Common use of Amount and Terms of Commitment Clause in Contracts

Amount and Terms of Commitment. Each Lender severally agrees, on the terms and subject to the conditions hereinafter set forth, (a) to make Loans to Borrower from time to time on any Business Day during the period from the Closing Date to the Maturity Date to be used for the interim financing of acquisitions, for general working capital, and for other purposes permitted by Borrower's organizational documents other than the repurchase of Guarantor's common stock, in an aggregate amount not to exceed such Lender's Pro Rata Share of the Availability, and (b) to fund drawings on any Letters of Credit that BankAmerica issues for Borrower's account from time to time, in an aggregate amount not to exceed at any time outstanding such Lender's Pro Rata Share of the amount of such drawing. On the date that BankAmerica issues a Letter of Credit for Borrower's account, each Lender shall be deemed to have unconditionally and irrevocably purchased from BankAmerica a pro rata risk participation in the stated amount of such Letter of Credit, without recourse or warranty, in an amount equal to such Lender's Pro Rata Share of the stated amount of such Letter of Credit. BankAmerica agrees to issue Letters of Credit in its standard form for the account of Borrower or any Joint Venture on any Business Day during the period from the Closing Date to the Maturity Date, for any purpose for which Borrower can obtain Loans under this Agreement, in an aggregate amount not to exceed Twenty Million Dollars ($20,000,000.00) at any time outstanding; provided, however, that no Letter of Credit shall have an expiry date (or shall have an "evergreen" or other extension provision that results in a final expiry date) that is not later than thirty (30) days prior to the then-applicable Maturity Date. Each Letter of Credit issued hereunder (including any supplement, modification, amendment, renewal or extension thereof) will be issued pursuant to BankAmerica's standard form of Application and Agreement for Letter(s) of Credit (a "Letter of Credit Agreement"), substantially in the form attached hereto as Exhibit C, which will set forth the agreement between the account party and BankAmerica regarding the Letter of Credit and drawings thereunder. Pursuant to each Letter of Credit Agreement, Borrower shall repay drawings under a Letter of Credit to Administrative Agent, for the account of Lenders, on demand. Reimbursement of drawings under any Letter of Credit issued for the account of a Person other than Borrower shall be the responsibility of, and shall create an obligation of, Borrower and any guarantor, including Guarantor.

Amount and Terms of Commitment. Each Lender Bank severally agrees, on the terms and subject to the conditions hereinafter set forth, , (a) to make Loans to Borrower the Company from time to time on any Business Day during the period from the Closing Date to the Maturity Date to be used for the interim purpose of (i) facilitating the Company's acquisition of improved real property (subject to the provisions of Section 7.13), (ii) financing the Company's operations, including development activities (subject to the provisions of acquisitions, for general working capitalSections 7.16 and 7.17), and for other purposes permitted by Borrower's organizational documents other than (iii) providing working capital to the repurchase of Guarantor's common stockCompany, in an aggregate amount not to exceed such LenderBank's Pro Rata Share of the Availability, and and (b) to fund drawings on any Letters of Credit that BankAmerica Bank of America issues for Borrowerthe Company's account from time to time, in an aggregate amount not to exceed at any time outstanding such LenderBank's Pro Rata Share of the amount of such drawing. On the date that BankAmerica Bank of America issues a Letter of Credit for Borrowerthe Company's account, each Lender Bank shall be deemed to have unconditionally and irrevocably purchased from BankAmerica Bank of America a pro rata risk participation in the stated amount of such Letter of Credit, without recourse or warranty, in an amount equal to such LenderBank's Pro Rata Share of the stated amount of such Letter of Credit. BankAmerica Bank of America agrees to issue Letters of Credit in its standard form for the Company's account of Borrower or any Joint Venture on any Business Day during the period from the Closing Date to the date that is six (6) months prior to the Maturity Date, for any purpose for which Borrower can obtain Loans under this Agreementdirectly related to the Company's continuing operations, in an aggregate amount not to exceed Twenty Ten Million Dollars ($20,000,000.0010,000,000.00) at any time outstanding; provided, however, that no Letter of Credit shall have an expiry date (or shall have an "evergreen" or other extension provision that results in a final expiry date) that is not