Commitment of Lender. Subject to the provisions of this Agreement, and provided that an Event of Default has not occurred, and no event or condition which with the giving of notice or the passage of time or both would reasonably be expected to constitute an Event of Default has occurred and remains uncured to Lender's satisfaction, Lender will make Advances to Borrower up to the maximum principal amount set forth in Section 2.18 hereof. The obligation of Lender to make Advances to Borrower shall terminate and expire at 1:00 p.m., Dallas. Texas time on April 15, 2006.
Commitment of Lender. On the basis of the covenants, agreements, warranties and representations of Borrower contained in this Agreement and subject to the terms and conditions herein set forth herein, Lender agrees to lend to Borrower a sum not to exceed $57,800,000.00. The proceeds of the Loan shall be disbursed by Lender as herein provided for the payment of the Construction Costs and costs incurred by Borrower in acquiring the stock of Mount Snow, all as set forth in the then approved Project Budget and the performance of Borrower’s obligations under this Agreement.
Commitment of Lender. On the basis of the covenants, agreements, warranties and representations of Borrower contained in this Agreement and subject to the terms and conditions herein set forth herein, Lender agrees to lend to Borrower a sum not to exceed $15,700,000.00. The proceeds of the Loan shall be disbursed by Lender as herein provided for the payment of the Construction Costs and costs incurred by Borrower in acquiring the stock of LBO, all as set forth in the then approved Project Budget and the performance of Borrower’s obligations under this Agreement.
Commitment of Lender. Upon Borrower's compliance with all conditions set forth in Section 3 of this Agreement, Lender will advance and disburse the Loan to or on behalf of Borrower to the title agent responsible for closing the acquisition of the Property to be applied to the purchase price of the Property. Borrower's execution of a HUD 1 or similar closing statement shall suffice as written authority of Borrower for Lender to make the advance. The Loan shall be repaid, secured and is guaranteed according to the terms of the Note, Deed of Trust, and Guaranty (all as defined below). Once fully advanced, no payment or prepayment of principal shall entitle Borrower to any additional advances.
Commitment of Lender. Subject to the conditions hereof, and provided that an Event of Default does not exist, Lender will make Advances to Borrower in accordance with this Loan Agreement. Borrower will not, under any circumstances, be entitled to request, and Lender will not, under any circumstances, be obligated to advance funds in excess of (a) the principal amount of the Loan or (b) a sum equal to eighty percent (80%) of the Appraisal value of the Premises. It is expressly agreed and understood that Lender shall only make Advances to Borrower in connection with the construction of New Improvements upon the Property that is more fully described in the Mortgage.
Commitment of Lender. 3.1 Xxxxxx agrees to make the Loan to Borrower pursuant to the terms of this Agreement and the Loan Commitment Letter which is hereby incorporated by reference as if fully set forth herein.
Commitment of Lender. Lender hereby agrees to make Borrower a revolving credit loan in the original principal amount of up to Ten Million Dollars ($10,000,000.00) (the “Loan”), which Loan, or any portion thereof, may be repaid and, subject to the terms and conditions hereof (and as long as no Event of Default exists), reborrowed to, but not including, the last day of the Term. The aggregate principal amount which Borrower may have outstanding under the Loan at any one time shall not exceed Ten Million Dollars ($10,000,000.00), which amount may be borrowed, paid, reborrowed and repaid in whole or in part. The Loan shall be evidenced by the Revolving Credit Note of Borrower dated the date of this Agreement, payable to the order of Lender in the principal amount of $10,000,000.00, having a maturity date of the last day of the Term, and in the form attached hereto and incorporated by reference as Exhibit A (as the same may from time to time be amended, modified, extended or renewed, the “Note”). Borrower agrees to pay in full all interest, principal fees, charges and all other amounts due under the Note and Loan on the maturity date of the Term.
Commitment of Lender. Subject to the conditions hereof and the terms of the Note, and provided that an Event of Default has not occurred, Lender will make Advances to Borrower (i) of $5,000,000.00 on the date of Closing, and (ii) unless the "Closing Date" (as such term is defined in the Merger Agreement) has occurred, of $5,000,000.00 on July 1, 1996.
Commitment of Lender. On the basis of the covenants, agreements, warranties and representations of Borrower contained in this Agreement and subject to the terms and conditions herein set forth herein, Lender agrees to lend to Borrower a sum not to exceed $6,007,800.00, of which $4,172,500.00 shall be used for the Brandywine Project, $1,635,500.00 for the Hidden Valley Project and $200,000 shall fund the debt service reserve account. The proceeds of the Loan shall be disbursed by Lender as herein provided for the payment of the Construction Costs and costs incurred by Borrower, all as set forth in the then approved Project Budget and the performance of Borrower’s obligations under this Agreement.
Commitment of Lender. Upon the terms and subject to the conditions and limitations set forth in this Agreement, and provided that no Event of Default (as hereinafter defined) has occurred, Lender will make advances to Borrower from time to time in accordance with the terms of this Agreement. Notwithstanding anything to the contrary contained in this Agreement, the Note (as hereinafter defined) or in any of the other Security Documents (as hereinafter defined), and in addition to any other limitations and conditions on advances set forth herein, Lender's commitment shall be subject to each of the following limitations:
