Construction Loan Facility Clause Samples
Construction Loan Facility. 20 SECTION 2.1 Commitment............................................................................... 21 SECTION 2.2 Procedure for Disbursement of Construction Loan Advances................................. 21 SECTION 2.3 Repayment of Construction Loan Advances.................................................. 23 SECTION 2.4 Prepayment of Construction Loan Advances................................................. 23 SECTION 2.5
Construction Loan Facility. (a) Construction Loans.
(i) Subject to the terms and conditions set forth herein, each Construction Loan Lender, severally, but not jointly, agrees to make one or more Construction Loans in Dollars to the Borrower from time to time during the Construction Loan Availability Period, but not more than two times in any month or on no more than six occasions, three times in a month, in an aggregate principal amount that will not result in such Construction Loan Lender’s Construction Loans exceeding its Construction Loan Commitment (the “Construction Loan Facility”).
(ii) Amounts prepaid or repaid in respect of Construction Loans may not be reborrowed.
Construction Loan Facility