Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement. If Lender consists of more than one party, the obligations of each such party with respect to the amount it has agreed to loan to Borrower shall be several (and not joint and several) and shall be limited to its proportionate share of the Loan and of each advance.
(a) The maximum aggregate amount of the Loan shall not exceed the Lesser of (i) Fifteen Million Dollars and No/100 ($15,000,000.00) (the “Loan Amount”) or (b) the Borrowing Base. Should the amount drawn on the Loan ever exceed the Borrowing Base, the Borrower shall immediately repay the Loan in the amount of such excess. Subject to such maximum amount and the terms and conditions hereof, Borrower may borrow, prepay, and re-borrow amounts under the Loan.
(b) Lender agrees, upon Borrower’s compliance with and satisfaction of all conditions precedent to the Loan Opening and provided no Material Adverse Change has occurred with respect to Borrower or any Guarantor and no Default or Event of Default has occurred and is continuing hereunder, to Open the Loan.
(c) After the Opening of the Loan, Borrower shall be entitled to receive further successive disbursements of the proceeds of the Loan in accordance with Article 9, within three (3) Business Days after compliance with all conditions precedent thereto, provided that (i) Borrower has complied with all conditions precedent to disbursement from time to time including the requirements of Section 3.2 and Article 9; (iii) no Material Adverse Change has occurred with respect to Borrower or any Guarantor, and (iv) no Default or Event of Default exists hereunder or under any other Loan Document.
(d) To the extent that Lender may have acquiesced in noncompliance with any requirements precedent to the Opening of the Loan such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lenders and Lenders agree to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement. If Lender consists of more than one party, the obligations of each such party with respect to the amount it has agreed to loan to Borrower shall be several (and not joint and several) and shall be limited to its Percentage of the Loan and of each advance.
(a) The principal amount of the Loan shall not exceed the lesser of (a) Seventy-Four Million and No/100 Dollars ($74,000,000.00), (b) 70% of the Appraised Value of the Project as set out in the Appraisal, (c) 75% of the total cost of the Project as set out in the Budget approved by Agent hereunder, or (d) the maximum principal amount as will result in a Pro Forma Debt Service Coverage of at least 1.20 to 1. If after the date of this Agreement, the Lenders determine that the Appraised Value of the Project is such that the Loan Amount exceeds seventy percent (70%) of the Appraised Value of the Project, then the Loan Amount shall be reduced to not greater than 70% of the Appraised Value of the Project (or such lesser amount as provided in this Agreement), and Borrower shall be required to provide evidence reasonably satisfactory to Agent that Borrower has invested cash equity in the Project so that the Loan is deemed In Balance.
(b) Lenders agree, upon Borrower’s compliance with and satisfaction of all conditions precedent to the Loan Opening and provided the Loan is In Balance, no Material Adverse Change has occurred with respect to Borrower, any Guarantor, or the Project and no default or Event of Default has occurred and is continuing hereunder, to open the Loan to reimburse Borrower for or to pay for a portion of the costs incurred by Borrower in connection with the acquisition and development of the Project and the construction of the Improvements, to the extent provided for in the Budget. Notwithstanding anything in this Agreement to the contrary, the initial advance as of the date of this Agreement shall be limited to the purchase price of the Land, and no other disbursements other than disbursements from the interest reserve shall be made until the conditions to the Opening of the Loan have been satisfied.
(c) After the Opening of the Loan, Borrower shall be entitled to receive further successive disbursements of the ...
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lenders and Lenders agree to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement.
(a) The maximum aggregate amount of the Loan shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00).
(b) Each Lender agrees, upon Borrower’s compliance with and satisfaction of all conditions precedent to the Loan Opening, no Material Adverse Change has occurred with respect to Borrower and no Default or Event of Default has occurred and is continuing hereunder, to loan the Borrower the amount set forth opposite such Lender on Schedule A hereto.
(c) Additional Lenders may become party to this Loan Agreement, by delivery by such Lenders and acceptance by Borrower of a signature page hereto. Schedule A hereto shall be updated to reflect the amount of the Loan made by any such additional Lender.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrowers agree to borrow from the Lenders and each Lender agrees to lend to Borrowers the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement. If more than one Lender is a party hereto, the obligations of each such Lender with respect to the amount it has agreed to loan to Borrowers shall be several (and not joint and several) and shall be limited to its proportionate share of the Loan and of each advance.
(a) The maximum aggregate amount of the Loan shall not exceed the lesser of (i) Thirty-Eight Million Thirty-Five Thousand and No/100 Dollars ($38,035,000.00), (ii) the sum of (A) 75% of the “as-is” fair market value for the Mesa Vista Project as determined in an Appraisal plus (B) 69% of the fully earned-out cost of Hxxxxx Borrower to acquire the Hxxxxx Project as shown in the applicable closing statement, plus (C) 65% of the actual cost (including closing costs and reserves) of the applicable Borrowers to acquire the Slidell Project, the Hxxxxxx Project and the Wildewood Project as shown in the applicable closing statements, (iii) The sum of (A) 75% of the “as-is” fair market value for the Mesa Vista Project as shown in an Appraisal plus (B) 69% of the “as-stabilized” fair market value of the Hxxxxx Project as shown in an Appraisal plus (C) 65% of the “as-stabilized” fair market value of the Slidell Project, the Hxxxxxx Project and the Wildewood Project as shown in one or more Appraisals, and (iv) such amount as will result in a Debt Service Coverage of at least 1.75 to 1.00 calculated based upon the “as-stabilized” NOI for each Project as shown in an Appraisal. The Loan will be funded in one or more advances commencing on the Loan Opening Date. The Loan is non-revolving, and amounts repaid hereunder shall not be available for further borrowing hereunder.
