Agreement to Borrow and Lend. Subject to all of the terms, provisions and conditions set forth in this Agreement, Lender agrees to make and Borrower agrees to accept the Loan. Borrower agrees to pay all indebtedness evidenced and secured by the Loan Documents in accordance with the terms thereof.
Agreement to Borrow and Lend. The Bank agrees to provide the Facility to the Borrower on the basis of and in full reliance of the warranties, representations and undertakings contained in Section 13 of Part B and subject to the terms and conditions of the Letter of Offer and this Agreement.
Agreement to Borrow and Lend. Borrower agrees to borrow from Lender, and Lender agrees to lend to Borrower, an amount not to exceed the Loan Amount, on the terms of and subject to the conditions of this Agreement. The Loan is not a revolving facility, and Borrower shall not have the right to re-borrow any portion of the principal balance of the Loan repaid by Borrower.
Agreement to Borrow and Lend. Borrower agrees to borrow from Lender, and Lender agrees to lend to Borrower an amount not to exceed the Loan Amount on the terms of and subject to the conditions of this Agreement.
Agreement to Borrow and Lend. Subject to all of the terms, provisions, conditions, covenants and agreements contained in this Agreement, Lender agrees to make available to Borrower a Loan in the maximum principal amount of up to $1,650,000.00 ("Maximum Loan Amount"). The Loan may be drawn in amounts of not less than $250,000.00 as and when required by Borrower.
Agreement to Borrow and Lend. Subject to the terms, provisions and conditions hereof and in reliance on the representations and warranties set forth herein, Lender agrees to lend to Borrower the Commitment.
Agreement to Borrow and Lend. (a) On the terms of and subject to the conditions of this Agreement, Borrowers agree to borrow from Lender, and Lender agrees to lend to Borrowers, an amount not to exceed the Loan Amount.
(b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally and shall be secured by the Mortgages and the Assignments of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends any Operator Loan to any one of more of Operators, the Loan shall be secured by the Operator Loan Documents for such Operator Loan and the Loan Documents shall secure such Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or any Operator Loan Documents, (i) if the Loan is repaid at a time when any Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, such Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if any Operator Loan is repaid and terminated at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan Documents for such Operator Loan. At any time that Lender does not have any Operator Loan extended to any Operator, the references in this Agreement and the other Loan Documents to the Operator Loan shall be of no force or effect. Nothing contained in this Agreement shall constitute a commitment or agreement by Lender to extend any Operator Loan to any Operator.
(c) The proceeds of the Loan together with cash equity of Borrowers shall be used by Borrowers for the purchase of the Projects, funding the Collateral Account and Capital Expenditures Reserve Account as required by this Agreement, and paying acquisition and financing costs and expenses. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 80% of the aggregate “as is” appraised value of the Projects as shown in the appraisals required by this Agreement, and the aggregate purchase price for the Projects must not exceed the aggregate “as is” appraised value of the Projects as shown in such appraisals.
(d) The closing of the purchase of the P...
Agreement to Borrow and Lend. Subject to the terms, provisions and conditions set forth in this Agreement, including without limitation, receipt of evidence satisfactory to Lender that the Equity Contribution has been paid in full by Borrower as provided in Section 3.2, and subject to the satisfaction of all other requirements of this Agreement, Lender hereby agrees to make a loan to Borrower on the Closing Date in an aggregate principal amount of up to SIXTY-NINE MILLION AND NO/100 DOLLARS ($69,000,000) (the “Loan”) through an advance to, or for the benefit of, Borrower, on the Closing Date to pay a portion of the cost to acquire the Project. Lender will retain a portion of the Loan in the approximate amount of $10,259,000 (the “Conversion Holdback”), with approximately $3,500,000 of such amount being held by Lender as an interest reserve for payment of interest due on the Loan (the “Interest Reserve”) and the remaining amount for disbursement to pay hard and soft costs in accordance with the Project Budget, including the costs to perform the Work. Disbursements from the Conversion Holdback for soft costs line items will be paid to Borrower as incurred, based on the submission of bona fide third party invoices and/or contracts, and verification of such expenses in Lender’s reasonable discretion. Upon Borrower’s Request for Disbursement of the Conversion Holdback, for payment of costs of hard costs line items, Borrower shall provide to Lender such documentation as Lender shall request, including, construction contracts, purchase orders, invoices, receipts, contractor’s and Borrower’s draw request, Borrower’s and contractor’s sworn statements, endorsements to the Lender’s title insurance, mechanics’ lien waivers and any other reasonable documentation Lender shall request (and in the forms requested by Lender) evidencing payment to all contractors and materialmen completing the Work, and for the payment of certain soft costs and hard costs of the Project as set forth in the approved Project Budget. Prior to any disbursement by Lender for a Request for Disbursement, Lender may also require a site visit by Lender or someone on Lender’s behalf for verification of the status of the Work and any costs related to such site visits shall be paid by Borrower. Such inspections and confirmations are solely for the benefit of Lender and may not be relied upon by Borrower. Amounts borrowed and repaid or prepaid under the Loan may not be reborrowed. Borrower acknowledges and agrees that if the total c...
Agreement to Borrow and Lend. Subject to all of the terms, provisions, conditions, covenants and agreements contained in this Agreement and in reliance upon the representations and warranties set forth herein, Borrower hereby agrees to borrow from Lender, and Lender agrees to lend to Borrower, the Loan. The Loan shall be repaid by the Borrower in full on the Maturity Date. The Loan is to be used for the repayment in full by the Borrower of the outstanding construction loan encumbering the Project, the repayment of a portion of the equity investment in Borrower by its partners and the payment of certain other third-party expenses of Borrower as set forth herein.
Agreement to Borrow and Lend. Borrower agrees to borrow from Bank, and Bank agrees to lend to Borrower, an amount not to exceed the amount of the Loans on the terms of and subject to the conditions of this Agreement. However, the amount of advances under Loan No. 2 shall be limited to the lesser of: (i) Ten Million Dollars ($10,000,000.00) and (ii) an amount equal to the sum of (a) one hundred percent (100%) of available cash on hand and (b) eighty percent (80%) of Eligible Consumer Loans. The term “Eligible Consumer Loans” shall mean those outstanding consumer loans made by Borrower which are not then, and have not previously been, in default. Borrower shall provide Bank with a borrowing base certificate in a form acceptable to Bank on a semi-annual basis (which certificate is subject to verification by an outside auditor twice a year if requested by Bank). Such verification shall be in accordance with GAAP, and shall meet Financial Accounting Standards deemed relevant by Bank and such outside auditing firm.