In Balance. The Project is In Balance.
In Balance. Borrower shall at all times cause the undisbursed Loan funds to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to: (a) pay, through completion, all costs of development, construction, marketing and sale or leasing of the Property and Improvements in accordance with the Loan Documents and any Approved Budget; (b) pay all sums which may accrue under the Loan Documents prior to repayment of the Loan; (c) enable Borrower to perform and satisfy all of the covenants of Borrower contained in the Loan Document. Furthermore, without limitation of the immediately preceding sentence Borrower shall at all times cause: (i) the undisbursed portion of the Capital Improvement Reserve to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to pay, through completion, all costs to complete all work required to be completed under the Capital Improvement Budget; and (ii) there to be no Interest Reserve Deficiency (collectively “In-Balance”). If Lender reasonably determines at any time that the undisbursed Loan funds (and available Reserves) are insufficient for said purposes, then Borrower shall deposit the amount of such deficiency into the applicable Reserve designated by Lender within five (5) Business Days of Lender’s written demand and, notwithstanding anything to the contrary in this Agreement, Lender shall not be required to disburse any proceeds of the Loan until Borrower deposits the applicable amount of such deficiency in an account as required by this paragraph. Any funds deposited in accordance with this paragraph shall be available for payment of costs and expenses enumerated in this paragraph prior to any additional Reserve funds being made available for payment of such costs by Lender.
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. The Acquisition Price for the Project is “in balance” whenever, in Buyer's reasonable but sole discretion, no Acquisition Price Deficiency (as defined below) is occurring or has occurred. The Acquisition Price for the Project is “out of balance” whenever, in Xxxxx's reasonable but sole discretion, an Acquisition Price Deficiency is occurring or has occurred. “Acquisition Price Deficiency” shall mean a condition or event, as determined by the Buyer in its reasonable discretion, in which or as a result of which the total undisbursed balance of the Acquisition Price is insufficient to pay the remaining undisbursed amount for the Total Costs for the New Construction that is yet to be completed at the Project. Seller hereby agrees that if the Buyer determines that an Acquisition Price Deficiency exists, Seller shall, upon ten (10) days' written notice from the Buyer, furnish the Buyer with paid invoices, bills and receipts satisfactory to the Buyer and if requested by Xxxxx, to the Project Inspector, indicating that Seller has paid, from Seller's own funds and not from Advances of the Acquisition Price hereunder, the costs of completing the New Construction in an amount sufficient to eliminate such Acquisition Price Deficiency.
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. 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. If the Loan is Out-of-Balance and Borrower does not cause the Loan to be In-Balance within ten (10) Business Days after Xxxxxx’s written demand.
In Balance. As defined in the Development Agreement.
In Balance. Lender shall be satisfied that after giving effect to the proposed TI/LC Advance, and taking into account the limitations set forth in clause (i) below, the Unfunded TI/LC Advance Amount will be sufficient to pay for all then-required Tenant Improvements and Leasing Commissions at the Properties and all Tenant Improvements and Leasing Commissions in respect of the applicable Lease, or in each case Sponsor shall have deposited into a subaccount of the Presidents Cash Management Account sufficient additional funds (the “Deficiency Deposit”) to cover the amount of the deficiency. All Deficiency Deposits, if any, shall be additional Collateral and disbursed by Lender to Borrower prior to any subsequent TI/LC Advance pursuant to the terms and conditions hereof (excluding the limitations set forth in clause (i)) as if such amounts constituted a portion of the Unfunded TI/LC Advance Amount.
