City Loans Sample Clauses

City Loans. City has agreed to make the following loans to Borrower: (i) the CDBG Loan in the amount of $1,154,462; (ii) Capital Funds Loan in the amount of $1,409,696.00; (iii) HOME Funds in the amount of $1,113,950.00; and (iv) HUD Rehab Assistance Loan in the amount of $979,090.00. The City Loan Proceeds will be funded in accordance with the documents evidencing and securing the City Loans.
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City Loans. The City intends to enter into a Development Agreement with the Redevelopment Authority of the City of Milwaukee (“RACM”) and the Developer to provide TID assistance for the Project. Subject to completion of due diligence and satisfaction of all closing and funding conditions, the City, through the RACM, intends to provide two TID- funded loans in amounts not to exceed: $3,300,000 in Mezzanine Loan funds $6,000,000 in Completion Loan funds These loans will be disbursed during the construction period through a process to be coordinated with the disbursement of the Senior Loan. The City will subordinate its collateral position and assignment of lease income for the apartment/retail/parking component of the project to the lender providing the Senior Loan. Subject to final underwriting and coordination with the Senior Loan parameters, the Executive Director of RACM may reallocate up to $500,000 from the Mezzanine Loan to the Completion Loan and modify the term of the Completion Loan by up to 10 months. Unless otherwise specified in this Term Sheet, the terms of the City loans may in RACM’s discretion match those of the Senior Loan with respect to defaults and other provisions. The City/RACM intend to reasonably tailor the City Loan documents to match the required parameters of the Senior Loan with respect to payment timing, subordination, funds in balance, and other issues. Definition of Available Cash to Available Cash shall be defined as the sum of: Pay City Loans All revenues to project from leases of apartments, retail, and
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City Loans. (a) The City shall provide the City Loans to the Developer as construction financing in the principal amount of Twelve Million and Five Hundred Thousand Dollars ($12,500,000), provided the Financing Plan reasonably demonstrates that the amount requested as the City Loans is necessary to enable the construction of the Improvements contemplated by this Agreement. The Developer's obligation to pay the City Loans shall be evidenced by the Promissory Notes.
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City Loans and In order to avoid delaying commencement of the Rio Nuevo Project and to facilitate some of the preliminary planning and development activities with respect to the Rio Nuevo Project, the City of Tucson will advance moneys or services District time to time as agreed. Moneys advanced to or for the benefit of the District will be subject to repayment, together with interest thereon at the rate earned from time [0 time on short-term investments (less than 90 days) of the City ofTucson, until paid, from the first moneys available to the District for such purpose from (i) moneys received by the District pursuant to the provisions of X.XX. §42-5031 or proceeds the.issuance of ! District's bonds pursuant to A.R.S. §48-425 1 et seq., except to the extent -such reimbursement • 1 would be to law or any pledge or agreement of the District. Services advanced by the City ofTucson on behalf of the District shan be valued, if provided by private contractors, at the actual cost or contract price.thereof and, if provided by employees of the City of Tucson, in accordance with the provisions of Section 1.5 hereof, and, to the extent paid directly by the City 1 of shall be repayable to the City of Tucson. with interest. provided above from the 6 date each such service is completed.
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Related to City Loans

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Funding of Borrowings (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request.

  • Repayment of Loans (a) The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such date.

  • Protective Advances (a) Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrower and the Lenders, from time to time in the Administrative Agent’s sole discretion (but shall have absolutely no obligation), to make Loans to the Borrower, on behalf of the Lenders (each such Loan, a “Protective Advance”) which the Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations (other than Swap Obligations and Banking Services Obligations), or (iii) to pay any other amount chargeable to or required to be paid by the Borrower pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses as described in Section 10.5) and other sums payable under the Loan Documents (any of such Loans are herein referred to as “Protective Advances”); provided that, the aggregate amount of Protective Advances outstanding at any time shall not at any time exceed 5% of the Total Revolving Credit Commitments; provided, further, that the Aggregate Exposure of all Lenders shall not exceed the Total Revolving Credit Commitments. Protective Advances may be made even if the conditions precedent set forth in Section 5.2 or 5.3 have not been satisfied. Proceeds of a Protective Advance shall not be disbursed to the Borrower or any other Loan Party and shall be applied in accordance with the terms of this Section 2.23. The Protective Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be Base Rate Loans. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. At any time that there is sufficient Availability and the conditions precedent set forth in Section 5.2 and 5.3, if applicable, have been satisfied, the Administrative Agent may request the Lenders to make a Revolving Credit Loan to repay a Protective Advance. At any other time the Administrative Agent may require the Lenders to fund their risk participations described in Section 2.23(b).

  • LOAN 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of one hundred million Dollars ($100,000,000), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”).

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