Construction and Term Loan Commitment definition

Construction and Term Loan Commitment means the obligation of Lender to make Construction and Term Loans to Borrower in an aggregate principal amount not exceeding the lesser of 55% of the Construction Costs or $22,000,000.
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Examples of Construction and Term Loan Commitment in a sentence

  • Whenever Borrower determines, or receives written notice from Lender, that the sum of the principal amount not yet advanced under the Construction and Term Loan Commitment to pay Construction Costs are insufficient to complete the Project, Borrower shall, within three days, irrevocably deposit with Lender immediately available funds not less than such insufficiency.

  • At no time shall the aggregate balance of Construction Borrowings outstanding exceed the amount of the Construction and Term Loan Commitment.

  • Subject to the terms and conditions set forth herein, Lender agrees to make Construction and Term Loans to Borrower, from time to time during the Construction Funding Period, in an aggregate principal amount outstanding at any time that will not result in the aggregate amount of all Construction and Term Loans exceeding the Construction and Term Loan Commitment.

  • The amount available for borrowing under the Construction and Term Loan Commitment is hereby reduced by $1,364,470, which amount shall be reinstated and available for borrowing under the Construction and Term Loan Commitment upon cancellation of the letter of credit.

  • The aggregate principal amount outstanding under the Construction and Term Loan Facility may not exceed the Construction and Term Loan Commitment Amount at any time.

  • Borrower may borrow and prepay, but may not re-borrow, in accordance with the terms and conditions of the Agreement and the other Loan Documents, Construction and Term Loans from time to time in amounts up to the Construction and Term Loan Commitment Amount.

  • Lender shall also maintain appropriate records in which shall be recorded (i) the Revolving Commitment and the Construction and Term Loan Commitment (ii) the amount of each Loan made hereunder, (iii) the date and amount of any principal or interest due and payable or to become due and payable from Borrower to Lender hereunder in respect of such Loans and (iv) both the date and amount of any sum received by Lender from Borrower in respect of the Loans.

  • Whenever Borrower determines that the sum of the un-disbursed portion of the Construction and Term Loan Commitment Amount will not be sufficient to fully complete the Project in accordance with the Construction Plans, whether such deficiency is the result of changes in the Construction Plans or otherwise, Borrower will deposit in an escrow fund to be established with Lender an amount equal to the amount of the deficiency as determined by Lender.

Related to Construction and Term Loan Commitment

  • New Term Loan Commitments shall have the meaning provided in Section 2.14(a).

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.

  • New Term Loan Facility means the facility providing for the Borrowing of New Term Loans.

  • Other Term Loan Commitments means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.

  • Tranche B Term Loan Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Third Restatement Date is $600,000,000.