Construction Financing. Tenant shall be solely responsible for procuring and obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to grant one or more leasehold mortgages encumbering its leasehold interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a construction-related completion bond.
Construction Financing. The Owner shall have received construction financing in the full amount of the Contract Price by October 1, 1997.
Construction Financing. “Construction Financing” means any loan or other borrowings by the Company, in accordance with the Development Plan, for the predevelopment and/or development of the Project, which is secured, in whole or in part, by Company Assets.
Construction Financing. The Managing Venturer, in consultation and cooperation with the Non-Managing Venturer, shall use all commercially reasonable efforts to obtain committed Construction Financing as promptly as commercially reasonable in an amount up to $621,000,000 plus the amount of additional indebtedness, if any, allowed or reasonably anticipated by Managing Venturer to be allowed pursuant to the third sentence of this Section 4.1 on the most favorable terms available to the Joint Venture. The Managing Venturer shall have the responsibility and authority for the negotiation, structuring and documentation of the Construction Financing. Without the approval of each Venturer, the outstanding principal amount of the Construction Financing shall not exceed 60% of the total Project Costs; provided, however, that (i) if the weighted average interest rate accrued on such indebtedness during the period beginning on the day on which the first draw on such indebtedness is made and ending on the day before the day on which the Facility opens to the general public (the "Construction Period") exceeds 10.0% per annum, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may be increased by an amount equal to 100% of the difference between (A) the interest accrued on such indebtedness during the Construction Period and (B) the interest which would have accrued on such indebtedness during the Construction Period if such weighted average interest rate had been 10.0% per annum; (ii) without double counting, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may increased by the amount of Excess Government Improvement Costs, if any; (iii) the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may be increased by the actual amount of the Joint Venture's costs of creating and implementing the Jobs and Business Opportunities Program; and (iv) if acceptable to the provider of Construction Financing, if the Joint Venturers defer a portion of their respective capital contribution obligations by providing a standby letter of credit pursuant to the terms of Section 3.3(a) hereof, and if the actual total Project Costs are less than $1,035,000,000, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs by the amount of capital contributions so deferred. In any event, without the approval of eac...
Construction Financing. Bluerock shall use commercially reasonable efforts to obtain a construction loan for the Company from a construction lender reasonably acceptable to ArchCo (the "Construction Lender") at prevailing rates and terms (the "Construction Loan"). If the Company is required to provide some form of credit enhancement to the Construction Lender in order to secure the Construction Loan (a "Construction Loan Guarantee"), Bluerock shall guarantee payment of the Construction Loan or provide such other form of credit enhancement requested by the Construction Lender and reasonably acceptable to Bluerock. If required by the Construction Lender, Bluerock shall also provide the Construction Lender with a completion guarantee reasonably acceptable to Bluerock (the "Completion Guarantee;"and collectively with any Construction Loan Guarantee, the "Bluerock Guaranties"), guaranteeing that the Property will be completed within the estimated time frame and estimated project cost set forth in the Construction Loan documents.
Construction Financing. City shall have approved, which approval shall not be unreasonably withheld, conditioned or delayed, (i) the Preliminary Evidence of Financing for the Project, and (ii) if Developer will be obtaining financing from a third-party source not affiliated with Developer (as opposed to internal financing which requires an unconditional written commitment to provide such funding), the documents evidencing such Construction Financing (if any) to confirm that such Construction Financing (if any) contains substantially similar terms as the Preliminary Evidence of Financing. Such Construction Financing (if any) for the Project shall be on substantially similar terms as the approved Preliminary Evidence of Financing unless otherwise approved by City, which approval shall not be unreasonably withheld, conditioned or delayed, and any third-party debt portion of such Construction Financing (if any) shall record and begin funding concurrently with the Closing and the Developer or Affiliate provides written evidence of the commitment to construct consistent with this Agreement.
Construction Financing. Developer shall have obtained, and the City shall have approved, Construction Financing for the Residential Component as provided in Section 311.1 hereof, and such Construction Financing shall have closed and funded or be ready to close and fund upon the First Closing.
Construction Financing. (a) The Lessee has entered into the Agency Agreement with the Lessor pursuant to which the Lessee as Construction Agent has agreed to complete the construction of the Improvements. The Improvements shall, as the construction of same is completed upon the Fee Parcels, or the Easement Parcels, as the case may be, become a part of the Improvements, and title thereto shall remain in the Lessor.
(b) In order to finance the acquisition by the Lessor of its interest in the Parcels and the Initial Improvements and to finance the cost of construction of the Improvements, the Note Purchasers, as contemplated by the Participation Agreement, will advance to the Trustee the Actual Project Costs up to their respective Note Commitments and the Certificate Purchasers will make Investments in the 1995 Ferro Plant Trust equal to its Certificate Commitment, and in consideration therefor, the Trustee will issue the Interim Notes, Series 1 A- Notes and Series 1 B-Notes to the Note Purchasers and the Certificates to the Certificate Purchasers pursuant to the Declaration.
(c) On the Interim Note Maturity Date, the Interim Notes will, as provided in the Participation Agreement, be refinanced through the issuance of a specified proportion of Series 2 A-Notes and Series 2 B-Notes to be issued under the Declaration in an aggregate principal amount equal to the aggregate principal amount of, and accrued but unpaid interest on, the Interim Notes. The Lessee agrees to execute and deliver such supplements, amendments, certificates and other documents which shall reasonably be necessary to effect the issuance of the Series 2 A-Notes and Series 2 B-Notes.
Construction Financing. (a) During the Development Period, and within the time frames contemplated under the Preliminary Development Schedule, MRP shall use good faith and commercially reasonable efforts to seek, on behalf of the Company, nonrecourse construction financing in the Target Financing Amount, or such other amount as Investor and MRP may mutually agree (the "Construction Financing"). The terms and conditions of any Construction Financing and all documents to be executed and delivered in connection with any Construction Financing shall be subject to the prior written approval of both MRP and Investor, which, except as provided in Section 4.4(b), shall not be unreasonably withheld, conditioned or delayed.
(b) If, in connection with the Construction Financing, the Construction Lender requires that a Guaranty be delivered as a condition precedent thereto, MRP shall cause the MRP Guarantors to provide any such Guaranties, provided that the form and substance of each such Guaranty shall be consistent with generally prevailing market requirements or otherwise approved by MRP and the MRP Guarantors, in their sole discretion. In no event (i) shall the MRP Guarantors be required to provide a payment or repayment guaranty, or any guaranty other than the Guaranties described above in connection with the Construction Financing, or (ii) shall Investor or any Affiliate of Investor be required to provide any Guaranty, or payment or repayment guaranty, in connection with any Construction Financing.
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