REDUCED COMMITMENT. Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 to $6,828,990.67 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements of Loan proceeds. At no time during the term of the Loan shall the outstanding amounts owing under the Loan exceed the Reduced Commitment. Any amounts repaid under the Loan may not be re-borrowed.
Appears in 2 contracts
Sources: Modification Agreement, Modification Agreement (Cornerstone Core Properties REIT, Inc.)
REDUCED COMMITMENT. Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 15,860,000.00 to $6,828,990.67 15,360,000.00 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements of Loan proceeds. At no time during the term of the Loan shall the outstanding amounts owing under the Loan exceed the Reduced Commitment. Any amounts repaid under the Loan may not be re-borrowed.. ▇▇▇▇ ▇▇. ▇▇ ▇▇▇▇▇
Appears in 1 contract
Sources: Assumption and Modification Agreement (Cornerstone Core Properties REIT, Inc.)