Examples of Initial Loan Closing in a sentence
The obligation of the Lender to make the Initial Loan pursuant to Section 2.1 shall be subject to the satisfaction, on or before the Initial Loan Closing Date, of the conditions set forth in this Section.
If the conditions set forth in this Section are not met on or prior to the Initial Loan Closing Date, the Lender shall have no obligation to make the Initial Loan.
Delays in submission or revision of any items could result in delays in reaching Initial Loan Closing.
Evidence of Insurance must be provided to PHFA before Initial Loan Closing can take place.
The Loans shall be each evidenced by a convertible promissory note in the form attached hereto as Exhibit A (“Note”), duly executed on behalf of the Company and dated as of the Initial Loan Closing Date.
The General Contractor will be reimbursed for the deposit from the Owner’s equity at Initial Loan Closing.
Unless the Loan is earlier accelerated pursuant to the terms hereof, the Loan and all accrued Interest thereon shall be due and payable in full on the earlier of (a) the date that is 90 days following the Initial Loan Closing Date or (b) the closing date of the Merger.
The total principal indebtedness, excluding Targeted Loan Indebtedness, of a Housing Sponsor to the Corporation on any Development at the Initial Loan Closing shall not exceed 90% of the Appraised Value of the Development.
Provided there is no Event of Default under this Agreement, the Company may notify the Lender in writing at any time after 30 days from the Initial Loan Closing Date that the Company wishes to borrow the Additional Loan.
Holder shall, on the terms and subject to the conditions contained in this Agreement, advance (i) a term loan (the “Initial Loan”) to the Borrowers on the Initial Loan Closing Date in an aggregate principal amount of $2,000,000, and (ii) a delayed draw term loan (the “Delayed Draw Loan” and together with the Initial Loan, the “Loans” and each, a “Loan”) to the Borrowers on September 30, 2023 (the “Delayed Draw Closing Date”) in an aggregate principal amount of $1,000,000.