Second Phase Construction Loans Clause Samples

Second Phase Construction Loans. Subject to the terms and conditions hereof, each Lender severally agrees to make loans to the Borrower (each such loan, individually, a “Second Phase Construction Loan”, collectively, the “Second Phase Construction Loans”, and together with the First Phase Construction Loans and the Incremental Loans, the “Construction Loans”) from time to time during the Second Phase Construction Loan Availability Period, but not more often than twice in any calendar month, in an aggregate principal amount that will not result in such Lender’s Construction Loans exceeding such Lender’s Construction Loan Commitment. Each Lender’s remaining Construction Loan Commitment shall be reduced to zero on the last Business Day of the Construction Loan Availability Period. The Construction Loans may from time to time be LIBOR Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.15.