Initial Advance; Subsequent Advances. On the date hereof, the Borrower shall receive an initial advance in the amount of One Hundred Fifty-Nine Million and No/100 Dollars ($159,000,000.00) (the “Initial Advance”). Subject to and upon the terms and conditions set forth herein, Lenders severally and not jointly agree to fund each Lender’s Ratable Share of Advances of the Loan to Borrower from time to time, each in the principal amount of at least $10,000,000 and any additional amounts thereover in increments of $5,000,000 (or, at any time, the unfunded balance), and in the aggregate, when added to the Initial Advance, not to exceed Two Hundred Thirty-Five Million and 00/100 Dollars ($235,000,000.00), in accordance with and subject to the provisions hereof, during the period from the date hereof to the Maturity Date, and Borrower shall accept such Advances of the Loan from each Lender. The obligation of the Lenders to make their Ratable Share of any Advance after the Initial Advance shall be subject to the following conditions precedent:
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Realty Trust, Inc.), Loan Agreement (Empire State Building Associates L.L.C.)
