Examples of Initial Funding Termination Date in a sentence
If the Initial Funding Termination Date is extended pursuant to the terms of the Note, on the Initial Funding Termination Date, Borrower shall pay Lender a fully earned non-refundable Development Loan extension fee equal to one-quarter of one percent (0.25%) of the aggregate of the outstanding principal balance of the Development Loan plus the remaining committed and unfunded amount of the Development Loan as of the Initial Funding Termination Date.
The Development Loan Funding Termination Date shall be the Initial Funding Termination Date.
The Lender shall not be obligated to make advances out of the Construction Line for a Construction Loan for any Unit for which the Lender has not issued its formal Construction Loan commitment prior to the Initial Funding Termination Date, if the Initial Funding Termination Date is not extended hereunder or prior to January 23, 2017, if the Initial Funding Termination Date is extended hereunder.
The Construction Line Funding Termination Date shall independently apply to each Construction Loan that the Lender has formally approved and committed to fund prior to the Initial Funding Termination Date (if the Construction Line Funding Termination Date is not automatically extended as set forth in the next sentence) and January 23, 2017 (if the Construction Line Funding Termination Date is automatically extended as set forth in the next sentence).
The Construction Line Funding Termination Date shall independently apply to each Construction Loan that the Lender has formally approved and committed to fund prior to the Initial Funding Termination Date (if the Construction Line Funding Termination Date is not automatically extended as set forth in the next sentence) and May 8, 2015 (if the Construction Line Funding Termination Date is automatically extended as set forth in the next sentence).
The Development Loan Funding Termination Date shall be automatically extended to January 23, 2017, but only if (i) there are no defaults or events which with the passage of time would constitute a default under the Loan Documents, (ii) Borrower has satisfied all other terms and conditions required to be satisfied in the Loan Documents as of the Initial Funding Termination Date, and (iii) Borrower shall have sold and closed on at least fifteen (15) Units as of the Initial Funding Termination Date.
If the Initial Funding Termination Date is automatically extended as set forth above, the Lender’s obligation to make any advances out of the Development Loan shall terminate on January 23, 2017.
If the Initial Funding Termination Date is automatically extended as set forth above, the Lender’s obligation to make any advances out of the A&D Loan shall terminate on May 8, 2015.
The Initial Funding Termination Date to the extent extended to the First Extended Funding Termination Date and the Second Extended Funding Termination Date is the “Funding Termination Date.” Guarantors – Xxxxxxxxxxx Xxxxxxxx, Xxxxxxx Xxxxxx and Xxxxxxxx Holding Companies, Inc., a Delaware corporation and their successors, personal representatives, devisees and heirs.
The Initial Funding Termination Date to the extent extended to the First Extended Funding Termination Date is the “Funding Termination Date.” Guarantors – Xxxxxxxxxxx X.