Village Course Facility Sample Clauses

Village Course Facility. On the terms and provisions and subject to the satisfaction of the conditions of the Loan Agreement, the Lenders hereby establish a development line (the "Village Course Facility") in favor of Borrower pursuant to which the Lenders will extend credit to Borrower in the aggregate principal amount of FIFTEEN MILLION DOLLARS ($15,000,000.00) (the "Aggregate Loan Commitment with respect to the Village Course Facility"); provided, however, that (1) the aggregate principal amount at any one time outstanding of all Advances hereunder shall not exceed the Aggregate Loan Commitment with respect to the Village Course Facility, (2) no Lender shall be obligated to make Advances to the Borrower which shall exceed, in the aggregate principal amount at any one time outstanding, such Lender's Individual Loan Commitment with respect to the Village Course Facility, (3) each Advance shall be made by the several Lenders ratably, in a principal amount equal to such Lender's Individual Loan Commitment Percentage with respect to the Village Course Facility of the total amount to be borrowed on any occasion, (4) no Lender shall have any obligation or liability to the Borrower or any other Person as a result of the failure of another of the Lenders to observe any of its obligations under the Loan Agreement, and (5) no Lender (in its capacity as such) shall have any obligation or liability to the Borrower or any other Person as a result of the failure of the Agent to observe any of its obligations under the Loan Agreement or the Agency Agreement. Borrower may draw on the Village Course Facility by obtaining a cash advance (each such cash advance herein referred to as an "Advance"), provided that any Advance shall be in an amount not less than $500,000, and an integral multiple of $100,000. Advances may not be reborrowed. Principal of and interest on the Advances shall be paid by the Borrower at the times and in the manner stated in the Village Course Facility Notes and in the Loan Agreement, including, without limitation, Sections 2.7 and 2.8 below.
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Village Course Facility. The Borrower agrees to pay interest on the outstanding principal balance of the Advances pursuant to the following interest rate options that the Borrower may select in accordance with the provisions of the Loan Agreement: (i) a floating rate equal to the Base Rate in effect from time to time; or (ii) LIBOR plus two and one-half percentage (2.5%) points. Any portion of the Village Course Facility that is not a LIBOR Loan is a Base Rate Loan. LIBOR Loan amounts under the Village Course Facility shall be in minimums of $500,000 and in multiples of $100,000, with at most six (6) LIBOR Loans outstanding under the Village Course Facility at any one time. The Borrower agrees to make monthly payments, to the Agent for distribution to the Lenders, of all accrued interest on the outstanding principal balance of each Base Rate Loan under the Village Course Facility on the first day of each month. The Borrower agrees to pay, to the Agent for distribution to the Lenders, interest on the unpaid principal amount of each LIBOR Loan under the Village Course Facility on the earlier of (i) the last day of the LIBOR Interest Period or (ii) the last day of each three-month interval occurring during the LIBOR Interest Period and at maturity (whether by acceleration or otherwise).
Village Course Facility. All principal and accrued interest then outstanding with respect to the Village Course Facility shall be due and payable in full on or before the Village Course Facility Maturity Date.
Village Course Facility. (1) On or before December 31, 2000, Borrower shall pay the amount, if any, by which the outstanding principal balance of the Village Course Facility exceeds $12,000,000.00 and, on or before March 31, 2001, Borrower shall pay the amount, if any, by which the outstanding principal balance of the Village Course Facility exceeds $8,000,000. (2) Until such time as the unpaid principal balance of the Village Course Facility is reduced to $8,000,000.00 or less: within ten(10) days after the close of the sale of any lot in the real estate development project known as "Pineapple Hill Estates", built or intended to be built on land identified as Tax Map Key (2)4-2-04:24, Borrower will make a payment of principal in the amount of $400,000.00 with respect to the Village Course Facility from the proceeds of each such sale. (3) All principal and accrued interest then outstanding with respect to the Village Course Facility shall be due and payable in full on or before the Village Course Facility Maturity Date.
Village Course Facility. The Village Course Facility (as defined in the Second Restatement) shall be paid in full. On the Effective Date, subject to the satisfaction of the foregoing conditions, the Original Loan Agreement shall be deemed amended and restated in accordance with the provisions of this Amendment and Restatement, with the force and effect below in Article X.

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  • State Facilities If the State makes space available to the Party in any State facility during the term of this Agreement for purposes of the Party’s performance under this Agreement, the Party shall only use the space in accordance with all policies and procedures governing access to and use of State facilities which shall be made available upon request. State facilities will be made available to Party on an “AS IS, WHERE IS” basis, with no warranties whatsoever.

  • Employee Facilities Employee Facilities. Restrooms and attendant facilities shall be provided as required in the orders and regulations of the State of Washington Department of Labor and Industries. A good faith effort will be made by the Employer to provide facilities for employees’ personal belongings.

  • Operating Leases Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.

  • Generating Facility The Interconnection Customer’s device for the production of electricity identified in the Interconnection Request, but shall not include the Interconnection Customer’s Interconnection Facilities.

  • Existing Facilities Each of the Existing Facilities shall be repaid in full and terminated and all collateral security therefor shall be released, and the Administrative Agent shall have received pay-off letters in form and substance satisfactory to it evidencing such repayment, termination and release.

  • Alternate Facilities If under Purchaser’s Operating Schedule, roads needed for the removal of Included Timber differ substantially from Specified Roads, other roads may be added to A7. Contracting Officer shall assure that road routing, location, design, and needed easements will make such other roads acceptable as parts of the National Forest transportation facilities. Purchaser shall provide survey, design, and construction staking for such other roads.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

  • Operating Lease Obligations On the Effective Date, none of the Loan Parties has any Operating Lease Obligations other than the Operating Lease Obligations set forth on Schedule 6.01(q).

  • Operating Lease (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give notice to Lender of any notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. (iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating Lease.

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