Common use of Financing Commitment Clause in Contracts

Financing Commitment. Prior to the expiration of the Due Diligence Period, Buyer shall provide Seller with a financing commitment or commitments, which has or have been accepted by Buyer from one or more equity investors or institutional lenders, to finance the purchase and redevelopment of the Property and adjacent parcels (the “Financing Commitment”). The Financing Commitment shall be consistent with the provisions of Section 4 above. In order to constitute a Financing Commitment, a commitment must be duly authorized by the issuer, and must be in substantially the same form and level of detail typically utilized by a prospective lender or investor in similar transactions, including requirements for Closing and conditions thereof; and, in the case of loan commitments, setting forth the proposed principal amount, interest rate, amortization terms, collateral or guaranty requirements, maturity date, improvements to be constructed, and the expiration date of the commitment.