Common use of Loan Commitment Use of Proceeds Clause in Contracts

Loan Commitment Use of Proceeds. (a) Loan Commitment; Determination of Advance Amounts. Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Loan Advances to Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in paragraph 2.1(a). The Acquisition Refinancing Component Advance shall be in an amount not to exceed the Maximum Acquisition Refinancing Component Amount. Subject to the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the portion of the Loan for which payment of interest is allocated within the applicable Construction Budget. The amount of each Construction Work-Related Advance shall be equal to the costs of the work covered by the applicable Construction Work-Related Advance Request and allocated within the applicable Construction Budget for payment out of the Loan less an amount equal to the sum of (a) an amount ("Basic Retainage") equal to the percentage identified in the Schedule as the Basic Retainage Percentage times the hard costs of such work and (b) any additional retainage in excess of the amount of the Basic Retainage required under the applicable Construction Work Contract(s); provided, however, that Construction Work-Related Advances shall not be made for stored or ordered materials not yet incorporated into the Construction Improvements unless such materials are: (1) owned by the Borrower; (2) kept in a secured, insured and covered facility; and (3) certified as to the foregoing by Lender's Inspector. The Basic Retainage for a Construction Work Phase shall be disbursed at the time of Substantial Completion of the Construction Work Phase to the extent Construction Work Contractor(s) are then entitled to it under the applicable Construction Work Contract(s) between Borrower and such Construction Work Contractor(s), subject to Lender's right to keep such portion of such Basic Retainage as it may reasonably determine to be necessary to ensure Completion of the Construction Work Phase. Lender shall have no obligation to make any Construction Work-Related Advance with respect to a Construction Work Phase if, after giving effect to such Advance, the cost of Completion of the Construction Work Phase exceeds the sum of (i) remaining undisbursed balance of the Construction Component allocated to the Construction Work Phase and (ii) all Required Completion Assurance Deposits (Construction) held with respect to such Construction Work Phase. Lender shall have no obligation to make any Loan Advance if, after giving effect to such Advance, the sum of (i) the unpaid principal balance of the Loan, (ii) the committed and undisbursed balance of the Loan, and (C) the Uncovered Cost of the Construction Work exceeds the Maximum Loan Amount. Construction Work-Related Advances shall include an Advance to reimburse Borrower, upon satisfaction of all conditions precedent hereunder, for construction expenses already incurred on the Real Property, but in an amount both consistent with the Construction Budget, as approved, and as otherwise approved by the Lender's Inspector.

Loan Commitment Use of Proceeds. (a) Loan Commitment; Determination of Advance Amounts. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Loan Advances to Borrower in accordance with amounts equal to (a) the terms and conditions then Borrowing Base of this Agreement for the purposes specified in paragraph 2.1(a). The Acquisition Refinancing Component Advance Eligible Instruments comprising Receivables Collateral less (b) the then unpaid principal balance of the Loan; PROVIDED, at no time shall be in an amount not to the unpaid principal balance of the Loan exceed the Maximum Acquisition Refinancing Component Loan Amount. Subject to , at no time shall the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the portion principal balance of the Loan for which payment of interest is allocated within plus the applicable Construction Budget. The amount of each Construction Work-Related Advance shall be equal to the costs of the work covered by the applicable Construction Work-Related Advance Request and allocated within the applicable Construction Budget for payment out of the Loan less an amount equal to the sum of (a) an amount ("Basic Retainage") equal to the percentage identified in the Schedule as the Basic Retainage Percentage times the hard costs of such work and (b) any additional retainage in excess of the amount of the Basic Retainage required under the applicable Construction Work Contract(s); provided, however, that Construction Work-Related Advances shall not be made for stored or ordered materials not yet incorporated into the Construction Improvements unless such materials are: (1) owned by the Borrower; (2) kept in a secured, insured and covered facility; and (3) certified as to the foregoing by Lender's Inspector. The Basic Retainage for a Construction Work Phase shall be disbursed at the time of Substantial Completion of the Construction Work Phase to the extent Construction Work Contractor(s) are then entitled to it under the applicable Construction Work Contract(s) between Borrower and such Construction Work Contractor(s), subject to Lender's right to keep such portion of such Basic Retainage as it may reasonably determine to be necessary to ensure Completion of the Construction Work Phase. Lender shall have no obligation to make any Construction Work-Related Advance with respect to a Construction Work Phase if, after giving effect to such Advance, the cost of Completion of the Construction Work Phase exceeds the sum of (i) remaining undisbursed unpaid principal balance of the Construction Component allocated to Presales Loan exceed the Construction Work Phase Presales Funding Limitation, and (ii) all Required Completion Assurance Deposits (Construction) held with respect to such Construction Work Phase. Lender at no time shall have no obligation to make any Loan Advance if, after giving effect to such Advance, the sum of (i) the unpaid principal balance of the Loan, (ii) the committed and undisbursed unpaid principal balance of the Presales Loan, (iii) the Lender's $5,200,000 maximum commitment with respect to the Construction Loan (whether or not funded, but with credit given to any repayment), and (Civ) the Uncovered Cost unpaid balance of the Construction Work exceeds Cocoa Beach Loan; exceed the Maximum Aggregate Funding Limitation. Lender shall have no obligation to make any Advance after the Borrowing Term has expired. 2.2 The Loan Amount. Construction Work-Related is a revolving line of credit; however, all of the Advances shall include be viewed as a single loan. Borrower shall not be entitled to obtain Advances after the expiration of the Borrowing Term unless Lender, in its sole and absolute discretion, agrees in writing with Borrower to make Advances thereafter on terms and conditions satisfactory to Lender. This Agreement and Borrower's liability for Performance of the Obligations shall continue, however, until the end of the Term. 2.3 Borrower will use the proceeds of the Loan only for Borrower's business purposes, which shall consist of use for working capital. 2.4 Borrower shall pay to Lender at the time of each Availability Advance against an Eligible Instrument a fee equal to 1.0% of the amount of such Availability Advance. The term "Availability Advance" means each Advance of the Loan made against an Eligible Instrument after the first Advance made against such Instrument; provided that in the case of an Eligible Instrument substituted for an ineligible Instrument pursuant to reimburse Borrowerparagraph 3.2, upon satisfaction an Availability Advance shall be deemed made at the time of all conditions precedent hereunder, for construction expenses already incurred on the Real Property, but in an amount both consistent with the Construction Budget, as approved, and as otherwise approved by the Lender's Inspectorfirst Advance made against such substituted Instrument.

