Common use of Construction and Term Loan Commitment Clause in Contracts

Construction and Term Loan Commitment. Subject to the terms and conditions set forth herein, Lender agrees to make Construction and Term Loans to Borrower, from time to time during the Construction Funding Period, in an aggregate principal amount outstanding at any time that will not result in the aggregate amount of all Construction and Term Loans exceeding the Construction and Term Loan Commitment. During the Construction Funding Period, Borrower shall be entitled to borrow and prepay, but may not reborrow, Construction and Term Loans in accordance with the terms and conditions of this Agreement; provided, that Borrower may not borrow should there exist a Default or Event of Default.