Construction/Term Loan Clause Samples

A Construction/Term Loan clause outlines the terms under which a lender provides financing for both the construction phase of a project and its subsequent long-term operation. Typically, the loan is initially disbursed in stages as construction milestones are met, and upon completion, it converts into a standard term loan with a fixed repayment schedule. This clause ensures that borrowers have access to necessary funds during construction and a clear path for repayment after the project is finished, thereby streamlining the financing process and reducing the need for separate loan agreements.
Construction/Term Loan. The principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) from the Effective Date until March 31, 2009, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, with the first such monthly payment of interest commencing on June 1, 2008, (ii) on April 1, 2009, Borrower shall make a payment of principal in the amount of $205,417, plus accrued interest, (iii) commencing May 1, 2009 through and including June 1, 2010, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, (iv) commencing July 1, 2010 and on the first (1st) day of each month thereafter, Borrower shall make equal monthly payments of principal in the amount of $135,803.00, plus accrued interest, (v) Borrower shall make the mandatory principal payments at such times and in such amounts required under Section 3.2(e) below, and (vi) on the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.”
View SourceView Similar (4)
Construction/Term Loan. Borrower may prepay the Construction/Term Loan in full or in part at any time, provided that any prepayment of principal shall be accompanied by a payment of interest accrued to date thereon. Any prepayment shall be applied to the principal installments in the inverse order of their maturities.
View SourceView Similar (3)
Construction/Term Loan. Subject to the terms and provisions of this Agreement, the principal amount of each Advance outstanding at the end of each day the Construction/Term Loan Note shall bear interest (i) from and after the date hereof until and including the Conversion Date, at a fluctuating rate per annum equal to the LIBOR rate plus 2.75% and (ii) after the Conversion Date until the Construction/Term Loan Maturity Date, at a fluctuating rate per annum equal to the LIBOR rate plus the Applicable Margin. Lender shall not be obligated to give notice of any change in the LIBOR rate. Any adjustment to the interest rate pursuant to the terms of this Agreement shall be determined solely by the Lender one banking day prior to the date of adjustment.
View Source
Construction/Term Loan. The Construction/Term Loan Note shall bear interest at a fluctuating rate per annum equal to the LIBOR rate plus the Applicable Margin. Lender shall not be obligated to give notice of any change in the LIBOR rate. Any adjustment to the interest rate pursuant to the terms of this Agreement shall be determined solely by the Lender one banking day prior to the date of adjustment.”
View Source
Construction/Term Loan. Note No. 35062, shall be used to finance the mill and pasta line expansion (the "Project").
View Source
Construction/Term Loan. The principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) from the Effective Date until March 31, 2009, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, with the first such monthly payment of interest commencing on June 1, 2008, (ii) commencing on April 1, 2009 and on the first day of each month thereafter until (but not including) the Construction/Term Loan Maturity Date, Borrower shall make equal monthly payments of principal in the amount of $205,417, plus accrued interest, and (iii) on the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.
View Source
Construction/Term Loan. Subject to the terms and provisions of this Agreement, the principal amount outstanding at the end of each day on the Construction/Term Loan Note shall bear interest from and after the date hereof until the Construction/Term Loan Maturity Date at a fluctuating rate per annum equal to the LIBOR rate plus 5.00%. Lender shall not be obligated to give notice of any change in the LIBOR rate. Any adjustment to the interest rate pursuant to the terms of this Agreement shall be determined solely by the Lender one banking day prior to the date of adjustment.
View Source
Construction/Term Loan. The principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) commencing on December 1, 2011 and continuing on the first day of each month thereafter until (but not including) the Construction/Term Loan Maturity Date, Borrower shall make equal monthly payments of principal in the amount of $150,000.00 and (ii) on the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.
View Source

Related to Construction/Term Loan

  • Construction Cost Budget The total cost to District of all elements of the Project designed or specified by the Architect, as adjusted at the end of each design phase in accordance with this Agreement. The Construction Cost Budget does not include the compensation of the Architect and the Architect’s Consultants, the cost of land, rights-of-way, financing or other costs which are the responsibility of the District, including construction management.

  • Construction Costs Under no circumstances shall the Consultant be liable for extra costs or other consequences due to unknown conditions or related to the failure of contractors to perform work in accordance with the plans and specifications. Consultant shall have no liability whatsoever for any costs arising out of the Client’s decision to obtain bids or proceed with construction before the Consultant has issued final, fully-approved plans and specifications. The Client acknowledges that all preliminary plans are subject to substantial revision until plans are fully approved and all permits obtained.

  • Construction, Etc Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

  • Construction Cost 3.1. Construction Cost does not include the fees of the ARCHITECT/ENGINEER and consultants, the cost of the land, rights- of-way, or other costs, which is the responsibility of the State as provided in Paragraphs 2.2 through 2.3. or any of the contingencies available for the project unless specifically stated otherwise. 3.2. Labor furnished by the State for the Project, however, with respect only to the construction of such components thereof as have been designed by the ARCHITECT/ENGINEER, shall be included in the Construction Cost at current market rates. Materials and equipment furnished by the State shall be included at current market prices, except that used materials and equipment shall be included as if purchased new for the Project.

  • CONSTRUCTION OF THE PROJECT/ APARTMENT The Allottee has seen the proposed layout plan, specifications, amenities and facilities of the [Apartment/Plot] and accepted the floor plan, payment plan and the specifications, amenities and facilities [annexed along with this Agreement] which has been approved by the competent authority, as represented by the Promoter. The Promoter shall develop the Project in accordance with the said layout plans, floor plans and specifications, amenities and facilities. Subject to the terms in this Agreement, the Promoter undertakes to strictly abide by such plans approved by the competent Authorities and shall also strictly abide by the bye-laws, FAR and density norms and provisions prescribed by the [Please insert the relevant State laws]and shall not have an option to make any variation /alteration / modification in such plans, other than in the manner provided under the Act, and breach of this term by the Promoter shall constitute a material breach of the Agreement.