Initial Equity. A certificate of an Authorized Officer of Borrower certifying that Borrower shall have provided the Initial Equity and itemizing the uses of the Initial Equity, such certificate to be accompanied by backup materials evidencing such Initial Equity and the use of same.
Initial Equity. Subject to approval by the Board, Executive shall be granted an option to purchase 800,000 shares of common stock of the Company (the “Option”) with an exercise price equal to the fair market value of the common stock as of the date of grant. The Option shall be subject to and governed in all respects by the terms of the governing equity plan documents and grant agreement(s) between Executive and the Company thereunder and shall be subject to a vesting schedule whereby one-quarter (1/4) of the shares subject to the Option shall vest one year after grant, with the remaining shares vesting in equal monthly installments over the following three years thereafter, subject to Executive’s continuous service.
Initial Equity. The Agent shall have received evidence acceptable to it that ALC shall have raised equity that yields to ALC, on an aggregate basis, at least $800,000,000 in net cash proceeds.
Initial Equity. In the event of the occurrence of a Maturity Event or an Event of Default, the Property’s Initial Equity is in the amount of _______________________ ($_____). [Insert amount equivalent to: The lesser of--(i) the appraised value of the Property that was used at the time of origination of the HOPE for Homeowners (H4H) Mortgage to underwrite the mortgage and to determine compliance with the maximum loan-to-value ratio at origination established by 12 U.S.C. § 1715z-23(e)(2)(B); or (ii) the outstanding amount due under all existing senior mortgages, existing subordinate mortgages, and non-mortgage liens on the Property; minus the original principal amount of the H4H Mortgage.]
Initial Equity. The Borrower shall have evidenced to the satisfaction of the Administrative Agent cash capital contributions from its members in an amount not less than twenty-five percent (25%) of the aggregate budgeted costs and expenses of the acquisition and construction of such Project and the operation thereof as reflected in the Project Summary & Feasibility Report with respect to such Project as initially approved, or deemed approved, by the Administrative Agent and the Lenders.
Initial Equity. The Company shall grant to Executive 6,000 shares of restricted stock, subject to a two-year ratable vesting period and the terms and conditions of the Equity Incentive Plan and standard equity award agreement(s) to be entered into by and between the Company and Executive. If Executive commences employment on or before February 24, 2009, then the grant date for such 6,000 shares of restricted stock will be February 24, 2009; if Executive commences employment between February 25, 2009 and March 5, 2009, then the grant date will be date on which Executive commences employment.
Initial Equity. Executive will receive a restricted stock grant of a certain number of shares of the Company’s common stock (the “Restricted Stock Award”) with an aggregate value of $1,000,000.00 as of the effective date of the Restricted Stock Award (the “Grant Date”), which shall be the earliest day permitted pursuant to the terms of the Company’s Equity Award Approval Policy following commencement of the Term. The Restricted Stock Award will be subject to the terms and conditions of that certain Restricted Stock Award Agreement between the Company and Executive dated effective as of the Grant Date (the “Restricted Stock Agreement”), including such terms and conditions as are incorporated from the Company’s 2012 Long-Term Incentive Plan (the “2012 LTIP”). The restricted stock included in the Restricted Stock Award will vest ratably in four (4) annual installments, subject to Executive’s continued employment with the Company and accelerated vesting under certain circumstances as specified herein and in the Restricted Stock Agreement.
Initial Equity. In addition to the requirements set forth above in the section captioned “Borrower’s Equity; Controlled Funds Account” prior to any Advance under the Loan, Borrower shall have injected equity in the Project consisting of Borrower Funds in accordance with the Budget (as hereinafter defined) and the Plans and Specifications in an amount not less than $12,041,003.00 (the “Initial Equity”). At the closing of the Loan, Lender shall review all amounts injected into the Project by Borrower as of the date of closing (“Pre-Closing Equity”). All Pre-Closing Equity approved Lender as being in accordance with the Budget and the approved Plans and Specifications shall be credited to the Initial Equity required to be injected into the Project by Borrower. Thereafter, Borrower shall submit to Lender on a monthly basis all information required in connection with a draw request under the Loan for review and approval by Lender. Upon approval of such amounts by Lender, Borrower shall be authorized to expend Initial Equity funds for the purposes and in the amounts set forth in the draw request approved by Lender. Lender shall not be required to make any Advances under the Loan until the full amount of the Initial Equity is injected into the Project. LETTER OF CREDIT FACILITY. Provided no Event of Default shall have occurred and be continuing, upon the written request of Borrower, Lender agrees to issue one of more standby letters of credit in connection with the Project provided that each of the following conditions set forth below are met in a manner satisfactory to Lender. The amount of the Loan available for disbursement shall be reduced by the face amount of each letter of credit issued on behalf of Borrower as long as each such letter of credit remains outstanding.
Initial Equity. Lender shall have received evidence satisfactory to it that Borrower has received the initial capital contribution pursuant to Borrower's Joint Venture Agreement.
Initial Equity. In addition to the requirements set forth above in the section captioned “Borrower’s Equity; Controlled Funds Account” prior to any Advance under the Loan, Borrower shall have injected equity in the Project consisting of Borrower Funds in accordance with the Budget (as hereinafter defined) and the Plans and Specifications in an amount not less than $12,041,003.00 (the “Initial Equity”). At the closing of the Loan, Lender shall review all amounts injected into the Project by Borrower as of the date of closing (“Pre-Closing Equity”). All Pre-Closing Equity approved Lender as being in accordance with the Budget and the approved Plans and Specifications shall be credited to the Initial Equity required to be injected into the Project by Borrower. Thereafter, Borrower shall submit to Lender on a monthly basis all information required in connection with a draw request under the Loan for review and approval by Lender. Upon approval of such amounts by Lender, Borrower shall be authorized to expend Initial Equity funds for the purposes and in the amounts set forth in the draw request approved by Lender. Lender shall not be required to make any Advances under the Loan until the full amount of the Initial Equity is injected into the Project.
