Loan Balancing. If at any time Administrative Agent notifies -------------- Borrower that, in Administrative Agent's sole judgment following consultation with Borrower, the undisbursed balance of the Loan is insufficient to pay the remaining Direct and Indirect Costs, Borrower shall, at its option, either (i) within ten (10) days of Administrative Agent's notification as aforesaid, deposit with Administrative Agent an amount equal to such deficiency, which Administrative Agent may from time to time apply, or allow Borrower to apply, to such Costs or (ii) pay for such Costs, as incurred, in the amount of such deficiency so that the amount of the Loan which remains to be disbursed shall be sufficient to pay all remaining Direct and Indirect Costs, and Borrower shall furnish Administrative Agent with such evidence thereof as Administrative Agent shall require. Borrower hereby agrees that Administrative Agent shall have a lien on and security interest in, for the benefit of Lenders, any sums deposited pursuant to clause (i) above and that Borrower shall have no right to withdraw any such sums except for the payment of the aforesaid Costs as approved by Administrative Agent. Lenders shall have no obligation to make any further advances of proceeds of the Loan until the sums required to be deposited pursuant to clause (i) above have been exhausted or until Borrower has actually paid such Direct and Indirect Costs pursuant to clause (ii) above, as the case may be, and, in either such case, the Loan is back "in balance". Any such sums not used as provided in said clause (i) shall be released to Borrower when and to the extent that Administrative Agent determines that the amount thereof is more than the excess, if any, of the total remaining Costs of completion of the Improvements over the undisbursed balance of the Loan; provided, however, that -------- ------- should an Event of Default occur, Administrative Agent shall, at the option of the Required Lenders, apply such amounts either to the Costs of completion of the Improvements or to the immediate reduction of outstanding principal and/or interest under the Notes.
Loan Balancing. Borrower agrees that the unpaid principal balance of the Working Capital Note will not at any time exceed the lesser of (i) the Borrowing Base; or (ii) $1,000,000.00. If the unpaid principal balance of the Working Capital Note at any time exceeds such amounts as described above, Borrower agrees to make a principal payment in the amount necessary to reduce the unpaid principal balance of the Working Capital Note to comply with the terms of this Section 2.9, within five (5) days after Lender’s request therefor.
Loan Balancing. (a) Borrower represents that the Budget sets forth all anticipated costs as of the date hereof to be incurred by Borrower in connection with the ownership, development, construction, financing, marketing, maintenance and leasing of the Improvements, from time to time through the Maturity Date. Borrower further agrees as follows:
Loan Balancing. Lender shall have no obligation to make a requested advance if in Lender's reasonable opinion the Loan is not "IN BALANCE"; i.e., the undisbursed balance of the Loan, plus any undisbursed Funds previously deposited by Borrower with Lender, if any, are not sufficient to pay all costs necessary to complete the Project (including without limitation the payment of interest on the Loan) in accordance with the approved Plans and Specifications and the approved Project Budget, free and clear of all liens, encumbrances and conditional sales contracts, whether the deficiency is attributable to changes in the work or in the Plans and Specifications or to any other cause. If at any time Lender determines the Loan is not in balance, within five (5) days after demand, Borrower will deposit with Lender the amount necessary to "balance" the Loan, and all Funds so deposited with Lender shall be held and disbursed by Lender in accordance with this Agreement prior to the disbursement of any additional Loan proceeds. If Lender makes such demand, Lender shall have no obligation to make further disbursements of Funds until such additional funds are deposited with Lender by Borrower. Each Draw Request or other request for disbursement submitted to Lender will constitute Borrower's representation and warranty to Lender that the Loan is "in balance".
Loan Balancing. The Loan shall be In Balance as provided in Section 2.1.11; (p)
Loan Balancing. Taking into account Borrower’s deposits of Deficiency Collateral with Lender pursuant to Section 2.1.12(b), at all times that any portion of the Debt remains outstanding until the Project is Completed in accordance with the terms and conditions hereof, no Deficiency shall exist (the absence of any Deficiency shall be referred to herein as the Loan being “In Balance”), which determination shall be made by Lender, in Lender’s sole but good faith discretion, after taking into account any substantiated Cost Savings and any permitted reallocations of the Contingency and shall be made on both a Line Item by Line Item basis and in the aggregate, and shall be final absent manifest error. (b)
Loan Balancing. (i) In the event Agency determines, from time-to-time, that the mathematically combined amounts of the Agency Funds, Construction Loan Funds and Borrower’s Funds, as set forth in the attached Project Budget, are insufficient to pay all Costs, including increased costs due to change orders, cost overruns or otherwise, then, upon notice from the Agency (“Balancing Call”), Borrower shall deposit into the Borrower’s Account held by the Construction Lender such additional Borrower’s Funds as may be necessary to pay all such obligations.
Loan Balancing. (1) In the event that either of the Lenders determines, from time to time, that the mathematically combined amounts of the Project Funds, as set forth in the attached Project Budget, are insufficient to pay all Rehabilitation Costs, including increased costs due to change orders, cost overruns or otherwise, then, upon notice from either of the Lenders, Borrower shall promptly deposit into Borrower’s Account such additional funds as may be necessary to pay all such obligations.
Loan Balancing. (i) In the event City determines, from time-to-time, that the Sources of Financing set forth in the Method of Financing, are insufficient to pay all Project costs set forth in the attached Project Budget, including increased costs due to change orders, cost overruns or otherwise, then, upon notice from the City (“Balancing Call”), Borrower shall deposit into the Borrower’s account held by the Construction Lender (“Borrower’s Account”) such additional Borrower’s Funds as may be necessary to pay all such obligations.
Loan Balancing. (a) As a material condition of the Loan and as a condition precedent to Lender’s duty to disburse proceeds of the Loan, Borrower shall pay all Project Costs in excess of the Loan Amount. Except for the payment of interest pursuant to Section 4.5 and the payment of expenses, charges, costs and fees pursuant to Section 8.10, Lender shall be obligated to disburse proceeds of the Loan only when the Loan is “in balance”. The Loan shall be “in balance” only at such times as Borrower has invested sufficient funds into the payment of Project Costs so that, in Lender’s sole judgment, the undisbursed portion of the Loan shall be sufficient to complete and operate fully the Project and pay all Project Costs (including interest reserve) until repayment in full of the Loan.
