Equity Requirement Clause Samples
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Equity Requirement. An aggregate amount of Fifty-Three Million Five Hundred Thousand and 00/100ths Dollars ($53,500,000.00), consisting of (i) Twenty Nine Million Seven Hundred Thirty Five Thousand Three Hundred Thirty One and 00/100ths Dollars ($29,735,331.00) which shall be contributed on or prior to the Closing Date, (ii) the Development Fee, and (iii) Fifteen Million Two Hundred Sixty Four Thousand Six Hundred Sixty Nine and 00/100th Dollars ($15,264,669.00) which shall be contributed on a pari passu (50/50) basis with the Loan proceeds until all such additional Fifteen Million Two Hundred Sixty Four Thousand Six Hundred Sixty Nine and 00/100th Dollars ($15,264,669.00) has been contributed. The Equity Requirement shall not be deemed satisfied unless and until confirmed by Agent in writing, in its sole discretion, upon Borrower’s written request.
Equity Requirement. This requirement has been satisfied.
Equity Requirement. The Equity Requirement with respect to each Borrowing Base Property shall have been and shall remain satisfied.
Equity Requirement. Borrower shall demonstrate an investment in the Project of at least $6,453,070.00 (which may be reduced to $5,380,070.00 pursuant to Section 3.9 below) (the “Equity Requirements”), which amount shall be so disbursed prior to or simultaneously with the Initial Advance. The amount of the Equity Requirements represented by the Land and any improvements thereon shall be valued at the cost to the Borrower of the Land and such improvements, unless otherwise approved by Lender in writing.
Equity Requirement. As a condition of the Loans, as of the closing of the Loans the Borrower shall have made an equity investment in the Property in an amount not less than Seven Million Eight Hundred Eighty-Nine Thousand One Hundred Twenty and No/100 Dollars ($7,889,120.00), and shall have provided reasonable evidence of such investment to the Lender. The components of such equity investment are: Property Acquisition Price: $ 4,900,000.00 PUD Approval Costs 1,490,000.00 Deferred Development Fee 500,000.00 Deferred Development Costs 999,120.00
Equity Requirement. Owners’ equity in the proposed project is defined as the “Unencumbered Assets of the Applicant assigned to the project as may be demonstrated in the proof of Financial Institution funding commitment for the project”. The owners’ equity requirement is at least a 10% (ten percent) of the proposed project’s costs are assigned to owner’s equity.
Equity Requirement. At or prior to Closing, Borrower shall provide Lender evidence that Borrower has contributed a minimum of $10,250,000.00 toward the purchase price of the Property and the related closing costs (“Equity Contribution”).
Equity Requirement. Prior to any Advance by Lender of the Construction Loan, Borrowers shall invest an amount equal to the Equity Requirement into the construction of the Project in accordance with the Budget. The Equity Requirement shall remain invested in the Project for the term of the Loan and Borrowers agree that no portion of the Equity Requirement will be reimbursed directly or indirectly without Lender's prior written consent. At the request of Lender, the amount of the Equity Requirement shall be deposited with Lender and disbursed by Lender for construction of the Project in accordance with the terms and conditions of this Agreement.
Equity Requirement. Borrower shall be required to contribute equity to ------------------ the Project in an amount sufficient to complete the Project based on the Project Budget. Based on the current Project Budget, Borrower shall be required to contribute Four Million One Hundred Sixty-Two Thousand Seven Hundred Twenty- Seven Dollars ($4,162,727.00) in equity to the Project.
Equity Requirement. As a condition of the Loan, as of the closing of the Loan the Borrower shall have made an equity investment in the Property in the form of cash in an amount not less than thirty-three percent (33%) of the Lender-approved Project budget (the “Minimum Equity”). The Borrower’s equity shall consist of acquisition, closing and Lender-approved soft costs, and the Borrower shall have provided full documentation supporting such investment to the Lender which shall be satisfactory to the Lender in all respects. As of the date of this Agreement, Lender confirms that Borrower has met the Minimum Equity requirement.