The Initial Advance Sample Clauses
The Initial Advance clause defines the terms and conditions under which the first disbursement of funds is made to a borrower under a loan agreement. Typically, it outlines the specific requirements that must be met before the lender releases the initial portion of the loan, such as completion of documentation, satisfaction of pre-funding conditions, or delivery of collateral. This clause ensures that both parties are clear on the prerequisites for the first payment, thereby reducing the risk of disputes and ensuring that the lender's interests are protected before any funds are advanced.
The Initial Advance. Subject to the terms and conditions set forth herein and in the Orders, each Lender severally agrees to make a loan to the Borrower on the Closing Date (such loan, the “Initial Advance”) in an amount equal to its Applicable Percentage of the lesser of (i) $30,000,000 and (ii) the amount authorized by the Bankruptcy Court in the Interim Order (such lesser amount, the “Initial Advance Amount”). Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed.
The Initial Advance. Subject to the terms and conditions of this ------------------- Agreement, Lender commits to make an initial advance of the Loan to Borrower in the principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00) (the "Initial Advance"). Lender shall make the Initial Advance on the first business day following the satisfaction of the conditions in this Agreement, including without limitation those conditions in Section 6 of this Agreement (the "Closing Date").
The Initial Advance. Subject to the terms of this Addendum, the Buyer shall make available to the Seller one advance in an aggregate amount not exceeding the Maximum Initial Advance Amount during the Initial Availability Period (the Initial Advance).
The Initial Advance. (a) Initial Advance Amount. Lender will make an advance of Loan funds (the “Initial Advance”) in the amount of $5,000,000 (the “Initial Advance Amount”).
The Initial Advance. Upon the satisfaction of all applicable conditions set forth in Section 4.3 hereinabove and the satisfaction of each of the conditions precedent hereinafter set forth, Lender concurrently with the recordation of the Mortgage and the closing of the Loan and as the initial disbursement of the proceeds of the Loan (the “Initial Advance”) shall disburse to Borrower an amount sufficient to pay all or portions of the cost, charges and expenses incurred in connection with the Loan or payable by the Borrower pursuant to this Loan Agreement, including but not limited to: all loan fees; title and hazard insurance premiums; recording, notary and escrow charges; appraisal fees; other similar, usual or customary loan closing charges and expenses; legal fees and expenses of Lender’s counsel and Inspecting Engineer; and such other Project costs and expenses to the date of the closing of the Loan as are reflected in the Budget approved by Lender.
The Initial Advance. The obligation of Lender to make the initial Advance is subject to fulfillment of the following conditions.