Initial Funding Amount. In consideration for (i) the contribution by the Owners of the Property to the Partnership, and (ii) the issuance of the Interests to Cedar, Cedar shall (i) loan to Owners an amount equal to Twenty Six Million Seven Hundred Forty-Three Thousand ($26,743,000.00) Dollars (the "Owners Loan"), on a nonrecourse basis, secured by the Preferred Interest, and (ii) contribute to the Partnership an initial capital amount equal to the sum of all legal fees, title insurance premiums and other closing costs to be paid by Cedar in connection with the Closing (as hereinafter defined), as the same may be adjusted pursuant to the terms of this Agreement (the "Initial Capital Amount"). The Owners Loan and the Initial Capital Amount are sometimes collectively referred to herein as the "Initial Funding Amount".
Initial Funding Amount. In consideration for the issuance of the Interests to Cedar, Cedar shall (i) loan to Owners an amount equal to Six Million Three Hundred Sixty Seven Thousand ($6,367,000) Dollars (the "Owners Loan"), on a nonrecourse basis, secured by the Preferred Interest, and (ii) contribute to the Partnership an initial capital amount equal to the sum of all legal fees, title insurance premiums and other closing costs to be paid by Cedar in connection with the Closing (as hereinafter defined), as the same may be adjusted pursuant to the terms of this Agreement (the "Initial Capital Amount"). The Owners Loan and the Initial Capital Amount are sometimes collectively referred to herein as the "Initial Funding Amount".
Initial Funding Amount. On the Closing Date, Xxxxxxx shall disburse to Borrowers from the proceeds of the Loan the amount of Fourteen Million Seven Hundred Forty Eight Thousand Dollars ($14,748,000) (the “Initial Funding Amount”).
Initial Funding Amount. On the Closing Date, upon satisfaction of each of the conditions specified in Part A of Schedule 2.1, Administrative Agent shall disburse to Borrower from the proceeds of the Loan the amount of Five Million Eight Hundred Fifty Thousand and No/100 Dollars ($5,850,000.00) (the “Initial Funding”). The proceeds of the Initial Funding shall be used by Borrower solely for the purpose of purchasing the Project.
Initial Funding Amount. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, on the Closing Date, Borrowers agree to borrow from Lender and Lender shall disburse to Borrowers from the proceeds of the Loan the Initial Funding Amount.
Initial Funding Amount. Subject to the terms, provisions and conditions of this Agreement and the other Loan Documents, on the Effective Date, Borrower agrees to borrow from Lender, and Lender shall disburse to Borrower from the proceeds of the Loan the sum of Eighteen Million Seventy-Five Thousand and No/100 Dollars ($18,075,000.00) (the “Initial Funding Amount”); provided, however, that interest shall commence accruing under the Note the date that the Loan funds are wired into escrow by Lender and by its execution hereof, Borrower agrees that it shall be obligated to pay such interest irrespective of whether or not the Effective Date occurs.
