Renewal Loans Sample Clauses

Renewal Loans. (a) By the execution and delivery of its respective Note or Notes to Lender by each of the Borrowers, the outstanding principal balance of the Original Loan owing under the Original Note or Original Notes made by such Borrower has been renewed and the maturity thereof has been extended to the new maturity date set forth in the respective Loan Agreement. The following Loans are and shall be evidenced by the respective Notes made by the respective Borrowers of even date herewith, as set forth below: Principal Amount of Notes and Borrower Loans Tarragon Lugano LLC $ 53,303,000 Ballantrae Tarragon LLC $ 40,393,000 Reflection Lakes Tarragon, LLC $ 50,076,000 Omni Monterra LLC $ 41,200,000 Ybor City Tarragon, LLC $ 7,142,000 Madison at Park West Tarragon, LLC $ 22,886,000 Aggregate Principal Amount: $ 215,000,000

Renewal Loans. Following the Closing Date, if and to the extent that the Purchaser determines, as an internal policy matter and not in response to any Governmental Order affecting Purchaser or its Affiliates, to no longer renew (whether in the form of a new loan or a renewal of an existing loan) a Loan included in the Purchased Assets or the Escrowed Assets on the same terms and at the then existing interest rate spread above LIBOR or any other benchmark, as applicable in respect of such Loan (other than to the extent (a) such renewal does not meet Purchaser’s underwriting standards in effect at the time such Loan is up for renewal, which standards may be changed from time to time by Purchaser in its sole discretion or (b) there has been an adverse change, as determined by Purchaser in its sole discretion, in the value of such Loan or the creditworthiness of the applicable Borrower) or to otherwise wind-down its life premium finance business generally, Purchaser hereby acknowledges and agrees that it shall (i) effect such non-renewals or wind-down of its life premium finance business in a commercially reasonable manner and (ii) (x) provide not less than six (6) months prior written notice to each Borrower to the extent such determination occurs on or before December 31, 2009 or (y) provide not less than four (4) months prior written notice to each Borrower to the extent such determination occurs during the period from January 1, 2010 through December 31, 2013, in each case, of its intention to cease funding renewals of such Borrower’s Loan or otherwise generally wind-down its life premium finance business. Notwithstanding the foregoing, (i) Purchaser shall not be obligated to provide any such notice to a Borrower whose Loan is an Escrowed Asset for which a renewal date occurs less than six (6) months after the Closing Date and with respect to which the applicable Required Consent has not been (or is not deemed to have been in accordance with the terms of this Agreement) obtained at the time of such determination by Purchaser to cease funding renewals of such Borrower’s Loan or otherwise generally wind-down its life premium finance business and (ii) the Purchaser hereby acknowledges and agrees that it shall renew and/or fund any Loan as set forth on Schedule 1.2(c) scheduled to renew and/or require any additional funding within forty five (45) days following the Closing Date.

Renewal Loans. Xxxxxxxx hereby agrees to borrow from Lender, and Lender, subject to the terms and conditions of the Loan Agreement, as amended hereby and the other Loan Documents, hereby agrees to lend to Borrower, the aggregate principal sum of up to Seventy-five Million and 00/100 Dollars ($75,000,000.00) to be evidenced by the following described notes and disbursed in accordance with the Loan Agreement as amended hereby.