Common use of Loan Commitment Amount Clause in Contracts

Loan Commitment Amount. As of the closing date, Lxxxxx commits to disburse Loan principal in the total Loan Commitment Amount. After the closing date, the Loan Commitment Amount will equal the face amount of the Loan less the total amount of Advances made to date, except that portion of any Advance advanced from the Loan-in-Process Account, if applicable, as may be set forth below. Any Loan Commitment Amount that remains after all Advances have been made will be credited as a partial prepayment of the principal amount of the Loan at the time of the final Advance. If, at any time, the Loan Commitment Amount plus any amount in the Loan-in-Process Account is not enough to pay the amount scheduled for any Advance, Borrower will promptly pay the difference from Borrower’s own funds.

Loan Commitment Amount. As of the closing date, Lxxxxx Xxxxxx commits to disburse Loan principal in the total Loan Commitment Amount. After the closing date, the Loan Commitment Amount will equal the face amount of the Loan less the total amount of Advances made to date, except that portion of any Advance advanced from the Loan-in-Process Account, if applicable, as may be set forth below. Any Loan Commitment Amount that remains after all Advances have been made will be credited as a partial prepayment of the principal amount of the Loan at the time of the final Advance. If, at any time, the Loan Commitment Amount plus any amount in the Loan-in-Process Account is not enough to pay the amount scheduled for any Advance, Borrower will promptly pay the difference from Borrower’s own funds.