Lender Loans. Subject to the terms and conditions of this Agreement, on any day, the Lender agrees in its sole discretion to make loans to the Borrower (collectively called the “Revolving Credit Loans,” and individually called a “Revolving Credit Loan”) on a revolving basis from time to time before the earlier of the following occurs (A) termination of the Loan Purchase Agreement or (B) an Event of Default (as defined below), as the Borrower may from time to time request from the Lender for the sole purpose of purchasing Loans and other related Purchased Assets from the Sellers; provided, however, that the Lender shall not make any such loan in the event that, immediately after giving effect to such loan, the aggregate outstanding principal amount of the Revolving Credit Loans exceeds $175,000,000.00.
Lender Loans. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Borrower herein set forth, Fourth Lender has agreed to make additional loans to Borrower (the “Fourth Lender Loans”) on the terms and conditions set forth in this Section 2.1(g). Fourth Lender hereby agrees to lend to Borrower a Fourth Lender Loan of up to $1,725,000 on or about March 31, 2019, provided that Fourth Lender has funding for the Fourth Lender Loan which Fourth Lender has sought on a best efforts basis. Fourth Lender may make the Fourth Lender Loans in one or more installments in multiples of $50,000 at any time or times from the Effective Date until the date specified in this Section 2.1(g). Concurrent with the delivery by Fourth Lender of the Fourth Lender Loan proceeds to the Borrower, Borrower shall execute and deliver to Fourth Lender a note dated as of the date of such funding in the principal amount of such Fourth Lender Loan.”
Lender Loans. Subject to the terms and conditions of this Agreement, on any day, the Lender agrees in its sole discretion to make loans to the Borrower (collectively called the “Revolving Credit Loans,” and individually called a “Revolving Credit Loan”) on a revolving basis from time to time before the earlier of the following occurs (A) termination of the Loan Purchase Agreement or (B) an Event of Default (as defined below), as the Borrower may from time to time request from the Lender for the sole purpose of purchasing Loans and other related Purchased Assets from the Sellers; provided, however, that the Lender shall not make any such loan in the event that, immediately after giving effect to such loan, the aggregate outstanding principal amount of the Revolving Credit Loans exceeds $800,000,000.00 (eight hundred million dollars) and provided, further, that the principal amount of the Revolving Credit Loans outstanding immediately following any such draw shall not exceed an amount that would result in the net equity value of the Borrower being less than 50% of the overcollateralization required for the Issuer to avoid the occurrence of an Overcollateralization Event as of such date. For the avoidance of doubt, if Lender has made a commitment to Borrower to make an equity contribution within a specified date for the purpose of Borrower having cash to purchase Loans and other Purchased Assets from the Sellers, then such commitment shall be included for purposes of determining the net equity value of the Borrower for these purposes, but shall be subject to the set-off and recoupment set forth in Section 4.02 hereof.
Lender Loans. At the Initial Closing, each Lender Loan will be converted into Series A Preferred Shares by converting all or a portion the outstanding principal and interest under the Lender Loan, including the Borrower Conversion Amount (the “Conversion Amount”), pursuant to and in accordance with Section 1.3 and the Series A SIA. The number of shares of Series A Preferred Shares to be issued upon conversion to the Purchaser, as a Lender, shall be listed opposite the Purchaser’s name on Schedule A pursuant to the Series A SIA.
Lender Loans. At the closing, each Lender Loan will be converted into Series A Preferred Stock by converting all or a portion the outstanding principal and interest under the Lender Loan (the “Lender Conversion Amount” and together with the Borrower Conversion Amount, the “Conversion Amount”) by converting the Lender Conversion Amount of the relevant Lender as of the date of the Initial Closing by the Purchase Price into shares of Series A Preferred Stock as set forth across from each such Purchaser’s name on Schedule 1 along with the Lender Conversion Amount, and, if applicable, with accrued and unpaid interest thereon.
Lender Loans. Loans shall be funded from the Loan Commitments on a pro-rata basis, to fund development costs of the Project, as incurred, pursuant to the Development Budget and Section 3.2. herein. Any Loan advances above the higher of (i) $30,000,000 and (ii) 50% of the then existing Loan Commitments, shall only be advanced on a 2 to 1 basis, i.e. $1.00 may be advanced for every $2.00 of the aggregate, cumulative total of the purchase prices set forth in Qualified Sales Agreements that have closed, or if not closed, qualify as Pre-Sold. All advances of the Loan shall be used to pay costs in accordance with Section 3.2 herein.
