable credit approval requirements.
(ii) On the date of the Additional Advance, Buyer which shall occur following the final approval of the Additional Advance that all conditions set forth in this Article 3(k) have been satisfied, Buyers shall transfer cash to Seller as provided in this Article 3(k) (and in accordance with the wire instructions provided by Seller in such request). Upon approval by Administrative Agent, on behalf of Buyers, of a particular Additional Advance pursuant to this Article 3(k), Administrative Agent, on behalf of Buyers, and Seller shall execute an Amended and Restated modify the existing Confirmation setting for the applicable Transaction to set forth the new Advance Rate, outstanding Purchase Price and Applicable Percentage with respect to Buyer’s LTV for such Transaction. Notwithstanding anything Purchased Asset and any other modifications to the contrary herein, in no event shall Buyer make any Additional Advance with respect to any LIBOR Based Transaction terms set forth on or after January 1, 2022, unless otherwise agreed by Buyer in its sole discretionthe existing Confirmation.
Appears in 1 contract
Sources: Master Repurchase and Securities Contract Agreement (Claros Mortgage Trust, Inc.)
Additional Advances. At any time prior 2.1 FINOVA is willing to make the Revolving Period Expiration DateTranche A Loan and the Tranche B Loan (collectively, if Margin Excess exists (as determined by Buyer in its sole discretionthe "Additional Advances") with respect to a Purchased Asset, Seller may, upon Borrower on the delivery of prior written notice to Buyer (which may be via email or in physical format), to be received by no later than five (5) Business Days immediately preceding the date terms and conditions provided herein. The proceeds of the requested Additional AdvanceAdvances shall be used solely for the payment of existing accounts payable and employees salaries and commissions in the ordinary course of business and for the purposes set forth in the Business Plan. The Documents are hereby modified as follows to provide for the Additional Advances. The Additional Advances shall reduce, submit to Buyer a request (an “Additional Advance Notice”) dollar for Buyer to transfer additional funds to Seller to increase the Purchase Price for such Purchased Asset (an “Additional Advance”) up to dollar, the amount of such Margin Excess for such Purchased Asset. Buyer shall fund such Additional Advance on borrowing availability under the date set forth on such Additional Advance Notice so long as, immediately prior to and immediately after giving effect to the funding of such Additional Advance, (i) each of the conditions precedent set forth in Section 6.02 have been satisfied, (ii) the Aggregate Amount Outstanding does not exceed the Maximum Amount, (iii) the requested Additional Advance would not violate a Sub-Limit, (iv) the amount of such Additional Advance would not cause the Repurchase Price of such Purchased Asset (without giving effect to any Price Differential that has accrued but is not yet due and payable hereunder) to exceed the maximum approved Purchase Price for such Purchased Asset, and (v) the amount of the requested Additional Advance is equal to or greater than $1,000,000Mortgage Loan Facility. In connection with any such Additional Advance, Buyer and Seller shall execute an Amended and Restated Confirmation setting forth the new outstanding Purchase Price and Applicable Percentage with respect to such Transaction. Notwithstanding anything to the contrary herein, in no event shall Buyer the outstanding principal balance of the Additional Advances and the outstanding principal balance of the Mortgage Loan Facility exceed, at any time, the sum of Fifteen Million Dollars ($15,000,000) and in the event such limitation is exceeded, Borrower shall immediately make a payment to FINOVA in an amount equal to such excess together with interest thereon. No prepayment premium shall be payable in connection with the payment of such excess. The Additional Advances are nonrevolving in nature.
2.2 The Tranche A Loan shall be advanced to Borrower in no more than two (2) Advances, on or before December 31, 1998. FINOVA's obligation to make any Additional Advances of the Tranche A Loan are conditioned upon the satisfaction of both the General Conditions (as hereinafter defined) and the Conditions Precedent (as hereinafter defined). FINOVA shall have no obligation to make any Advance with respect to any LIBOR Based Transaction on or of the Tranche B Loan after January 31, 1999 and there shall be no more than two (2) Advances of the Tranche B Loan proceeds in any one (1) calendar month. FINOVA's obligation to make any Advances of the Tranche B Loan shall be subject to the continued satisfaction of the General Conditions and to the satisfaction of the Conditions Subsequent (as hereinafter defined). Subject to the foregoing conditions, 2022, unless otherwise agreed by Buyer Additional Advances shall be advanced to Borrower pursuant to the Request for Advance and Certification in its sole discretionthe form attached hereto as Exhibit 2.2.
Appears in 1 contract
Sources: Forbearance Agreement and Amendment to Loan Agreement (Mego Financial Corp)