777 Tower Loan Sample Clauses

777 Tower Loan. (a) Prior to the Close of Escrow (as defined below), Seller shall, as a condition to Closing, cause the 777 Tower Lenders (as defined below) to deposit into Escrow an assumption and release agreement (the “Assumption Agreement”), upon commercially reasonable terms and conditions, which 777 Tower Assumption Agreement shall provide for the assumption by Purchaser those certain promissory notes (collectively, the “777 Tower Notes”) in the original aggregate principal amount of $155,000,000.00, in favor of New York Life Insurance Company and Massachusetts Mutual Life Insurance Company (collectively, the “777 Tower Lenders”), secured by that certain deed of trust in favor of New York Life Insurance Company dated August 23, 2004, and recorded on August 26, 2004, as Instrument No. 00-0000000 in the Official Records of Los Angeles County, California (the “777 Tower Deed of Trust” and together with the 777 Tower Notes and related loan documents, the “777 Tower Loan”) and for the release of Seller under the 777 Tower Loan. Seller shall, at no expense to Seller (other than typical and customary administrative costs and immaterial third party costs), facilitate and cooperate with the 777 Tower Lenders in order to permit Purchaser (or Purchaser’s designee) to assume the 777 Tower Loan. Purchaser acknowledges that it has been provided with that certain Letter (“777 Tower Letter”) dated August 23, 2004, from the 777 Tower Lenders, which letter sets forth certain requirements imposed by the 777 Tower Lenders that must be complied with in order for Purchaser to assume the 777 Tower Loan. Purchaser acknowledges that it shall use its best efforts, in a timely manner, to satisfy the conditions applicable to Purchaser in Section II(a)(ii), (iii), (v), (vi), (vii), and (viii) and Section II(b)(ii), (iii), (iv), and (v) of the 777 Tower Letter, at Purchaser’s sole cost and expense, including, but not limited to the payment of the assumption fees required by the 777 Tower Lenders. Seller shall cause the “Borrower” under the 777 Tower Note to be in material compliance with Sections I, II(a)(i), and III of the 777 Tower Letter. Seller shall use best efforts, in a timely manner, to satisfy the conditions applicable to Seller in Sections II(b)(i) and (iv) of the 777 Tower Letter. Seller agrees to use commercially reasonable efforts to assist Purchaser in its submittal obligations under the 777 Tower Letter. Purchaser acknowledges that it has reviewed and understands the 777 Tower Let...
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Related to 777 Tower Loan

  • Commercial Loan Mortgagor represents and warrants that the loans or other financial accommodations included as Liabilities secured by this Mortgage were obtained solely for the purpose of carrying on or acquiring a business or commercial investment and not for residential, consumer or household purposes.

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Single-Premium Credit Life Insurance Policy In connection with the origination of any Mortgage Loan, no proceeds from any Mortgage Loan were used to finance a single-premium credit life insurance policy;

  • Business Loan The Loan is a business loan transaction in the stated amount solely for the purpose of carrying on the business of Borrower and none of the proceeds of the Loan will be used for the personal, family or agricultural purposes of the Borrower.

  • Single Loan All Loans to Borrower and all of the other Obligations of Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of Borrower secured, until the Termination Date, by all of the Collateral.

  • Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies;

  • Term Loan Advance Subject to Section 2.3(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate plus three percent (3.00%), which interest shall be payable monthly.

  • Term Loan The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part together with the applicable Prepayment Premium; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of LIBOR Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of LIBOR Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (D) any prepayment of the Term Loan shall be applied in the inverse order of maturity with respect to the remaining amortization payments. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. On the date of any voluntary prepayment of any Term Loan pursuant to this Section 2.05(a)(ii), the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, whether before or after an Event of Default, the applicable Prepayment Premium. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

  • PPP Loan On or about January 24, 2022, the PPP Loan was forgiven in full by the PPP Lender and the U.S. Small Business Administration in accordance with the terms of the PPP Loan, CARES Act, and all other applicable Laws.

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