Common use of Commitment of Lender Clause in Contracts

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.