Common use of Loan Commitment Amount Clause in Contracts

Loan Commitment Amount. As of the Closing Date, ▇▇▇▇▇▇ commits to disburse Loan principal in the total amount of the Loan (“Loan Commitment Amount”). After the Closing Date, the Loan Commitment Amount will equal the principal amount of the Loan less the total amount of Disbursements made to date. Any Loan Commitment Amount that remains undisbursed after all Disbursements have been made will be credited as a partial prepayment of the principal amount of the Loan at the time of the final Disbursement or, with ▇▇▇▇▇▇’s approval, may be used to pay for additional Work on the Property.

Loan Commitment Amount. As of the Closing Date, ▇▇▇▇▇▇ Lender commits to disburse Loan principal in the total amount of the Loan (“Loan Commitment Amount”). After the Closing Date, the Loan Commitment Amount will equal the principal amount of the Loan less the total amount of Disbursements made to date. Any Loan Commitment Amount that remains undisbursed after all Disbursements have been made will be credited as a partial prepayment of the principal amount of the Loan at the time of the final Disbursement or, with ▇▇▇▇▇▇Lender’s approval, may be used to pay for additional Work on the Property.