(b) The Lenders agree, upon Borrowers’ compliance with and satisfaction of all conditions precedent to the Loan Opening and provided no Material Adverse Change has occurred with respect to any Borrower, Guarantor or Project and no default or Event of Default has occurred and is continuing hereunder, to open the Loan, subject to the other provisions of this Agreement, and fund a first advance of $18,250,000.00 (the “Initial Funding”) of the Loan in connection with the Mesa Vista Project, the Hxxxxxx Project and the Slidell Project. The remaining $19,7...
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement.
(a) The maximum aggregate amount of the Loan shall not exceed $10,000,000 (the “Loan Amount”). No principal amount repaid may be reborrowed.
(b) Lender agrees, upon Borrower’s compliance with and satisfaction of all conditions precedent to the Loan Opening and provided no Material Adverse Change has occurred with respect to Borrower or its Subsidiaries and no Default or Event of Default has occurred and is continuing hereunder, to Open the Loan.
(c) To the extent that Lender may have acquiesced in noncompliance with any conditions precedent to the Opening of the Loan, such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, and subject to the approval by Lender of any request by Borrower for funds hereunder in the sole and absolute discretion of Lender, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement, the Lender and Borrower agree as follows:
2.1.1 The principal amount of the Loan shall not exceed, at any time, Ten Million and No/100 Dollars ($10,000,000.00); provided, however, in no event shall the amount of the Loan equal or exceed such amount which would cause the amount secured by the Phase II Property Mortgage, taken together with the amount secured by the Phase II First Mortgage, and any mortgage granted in favor of Stanford with respect to the Phase II Property, to exceed $45,000,000.00.
2.1.2 Lender agrees, upon Borrower’s compliance with and satisfaction of all conditions precedent set forth in Section 6.1 hereof, to advance Loan proceeds in an amount not to exceed $2,905,000.00 (the “Initial Advance”).
2.1.3 After the Initial Advance, Lender shall have no obligation to make any further Advances. Without limiting the generality of the foregoing, Lender has advised Borrower that it will not be inclined to make any further advances in any event unless: (i) Borrower has complied with all conditions precedent to disbursement from time to time including the requirements of Section 6.2 hereof; (ii) no Material Adverse Change has occurred with respect to Borrower, Phase II Property Owner, or the Phase II Project and
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement.
(a) The Loan shall be made to Borrower on the terms and conditions hereinafter set forth. The Loan will bear interest at the rate or rates, and will be repaid, as set forth in this Agreement and in the Note. Borrower shall use the proceeds of the Loan solely for the purposes specified herein.
(b) The aggregate amount of the Loan shall not exceed the lesser of (i) Three Hundred Seventy Million and 00/100 Dollars ($370,000,000.00) and (ii) 61.6% of the total cost of the Project as set forth in the Construction Budget. The Loan is not revolving in nature, and amounts repaid may not be subsequently readvanced.
(c) Provided that Borrower satisfies the conditions to the making of the Loan set forth in Article VIII hereof, Lender shall disburse the Initial Advance to Borrower on the Effective Date. Borrower shall use the Initial Advance to pay Pre-Development Costs encumbering the Land and for such other purposes as the parties shall agree upon.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement.
(a) The maximum aggregate amount of the Loan shall not exceed Thirty-Two Million Dollars ($32,000,000.00).
(b) Lender agrees, upon Borrower's compliance with and satisfaction of all conditions precedent to the Loan Opening and provided no Material Adverse Change has occurred with respect to Borrower, Guarantor or the Project and no default or Event of Default has occurred and is continuing hereunder, to open the Loan to initially fund Thirty Million Thirty-Nine Thousand Two Hundred Forty-Eight ($30,039,248.00) and to fund to Borrower monthly such portion of the balance of the Loan Proceeds, to the extent requested by Borrower, to fund interest due on the Loan.
(c) To the extent that Lender may have acquiesced in noncompliance with any requirements precedent to the Opening of the Loan or precedent to any subsequent disbursement of Loan proceeds, such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement. If Lender consists of more than one party, the obligations of each such party with respect to the amount it has agreed to loan to Borrower shall be several (and not joint and several) and shall be limited to its proportionate share of the Loan and of each advance.
(a) The maximum amount of the Loan shall not exceed the lesser of (i) Seventy Percent (70%) of the purchase price for the Project, as confirmed by an Appraisal obtained by Lender (at Borrower’s cost) as set forth herein, (ii) a maximum Loan to Value Ratio for the Project of Seventy Percent (70%) or (iii) such amount as will result in a Debt Service Coverage Ratio for the Project, as set forth in the Pro Forma Projection, of at least, a minimum of 1.20:1.
(b) To the extent that Lender may have acquiesced in noncompliance with any requirements precedent to the Closing of the Loan or precedent to any subsequent disbursement of Loan proceeds, such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements.
Agreement to Borrow and Lend; Lender’s Obligation to Disburse. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, Borrower agrees to borrow from Lender and Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement.
(a) The principal amount of the Loan shall not exceed FOURTEEN MILLION EIGHT HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($14,850,000.00).
(b) At Closing, Lender shall disburse the Loan proceeds to or on behalf of Borrower subject to the amounts shown on the Budget for the Loan attached hereto as EXHIBIT "F". -----------
(c) To the extent that Lender may have acquiesced in noncompliance with any requirements precedent to the Opening of the Loan or precedent to any subsequent disbursement of Loan proceeds (if any), such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements.
