Available Construction Loan Commitment definition

Available Construction Loan Commitment means (a) at any time and from time to time during the Construction Loan Availability Period, the Total Construction Loan Commitment at such time minus the aggregate principal amount of all Construction Loans outstanding at such time and (b) at any time after the Construction Loan Availability Period, zero.
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Available Construction Loan Commitment means at any time (a) on or prior to the Construction Loan Maturity Date, the Total Construction Loan Commitment at such time minus the aggregate principal amount of all Construction Loans outstanding at such time and (b) after the Construction Loan Maturity Date, zero; provided, however, that notwithstanding the foregoing, a portion of the Total Construction Loan Commitment in an amount up to the Completion Reserve Borrowing shall not be available for Borrowing prior to the Final Drawing but shall be available for Borrowing on the Term-Conversion Date, and shall comprise a portion of the Final Drawing, all as more fully set forth in Section 3.3(a) of the Financing Agreement.
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Available Construction Loan Commitment is amended and restated as follows:
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Examples of Available Construction Loan Commitment in a sentence

  • Borrower shall have effected a Borrowing of Construction Loans in the amount of the then-remaining Available Construction Loan Commitment which shall have been disbursed (i) for purposes of funding the Completion Reserve Borrowing as required by Section 3.3(i), (ii) as provided in Section 5.1(a)(vii) of the Depositary Agreement and (iii) for any remaining amount after the disbursements in clauses (i) and (ii), to the Operating Account (collectively, the “Final Drawing”).

  • Construction Loans made on any single date of Borrowing shall not exceed an aggregate amount equal to the lesser of (a) the Available Construction Loan Commitment determined as of such date, and (b) such amounts as shall ensure that uncommitted funds remaining in the Construction Accounts other than the subaccounts thereof shall be disbursed to the greatest extent possible, subject to the requirements of Section 2.1.1(b)(ii).

  • Borrower shall pay to Administrative Agent any Commitment Fees then due in respect of the canceled portion of the applicable Commitment upon any cancellation and, from the effective date of any cancellation or reduction, the Commitment Fees shall be computed on the basis of the Available Construction Loan Commitment as so canceled or reduced.

  • Borrower shall have effected a Borrowing of Construction Loans in the amount of the then-remaining Available Construction Loan Commitment, if any, which shall have been disbursed (i) for purposes of funding the Completion Reserve Borrowing as required by Section 3.3(i), and (ii) for any remaining amount after the disbursements in clause (i) to the Operating Account (collectively, the “Final Drawing”).

  • The amount of the requested Borrowing shall be in the minimum amount of Five Hundred Thousand Dollars ($500,000) or an integral multiple of One Hundred Thousand Dollars ($100,000) in excess thereof, except for (i) the final Construction Loan and (ii) the Term Loans, or such other amount agreed to by Administrative Agent; provided that the Final Drawing of Construction Loans shall be for the full remaining amount of the Available Construction Loan Commitment.


More Definitions of Available Construction Loan Commitment

Available Construction Loan Commitment means at any time (a) on or prior to the Construction Loan Maturity Date, the Total Construction Loan Commitment at such time minus the aggregate principal amount of all Construction Loans outstanding at such time and (b) after the Construction Loan Maturity Date, zero; provided, however, that notwithstanding the foregoing, a portion of the Total Construction Loan Commitment in an amount equal to the sum of the Completion Reserve Borrowing shall be unavailable for Borrowing until the Term-Conversion Date, and shall comprise a portion of the Final Drawing, all as more fully set forth in Section 3.3(a) of the Financing Agreement.
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Related to Available Construction Loan Commitment

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • Loan Amount has the meaning specified in Section 7.06(b) of the Indenture.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Revolving Loan Commitment Amount means, on any date, $30,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Term Loan Commitment Amount means, with respect to each Lender, the sum of such Lender’s Term Loan Tranche 1 Commitment Amount and Term Loan Tranche 2 Commitment Amount.

  • Incremental Revolving Facility Commitment means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Revolving Loans to the Borrower.

  • Loan Commitment has the meaning set forth in Section 2.1.

  • Available Facility Amount shall have the meaning specified in paragraph 2B(1).

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Incremental Revolving Facility has the meaning assigned to such term in Section 2.22(a).

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Facility Amount means (a) prior to the end of the Revolving Period, $250,000,000, unless this amount is permanently reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after the end of the Revolving Period, the Advances outstanding.

  • Incremental Loan Commitment shall have the meaning ascribed to such term in Section 2.22(a).

  • Aggregate Revolving Loan Commitment means the aggregate of the Revolving Loan Commitments of all the Revolving Lenders, as may be reduced or increased from time to time pursuant to the terms hereof. The initial Aggregate Revolving Loan Commitment is Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00).

  • Revolving Loan Agreement means that certain Revolving Credit and Security Credit Agreement dated as of the Closing Date by and among Revolving Loan Agent, the Revolving Loan Lenders and the Loan Parties, as amended, restated or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement.

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Available Commitments shall refer to the aggregate of the Lenders’ Available Commitments hereunder.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Term Loan Commitment is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

  • Available Revolving Commitment as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

  • Maximum Revolving Loan Amount means, as of any date of determination, the lesser of (a) the Revolving Loan Commitment(s) of all Lenders minus the Letter of Credit Reserve and (b) the Borrowing Base minus the Letter of Credit Reserve.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Available Commitment means a Lender’s Commitment minus:

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Revolving Loan Commitment means the commitment of a Revolving Lender to make Revolving Loans to Company pursuant to subsection 2.1A(ii), and “Revolving Loan Commitments” means such commitments of all Revolving Lenders in the aggregate.