Initial Advance Amount means an amount that, when funded, causes the aggregate Loans to be the lesser of (i) $67,000,000 and (ii) an amount that generates not less than (x) a 13.40% Cash on Cash Return based upon the GECC-Projected Net Operating Income, and (y) a 2.25:1.0 Debt Service Coverage based on GECC-Projected Net Operating Income.
At closing, Lender shall advance Loan proceeds in an amount equal to $15,259,894.00 (such amount constituting the "Initial Advance Amount").
The initial advance of the Loan, in the amount of the Initial Advance Amount, shall be made in accordance with the Budget upon Borrower's satisfaction of the conditions to initial advance described in Schedule 2.1. Administrative Agent and Lenders acknowledge that, except as specifically set forth on Schedule 2.1, all such conditions have been satisfied or waived with respect only to the initial advance hereunder.
On the Initial Closing Date, Lender shall determine (i) the Allocable Facility Amount and Valuation for each Initial Mortgaged Property, (ii) the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio, (iii) the Initial Advance Amount, and (iv) the Commitment amount.
At Closing, Borrower will pay Lender an Initial Advance closing fee equal to 1.00% of the Initial Advance Amount.
As used in this Agreement, the following terms shall have the following meanings, with such meanings to be equally applicable to both the singular and plural forms of the terms defined: Accreted Principal Amount of any Promissory Note or Advance means, as of any date, the Initial Advance Amount of such Promissory Note or Advance increased by the sum of the Accretion Amounts for all prior Interest Payment Dates for which interest on such Promissory Note or Advance was not paid in cash.