Construction Facility. 14.1 When this clause applies
Construction Facility. Provided no Default or Event of Default has occurred and is continuing and subject to the terms and conditions set forth in this Agreement, Lender agrees that Borrower may borrow, prior to the Construction Facility Conversion Date, up to FIFTEEN MILLION DOLLARS ($15,000,000) to finance the construction of Improvements on the Land in accordance with the Plans and such other construction and/or remodeling work as may be approved by Lender. Borrower agrees to accept the Construction Facility and to use the proceeds thereof only as provided herein. The Construction Facility shall be evidenced by the Construction Note. All Construction Advances shall be made upon and subject to the terms and conditions set forth in Article VIII of this Agreement.
Construction Facility. 3 1.26 Contributing Syndication Parties ................................. 3 1.27 Credit Agreement (Construction Loan Funding) ..................... 3 1.28 Credit Agreement (Term Loan Funding) ............................. 3 1.29 Default Interest Rate ............................................ 3
Construction Facility. During the Construction Loan Funding Period, Borrower shall pay in arrears, not later than the first day of each month, interest at the rate in effect from time to time pursuant to Section 2.07(a) based on the average daily balance of the Construction Loans outstanding during the related monthly period.
Construction Facility