Development Loan. The term “
Development Loan. It is the intention of the Members and the Company to secure one or more development loans (collectively, the "Development Loan") which will cover all or substantially all of the anticipated Budgeted Pre-Development Expenses and the Budgeted Development Costs. The Development Loan may take the form of traditional bank construction financing, a "mini-perm" construction/permanent loan(s), or other comparable financing. It will be the joint responsibility of both Legacy and Newpar to secure the Development Loan for the Center and it will be the responsibility of the Development Supervisor to prepare all loan packages and submissions in connection therewith. It is the intention of the Members that the Development Loans will be non-recourse as to any of the Members. Notwithstanding the foregoing, to the extent required by the applicable Lender under any Development Loan: (a) Legacy shall have the right, but not the obligation (which determination shall be made in the sole and absolute discretion of Legacy), to execute and deliver to the Lender any and all guarantees of the financial obligations of the Company under the applicable Development Loan; (b) Newpar hereby agrees to and shall execute and deliver to the Lender any and all guarantees of the financial obligations of the Company under the applicable Development Loan; and (c) Newpar hereby agrees to and shall execute and deliver, and shall also cause Xxxxxxx Caype Interests, Inc., a Florida corporation, and/or Xxxxxxx Xxxxxxx to execute and deliver, to the Lender any and all completion guarantees required by Lender in conjunction with the applicable Development Loan. In the event Legacy is required to furnish any guaranty with respect to the financial obligations of the Company under any Development Loan, Legacy shall be entitled to receive the Guaranty Fee set forth in Section 8.13.4 hereof.
Development Loan. DocuSign Envelope ID: 049D25E0-EAD5-4064-9974-F17B4C5ABC0F
Development Loan. 12 2.2 The Notes.............................................................................13 2.3 Interest..............................................................................13 2.4
Development Loan. (a) Subject to the terms and conditions set forth in this Agreement, EIF agrees to make a loan to Borrower (the "Chevron Financing") in the principal amount of up to Eight Million Two Hundred Sixteen Thousand Two Hundred Fifty Dollars ($8,216,250) for the following purposes:
Development Loan. 20.5.1 Upon acquiring a participating interest, the Government may send notice to the other Licensee(s), requesting that the other Licensee(s) pay, in proportion to their respective participating interests, the Government‟s participating share (up to an aggregate participating share of fifteen percent (15%)) of all expenses incurred by the Licensee(s), Government, and/or the Appointee (and in case of the Government and/or the Appointee on behalf of the Licensee(s)) in relation to Petroleum Operations in the Development and Production Area after the approval of the Approved Development and Production Plan, which shall take the form of a Development Loan.
Development Loan. The rights and obligations of the parties in connection with the Development Loan, including any defaults and remedies associated therewith, shall be as otherwise set forth in the Loan Documents and Section 3.3 of this Agreement, anything to the contrary in this Article VI of this Agreement notwithstanding.
Development Loan. At any time after January 1, [**] and prior to December 31, [**], IDEA may request from ALPHARMA, and ALPHARMA shall make, loans to IDEA totaling up to an aggregate principal amount outstanding at any one time of twenty million US dollars (US$20,000,000) so long as the aggregate principal amount borrowed from time to time does not exceed the aggregate expenditures previously made by IDEA in respect of the Specified Studies; provided that (i) IDEA shall give [**] days' notice of any drawdown it requests, and (ii) IDEA shall not be eligible for, and ALPHARMA shall not be required to make, any such loan after the milestone payments for the first and second milestones set forth in Section 3.2 have been paid to IDEA and IDEA shall repay the outstanding balance of any such loan (with interest thereon, as described below) immediately upon receipt of the second of such milestone payments (or, at ALPHARMA's option, ALPHARMA may withhold any such outstanding balance (with interest thereon, as described below) from the second of such milestone payments and apply such withheld amount to reduce such balance (and interest thereon). All outstanding loan amounts shall bear interest at an annual rate of annualized U.S. Dollar one month LIBOR + [**]%, compounded monthly. Such loans shall be with full recourse to IDEA and, if not due earlier, shall become due on December 31, [**]. From and after the date on which such loans become due, ALPHARMA shall have the right to withhold the outstanding balance of any such loan (including interest amounts) from any payment otherwise due from ALPHARMA to IDEA under this Agreement and apply such withheld amount to reduce such balance and interest thereon.
Development Loan. The City will make the City Development Loan to the Borrower in the amount of Three Million Six Hundred Forty Thousand Five Hundred Twenty-Two Dollars ($3,640,522) upon the terms and conditions and for the purposes set forth in this Agreement. The sources of funds for the City Development Loan consist of Two Million Four Hundred Fifty-Seven Thousand Seven Hundred Fifty Dollars ($2,457,750) in City of Livermore Housing Successor Agency Funds and One Million One Hundred Eighty-Eight Thousand Seven Hundred Seventy-Two Dollars ($1,182,772) in City of Livermore Housing Trust Funds, which collectively make up the City Development Loan. The City Development Loan shall be evidenced by the City Development Note which shall be dated as of the Closing Date and executed by Xxxxxxxx substantially in the form attached hereto as Exhibit C. Provided that Xxxxxxxx has complied with all conditions precedent to disbursement of the City Development Loan set forth in Section 4.6, the proceeds of the City Development Loan (“Development Loan Proceeds”) shall be disbursed pursuant to approved draw requests as described in Section 4.9. The Parties agree that City shall disburse the Development Loan Proceeds only for the purpose of funding Project development costs, and repayments of the City Development Loan, City Predevelopment Loan and City Acquisition Loan shall be made on a pari passu basis until fully repaid.
Development Loan. The Parties agree that the Seller must obtain a loan from a financial institution with which to finance the Development, of which the Property is (or will be) a part of; this agreement is subject to the suspensive condition of the Seller obtaining such a loan on such terms and conditions in the Seller’s sole discretion within a period of 6 (six) months from date of Signature hereof.
