Approval of Construction Financing Sample Clauses

Approval of Construction Financing. As required herein and as both a City and Developer Condition Precedent to the Closing, Developer shall submit to City the Preliminary Evidence of Financing evidencing that Developer has (or will have upon the date of Conveyance) sufficient capital and/or has arranged for debt and/or equity financing necessary to undertake the development and construction of the Project in accordance with this Agreement and will record the debt portion of the Construction Financing, if any, as a condition to, and concurrently with, Closing. The Director shall reasonably approve or disapprove Preliminary Evidence of Financing within ten (10) days of receipt thereof. If City shall disapprove any such Preliminary Evidence of Financing, City shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to City new Preliminary Evidence of Financing. Any material adverse changes to the terms of the Construction Financing (if any) from the approved Preliminary Evidence of Financing shall be subject to City written approval, which shall not be unreasonably withheld, conditioned or delayed. If applicable, Developer shall close the approved Construction Financing prior to or concurrently with the Closing.
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Approval of Construction Financing. As required herein and as both a City and Developer Condition Precedent to the Closing, Developer shall submit to City Preliminary Evidence of Financing that Developer has obtained sufficient equity capital and/or has arranged for debt financing necessary to undertake the development and construction of the Required Improvements in accordance with this Agreement and has recorded the debt portion of the Construction Financing as a condition to Closing. The Director shall reasonably approve or disapprove Preliminary Evidence of Financing within fifteen (15) days of receipt thereof. If City shall disapprove any such Preliminary Evidence of Financing, City shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to City new Preliminary Evidence of Financing. Any material and adverse changes to the terms of the Construction Financing from the approved Preliminary Evidence of Financing shall be subject to the City written approval, which shall not be unreasonably withheld. Developer shall close the approved Construction Financing prior to or concurrently with the Closing. No Encumbrances Except Mortgages, Deeds of Trust, or Sale and Lease-Back for Development. Mortgages, deeds of trust and sales and lease-backs shall be permitted before the completion of the Required Improvements only with the Director’s prior written approval, which shall not be unreasonably withheld, conditioned or delayed in accordance with Section 311.1 above, and only for the purpose of securing loans of funds to be used for financing the acquisition, construction and operation of the Site and/or Project (including architecture, engineering, legal, construction period carrying costs such as property taxes, insurance and interest, and related direct costs as well as indirect costs), permanent financing, and refinancing and any other purposes necessary and appropriate in connection with development under this Agreement and operation of the Project. No such approval shall be required for mortgages, deeds of trust, or sales and lease-backs encumbering any portion of the Site for which a Release of Construction Covenants has been issued or for which City has approved the Preliminary Evidence of Financing so long as such mortgages, deeds of trust, or sales and lease-backs do not materially and adversely differ from the approved Preliminary Evidence of Financing. In no event, however, shall the amount or amounts of indeb...
Sample 1
Approval of Construction Financing. As required herein and as an Agency and Developer Condition Precedent to the Applicable Closing, Developer shall submit to Agency Preliminary Evidence of Financing that Developer has obtained sufficient equity capital or has arranged for financing necessary to undertake the development and construction of the Applicable Improvements in accordance with this Agreement (“Construction Financing”). The Agency Executive Director shall reasonably approve or disapprove Preliminary Evidence of Financing within fifteen (15) days of receipt thereof. If Agency shall disapprove any such Preliminary Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to Agency new Preliminary Evidence of Financing. Any material and adverse changes to the terms of the Applicable Construction Financing from the approved Preliminary Evidence of Financing shall be subject to the Agency written approval, which shall not be unreasonably withheld. Developer shall close the approved Construction Financing prior to or concurrently with the Applicable Closing.
Sample 1

Related to Approval of Construction Financing

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • MONITORING OF CONSTRUCTION 13.1 Monthly progress reports During the Construction Period, the Concessionaire shall, no later than 7 (seven) days after the close of each month, furnish to the Authority and the Independent Engineer a monthly report on progress of the Construction Works and shall promptly give such other relevant information as may be required by the Independent Engineer.

  • ICIF Construction The ICIF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Parties agree on another mutually acceptable deadline, Interconnection Customer shall deliver to Transmission Provider and Transmission Owner “as-built” drawings, information and documents for the ICIF, such as: a one-line diagram, a site plan showing the Generating Facility and the ICIF, plan and elevation drawings showing the layout of the ICIF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Interconnection Customer’s step-up transformers, the facilities connecting the Generating Facility to the step-up transformers and the ICIF, and the impedances (determined by factory tests) for the associated step-up transformers and the Generating Facility. Interconnection Customer shall provide Transmission Provider and Transmission Owner with Interconnection Customer’s specifications for the excitation system, automatic voltage regulator, Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • Definitions Construction (a) All initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto). Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following meanings:

  • Commencement of Construction Construction of the Project will start within thirty (30) days after notification to the Developer by the Owner, or as soon thereafter as weather and ground conditions permit.

  • Principles of Construction All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

  • DAF Construction The DAF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Developer and Connecting Transmission Owner agree on another mutually acceptable deadline, the Developer shall deliver to the Connecting Transmission Owner and NYISO “as- built” drawings, information and documents for the DAF, such as: a one-line diagram, a site plan showing the Large Generating Facility and the DAF, plan and elevation drawings showing the layout of the DAF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Developer’s step-up transformers, the facilities connecting the Large Generating Facility to the step-up transformers and the DAF, and the impedances (determined by factory tests) for the associated step-up transformers and the Large Generating Facility. The Developer shall provide to, and coordinate with, Connecting Transmission Owner and NYISO with respect to proposed specifications for the excitation system, automatic voltage regulator, Large Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Commencement and Completion of Construction The Company shall begin Construction Activities no later than January 1, 2014 (“Commencement Date”) and secure a final Certificate of Compliance by June 30, 2015 (hereinafter, “Completion Date”).

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