Financing Election Date Clause Samples

Financing Election Date. The Obligors hereby covenant and agree that promptly upon their receipt of each bona fide, binding commitment for permanent financing of the Property, the Obligors shall provide a copy thereof to the Lender. The Lender shall have at least ten (10) business days from Lender's receipt of such notice in which to elect to exercise Lender's Call Rights (the last day of any such ten day period, each hereinafter, a "Financing Election Date"). In such event, the Obligors hereby agree to assist the Lender in obtaining an assignment of each such financing commitment from the applicable lender. If Lender elects not to exercise its Call Rights, the Borrower shall be free to consummate the refinancing transaction upon the terms in such commitment. If the Borrower fails to do so, or substantially modifies the commitment, the Lender's rights hereunder shall continue (i.e., Lender shall be entitled to have ten business days from the date of such modification or subsequent commitments to exercise its Call Rights as herein provided) until the Borrower actually consummates a refinancing transaction for the Property and repays the Loan in full.