The Loan Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of one hundred million dollars ($100,000,000), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.
The Mortgage Loans Concurrently with the execution and delivery of this Agreement, the Seller hereby transfers to the Purchaser, without recourse, all of its right, title and interest existing now or in the future in,
Notes; Repayment of Loans (a) All Revolving Credit Loans made by a Lender to the Borrowers shall be evidenced by a single Revolving Credit Note, duly executed on behalf of the Borrowers, dated the Closing Date, in substantially the form of EXHIBIT B annexed hereto, delivered and payable to such Lender in a principal amount equal to its Revolving Credit Commitment on such date. The outstanding balance of each Revolving Credit Loan, as evidenced by any such Revolving Credit Note, shall mature and be due and payable on the Revolving Credit Termination Date if such date occurs earlier than the Conversion Date or, subject to the terms and conditions of this Agreement, including, without limitation, that no Default or Event of Default shall then exist, shall be converted to a Term Loan on the Conversion Date. The Term Loan made by a Lender on the Conversion Date shall be evidenced by a single Term Note, duly executed on behalf of the Borrowers, dated the Conversion Date, in substantially the form of EXHIBIT A annexed hereto, delivered and payable to such Lender in a principal amount equal to its PRO RATA share (based on its Revolving Credit Commitment) of the Revolving Credit Loans being converted on such date; PROVIDED, HOWEVER, that the failure of the Borrowers to deliver Term Notes pursuant to the provisions of this Section shall not affect the liability of the Borrowers to repay the amount of Revolving Credit Loans being converted.
Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.
Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.
Loan Portfolio (1) Except as set forth in Section 2.2(w)(1) of the Company Disclosure Schedule, as of the date hereof, none of the Company, the Bank or any Subsidiary is a party to (A) any written or oral loan, loan agreement, note or borrowing arrangement (including leases, credit enhancements, commitments, guarantees and interest-bearing assets) (collectively, “Loans”), other than any Loan the unpaid principal balance of which does not exceed $50,000, under the terms of which the obligor was, as of March 31, 2010, over 90 days delinquent in payment of principal or interest or in default of any other provision, or (B) Loan in excess of $50,000 with any director, executive officer or five percent or greater shareholder of the Company, the Bank or any Subsidiary, or to the knowledge of the Company, any person, corporation or enterprise controlling, controlled by or under common control with any of the foregoing. Section 2.2(w) of the Company Disclosure Schedule sets forth (x) all of the Loans in original principal amount in excess of $50,000 of the Company, the Bank or any of the Subsidiaries that as of March 31, 2010 were classified by the Company or the Bank or any regulatory examiner as “Other Loans Specially Mentioned,” “Special Mention,” “Substandard,” “Doubtful,” “Loss,” “Classified,” “Criticized,” “Credit Risk Assets,” “Concerned Loans,” “Watch List” or words of similar import, together with the principal amount of and accrued and unpaid interest on each such Loan as of March 31, 2010 and the identity of the borrower thereunder, (y) by category of Loan (i.e., commercial, consumer, etc.), all of the other Loans of the Company, the Bank and the Subsidiaries that as of March 31, 2010 were classified as such, together with the aggregate principal amount of and accrued and unpaid interest on such Loans by category as of March 31, 2010 and (z) each asset of the Company or the Bank that as of March 31, 2010 was classified as “Other Real Estate Owned” and the book value thereof.
Loan Advances The Lender agrees to make advances to the Borrower from time to time until December 1, 1995, subject to all of the terms and conditions of this Agreement. All requests by the Borrower for advances shall be made in such manner and form and with such prior notice to the Lender as the Lender may reasonably require from time to time. Each request for an advance shall be for a minimum amount of $50,000.00. Each such request shall contain or be accompanied by such information and documents (which shall be Certified if required by the Lender) concerning the Collateral, the Borrower's financial condition, use of the proceeds of such advance and of advances previously made and/or any other matters as the Lender may from time to time require. In no event shall the Lender be obligated to make any advance hereunder if an Event of Default has occurred under the Note or if such advance would cause the total principal amount of advances made and outstanding hereunder to exceed the Maximum Loan Amount. Even if the total principal amount of advances outstanding shall at any time and for any reason exceed the Maximum Loan Amount, the Borrower shall nonetheless be liable for the entire principal amount outstanding, with interest thereon at the rate and calculated in the manner provided in the Note, in accordance with this Agreement and the Note. If the total principal amount of advances outstanding hereunder shall at any time exceed the Maximum Loan Amount, the Borrower shall immediately pay to the Lender upon demand the amount of such excess, with interest thereon at the rate and calculated in the manner provided in the Note. The Borrower agrees that the Borrower shall be liable for, and the Collateral shall secure, the repayment of each advance made by the Lender to or for the Borrower hereunder, with interest at the rate and calculated in the manner provided in the Note, whether or not such advance was duly requested or authorized by the Borrower and whether or not any person requesting such advance was duly authorized to make such request. Subject to all of the terms and conditions of this Agreement and the other Loan Documents, the Borrower may borrow hereunder until December 1, 1995. Borrower acknowledges and agrees that on December 1, 1995, the Lender shall advance to the Borrower the balance of the Loan, should such funds not have been previously advanced by the Lender.
Loan Servicing The servicing practices used with respect to each Mortgage Loan have been in all material respects legal, proper, and prudent.
The Loan Facility (a) This Loan Facility is subject to the terms and conditions of the Master Facility Agreement as varied or supplemented by these Facility Specific Terms.