Disbursement of Gap Financing Proceeds Sample Clauses

Disbursement of Gap Financing Proceeds. Up to 95% of the proceeds of the Gap Financing Loan shall be disbursed at the direction of LHC during the construction of the Project, on a pari passu basis with Xxxxxxxx’s construction financing, limited to not more than one (1) draw per month. LHC's pari passu share of each Net Draw Amount will be based on LHC’s share of funds being advanced over the construction period to pay the sum of all Net Draw Amounts, which percentage shall be [ ]%. The aggregate amount of Loan proceeds advanced during the construction period will be the lesser of: (i) 95% of the Loan amount or (ii) [ ]% of the actual aggregate Net Draw Amounts. LHC shall have the right to withhold retainage from each Draw Request, in the amount equal to 5% of the Draw Request, in LHC's sole and uncontrolled discretion, if the Draw Request does not already take into account retainage of at least 5% of the amount of cumulative Draw Requests to date. It is understood and agreed that 30% of the cash developer fee may be paid from any source at Closing, with an additional 30% paid at completion, and the final 40% paid on or after the final draw during the construction period.
Sample 1
AutoNDA by SimpleDocs
Disbursement of Gap Financing Proceeds. [Up to 95% of][T]the proceeds of the Gap Financing Loan shall be disbursed at the direction of LHC [in one single disbursement to Borrower,] [during the construction of the Project, on a pari passu basis with Borrower’s construction financing, limited to not more than one (1) draw per month. LHC's pari passu share of each Net Draw Amount will be based on LHC’s share of funds being advanced over the construction period to pay the sum of all Net Draw Amounts, which percentage shall be [ ]%. The aggregate amount of Loan proceeds advanced during the construction period will be the lesser of: (i) 95% of the Loan amount or (ii) [ ]% of the actual aggregate Net Draw Amounts. LHC shall have the right to withhold retainage from each Draw Request, in the amount equal to 5% of the Draw Request, in LHC's sole and uncontrolled discretion, if the Draw Request does not already take into account retainage of at least 5% of the amount of cumulative Draw Requests to date.] It is understood and agreed that no more than 35% of the cash developer fee may be received during the construction period, from all sources, and no more than half of this limit allowable to be received at the Closing.
Sample 1

Related to Disbursement of Gap Financing Proceeds

  • Refinancing Preparation Advance If the Financing Agreement provides for the repayment out of the proceeds of the Financing of an advance made by the Association or the Bank (“Preparation Advance”), the Association shall, on behalf of the Recipient, withdraw from the Financing Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Financing Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Association shall pay the amount so withdrawn to itself or the Bank, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • Commitment Charge; Credit; Maturity Premium (a) The Borrower shall pay a commitment charge on the unwithdrawn amount of the Loan at the rate and on the terms specified in the Loan Agreement.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • Collection Costs In the event collection efforts are required to obtain payment on this Account, to the extent permitted by law, You agree to pay all court costs, private process server fees, investigation fees or other costs incurred in collection and reasonable attorneys' fees incurred in the course of collecting any amounts owed under this Agreement or in the recovery of any Collateral.

  • Debt Collection Unpaid licensing fees and charges for cleaning, damage to property, equipment, and furnishings are an obligation by the occupant to Housing Services. Any unpaid account balances will be sent to an outside collection agency and may be reported to one or more credit bureau reporting service(s). After internal collection efforts have failed to result in full payment, and in accordance with RCW 19.16.500, collection fees of up to 50% of the unpaid balance will be assessed to your account, and you are responsible for paying these fees together with all costs and expenses, including reasonable attorney's fees and court costs, necessary for the collection of your delinquent account. Requests for future housing will be considered only if payments are current.

  • Reserve Funds Section 7.1.

  • Land Acquisition Disbursement To initiate the purchase of the Land, the Recipient must first complete and submit a written Request to Proceed to the Director prior to Closing. The Request to Proceed must name the proposed Title Agent and must indicate the amount of Funds requested from the OPWC for the land acquisition, including expected settlement costs, based upon the participation ratio and the amount of funds expected from any Matching Funds. The Request to Proceed must contain as attachments: (a) a copy of the proposed Deed Restrictions; (b) a copy of the executed purchase agreement with respect to, or such other agreement to convey an interest in, the Land between the Recipient and the Land owner; (c) a copy of the performed appraisal according to the specifications provided by the Director; (d) evidence satisfactory to the Director that Recipient will acquire marketable title to the Land at Closing; and (d) if the Recipient desires to elect the pre-closing option described below (i) a copy of the signed escrow agreement among Recipient, Title Agent and the OPWC, executed by Recipient and Title Agent, substantially in the form of Appendix F of this Agreement (the "Escrow Agreement") and (ii) if the Title Agent is an agent for a title insurance company, rather than a title company itself, a closing protection letter issued by the title insurance company to the OPWC. Funds for land acquisition shall be disbursed to the Recipient, as part of a grant to the Recipient pursuant to Revised Code Sections 164.20 through 164.27, pursuant to the pre-closing option and/or the reimbursement option, as described in subsections 5(a) and 5(b), respectively.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Disbursement 7.1.1 Subject to the availability of sufficient moneys in and from the Funding Source based on Agency’s reasonable projections of moneys accruing to the Funding Source, Agency will disburse Grant Funds to Grantee for the allowable Project activities described in Exhibit A that are undertaken during the Performance Period.

  • Costs of Collection In any dispute involving monies owed to Company, the Company shall be entitled to all costs of collection, including reasonable attorney’s fees and interest at 15% per annum or the highest rate allowed by law, whichever is less, unless a lower amount is agreed to by Company.

Time is Money Join Law Insider Premium to draft better contracts faster.