Common use of Variable Facility Commitment Clause in Contracts

Variable Facility Commitment. (i) Subject to the provisions of subsection (a)(ii) below, Lender agrees to make Variable DMBS Advances and Variable Structured ARM Advances to Borrower from time to time during the Variable Facility Availability Period in accordance with the terms and provisions of this Agreement. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. No Variable DMBS Advances shall be made, or be permitted to remain Outstanding unless the aggregate of Variable DMBS Advances Outstanding is at least $25,000,000. The borrowing of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. Borrower may not re-borrow any part of a Variable Advance which it has previously borrowed and repaid. Except as set forth in Section 2.06 of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property. Any portion of the Variable Facility Commitment that is not advanced on the Initial Closing Date and which Lender determines may be advanced to Borrower, is available to be advanced to Borrower within ninety (90) days of the Initial Closing Date. (ii) Limitation on Variable DMBS Advances. ▇▇▇▇▇▇ ▇▇▇, in its sole discretion, shall determine whether a Variable DMBS Advance execution is available to Borrower in connection with each proposed Variable DMBS Advance. The limitations set forth in this Section 1.01(a)(ii) do not apply to Rollover Variable Advances.

Variable Facility Commitment. (i) Subject to the provisions of subsection (a)(ii) Section 1.13 below, Lender agrees to make Variable DMBS Advances and Variable Structured ARM Advances to Borrower from time to time during the Variable Facility Availability Period in accordance with the terms and provisions of this Agreement. The aggregate principal balance of the Variable Advances Outstanding at any time shall not exceed the Variable Facility Commitment. No Variable DMBS Advances shall be made, or be permitted to remain Outstanding unless the aggregate of Variable DMBS Advances Outstanding is at least $25,000,000. The borrowing of a Variable Advance shall permanently reduce the Variable Facility Commitment by the original principal amount of such Variable Advance. Borrower may not re-borrow any part of a Variable Advance which it has previously borrowed and repaid. Except as set forth in Section 2.06 of this Agreement, no Variable Advances shall be made as a result of increases in the Valuation of any Mortgaged Property. Any portion of the Variable Facility Commitment that is not advanced on the Initial Closing Date and which Lender determines may be advanced to Borrower, is available to be advanced to Borrower within ninety (90) days of the Initial Closing Date. (ii) Limitation on Variable DMBS Advances. ▇▇▇▇▇▇ ▇▇▇, in its sole discretion, shall determine whether a Variable DMBS Advance execution is available to Borrower in connection with each proposed Variable DMBS Advance. The limitations set forth in this Section 1.01(a)(ii) do not apply to Rollover Variable Advances.