Loan Commitment Use of Proceeds. (a) Loan Commitment; Determination of Advance Amounts. 2.1 Lender hereby agrees, if Borrower has Performed all of the Obligations then due, to make Loan Advances to Borrower. Advances shall be made against Eligible Instruments at the time they are assigned to Lender ("Initial Availability Advances") in an amount equal to the then Borrowing Base for such Eligible Instruments. As Advances made against Eligible Instruments are repaid, no additional Advances ("Additional Availability Advances") shall be made against those same Eligible Instruments except at the request of Borrower. If Borrower in accordance with the terms and conditions of this Agreement for the purposes specified in paragraph 2.1(a). The Acquisition Refinancing Component requests an Additional Advance against previously assigned Eligible Instruments such Advance shall be in an amount not to exceed the Maximum Acquisition Refinancing Component Amount. Subject to the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest less then accrued and unpaid on the portion of the Loan for which payment of interest is allocated within the applicable Construction Budget. The amount of each Construction Work-Related Advance shall be or equal to the costs then Borrowing Base of all previously assigned Eligible Instruments less the work covered by the applicable Construction Work-Related aggregate unpaid principal balance of all Advances previously made against such Eligible Instruments. Any Advance Request and allocated within the applicable Construction Budget for payment out of the Loan less made against an amount equal Instrument substituted pursuant to the sum of (a) paragraph 3.2 shall be deemed to be an amount ("Basic Retainage") equal to the percentage identified in the Schedule as the Basic Retainage Percentage times the hard costs of such work and (b) any additional retainage in excess of the amount of the Basic Retainage required under the applicable Construction Work Contract(s)Additional Availability Advance; provided, however, that Construction Work-Related Advances the substitution of an Eligible Instrument for an ineligible Instrument pursuant to paragraph 3.2 shall not be made for stored or ordered materials not yet incorporated into the Construction Improvements unless such materials are: (1) owned by the Borrower; (2) kept in a secured, insured and covered facility; and (3) certified as to the foregoing by Lender's Inspector. The Basic Retainage for a Construction Work Phase shall be disbursed at the time of Substantial Completion of the Construction Work Phase to the extent Construction Work Contractor(s) are then entitled to it under the applicable Construction Work Contract(s) between Borrower and such Construction Work Contractor(s), subject to Lender's right to keep such portion of such Basic Retainage as it may reasonably determine deemed to be necessary to ensure Completion the making of the Construction Work Phasean Initial Availability Advance or Additional Availability Advance. Lender shall have no obligation to make any Construction Work-Related Advance with respect to after the Borrowing Term has expired. 2.2 The Loan is a Construction Work Phase ifrevolving line of credit; however, after giving effect to such Advance, the cost of Completion all of the Construction Work Phase exceeds Advances shall be viewed as a single loan. Borrower shall not be entitled to obtain Advances after the sum of (i) remaining undisbursed balance expiration of the Construction Component allocated to the Construction Work Phase Borrowing Term unless Lender, in its sole and (ii) all Required Completion Assurance Deposits (Construction) held absolute discretion, agrees in writing with respect to such Construction Work Phase. Lender shall have no obligation Borrower to make any Loan Advance if, after giving effect Advances thereafter on terms and conditions satisfactory to such Advance, the sum of (i) the unpaid principal balance Lender. This Agreement and Borrower's liability for Performance of the LoanObligations shall continue, (ii) however, until the committed and undisbursed balance end of the Loan, and (C) Term. 2.3 Borrower will use the Uncovered Cost proceeds of the Construction Work exceeds the Maximum Loan Amount. Construction Work-Related Advances only for Borrower's business purposes, which shall include an Advance to reimburse Borrower, upon satisfaction consist of all conditions precedent hereunder, use for construction expenses already incurred on the Real Property, but in an amount both consistent with the Construction Budget, as approved, and as otherwise approved by the Lender's Inspectorworking capital.