Building Loan Sample Clauses

Building Loan. 24.1 If this Agreement is subject to the approval of a building loan in the amount of as referred to in the Information Schedule, such approval shall be obtained from a recognized financial institution within 30 (thirty) days of signature hereof by the Employer. The Employer will take all necessary steps to obtain approval thereof. The Contractor will be entitled to extend this period within his own discretion. Initial
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Building Loan. Borrower, Administrative Agent and the Lenders acknowledge that Borrower desires to utilize a portion of the Future Advances to pay for “costs of the improvement” (as defined in the New York Lien Law) and that loans utilized to fund same must be formatted as a building loan (the “Building Loan”) to comply with the New York State Lien Law. In furtherance thereof, the parties hereto agree as follows:
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Building Loan. Xxxxxxxx, Administrative Agent and the Lenders acknowledge that Borrower desires to utilize a portion of the Future Advances to pay for “costs of the improvement” (as defined in the New York Lien Law) and that loans utilized to fund same must be formatted as a building loan (the “Building Loan”) to comply with the New York State Lien Law. In furtherance thereof, the parties hereto agree as follows: (A) The Lenders shall not be required make any Future Advances for “costs of the improvement” unless Borrower is in full compliance with the following provisions of this Section 2.6.2. -62- (B) On the Original Closing Date, Administrative Agent, the Lenders and Xxxxxxxx executed and delivered (i) that certain Amended and Restated Building Loan Agreement dated as of March 7, 2019 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Building Loan Agreement”), (ii) that certain Consolidated, Amended and Restated Building Loan Mortgage, Assignment of Leases and Rents and Security Agreement dated as of March 7, 2019 originally securing the maximum principal amount of up to $45,900,000.00 and (iii) that certain Consolidated, Amended and Restated Promissory Building Loan Note dated as of March 7, 2019 in the original principal amount of up to amount of $45,900,000.00, however, the current outstanding principal balance due under said Consolidated, Amended and Restated Promissory Building Loan Note is $24,096,964.78 and there are no more advances available under the Building Loan Agreement(the “Building Loan Amount”). (C) On the Closing Date, PBB and Borrower executed and delivered (i) the Supplemental Building Loan Agreement, (ii) that certain Supplemental Building Loan Mortgage, Assignment of Leases and Rents and Security Agreement in the amount of $54,125,443.00, and (iii) the Supplemental Upsize Building Loan Note (the amount secured by the Supplemental Upsize Building Loan Note, as may be increased in accordance with the terms of the Supplemental Building Loan Agreement, the “Supplemental Building Loan Amount”). (D) If at any time the amount of the Building Loan shall be increased due to all or a portion of the Supplemental Loan constituting “costs of the improvement”, Borrower, Administrative Agent and/or the Lenders, as applicable, shall execute and deliver amendments or modifications to, or supplements of, the documents referenced in clause (C) above to reflect the increased Supplemental Building Loan Amount (which sha...
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Building Loan. All entities (other than Agent) required to execute or deliver any document in connection with the Building Loan shall have simultaneously executed and/or delivered such documents and all conditions precedent to the Project Loan set forth in Section 4.01 of the Building Loan Agreement shall have been fulfilled (or waived by Agent in its sole discretion).
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Building Loan. To the extent of the future advances provided for hereunder, this Mortgage shall constitute a building loan mortgage, the proceeds of which are loaned for the purpose of financing the construction of certain improvements on the Premises. The proceeds of the building loan advances secured hereby are to be advanced by Mortgagee to Mortgagor from time to time as requested by Mortgagor and as required for such construction.
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Related to Building Loan

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Existing Loans Schedule 3.14(a) attached hereto lists, as of the date of this Agreement, (i) all secured Indebtedness presently encumbering the Property or any direct or indirect interest in the Company, and (ii) all unsecured Indebtedness of the Company or any Company Subsidiary (collectively, the “Existing Company Loans”), and the outstanding aggregate principal balance of each such Existing Company Loan as of April 30, 2019. Except as set forth on Schedule 3.14(b) attached hereto, the Existing Company Loans and the documents entered into in connection therewith (such notes, deeds of trust and all other documents or instruments evidencing or securing such Existing Company Loans including any financing statements, and any amendments, modifications, and assignments of the foregoing shall be referred to collectively as the “Existing Company Loan Documents”) are in full force and effect as of the Closing Date. True, correct and complete copies of the Existing Company Loan Documents (other than financing statements, ancillary certificates and other similar ancillary documents) have been made available to MAMP. No material breach or material default by the Company or any Company Subsidiary has occurred under any Existing Company Loans. Except as set forth on Schedule 3.14(c) attached hereto, no event has occurred and is continuing which with the passage of time or the giving of notice (or both) would constitute a material breach or default under any of such Existing Company Loan Documents, nor has the Company received or given written notice of a default under any Existing Company Loan Documents, which remains uncured.

  • Term Loan Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a term loan (the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount not to exceed such Lender’s Term Loan Commitment. Amounts repaid on the Term Loan may not be reborrowed. The Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein, provided, however, all Borrowings made on the Closing Date shall be made as Base Rate Loans.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Revolving Loan The Borrower shall repay to the Lenders in full on the date specified in clause (a) of the definition of “Revolving Termination Date” the aggregate principal amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date.

  • Eurodollar Rate Loans After Default After the occurrence of and during the continuation of a Potential Event of Default or an Event of Default, (i) Company may not elect to have a Loan be made or maintained as, or converted to, a Eurodollar Rate Loan after the expiration of any Interest Period then in effect for that Loan and (ii) subject to the provisions of subsection 2.6D, any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to a requested borrowing or conversion/continuation that has not yet occurred shall be deemed to be rescinded by Company.

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

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