Common use of Loan Commitment Disbursement to Borrower Clause in Contracts

Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) pay the purchase price for acquiring the Property, (ii) pay certain costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (iv) fund any working capital requirements of the Property, and (v) distribute the balance, if any, to its members.

Appears in 2 contracts

Samples: Loan Agreement (Inland Western Retail Real Estate Trust Inc), Loan Agreement (Inland Western Retail Real Estate Trust Inc)

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Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowedre-borrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) pay the purchase price for acquiring the Property, (ii) pay certain costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (ivii) fund any working capital requirements of make deposits into the PropertyReserve Funds on the Closing Date in the amounts provided herein, (iii) payoff the Bridge Loan, and (viv) distribute the balance, if any, to its partners or members, as the case may be.

Appears in 1 contract

Samples: Term Loan Agreement (Developers Diversified Realty Corp)

Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be he reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) pay the purchase price for acquiring the Property, (ii) pay certain costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (iv) fund any working capital requirements of the Property, and (v) distribute the balance, if any, to its members.

Appears in 1 contract

Samples: Loan Agreement (Inland Western Retail Real Estate Trust Inc)

Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage Mortgages and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) pay the purchase price for acquiring the Property, (ii) pay certain costs and expenses incurred in connection with the financing of the Property and the closing of the Loan, as approved by Lender, (ivii) fund any working capital requirements of make deposits into the PropertyReserve Funds on the Closing Date in the amounts provided herein, and (viii) distribute the balance, if any, to its Borrower’s members.

Appears in 1 contract

Samples: Loan Agreement (Bon Ton Stores Inc)

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Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) pay the purchase price for acquiring the Property, (ii) pay certain costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (iv) fund any working capital requirements of the Property, and (v) distribute the balance, if any, to its members.,

Appears in 1 contract

Samples: Loan Agreement (Inland Western Retail Real Estate Trust Inc)

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