In Balance Sample Clauses
In Balance. The Project is In Balance.
In Balance. The term “In Balance” shall mean at the time of determination that each Holdback is “in balance” in accordance with the terms of a Note.
In Balance. Notwithstanding anything to the contrary contained herein or in the other Loan Documents, (i) the sum of all funds in the Construction Reserve Account shall be at all times equal to or greater than the amount that Lender from time to time determines necessary, in Lender’s discretion, to pay, through Completion, all costs of the Construction Work; and (ii) the sum of all funds the Cash Management Reserve Account, together with Xxxxxxxx’s projected cash flow, as determined by Lender, shall be at all times equal to or greater than the amount that Lender from time to time determines necessary, in Xxxxxx’s discretion, to pay, through the Maturity Date, all operating costs and expenses of Borrower, including without limitation all insurance required pursuant to this Agreement and the other Loan Documents and real estate taxes payable with respect to the Property, and to enable Borrower to perform and satisfy all of the covenants of Borrower contained in the Loan Documents (the satisfaction of each of the foregoing conditions being collectively referred to herein as “In-Balance”). If Lender determines at any time that any of the foregoing requirements are not satisfied (such condition being referred to herein as “Out-of-Balance”), then Borrower shall, within ten (10) Business Days following Lender’s written demand therefor, deliver the amount(s) of such deficiency(ies) to Lender to be held in the applicable Reserve Accounts. Any such amounts so deposited by Borrower shall be disbursed before any other amounts held in the applicable Reserve Accounts (such amounts together with any amounts required to be paid by the Borrower pursuant to Section 2.5(b), the “Additional Borrower Equity”) and any such amounts so deposited by Borrower shall be disbursed before any other amounts held in the applicable Reserve Account.
In Balance. If at any time the Loan is not In Balance, Lenders shall not be required to make further disbursements of the Loan under this Agreement unless and until each of the following have been satisfied in Lenders’ discretion :
(a) Borrower shall have paid from its own funds sufficient costs of construction so that the Loan is In-Balance;
(b) Borrower shall have delivered to Administrative Agent a description of the work paid for by Borrower out of its own funds, together with copies of the invoices paid by Borrower; and
(c) Borrower shall have delivered to Administrative Agent unconditional lien releases from all Contractors and other persons entitled to record a valid lien or serve a valid stop notice who were paid by Borrower. Borrower’s failure to cause the Loan to be In Balance within 30 days of Borrower’s receipt of written notice from Administrative Agent that the Loan is not In-Balance shall constitute an Event of Default.
In Balance. Anything contained in this Agreement to the contrary notwithstanding, it is expressly understood and agreed that the Loan shall at all times be “in balance.” The Loan shall be deemed to be “in balance” only at such time and from time to time as Bank or Bank’s inspecting engineer may determine in its sole discretion that the then undisbursed portion of the Loan equals or exceeds the amount necessary for the timely and full payment of (i) all work done and not theretofor paid for or to be done in connection with the completion of the construction of the Project Facility in accordance with the Plans and Specifications, and (ii) all other costs incurred and not theretofor paid for or to be incurred in connection with the Project. Borrower agrees that if any Loan is deemed not to be “in balance,” Borrower shall, within ten (10) days after written request by Bank, deposit the deficiency with Bank, which deficiency deposit shall first be exhausted before any further disbursement of any Loan is made. Bank shall not be obligated to make any Loan Advances if the Loan is not in balance.
In Balance. The Loan remains in balance such that the aggregate amount of (i) undisbursed Loan proceeds, (ii) Lake District’s funds on deposit with Lender, if any and (iii) the Equity Requirements exceeds the aggregate of: (a) the amount required to pay all unpaid costs of completing the Project in accordance with the Plans and Specifications and the Budget; (b) the amount required to pay interest on the Loan to the Maturity Date; and (c) the amounts to be paid as retainage to persons who have supplied labor, services, or materials to the Project.
In Balance. Borrower shall fail to strictly comply with the provisions of Section 4.3 of this Agreement.
In Balance. The Loan shall be “in balance” at all times as determined by Lender in its sole and absolute discretion. For purposes of this Loan Agreement, the Loan will be deemed “in balance” only at such times as Borrower has invested a sufficient amount of its own funds so that (i) the total loan-to-value ratio never exceeds 65% and (ii) the undisbursed portion of the Interest Holdback is sufficient to pay interest on the Loan until the Maturity Date, as reasonably determined by Lender.
In Balance. As defined in the Development Agreement.