Refusal to Provide Advances; Limitations on Individual Advances Clause Samples

Refusal to Provide Advances; Limitations on Individual Advances. (a) The Lender reserves the right in its sole option and discretion to deny in whole or in part any request for an Advance. The Lender shall notify the Borrower of its decision not to make any Advance on a case-by-case basis in accordance with Section 2.3 hereof. (b) In furtherance and not in limitation of the provisions set forth in Section 2.2(a) hereof, the amount of any Advance made by the Bank to the Borrower shall be based upon a percentage for Facility A: not to exceed one hundred percent (100%) of the purchase price set forth in the Investor Take-Out Commitment covering the purchase by such Investor of the Mortgage or Co-Op Loan for which such Advance was requested by the Borrower, up to a maximum of one hundred percent (100%) of the individual note amount; for Sub-limit B: not to exceed one hundred percent (100%) of the individual note amount; for Facility C: not to exceed one hundred percent (100)% of the individual loan amount. Such percentage shall be determined by the Lender on a case-by-case basis in its sole discretion. (c) Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate outstanding principal amount of all Advances made to finance Mortgage or Co-Op Loans, the original Mortgages and Mortgage Notes, or Co-Op Security Agreements and Notes with respect to which are not in the actual possession of the Lender exceed $10,000,000.00 (the "Pre-Closing Limit").