Revolving Nature of Loan. The Loan is a revolving line of credit; however, all Advances shall be viewed as a single loan. Borrower shall not be entitled to obtain Advances after the expiration of the Borrowing Term unless Lender, in its discretion, agrees in writing with Borrower to make Advances thereafter on terms and conditions satisfactory to Lender.
Revolving Nature of Loan. The Loan is a revolving loan and any amounts which are repaid may, subject to the terms of the Loan Documents limiting the amounts which may be drawn for any Project and the terms restricting disbursements of proceeds of the Loan, be redrawn.
Revolving Nature of Loan. The Commitments of Lenders to make Revolving Loans shall constitute a revolving line of credit and Revolving Loans repaid may be reborrowed on a revolving basis through the Maturity Date. Although the outstanding principal of the Obligations may be zero from time to time, the Loan Documents will remain in full force and effect until all obligations of each Lender to make Revolving Loans and all other Commitments of Lenders expire and all Obligations are paid and performed in full.
Revolving Nature of Loan. Prior to the Maturity Date, the Loan Amount may be drawn, repaid, and drawn again, on a revolving basis, in unlimited repetition so long as (i) the aggregate of all outstanding Advances does not exceed, at any time, the Loan Amount, and (ii) no Event of Default has occurred and is continuing. Although the outstanding principal balance of the Note may be zero from time to time, the Loan Documents will remain in full force and effect until the Maturity Date or all obligations of Borrower or Guarantor relating to the Loan are indefeasibly paid and performed in full, whichever is later. Borrower shall have the right to terminate the Loan upon Borrower’s specific written direction and attendant payment in full to Lender of all Obligations with respect to the Loan, including, without limitation, the Early Termination Fee. Upon the occurrence and during the continuance of any Event of Default, Lender may suspend or terminate its commitment to make Advances of the proceeds of the Loan without notice to Borrower or further act on the part of Lender.
Revolving Nature of Loan. Prior to the Revolving Loan Maturity Date, the Revolving Loan Amount may be drawn, repaid, and drawn again, on a revolving basis, in unlimited repetition so long as (A) the aggregate of all outstanding Revolving Loan Advances does not exceed, at any time, the Revolving Loan Amount, and (B) no Event of Default has occurred and is continuing. Although the outstanding principal balance of the Revolving Loan Note may be zero from time to time, the Loan Documents will remain in full force and effect until the Revolving Loan Maturity Date or all obligations of Borrower or Guarantor relating to the Revolving Loan are indefeasibly paid and performed in full, whichever is later. Borrower shall have the right to terminate the Revolving Loan upon Borrower’s specific written direction and attendant payment in full to Lender of all Obligations with respect to the Revolving Loan, including, without limitation, the Early Termination Fee; provided, however, that no such Early Termination Fee shall be payable if the Revolving Loan is terminated in connection with one or more Term Out Loan Advances. Upon the occurrence and during the continuance of any Event of Default, Lender may suspend or terminate its commitment to make Revolving Loan Advances of the proceeds of the Revolving Loan without notice to Borrower or further act on the part of Lender.
Revolving Nature of Loan. Subject to the limitations described in this Agreement, the Loan shall constitute a revolving line of credit and advances repaid may be reborrowed on a revolving basis through the Maturity Date. Although the outstanding principal of the Loan may be zero from time to time, the Loan Documents will remain in full force and effect until all obligations of Lender pursuant to this Agreement and the Loan Documents expire and all Obligations have been paid and performed in full. Upon the occurrence of an Unmatured Event of Default, Lender, may cause or declare any commitment of the Lender to make Advances to be suspended, whereupon any obligation to make further Advances will immediately be suspended. Upon the occurrence of an Event of Default, Lender, may cause or declare any commitment of the Lender to make Advances to be suspended or terminated, whereupon any obligation to make further Advances will immediately be suspended or terminated.
Revolving Nature of Loan. The Borrower shall be permitted to borrow, repay and reborrow under the Loan, from time to time, subject to the terms and conditions of the Construction Note governed by this Construction Note Agreement, provided, however, that the aggregate principal amount outstanding under the Construction Note may increase or decrease, but shall never exceed the sum of THREE MILLION and 00/100 DOLLARS ($3,000,000.00). The proceeds of the Construction Note shall only be utilized to fund the acquisition cost of the individual lots to be mortgaged hereunder, and to fund Lender approved vertical hard and soft construction costs. Additionally, Borrower shall not be entitled to receive any advances under the Construction Note if the total outstanding principal balance of the Construction Note, plus all sums yet to be disbursed to complete construction of Houses for which disbursement has already commenced, exceeds the sum of THREE MILLION and 001/00 DOLLARS ($3,000,00.00).
Revolving Nature of Loan. Throughout the Term (as defined in subsection 1.8.1 below) and until the Maturity Date, and so long as no (i) Event of Default (as defined in Section 8.1 below) of any nature, (ii) Potential Default (as defined in Section 8.1 below), or (iii) default under any of the covenants set forth in Section 6.1, 6.2, 6.3, 6.4 or 6.5 of the Guaranty shall have occurred and be continuing, Borrowers shall have the right to borrow and reborrow an amount up to the full amount of the Loan on a revolving basis, subject to the terms and conditions set forth in this Agreement; provided, that (A) Lenders are not obligated to make Advances at any time which would exceed the then Borrowing Availability (as defined in Section 1.3 below) and (B) Lenders shall not be obligated to make Advances during the sixty (60) days immediately preceding the Maturity Date unless Borrowers have submitted to Agent a copy of a loan commitment reasonably acceptable to Agent or other evidence reasonably acceptable to Agent demonstrating to Agent's reasonable satisfaction Borrowers' ability to repay the Loan, including any proposed Advances, on or prior to the Maturity Date. The Loan may be repaid by Borrowers in full or in part at any time, and any amounts repaid by Borrowers may be reborrowed, subject to the terms of this Section 1.2 and Article IV.
Revolving Nature of Loan. The Loan is a revolving line of credit and Borrower may borrow, repay principal, and reborrow in accordance with the terms of this Agreement. Borrower may request advances in amounts of not less than $250,000 per draw and in multiples of $50,000 by delivering to Lender at its office located at 0000 Xxxxx Xxxxxxxx, Xxxxxx Xxxxxxxxxx a written request by no later than 11:00 a.m. PST on the day of the proposed disbursement. Advances will be disbursed via wire transfer of federal funds to Borrower’s account no. 61-058745 at Bank of Hawaii.
Revolving Nature of Loan. (a) The Loan is a revolving loan, and during the Approval Period, any amounts which are repaid may, subject to the terms of this Loan Agreement limiting the amounts which may be drawn for any Project or Model Home and the terms restricting disbursements of proceeds of the Loan, be redrawn for another Project or another Model Home.
(b) With respect to any Project, repaid principal of the Loan which is all or a portion of the Construction Amount of the Project Amount shall be available to be reborrowed with respect to further Construction Improvements for the Project. Upon repayment in full of the Construction Amount of the Project Amount, and during the Approval Period, such repaid principal shall be added to the Available Amount. Repaid principal of the Loan which is all or a portion of the Acquisition and Development Amount of the Project Amount shall not be available to be reborrowed with respect to the Project, but during the Approval Period shall be added to the Available Amount.
(c) During the Approval Period, repaid principal of the Loan which is a repayment of the Model Home Amount shall be added to the Available Amount.
