Loan Balancing. (1) Borrower represents that the Budget sets forth all anticipated costs 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 as extended pursuant to Section 2.5 hereof. Borrower further agrees as follows:
(a) Subject to reallocations pursuant to Section 4.4 and Section 4.5, if at any time, the projected costs anticipated to be incurred for any item of Construction Work or for the ownership, development, financing, marketing, maintenance or leasing of the Improvements through the Maturity Date exceed the amount set forth in the Budget for such item (as the same may be adjusted in accordance with the terms of this Agreement), as determined by Administrative Agent and the Construction Consultant in their reasonable discretion (including any such determination that the undisbursed Loan proceeds allocated for the payment of future interest (the “Interest Reserve”) is insufficient) based on factors, including, but not limited to, (1) Administrative Agent’s projections of interest rates for period(s) up to and including the full remaining term of the Loan (and permitted extensions); (2) the effect of any Hedge Agreement; (3) cost overruns or Change Orders; or (4) failure of the Improvements to lease at the rate of absorption or otherwise at rates and terms projected by Borrower, then the Loans shall be deemed not “In Balance.”
(b) If the Loans are deemed not “In Balance,” then Borrower shall, at Administrative Agent’s option, within ten (10) Business Days after written notice from Administrative Agent either (a) deposit with Administrative Agent an amount sufficient to cover such deficiency (a “Deficiency Deposit”), which Deficiency Deposit shall be deposited with Administrative Agent in the Controlled Account (the “Deficiency Deposit Account”), (b) make one or more equity contributions to be used by Borrower to pay costs that will bring the Loans In Balance (an “Equity Balancing Contribution”), or (c) deliver a Collateral Letter of Credit in an amount such that the available proceeds thereunder would be sufficient to bring the Loans In Balance and upon which Administrative Agent shall be entitled to draw in compliance with the provisions set forth below in this Section 4.3. Administrative Agent shall not be required to authorize any disbursement of any Loans before receiving (i) payment of any such Deficiency Deposit ...
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) 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.
(b) The determination as to whether or not the Loan is “in balance” may be made by Lender at any time, including with each request for a disbursement of the Loan. Project Cost categories listed as “contingencies” on the Budget shall be deemed to be Project Costs for purposes of loan balancing.
(c) Borrower shall within ten (10) days after notice from Lender that the Loan is not “in balance”, deposit with Lender, in cash, the amount necessary to put the Loan “in balance”. No interest shall be paid by Lender on such deposited funds. Any amounts deposited by Borrower with Lender pursuant to this provision shall be disbursed in accordance with the terms of this Agreement for the payment of Hard Costs and Soft Costs prior to any further disbursement of Loan funds.
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.
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. 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. With respect to any Loan “balancing” set forth herein or in the Loan Documents, any Loan funds which are subject to any stop notice or which Lender has determined to withhold such funds from disbursement shall be excluded from any calculation of available Loan funds under the Loan.
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.
(ii) To the extent funds from Borrower’s Account or any other Borrower Funds are used to pay such obligations, such funds shall be disbursed in accordance with the terms of the Construction Loan Documents, prior to the disbursement of any of the proceeds of the Agency Loan.
(iii) As used in this Disbursement Agreement, the term “Approved Costs” shall mean all hard and soft costs (and modifications thereto), which were approved by the Construction Lender and the Agency, which are needed for the completion of the Project in accordance with Plans and Specifications for the Project which were approved by the Construction Lender and the Agency.
Loan Balancing. If at any time Agent notifies Borrower that, in Agent's sole but reasonable judgment, the undisbursed proceeds of the Building Loan and Supplemental Loan are insufficient to pay the remaining Hard Costs and Soft Costs and the undisbursed proceeds of the Project Loan are insufficient to pay the remaining Project Loan Costs (the amount of such deficiency being herein referred to as the "SHORTFALL") or, if at any time after a Casualty or Condemnation shall have occurred, Agent notifies Borrower that, in Agent's sole but reasonable judgment, the undisbursed proceeds of the Building Loan and Supplemental Loan together with any Net Proceeds actually received by Agent and not yet disbursed by Agent for Restoration and together with the undisbursed proceeds of the Project Loan are insufficient to pay the remaining Hard Costs and Soft Costs and (with respect to Project Loan proceeds only) Project Loan Costs to achieve Completion of the Improvements or completion of the Restoration (as the case may be), then, in any such case, Borrower shall, at its option, either (i) within ten (10) Business Days of Agent's notification as aforesaid, deposit with Agent an amount equal to such deficiency, which Agent shall from time to time apply, or allow Borrower to apply, to such costs; (ii) pay for such Hard Costs and Soft Costs and, if relevant Project Loan Costs or costs of Restoration, as incurred, in the amount of such deficiency so that the amount of the Building Loan and Supplemental Loan which remains to be disbursed shall be sufficient to pay all remaining Hard Costs and Soft Costs and the amount of the Project Loan which remains to be disbursed shall be sufficient to pay
