Commitment of Lender. Subject to the provisions of this Agreement, and provided that an Event of Default has not occurred, and no event or condition which with the giving of notice or the passage of time or both would constitute an Event of Default has occurred and remains uncured to Lender's satisfaction, Lender will make Advances to Borrower up to the maximum principal amount set forth in Section 2.18 hereof. The obligation of Lender to make Advances to Borrower shall terminate and expire at 1:00 p.m., Dallas, Texas time on September 30, 2007, as such date and time may be extended pursuant to the Extension Option provided in the Note.
Commitment of Lender. Subject to the conditions hereof, and provided that an Event of Default does not exist, Lender will make Advances to Borrower in accordance with this Loan Agreement. Borrower will not, under any circumstances, be entitled to request, and Lender will not, under any circumstances, be obligated to advance funds in excess of (a) the principal amount of the Loan or (b) a sum equal to eighty percent (80%) of the Appraisal value of the Premises. It is expressly agreed and understood that Lender shall only make Advances to Borrower in connection with the construction of New Improvements upon the Property that is more fully described in the Mortgage.
Commitment of Lender. On the basis of the covenants, agreements, warranties and representations of Borrower contained in this Agreement and subject to the terms and conditions herein set forth herein, Lender agrees to lend to Borrower a sum not to exceed $15,700,000.00. The proceeds of the Loan shall be disbursed by Lender as herein provided for the payment of the Construction Costs and costs incurred by Borrower in acquiring the stock of LBO, all as set forth in the then approved Project Budget and the performance of Borrower’s obligations under this Agreement.
Commitment of Lender. On the basis of the covenants, agreements, warranties and representations of Borrower contained in this Agreement and subject to the terms and conditions herein set forth herein, Lender agrees to lend to Borrower a sum not to exceed $57,800,000.00. The proceeds of the Loan shall be disbursed by Lender as herein provided for the payment of the Construction Costs and costs incurred by Borrower in acquiring the stock of Mount Snow, all as set forth in the then approved Project Budget and the performance of Borrower’s obligations under this Agreement.
Commitment of Lender. Upon Borrower's compliance with all conditions set forth in Section 3 of this Agreement, Lender will advance and disburse the Loan to or on behalf of Borrower to the title agent responsible for closing the acquisition of the Property to be applied to the purchase price of the Property. Borrower's execution of a HUD 1 or similar closing statement shall suffice as written authority of Borrower for Lender to make the advance. The Loan shall be repaid, secured and is guaranteed according to the terms of the Note, Deed of Trust, and Guaranty (all as defined below). Once fully advanced, no payment or prepayment of principal shall entitle Borrower to any additional advances.
Commitment of Lender. 3.1 Xxxxxx agrees to make the Loan to Borrower pursuant to the terms of this Agreement and the Loan Commitment Letter which is hereby incorporated by reference as if fully set forth herein.
Commitment of Lender. Lender hereby agrees to make Borrower a revolving credit loan in the original principal amount of up to Ten Million Dollars ($10,000,000.00) (the “Loan”), which Loan, or any portion thereof, may be repaid and, subject to the terms and conditions hereof (and as long as no Event of Default exists), reborrowed to, but not including, the last day of the Term. The aggregate principal amount which Borrower may have outstanding under the Loan at any one time shall not exceed Ten Million Dollars ($10,000,000.00), which amount may be borrowed, paid, reborrowed and repaid in whole or in part. The Loan shall be evidenced by the Revolving Credit Note of Borrower dated the date of this Agreement, payable to the order of Lender in the principal amount of $10,000,000.00, having a maturity date of the last day of the Term, and in the form attached hereto and incorporated by reference as Exhibit A (as the same may from time to time be amended, modified, extended or renewed, the “Note”). Borrower agrees to pay in full all interest, principal fees, charges and all other amounts due under the Note and Loan on the maturity date of the Term.
Commitment of Lender. 7.1 Grant the loan to the borrower according to the provisions of the contract.
Commitment of Lender. Lender hereby agrees to make available to Borrower (a) a term loan in the original principal amount of Five Million and No/100 Dollars ($5,000,000.00), which loan is being funded on the date hereof, and which shall be evidenced by a Term Promissory Note of Borrower dated the date hereof and payable to the order of Lender in the original principal amount of Five Million and No/100 Dollars ($5,000,000.00); and (b) a revolving promissory loan in the maximum amount of $15,000,000.00 evidenced by a Revolving Promissory Note dated the date hereof which amount may be borrowed, paid, reborrowed and repaid in whole or in part. The loans referenced in a and b above may be collectively referred to herein as the "Loans". The notes referenced in a and b above, as the same may be modified, amended, extended or renewed, may be collectively referred to herein as the "Notes". Principal on the Notes shall be payable as set forth in the Notes.
Commitment of Lender. Subject to the conditions hereof, and provided that neither an Event of Default nor an Incipient Default has occurred, Lender will make Advances for the benefit of Borrower in accordance with this Loan Agreement. Advances are to be used by Borrower for the payment of only those costs and expenses as set forth in the Approved Budget, and for no other purposes whatsoever without the express prior written approval of Lender.
