Borrower’s Equity Clause Samples

Borrower’s Equity. As of any date of determination, Borrower’s funds expended on Project costs in accordance with this Agreement as of such date, including Borrower’s Funds and capital contributions made by the Tax Credit Investor, but excluding proceeds of the Borrower Loan, as determined by Bank in its sole discretion.

Borrower’s Equity. Prior to the Closing Date, the Borrower shall have provided evidence to the Agent’s sole satisfaction of its having contributed total equity in the Project of $60,120,000.

Borrower’s Equity. Permit the stockholder's equity of the Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP as of the last day of any fiscal quarter to be less than $650,000,000, but excluding the effect of net unrealized gains and losses included in or excluded from stockholder's equity on account of Statement No. 115 of the Financial Accounting Standards Board and similar accounting rules.

Borrower’s Equity. Except for the Initial Advance, Borrower shall have applied Borrower’s Equity to pay certain Project Costs included in the Project Budget approved by Administrative Agent, and Borrower shall have furnished Administrative Agent with a schedule showing the payment of such funds for Project Costs and evidence of such payment.

Borrower’s Equity. Borrower shall have applied Borrower's Equity to pay certain Project Costs included in the Project Budget approved by Lender, and Borrower shall have furnished Lender with a schedule showing the payment of such funds for Project Costs and evidence of such payment.

Borrower’s Equity. The term “Borrower’s Equity” shall mean the amount of Borrower’s cash equity investment in the Land and the Improvements as reasonably calculated from time to time by Lender. Borrower’s Equity shall be at least equal to the total cost shown on the Approved Budget less the proceeds of the Loan, but will in no event be less than $7,785,789.00. The amount of Borrower’s Equity required may be increased in the event additional funding is required pursuant to the terms of Section 2.02 of this Agreement.

Borrower’s Equity. Borrower as a condition precedent to the closing of the Inventory Loan is required to make a cash payment of not less than $1,500,000 to pay a portion of the purchase price of the Section 363 Sale to the ILX Sellers at the time of closing of the Section 363 Sale.

Borrower’s Equity. As a condition precedent to Lender’s funding of the Loan on the Closing Date, Borrower shall furnish to Lender evidence establishing to Lender’s satisfaction that the Owner, Borrower and/or Guarantors have directly or indirectly made equity contributions to the Project in the amount of at least $835,625.00, which amount may include up to $567,140.00 of the Development Fee (whether or not such fee is paid, waived or deferred) (“Borrower’s Minimum Equity Investment”). Any contributor of equity shall be subordinate to Lender, provided, however, that any such contributor of equity shall have the right to receive payments with respect to such equity so long as no Default or Event of Default exists.

Borrower’s Equity. Borrower shall ensure that all of Borrower’s Equity is contributed to Borrower by its members and shall, upon the request of Agent, provide Agent with an accounting of all equity contributions actually received by Borrower;