later than thirty (30) days prior to the then-then- applicable Maturity Date. Each Letter Notwithstanding any contrary provision of this Agreement, the aggregate principal amount of all outstanding Loans shall not at any time exceed the Borrowing Base, and the aggregate amount of outstanding but undrawn Letters of Credit issued hereunder (including any supplement, modification, amendment, renewal or extension thereof) will be issued pursuant to BankAmerica's standard form of Application and Agreement for Letter(s) of Credit (a "Letter of Credit Agreement"), substantially in the form attached hereto as Exhibit C, which will set forth the agreement between the account party and BankAmerica regarding the Letter of Credit and drawings thereunder. Pursuant to each Letter of Credit Agreement, Borrower shall repay drawings under a Letter of Credit to Administrative Agent, for the account of Lenders, on demand. Reimbursement of drawings under any Letter of Credit issued for the account of a Person other than Borrower shall be considered a portion of the responsibility of, principal amount outstanding on the Loans for purposes of determining (x) the amount of Availability remaining available for disbursement and shall create an obligation of, Borrower and any guarantor, including Guarantor(y) mandatory repayments under Section 2.7.

Amount and Terms of Commitment. Each Lender Bank severally agrees, on the terms and subject to the conditions hereinafter set forth, , (a) to make Loans to Borrower the Company from time to time on any Business Day during the period from the Closing Date to the initial Maturity Date to be used for the interim purpose of (i) facilitating the Company's acquisition of improved real property, (ii) financing the Company's operations, including development activities (subject to the provisions of acquisitions, for general working capitalSections 7.15 and 7.16), and for other purposes permitted by Borrower's organizational documents other than (iii) repurchasing shares of the repurchase of GuarantorCompany's common or preferred stock, in an aggregate amount not to exceed at any time outstanding such LenderBank's Pro Rata Share of the Availability, and and (b) to fund drawings on any Letters of Credit that BankAmerica BofA issues for Borrowerthe Company's account from time to time, in an aggregate amount not to exceed at any time outstanding such LenderBank's Pro Rata Share of the amount of such drawing. On the date that BankAmerica BofA issues a Letter of Credit for Borrowerthe Company's account, each Lender Bank shall be deemed to have unconditionally and irrevocably purchased from BankAmerica BofA a pro rata risk participation in the stated amount of such Letter of Credit, without recourse or warranty, in an amount equal to such LenderBank's Pro Rata Share of the stated amount of such Letter of Credit. BankAmerica BofA agrees to issue Letters of Credit in its standard form for the Company's account of Borrower or any Joint Venture on any Business Day during the period from the Closing Date to the date that is six (6) months prior to the Maturity DateDate (as the Maturity Date may be extended pursuant to Section 2.8), for any purpose for which Borrower can obtain Loans under this Agreementdirectly related to the Company's continuing operations, in an aggregate amount not to exceed Twenty Ten Million Dollars ($20,000,000.0010,000,000.00) at any time outstanding; provided, however, that no Letter of Credit shall have an expiry date (or shall have an "evergreen" or other extension provision that results in a final expiry date) that is not later than thirty (30) days prior to the then-applicable Maturity Date. Each Letter Notwithstanding any contrary provision of this Agreement, the aggregate principal amount of all outstanding Loans shall not at any time exceed the Availability, and the aggregate amount of outstanding but undrawn Letters of Credit issued hereunder (including any supplement, modification, amendment, renewal or extension thereof) will be issued pursuant to BankAmerica's standard form of Application and Agreement for Letter(s) of Credit (a "Letter of Credit Agreement"), substantially in the form attached hereto as Exhibit C, which will set forth the agreement between the account party and BankAmerica regarding the Letter of Credit and drawings thereunder. Pursuant to each Letter of Credit Agreement, Borrower shall repay drawings under a Letter of Credit to Administrative Agent, for the account of Lenders, on demand. Reimbursement of drawings under any Letter of Credit issued for the account of a Person other than Borrower shall be considered a portion of the responsibility of, principal amount outstanding on the Loans for purposes of determining (x) the amount of Availability remaining available for disbursement and shall create an obligation of, Borrower and any guarantor, including Guarantor(y) mandatory repayments under Section 2.7.

