Project Loan Commitment definition
Examples of Project Loan Commitment in a sentence
The Lender shall have received a fully executed copy of the Project Loan Commitment for the Contemplated Project if there is a Project Loan Commitment for the Contemplated Project at the time of the delivery of the Application for Advance.
Notwithstanding the foregoing, subject to the terms and conditions hereof, the Bank shall fund after the Project Loan Commitment Expiration Date any Project Loan for which the Closing has occurred prior to the Project Loan Commitment Expiration Date.
In the event there is not a Project Loan Commitment for the Contemplated Project at the time of the delivery of the Application for Advance but such Project Loan Commitment is later received, the Borrower shall promptly provide a copy of such commitment to the Lender upon receipt.
In no event shall the Bank be obligated to make any Project Loan on or after the Project Loan Commitment Expiration Date.
In addition, upon payment in full of the Project Loan and all other amounts owing by Borrower hereunder or under any other Project Loan Document and termination of the Project Loan Commitment by Borrower, the Property shall be released from the Liens created by the Security Documents, all without delivery of any instrument or performance of any act by any party.
The Project Loan is evidenced by a promissory note of Borrower dated as of the date of this Agreement (the "Project Loan Note"), in a principal amount equal to the Project Loan Commitment.
Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth, Lender agrees to make the Project Loan to Borrower from time to time on any Borrowing Date on or after the date hereof to, but not including, the day which is one month prior to the Maturity Date in an aggregate principal amount not to exceed at any one time the Project Loan Commitment.
The Project Loans made by each Lender shall be evidenced by a Project Loan Note of Borrower, payable to such Lender in a principal amount equal to the amount of its Project Loan Commitment as originally in effect and otherwise duly completed.
Each Lender’s Term B Delayed Draw Project Loan Commitment shall expire on the Term B Delayed Draw Loan Commitment Termination Date.
In addition, Developer covenants that from the Closing Date of the second Project Loan made hereunder through the Project Loan Commitment Expiration Date and thereafter until all Project Loans have been paid in full, Developer shall maintain a minimum cash or cash equivalent balance of Two Hundred Fifty Thousand Dollars ($250,000).