Allocation of Advances Clause Samples
The Allocation of Advances clause defines how funds advanced under a loan agreement are distributed among the participating lenders. Typically, this clause outlines the proportion in which each lender will provide funds, often based on their respective commitments or shares in the loan facility. For example, if three banks are involved, the clause will specify how much each bank is responsible for advancing when a borrower draws down on the loan. Its core practical function is to ensure transparency and fairness in the distribution of lending obligations, preventing disputes and clarifying each lender’s financial responsibility.
Allocation of Advances. Advances shall be allocated among the Sellers pro rata according to the Purchase Price due to each Seller on the date such Advances are made.
Allocation of Advances i. Allocations Among Hotel/Casino Component and Equipment Component. All Main Project Costs allocated pursuant to the Main Project Budget to the Hotel/Casino Component shall be paid only from Hotel/Casino Component Funding Sources (other than the Approved Equipment Funding Commitments) and all Main Project Costs allocated pursuant to the Main Project Budget to the Equipment Component shall be paid only from the GECC Commitment. The Advance Request shall specify which costs are to be reimbursed by Aladdin Bazaar pursuant to the Site Work Agreement. In furtherance of the foregoing principle, all Advances to be satisfied from the Hotel/Casino Component Funding Sources shall be made in the following order of priority:
(1) First, from funds on deposit from time to time in the Borrower's Funds Account until exhausted;
(2) Second, from funds on deposit from time to time in the Construction Note Disbursement Account (which funds shall be transferred by the Disbursement Agent to the Borrower's Funds Account after the purchase by Holdings of Borrower Series A Preferred Membership Interests) and, if applicable, thereafter, first from the Guaranty Deposit Account and then from the Loss Proceeds Account until exhausted;
(3) Third, from the Bank Proceeds Account pari passu from the funds from time to time in the Term B Sub-Account and the Term C Sub-Account; and
(4) Then, from the Term A Loan to the extent available to be drawn under the Bank Credit Facility. Notwithstanding anything to the contrary in this Disbursement Agreement (x) in no event shall any Advance of funds in the Term B Sub-Account, the Term C Sub-Account or from the Term A Loan be made (other than to reimburse the Issuer for draws under one or more Letters of Credit) until all amounts in the Construction Note Disbursement Account have been transferred to the Borrower's Funds Account and applied in accordance with this Disbursement Agreement and (y) all amounts deposited into the Borrower's Funds Account and the Loss Deposit Account pursuant to clause (a) of Section 3 of the Environmental Indemnity shall be used to pay for the Indemnified Obligations (as such term is defined in the Environmental Indemnity) in accordance with the Environmental Indemnity.
Allocation of Advances. 21 2.6. Disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allocation of Advances. All Advances shall be allocated between the Sites in accordance with the Funding Request. Advance amounts which do not specifically relate to any one Site may be allocated and reallocated by the Lessee from time to time among the Sites in accordance with their respective Construction Budgets. Amounts due from Lessee, including Supplemental Rent, shall be allocated to the specific Site to which such amounts relate; provided, however, that if any amount does not specifically relate to any particular Site, such amount shall be allocated among the Sites pro rata in accordance with the Commitment for each of such Sites. Allocations of payments will be made based upon the source of such payment as described in Section 5(d). Specifically, without limitation, the Lessee shall maintain a ledger of the allocation of the following amounts between the Sites from time to time until expiration or termination of the Master Lease, based upon the Advances allocable to each of the Sites and allocation of payments under Section 5(d): Available Loan Commitments Available Equity Commitments Basic Rent Equity Balance Equity Basic Rent Equity Amount Lease Balance Lender Basic Rent Loan Balance Participant Balance
Allocation of Advances. Ground Lessee's contribution to Lessor of funds provided by the Participants pursuant to Section 2.2 shall be fairly allocated between the Properties in accordance with GAAP as determined by the Lessee.
Allocation of Advances. The amount of each Advance to be made on any one or more occasions by each of the Line of Credit Lenders shall be funded as follows:
(i) PSG –up to maximum Advances of $1,500,000; and
(ii) Green Matter –up to maximum Advances of $1,300,000.
Allocation of Advances. The Lenders shall lend to Kyphon the ---------------------- aggregate amount of each Advance according to the following proportions: Lender Percentage of Each Advance Percentage of Other Than Third Advance Third Advance ------------------------------------------------------------------------------- Warburg, ▇▇▇▇▇▇ Ventures, L.P. 64.5% 29.5% Investor Growth Capital Limited 23.1% 23.1% Investor Group L.P. 9.9% 9.9% Vertical Life Sciences, L.P. 2.5% 2.5% J & A Group, LLC 0% 35.0% TOTAL 100.0% 100.0%
Allocation of Advances. Following a Default or an Event of Default, the Administration Agent shall allocate outstanding Advances among the Lenders so that the total Advances under all of the Credit Facilities in the same proportion as the total Commitment of each Lender bears to the total Commitments of all of the Lenders. Without limiting the foregoing, if, at any time after the Credit Facilities have been terminated, the total Advances under the Credit Facilities are not in the same proportion as the total commitment of each Lender bears to the total Commitments of all of the Lenders any Lender who has an excess outstanding (the "Surplus Lender") shall sell to any relevant Lender that has deficit outstanding (the "Deficit Lender"), and the Deficit Lender shall purchase from the Surplus Lender, for cash, at par, without representation or warranty from or recourse to the Surplus Lender, an interest in such of the Advances outstanding from the Surplus Lender as results in the percentage of the Advances outstanding from each Lender for each Credit Facility being equal to the percentage of their Lender's Commitment for the Credit Facility. The intention of this Section is that when any and all purchases and sales required hereby have been completed, the outstanding Advances will be held by each Lender in the percentage of the Lender's Commitment in each Credit Facility.
Allocation of Advances. 6 SECTION 3.10. Use of Proceeds...............................................................7 SECTION 3.11. Return of Advances............................................................7 SECTION 4. CERTIFICATE EARNINGS; INTEREST; COMMITMENT FEES..................................................7
Allocation of Advances. 15 2.7 Disbursements...................................................17 2.8 Payments of Interest and Fees...................................18 2.9 Advances Under the Bank Credit Facility.........................19 2.10 Mall Release Date Funding Procedures............................19 2.11