Draw Limitations. Draws may be made on the Note beginning on the Dated Date and ending eighteen (18) months from the Dated Date (the “Draw Period”). The total principal amount permitted to be drawn on the Note is $5,050,000. The Town must draw at least $50,001 on the Note on the Dated Date, but no further draws shall be required.
Draw Limitations. The principal of the loan may be drawn ---------------- by Borrower over a twelve (12) month period which shall begin on the date of the initial draw under this Agreement ("Initial Draw Date") at a maximum rate of $4,500,000.00 for each three (3) month (calendar date to calendar date) period following the Initial Draw Date ("Draw Period") in a lump sum or partial sums in Borrower's discretion, subject to the Collateral Coverage Requirements described in Section 1.6 below. Undrawn funds may be carried over to a succeeding Draw Period. Principal repaid during any Draw Period may be redrawn subject to the $4,500,000.00 per Draw Period and Collateral Coverage limitations. Each draw by Borrower other than the Initial Draw shall be preceded by a 10-day written request (accompanied by a statement of the proposed use of proceeds) to Lender and shall be funded by Lender on the eleventh (11th) day following the request. In the event that the eleventh (11th) day falls on a Saturday, Sunday or public holiday, then the funding date shall be the next business day of Lender. Unless otherwise agreed by Lender, draw requests shall be funded no more frequently than monthly during any 3-month Draw Period. Borrower acknowledges, understands and agrees that Lender is a private, non-public, entity. As such, Lender obtains its funds from the private capital markets and/or individuals who desire to participate in Lenders investment banking activities, thus Lender does not have a guaranteed source of money in which to fund this transaction with Borrower. Borrower acknowledges that the volatility of the capital markets, the nature of Borrower's business activities and/or other events which may come into existence may impact Lender's ability to raise and procure sufficient capital in order to fund all or substantially all of the Loan described in this Agreement. While Lender will use its best efforts to raise all necessary capital to complete the funding obligations described in this Agreement, the Note and as the Credit Facility, Lender cannot and will not guaranty to Borrow that all proposed funding required herein, will be available as, if and when Borrower elects to make draw requests under the terms of this Agreement and/or the Note. Borrower acknowledges and agrees that the inability of Lender to obtain funds to complete the funding of this Credit Facility will not constitute a breach or violation of this Agreement and/or the Note and/or any other Loan document as defined here...
Draw Limitations. The principal of the Loan may be drawn by Borrower over a twelve (12) month period which shall begin on the date of the Initial Advance under this Agreement (“Initial Advance Date”) in a lump sum or partial sums in Borrower’s discretion, subject to the Collateral Coverage Requirements described in Section 1.6
Draw Limitations. Draws are subject to the following limitations:
Draw Limitations. Notwithstanding anything in the Note or other Loan Documents to the contrary, Borrower shall have no right to receive draws under the Note except as allowed under the Revolving Portion of the Loan and Note set forth in Section 2.4 above, and as necessary to pay Lender any funds owed under the L/C 10036 Agreement. In all other respects, Borrower acknowledges and agrees that all terms, conditions and provisions of the Loan Documents are continued in full force and effect, except as specifically set forth above, and remain unaffected and unchanged. This Agreement in no way acts as a release or relinquishment of, and in no way affects, the liens, security interests and rights created by or arising under the Deed of Trust, the Security Agreements and the Loan Documents, or the priority thereof. Such liens, security interests and rights are hereby ratified, confirmed, renewed and extended in all respects.
