Loan Commitment Use of Proceeds Clause Samples

Loan Commitment Use of Proceeds. (a) Loan Commitment; Determination of Advance Amounts. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Loan Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in paragraph 2.1(a). The Acquisition Refinancing Component Advance shall be in an amount not to exceed the Maximum Acquisition Refinancing Component Amount. Subject to the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the portion of the Loan for which payment of interest is allocated within the applicable Construction Budget. The amount of each Construction Work-Related Advance shall be equal to the costs of the work covered by the applicable Construction Work-Related Advance Request and allocated within the applicable Construction Budget for payment out of the Loan less an amount equal to the sum of (a) an amount ("Basic Retainage") equal to the percentage identified in the Schedule as the Basic Retainage Percentage times the hard costs of such work and (b) any additional retainage in excess of the amount of the Basic Retainage required under the applicable Construction Work Contract(s); provided, however, that Construction Work-Related Advances shall not be made for stored or ordered materials not yet incorporated into the Construction Improvements unless such materials are: (1) owned by the Borrower; (2) kept in a secured, insured and covered facility; and (3) certified as to the foregoing by Lender's Inspector. The Basic Retainage for a Construction Work Phase shall be disbursed at the time of Substantial Completion of the Construction Work Phase to the extent Construction Work Contractor(s) are then entitled to it under the applicable Construction Work Contract(s) between Borrower and such Construction Work Contractor(s), subject to Lender's right to keep such portion of such Basic Retainage as it may reasonably determine to be necessary to ensure Completion of the Construction Work Phase. Lender shall have no obligation to make any Construction Work-Related Advance with respect to a Construction Work Phase if, after giving effect to such Advance, the cost of Completion of the Construction Work Phase exceeds the sum of (i) remaining undisbursed balance of the Construction Component allocated to the Construction Work Phase and (ii) all Required Completion Assurance Deposits (Construction) held with respect to s...
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Loan Commitment Use of Proceeds. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in amounts equal to (a) the then Borrowing Base of the Eligible Instruments less (b) the then unpaid principal balance of the Loan; provided, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount. Lender shall have no obligation to make any Advance after the Borrowing Term has expired. 2.2 The Loan is a revolving line of credit; however, all of the Advances shall be viewed as a single loan. Borrower shall not be entitled to obtain Advances after the expiration of the Borrowing Term unless Lender agrees in writing with Borrower to make Advances thereafter on terms and conditions satisfactory to Lender and such action if taken shall not be deemed a waiver with respect to subsequent advances. This Agreement and Borrower's liability for Performance of the Obligations shall continue, however, until the Obligations have been completely satisfied or waived in writing by Lender. 2.3 Borrower will use the proceeds of all Advances only to fund sales, marketing and working capital needs.
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Loan Commitment Use of Proceeds. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in amounts equal to (a) the then Borrowing Base of the Eligible Instruments less (b) the then unpaid principal balance of the Loan; provided, at no time shall the unpaid principal balance of the Loan exceed the Maximum Loan Amount. Lender shall have no obligation to make any Advance after the Borrowing Term has expired.
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Loan Commitment Use of Proceeds. 2.1 INVENTORY LOAN COMMITMENT; DETERMINATION OF ADVANCE AMOUNTS. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in PARAGRAPH 2.
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Loan Commitment Use of Proceeds 
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Related to Loan Commitment Use of Proceeds

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $209,900,000 in the aggregate (the "Loan") consisting of $104,950,000 of 7-year Tranche advances and $104,950,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Loan Commitments (i) Subject to the terms and conditions hereof, each Lender with an Initial Tranche A Term Loan Commitment severally agrees to make, on the Closing Date, one or more term loans (each, an “Initial Tranche A Term Loan”) to the Borrower in Dollars in an amount equal to such Lender’s Initial Tranche A Term Loan Commitment. The Borrower may make only one borrowing under the Initial Tranche A Term Loan Commitment which shall be on the Closing Date. Any amount borrowed under this Section 2.1(a)(i) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.11(a) and 2.12, all amounts owed hereunder with respect to the Initial Tranche A Term Loans shall be paid in full no later than the Maturity Date applicable to such Initial Tranche A Term Loans. Each Lender’s Initial Tranche A Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Initial Tranche A Term Loan Commitment on such date. (ii) Subject to the terms and conditions hereof, each Lender with an Initial Tranche B Term Loan Commitment severally agrees to make, on the Closing Date one or more term loans (each, an “Initial Tranche B Term Loan”) to the Borrower in Dollars in an amount equal to such Lender’s Initial Tranche B Term Loan Commitment. The Borrower may make only one borrowing under the Initial Tranche B Term Loan Commitment which shall be on the Closing Date. Any amount borrowed under this Section 2.1(a)(ii) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.11(a) and 2.12, all amounts owed hereunder with respect to the Initial Tranche B Term Loans shall be paid in full no later than the Maturity Date applicable to such Initial Tranche B Term Loans. Each Lender’s Initial Tranche B Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Initial Tranche B Term Loan Commitment on such date.

  • Revolving Credit Commitment Fee Borrower shall pay to Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Revolving Credit Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.

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

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