Construction Loan Commitment. Authority shall receive an executed copy of the applicable Construction Loan Commitment at least 30 days prior to the applicable Construction Loan Closing Date.
Construction Loan Commitment. Subject to the terms and conditions contained in this Agreement, the Bank agrees to make a construction loan (the "Construction Loan") available to the Borrower in the maximum aggregate principal amount at any one time outstanding of the lesser of (1) 80% of Project Cost, (2) 75% of the fair market value of the Property and completed Improvements, based upon an MAI appraisal of the Plans, or (3) the sum of $2,600,000.00 (the "Construction Loan Commitment"). Bank shall not be obligated to make any advance under the Construction Loan Commitment with respect to the first 20% of Project Costs incurred by Borrower. Borrower's obligation to repay the Construction Loan made by Bank shall be evidenced by a master promissory note of Borrower (said promissory note being herein referred to as the "Construction Note"), payable to the order of Bank in the principal sum of $2,600,000.00 or such other or lesser amount as may be reflected from time to time on the books and records of Bank as evidencing the aggregate unpaid principal balance of loan advances made to Borrower, with a final maturity of April 13, 1998, and bearing interest at the rate or rates from time to time in effect pursuant to the terms of Article V hereof. Interest on the Construction Note shall be payable in accordance with the terms of Section 5.2 hereof
Construction Loan Commitment. Lender has issued a construction loan commitment letter for the Loan to Borrower.
Construction Loan Commitment. Subject to the terms and conditions set forth herein, each Lender severally agrees to make revolving construction loans (each such loan, a "CONSTRUCTION LOAN") to the Borrower, for the benefit of the Borrower or any Guarantor, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender's Construction Loan Commitment; PROVIDED, HOWEVER, that after giving effect to any Construction Loan Borrowing, (i) the Construction Loan Outstandings shall not exceed the total amount of the Construction Loan Commitments and (ii) the aggregate Outstanding Amount of the Construction Loans of any Lender, shall not exceed such Lender's Construction Loan Commitment. Within the limits of each Lender's Construction Loan Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this SECTION 2.01, prepay under SECTION 2.07, and reborrow under this SECTION 2.01. Construction Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.
Construction Loan Commitment. From time to time on any Business Day occurring on or prior to the Construction Loan Commitment Termination Date, each Lender will
Construction Loan Commitment. After giving effect to the making of the requested Construction Loan, the aggregate outstanding amount of the Construction Loans is not in excess of the Commitment;
Construction Loan Commitment. Subject to the terms and conditions set forth herein, Lender agrees to make Construction Loans to Borrower, from time to time during the Construction Loan Funding Period, in an aggregate principal amount outstanding at any time that will not result in the aggregate amount of all Construction Loans exceeding the Construction Loan Commitment. During the Construction Loan Funding Period, Borrower shall be entitled to borrow and prepay, but may not reborrow, Construction Loans in accordance with the terms and conditions of this Agreement; provided, that Borrower may not borrow should there exist a Default or Event of Default. At the Construction Completion Date, Lender agrees to convert all amounts outstanding under the Construction Loan to a term loan if no Default or Event of Default exists at such time, Borrower has applied the proceeds of not less than $1,100,000 in tax increment financing funds, not less than $401,700 in grant funds from the United States Department of Agriculture and not less than $50,000 in community development grant funds from the Southeast Enterprise Facilitation Project (each of such amounts shall be considered equity of Borrower for purposes of this Section 2.02), and Borrower’s total equity investment in Construction Costs is not less than $20,190,300. The proceeds of the loan of $2,000,000 from AgCountry Farm Credit Services, PCA to Borrower pursuant to a promissory note dated as of the date hereof (the “Side Note”) shall not be included for purposes of computing “Borrower’s total equity investment” in the preceding sentence or for any other
Construction Loan Commitment. Subject to and upon the terms and conditions contained in this Agreement, and relying on the representations and warranties contained in this Agreement, the Bank agrees to make a loan available to the Borrower to construct the Improvements and acquire Equipment in the maximum aggregate principal amount of the lesser of (i) $19,000,000, or (ii) a sum equal to sixty percent (60%) of the Anticipated Appraised Value of the Property and Improvements; provided however, of the aggregate amount of this Construction Loan, the Bank will advance up to $5,000,000 thereof for the acquisition of Equipment and the Bank will advance the balance of such a Loan for the Construction Costs. This Construction Loan shall be represented by a promissory note in the principal amount of $19,000,000, payable to the order of the Bank on which interest shall accrue at the rate set forth in Section 2.02. Such interest shall be payable monthly on the first day of each month beginning on the first day of the calendar month following the date on which the initial Advance is made hereunder by the Bank. All principal and the balance of all accrued but unpaid interest on the Construction Note shall mature and be payable in full on the Drawdown Termination Date. The Bank shall not be required to make any Advance under the Construction Loan until such time as Borrower has paid $5,000,000 of the Construction Costs pursuant to Section 2.03. After the requirements of Section 2.03 have been satisfied, and subject to the terms and conditions hereof, the Bank will advance only one-third (1/3) of each subsequent Request for Advance for Construction Costs or Equipment until such time as Borrower has paid the aggregate of $18,000,000 for the Construction Costs in accordance with the Development Expense Schedule. Thereafter, subject to the terms and conditions hereof, the Bank will make Advances equal to 100% of the Requests for Advances until such time as the Bank has made Advances in the full amount of the Construction Loan.
Construction Loan Commitment. After giving effect to the making of the requested Working Capital Loan, the aggregate outstanding amount of the Working Capital Loans is not in excess of the Commitment.
Construction Loan Commitment. Lendxx xxx issued a construction loan commitment letter for the Loan to Borrower.
