Commitment and Advances. Subject to the terms and conditions contained in this Agreement, Bank One agrees to make Advances to Borrower on a revolving credit basis from time to time on any Business Day from the date of this Agreement through the Termination Date. Each Borrowing under this SECTION 2.1 shall be in an aggregate amount of not less than $100,000. The aggregate principal amount of all Advances at any time outstanding shall not exceed the lesser of (i) the aggregate Collateral Value of all Consumer Notes, or (ii) $20,000,000. Prior to the Termination Date, Borrower may, at its option, from time to time, request Advances, prepay the Loan in whole or in part, and reborrow amounts so paid, all in accordance with the terms and conditions hereof.
Commitment and Advances. As a condition precedent to the Loan, Borrower shall have satisfied all of the conditions set forth in Exhibit "A" on or before the Closing Date or such other date specified therein. Thereafter, each Lender agrees severally and not jointly to make Advances of the Loan to Borrower in accordance with this Agreement from the Closing Date to the earliest to occur of (a) the Maturity Date; (b) if Agent elects, the date thirty (30) days after the Closing Date if all conditions to the first Advance have not been satisfied on or before such date; (c) the Advance Termination Date; or (d) termination under Article 8. Notwithstanding the foregoing, Lenders shall have no obligation to make any Advance (x) which would cause the unpaid principal amount of the Loan to exceed the lesser of the Committed Sum or the Maximum Available Amount, except to the extent contemplated in Section 3.7(b)(v) with respect to Bid Rate Loans, or (y) to the extent Lenders are relieved from such obligation under provisions of the Loan Documents. Furthermore, except to the extent contemplated in Section 3.7(b)(v) with respect to Bid Rate Loans, no Lender shall have any obligation to make any Advance which would cause the unpaid principal balance of such Lender's Notes to exceed such Lender's Commitment. The Loan is revolving until the Advance Termination Date; prior to the Advance Termination Date any amount repaid may be reborrowed. The Loan is non-revolving on and after the Advance Termination Date. The amount of the Loan set forth on the books and records of Agent maintained in the ordinary course of business shall be presumptive evidence of the principal amount thereof owing and unpaid from time to time, but the failure to record any such amount shall not limit or affect the Obligations. The obligations of Borrower with respect to all Advances other than Bid Rate Loans shall be evidenced by the Advance Notes. The obligations of Borrower with respect to the Bid Rate Loans shall be evidenced by the Bid Rate Notes. Borrower hereby authorizes Lenders to make Advances of the Loan on the Closing Date to pay all amounts outstanding, principal, interest and other sums, under those certain Promissory Notes dated effective as of April 14, 1997, made payable by Borrower to the order of the lenders under the Prior Loan Agreement in the aggregate original principal sum of $150,000,000.00. Borrower further acknowledges that this Agreement restates and amends the Prior Loan Agreement in its entirety.
Commitment and Advances. 12 Section 2.02
Commitment and Advances. Subject to the terms and conditions ----------------------- contained in this Agreement, Lender agrees to make Advances to Borrower on a revolving credit basis from time to time on any Business Day from the date of this Agreement through the Drawdown Termination Date. Each Borrowing under this Section 2.01 shall be in an aggregate amount of not less than $100,000. The aggregate principal amount of all Advances at any time outstanding shall not exceed the lesser of (i) the aggregate Collateral Value of all Mortgage Collateral or (ii) the amount of the Commitment.
Commitment and Advances. 6 3.2. Direct Advances to Lenders . . . . . . . . . . . . . 6 3.3. Disbursement and Performance by Lenders. . . . . . . 6 3.4. Fees . . . . . . . . . . . . . . . . . . . . . . . . 7 3.5. Advance Request. . . . . . . . . . . . . . . . . . . 7 3.6. Conditions to All Advances . . . . . . . . . . . . . 8 3.7. Bid Rate Loans . . . . . . . . . . . . . . . . . . . 8
Commitment and Advances. 12 Section 2.2 PROMISSORY NOTE; OPTIONAL PREPAYMENTS . . . . . . . . . . . . . . 12 Section 2.3 NOTICE AND MANNER OF OBTAINING BORROWINGS . . . . . . . . . . . . 12 Section 2.4 FACILITY FEE. . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Section 2.5 WAREHOUSE CUSTODIAN FEE . . . . . . . . . . . . . . . . . . . . . 12 Section 2.6
Commitment and Advances. As a condition precedent to the Loan, Borrower shall have satisfied all of the conditions set forth in Exhibit "D" on or before the Closing Date or such other date specified therein. Thereafter, Lender shall make Advances of the Loan to Borrower in accordance with Exhibit "E" and this Agreement from the Closing Date to the earliest to occur of (a) the Maturity Date; (b) if Lender elects, the date thirty (30) days after the Closing Date if all conditions to the first Advance have not been satisfied on or before such date; (c) prepayment of the Loan in full; or (d) termination under Article 7. Notwithstanding the foregoing, Lender shall have no obligation to make any Advance (x) for the construction costs of the Improvements after the Completion Date, except for advances of amounts retained by Lender, (y) which would cause the unpaid principal amount of the Loan to exceed the Committed Sum, or (z) to the extent Lender is relieved from such obligation under provisions of the Loan Documents. The Loan is not revolving; an amount repaid may not be reborrowed. The amount of the Loan set forth on the books and records of Lender maintained in the ordinary course of business shall be presumptive evidence of the principal amount thereof owing and unpaid from time to time, but the failure to record any such amount shall not limit or affect the Obligations.
Commitment and Advances. (a) Subject to compliance by Borrower with all of the conditions set forth in ARTICLE 4 hereof, and provided that no Event of Default under ARTICLE 7 hereof has occurred and is continuing, and subject to the other conditions contained herein, Lender will make Advances to Borrower from time to time until the end of the Term of the Commitment, in an aggregate principal amount outstanding at any one time of up to the maximum amount set forth in Section 2.1 hereof, provided, however, that upon: (i) the occurrence of any Event of Default; or (ii) the failure to satisfy any condition of any Advance, Lender shall have no obligation to make any Advance unless and until such Event of Default is cured (if subject to cure) and such condition is satisfied. Borrower may borrow Advances hereunder and repay and reborrow such sums.
Commitment and Advances. 6 3.2. Direct Advances to Lenders......................................................................6 3.3. Disbursement and Performance by Lenders.........................................................6 3.4. Fees............................................................................................7 3.5. Advance Request.................................................................................7 3.6. Conditions to All Advances......................................................................7 3.7. Bid Rate Loans..................................................................................8
Commitment and Advances
