Construction Loan Amount Sample Clauses

Construction Loan Amount. FINOVA hereby agrees to make the Advances to each Borrower in a principal sum not to exceed the amounts set forth in Section 1.1 above, provided Borrower has complied with, and subject to the terms and conditions of, this Agreement and all other Loan Documents. Unless FINOVA, in its Permitted Discretion, agrees in writing with Borrower to make such Advances thereafter on terms and conditions satisfactory to FINOVA, Borrower shall not be entitled to obtain Advances after the expiration of the Borrowing Term.
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Construction Loan Amount. City and Agency shall make the Construction Loan from the HOME Funds and the Housing Fund in the total amount of $3,500,000.00 to Borrower, subject to the terms and conditions in the Construction Loan Documents; provided, however, that with respect to the HOME Funds, City shall disburse the HOME Funds to Borrower only to the extent that (a) such funds are available from the State; and (b) the uses of such funds are eligible in accordance with the Standard Agreement, which is incorporated herein by this reference. If, for any reason, the HOME Funds are not available from the State under the Standard Agreement, or any of Borrower’s uses of the HOME Funds that are disbursed pursuant to Section 5 below are deemed by the State as ineligible uses, then City shall not have any further obligation to provide the HOME Funds to Borrower under this Agreement.
Sample 1

Related to Construction Loan Amount

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Loan Amount 5. ACCOUNT NAME(S) .............................................................................................................................................................................. BANK NAME / BRANCH ...................................................................................................................................................................

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Maximum Loan Amount No loan to a Participant under the Plan may exceed the lesser of:

  • Term Loan Advance Subject to Section 2.3(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate plus three percent (3.00%), which interest shall be payable monthly.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • Initial Advance On or prior to the Closing Date, Borrower shall have delivered to Agent the following:

  • Maximum Advance Amount The amount of an Advance requested by the Company shall not exceed the Maximum Advance Amount. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed nine and 9/10 percent (9.9%) of the then outstanding Common Stock of the Company. For the purposes of this section beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to 0.50% above the Prime Rate.

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