The Loans and Commitment. Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, the Lender agrees to make the following loans to the Borrower:
The Loans and Commitment. Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, from the date of this Agreement through the Drawdown Termination Date, Lender agrees to make revolving credit loans to Revolving Credit Borrower from time to time on any Business Day in such amounts as Borrower may request up to the maximum amount hereinafter stated, and Borrower may make prepayments (as permitted or required in Sections 2.07 and 2.08 hereof), and Revolving Credit Borrower reborrowings, in respect thereof; provided, however, that the aggregate principal amount of all such revolving credit loans (also referred to herein as "Advances") at any one time outstanding shall not exceed the Borrowing Base. To evidence the revolving credit loans made by Lender pursuant to this Section, Borrower will issue, execute and deliver the Revolving Credit Note dated as of the date of this Agreement, PAYABLE ON DEMAND, but if no demand is made, on the Drawdown Termination Date and secured by all of the Collateral. Thereafter, at the sole discretion of Lender, the term of the Revolving Credit Note and the Drawdown Termination Date may be extended for a term of one (1) year. At the expiration of such term, in the event Borrower has not given Lender sixty (60) days' prior written notice of its intent to terminate the revolving credit loans pursuant to the Revolving Credit Note, then, at the sole discretion of Lender, the revolving credit loans shall be renewed, and the Drawdown Termination Date extended, for a period of one (1) year; and at the end of such one (1) year extension, the revolving credit loans may be again extended, from year to year, in the same fashion. Each such extension shall be upon the same terms and conditions as set forth herein and in the Revolving Credit Note and the Security Instruments relating to the same, and upon such
The Loans and Commitment. Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, Lender may make the following loans to Borrowers:
The Loans and Commitment. Subject to the terms and conditions and assuming and relying upon the accuracy of the representations and warranties contained in this Agreement upon which lender may rely without any independent inquiry or investigation, Lender may make the following loans to Borrower:
The Loans and Commitment. (a) Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement, so long as the terms and provisions of this Agreement are complied with by the Borrower, the Lender agrees to advance Loans to the Borrower in principal amounts up to but not exceeding at any one time Three Million and No/100 Dollars ($3,000,000.00) (the "Commitment Amount"). To evidence the Loans made by the Lender pursuant to this Section 2.01, the Borrower will execute and deliver the Note payable to the order of the Lender in the face amount of $3,000,000.00, dated as of the date hereof and payable on the earlier of (i) the Maturity Date or (ii) the Completion Date of the last Interim Construction Loan or the last Lot Purchase Loan originated prior to the Maturity Date. Accrued interest shall be due and payable as provided in the Note.
The Loans and Commitment. (a) Subject to the terms and conditions and relying on the representations and warranties contained in this Agreement and except as hereinafter provided, the Lender agrees to make to Borrower Interim Construction Loans in an aggregate principal amount (the "Commitment Amount") up to but not exceeding at any one time the lesser of (i) $12,000,000.00 or (ii) the aggregate sum of the Maximum Loan Amount of all Interim Construction Loans. To evidence the Loans made by the Lender pursuant to this Section 2.01, the Borrower will issue, execute and deliver the Note payable to the order of Lender in the principal amount of the Note, dated as of the date hereof and payable on the Drawdown Termination Date. Accrued interest is due and payable on the Note monthly, the first such payment being due and payable August 1, 1990, and the remaining payments being due and payable on the first (1st) day of each and every succeeding month thereafter and at the maturity thereof.
