Common use of Receivables Loan Clause in Contracts

Receivables Loan. Upon Borrower's request, subject to the conditions precedent state in Article V hereof and elsewhere in this Agreement Lender hereby agrees that the Receivables Loan will be disbursed to Borrower, from time to time, in periodic advances, but in no event after the Receivables Borrowing Term has expires, in amounts not to exceed those determined by subtracting (a) the difference between the unpaid principal balance outstanding under the Loan at the time of each Advance over the outstanding principal balance of the aggregate of (i) Advances made under the Mortgage Loan Facility, (ii) the Aloha Bay Loan, (iii) the Office Loan, (iv) the Additional Advances and (v) the Biloxi Note from (b) the Borrowing Base, determined as of the date thereof after giving effect to all Eligible Receivables then assigned to (and not reassigned by) Lender; provided, however, that the outstanding principal amount of the Loan shall not exceed at any time the Maximum Loan Amount, and; provided, further, that the principal amount of any and all indebtedness of Borrower to Lender which is secured by Receivables Collateral encumbering Lots shall not exceed $35,000,000.00."

Receivables Loan. Upon Borrower's request, subject to the conditions precedent state stated in Article ARTICLE V hereof and elsewhere in this Agreement Agreement, Lender hereby agrees that the Receivables Loan will be disbursed to Borrower, from time to time, in periodic advances, but in no event after the Receivables Borrowing Term has expiresexpired, in amounts not to exceed those determined by subtracting (a) the difference between the unpaid principal balance outstanding under the Loan at the time of each Advance over the outstanding principal balance of the aggregate of (i) Advances made under the Mortgage Loan Facility, (ii) the Aloha Bay Loan, (iii) the Office Loan, (iv) the Additional Advances and (v) the Biloxi Note from (b) the Borrowing Base, determined as of the date thereof after giving effect to all Eligible Receivables then assigned to (and not reassigned by) Lender; provided, however, that the outstanding principal amount of the Loan shall not exceed at any time the Maximum Loan Amount, and; provided, further, that the principal amount of any and all indebtedness of Borrower to Lender which is secured by Receivables Collateral encumbering Lots shall not exceed Thirty Five Million Dollars ($35,000,000.0035,000,000)."