Total Construction Loan Commitment definition
Examples of Total Construction Loan Commitment in a sentence
The Total Term Loan Commitment shall be automatically reduced pro rata with any reduction of the Total Construction Loan Commitment.
Subject to the terms and conditions set forth in this Agreement, Lender agrees to advance to Borrower from time to time during the Construction Loan Availability Period such loans as Borrower may request under this Section 2.1(a) (individually, a "Construction Loan" and collectively the "Construction Loans"), in an aggregate principal amount not to exceed the Total Construction Loan Commitment.
A Project's Allocated Portion of the Total Construction Loan Commitment cannot be used for Borrowings of Construction Loans unless and until such Project becomes an Approved Project in accordance with the terms hereof.
The "Indemnity Share" of each Related Bank at any time shall be a fraction (expressed as a decimal), the numerator of which shall be such Related Bank's Parallel Funding Commitment at such time, and the denominator of which shall be the aggregate of the then current Total Construction Loan Commitment, Total Working Capital/Project LC Commitment and Total DSR LC Commitment.
The aggregate principal amount of all Construction Loans made by the Lender shall not exceed Eight Million Dollars ($8,000,000) (the "Total Construction Loan Commitment").
Once reduced or canceled, the Total Construction Loan Commitment may not be increased or reinstated.
For so long as a Project is an Approved Project hereunder, such Project's Allocated Portion of the Total Construction Loan Commitment may be used for Borrowings of Construction Loans for all Approved Projects in accordance with the terms hereof.
The aggregate principal amount of all Term Loans to be made by the Lenders shall not exceed the lesser of (i) the Total Construction Loan Commitment, and (ii) the aggregate amount of Construction Loans outstanding on the Term-Period Commencement Date after giving effect to any Final Construction Drawing (such amount, the “Total Term Loan Commitment”).
From the effective date of any such reduction or cancellation, the Commitment Fees shall be computed on the basis of the Total Construction Loan Commitment as so reduced.
The Total Construction Loan Commitment shall expire, and each Construction Loan shall mature and be due and payable, on the Construction Loan Maturity Date, without further action on the part of any Bank or the Agent.