Applicability; Loan Overview Sample Clauses

Applicability; Loan Overview. Subject to the terms and conditions set forth herein, from time to time, upon the request of a Borrower, Lender may, with respect to the Uncommitted Amount, and shall, with respect to the Committed Amount, advance funds to Borrowers on a revolving basis through one or more Advances, which funds shall be used for the acquisition of certain Eligible Rental Properties and which Eligible Rental Properties shall be pledged to Lender to secure such advances. Such Advances shall be repaid with funds of Borrowers as more particularly described herein and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any annexes identified herein, as applicable hereunder. It is hereby understood and agreed that the secured loan facility provided for under this Agreement with respect to the Uncommitted Amount is an uncommitted facility. As a condition precedent to Lender making the Advances hereunder, (a) Guarantor shall deliver a guaranty to Lender under which Guarantor shall guarantee to Lender the full payment and performance of the Secured Obligations and (b) each Pledgor shall deliver a pledge agreement to Lender under which such Pledgor shall pledge to Lender its right, title and interest in the equity of Borrowers to Lender to further secure the Secured Obligations.