Amount and Terms of Commitment. (a) Each Lender severally agrees, on the terms and subject to the conditions hereinafter set forth, (ai) to make Loans to Borrower from time to time on any Business Day during the period from the Closing Date to the Maturity Date to be used for the interim financing of acquisitions, for general working capital, and for other purposes permitted by Borrower's organizational documents other than the repurchase of Guarantor's common stock, in an aggregate amount not to exceed such Lender's Pro Rata Share of the Availability, and (bii) to fund drawings on any Letters of Credit that BankAmerica the L/C Issuer issues for Borrower's account from time to time, in an aggregate amount not to exceed at any time outstanding such Lender's Pro Rata Share of the amount of such drawing. On the date that BankAmerica the L/C Issuer issues a Letter of Credit for Borrower's account, each Lender shall be deemed to have unconditionally and irrevocably purchased from BankAmerica the L/C Issuer a pro rata risk participation in the stated amount of such Letter of Credit, without recourse or warranty, in an amount equal to such Lender's Pro Rata Share of the stated amount of such Letter of Credit. BankAmerica . (b) The L/C Issuer agrees to issue Letters of Credit in its standard form for the account of Borrower or any subsidiary, Joint Venture or Permitted Affiliate on any Business Day during the period from the Closing Date to the Maturity Date, for any purpose for which Borrower can obtain Loans under this Agreement, in an aggregate amount not to exceed Twenty Million Dollars ($20,000,000.00) at any time outstandingthe Letter of Credit Sublimit; provided, however, that no Letter of Credit shall have an expiry date (or shall have an "evergreen" or other extension provision that results in a final expiry date) that is not later than thirty (30) days prior to the then-then- applicable Maturity Date. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. (c) Each Letter of Credit issued hereunder (including any supplement, modification, amendment, renewal or extension thereof) will be issued pursuant to BankAmericathe L/C Issuer's standard form of Application and Agreement for Letter(s) of Credit (a "Letter of Credit Agreement")Application, substantially in the form attached hereto as Exhibit C, which will set forth the agreement between the account party and BankAmerica the L/C Issuer regarding the Letter of Credit and drawings thereunder. Pursuant Additionally, Borrower shall furnish to the L/C Issuer and Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment as the L/C Issuer or Administrative Agent may reasonably require. In the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control. (d) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such Letter of Credit Application from Borrower or account party thereof and, if not, the L/C Issuer will provide Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from Administrative Agent or Borrower at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 5.2 shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of Borrower (or the applicable subsidiary, Joint Venture or Permitted Affiliate) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer's usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit Agreementin an amount equal to the product of such Bank's Pro Rata Share times the amount of such Letter of Credit. (e) Notwithstanding the provisions of Section 2.4.1, Borrower shall repay drawings any amount drawn under a Letter of Credit shall, from and after the date on which such drawing is made, constitute a Borrowing for all purposes under this Agreement (including accrual and payment of interest and repayment of principal), other than disbursement of Loan proceeds under Section 2.4, and shall be subject to Administrative Agent, for the account provisions of Lenders, on demandSection 2.4.1. Reimbursement of drawings under any Letter of Credit issued for the account of a Person other than Borrower Borrower's subsidiary, Joint Venture or Permitted Affiliate shall be the responsibility of, and shall create an obligation of, Borrower and any guarantor, including GuarantorGuarantor and each Permitted Affiliate. (f) Notwithstanding any contrary provision of this Agreement, the Outstanding Amount of all Loans plus the Outstanding Amount of all L/C Obligations shall not at any time exceed the Availability. Within the limits of the Availability, and subject to the other terms and conditions hereof, Borrower may borrow under this Section 2.1 prior to the Maturity Date, repay pursuant to Section 2.7 and reborrow pursuant to this Section 2.1 prior to the Maturity Date.