Variable Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Lender agrees to make Variable Advances to the Borrower from time to time during the applicable Variable Facility Availability Period. The aggregate unpaid principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the Variable Facility which it has previously borrowed and repaid under the Variable Facility.
Variable Facility Commitment. Subject to the provisions of Section 2.06, Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. Except during such time as one Mortgaged Property remains in the Collateral Pool, no Variable Advances shall be made, or be permitted to remain Outstanding unless the aggregate of Variable Advances Outstanding is at least $25,000,000. The borrowing of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. Borrower may not re-borrow any part of the Variable Advance which it has previously borrowed and repaid. Except as set forth in Section 2.06 of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property.
Variable Facility Commitment. Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. No Variable Advance shall be made as a result of increases in the Valuation of any Mortgaged Property; provided, however, Borrower shall not be precluded from obtaining a release of a Mortgaged Property as otherwise provided herein. Borrower may re-borrow any part of the Variable Advances which it has previously borrowed and repaid.
Variable Facility Commitment. Subject to the terms and conditions of this Agreement, including without limitation Section 1.10, Lender agrees to make SARM Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. The repayment of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. Borrower may not re-borrow any part of any Variable Advance which it has previously borrowed and repaid. No Advances shall be made as a result of increases in the Debt Service Coverage Ratio or decreases in the Loan to Value Ratio of any Mortgaged Property.
Variable Facility Commitment. (i) Subject to the provisions of subsection (a)(ii) below, Lender agrees to make Variable DMBS Advances and Variable Structured ARM Advances to Borrower from time to time during the Variable Facility Availability Period in accordance with the terms and provisions of this Agreement. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. No Variable DMBS Advances shall be made, or be permitted to remain Outstanding unless the aggregate of Variable DMBS Advances Outstanding is at least $25,000,000. The borrowing of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. Borrower may not re-borrow any part of a Variable Advance which it has previously borrowed and repaid. Except as set forth in Section 2.06 of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property. Any portion of the Variable Facility Commitment that is not advanced on the Initial Closing Date and which Lender determines may be advanced to Borrower, is available to be advanced to Borrower within ninety (90) days of the Initial Closing Date.
Variable Facility Commitment. Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period, subject to requirements of this Agreement. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. Except as provided in Section 2.06 of this Agreement, no Variable Advance shall be made as a result of increases in the Valuation of any Mortgaged Property; provided, however, Borrower shall not be precluded from obtaining a release of a Mortgaged Property as otherwise provided herein. Subject to the terms of this Agreement, including Section 10.01, Borrower may re-borrow any part of the Variable Advances which it has previously borrowed and repaid, except any repayment made in connection with regularly scheduled amortization of principal under any Note.
Variable Facility Commitment. Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. Borrower may re-borrow any part of the Variable Advances which it has previously borrowed and repaid.
Variable Facility Commitment. Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. After the First Anniversary, no Variable Advances shall be made, or permitted to remain Outstanding unless the aggregate of Variable Advances Outstanding is at least $25,000,000. Subject to the terms, conditions and limitations of this Agreement, Borrower may re-borrow any part of the Variable Advances which it has previously borrowed and repaid unless Borrower has terminated the Variable Facility Commitment as set forth in Section 5.04 and provided that Borrower is paying the Unused Capacity Fee set forth in Section 10.01. Except as set forth in Section 2.06 of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property.
Variable Facility Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to make one or more Variable Advances to Borrower on the Initial Closing Date in the aggregate amount of the Variable Facility Commitment in effect on the Initial Closing Date. Subject to the availability of Future Advances pursuant to Section 2.05 and Article 3 and all other terms and conditions of this Agreement, Lender may agree to make one or more additional Variable Advances to Borrower. At such time that any additional Variable Advance may be made, the Variable Facility Commitment shall be increased by such Variable Advance amount. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. The repayment in full of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. The repayment in part of a Variable Advance shall permanently reduce the Variable Facility Commitment by such repaid amount. Borrower may not re-borrow any part of any Variable Advance that it has previously borrowed and repaid. Subject to the terms, conditions and limitations of this Agreement, Borrower may convert all or part of any Variable Advance to a Fixed Advance.
Variable Facility Commitment. Lender agrees to make Variable Advances to Borrower from time to time during the Variable Facility Availability Period. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. Borrower may re-borrow any part of the Variable Advances which it has previously borrowed and repaid. Except as provided in Section 2.04(c) of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property. Any portion of the Variable Facility Commitment not available to be advanced due to the inability of Borrower to satisfy the requirements for the Aggregate Loan to Value Ratio and the Aggregate Debt Service Coverage Ratio for a period of two (2) years shall be deemed terminated and the partial termination provisions (including payment of the Facility Termination Fee) set forth in Article 5 and Article 6 shall apply to such partial termination.
