Loan Balancing Sample Clauses

Loan Balancing. 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 Project from time to time through the Maturity Date as extended pursuant to Section 2.5 hereof. If at any time, the projected costs anticipated to be incurred for any Construction Work included in any individual Budget Line Item exceeds the amount set forth in the Budget for such individual Budget Line Item (as the same may be adjusted in accordance with the terms of this Agreement and taking into account (provided that no “Event of Default” then exists under (and as such term is defined in) the Minimum Equity Guaranty) a credit for all portions of the Delayed Equity Contribution for which the Guarantor remains liable under the Minimum Equity Guaranty), as determined by the 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, including any Additional Interest (the “Interest Reserve”) is insufficient) based on any factors whatsoever, including (1) the 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.” If the Loans are deemed not “In Balance,” then Borrower shall, at the Administrative Agent’s option, within ten (10) Business Days after written notice from the Administrative Agent either (a) deposit with the Administrative Agent an amount sufficient to cover such deficiency (a “Deficiency Deposit”), which Deficiency Deposit shall be deposited with the Administrative Agent in the Controlled Account or (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”), including contributions to pay future interest and Additional Interest. The Administrative Agent shall not be required to authorize any disbursement of any Loans before receiving (i) payment of any such Deficiency Deposit and the prior application of such Deficiency Deposit to the payment of Project Costs so as to bring ...
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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. If at any time prior to full repayment of the Loan, Lender in its reasonable discretion, determines that the Loan is not in balance, Lender may make written demand on Borrower to deposit in the Borrower’s Funds Account funds equal to the amount of the shortage as reasonably determined by Lender. Borrower shall then deposit the required funds in the Borrower’s Funds Account within fifteen (15) days after the date of Lender’s written demand. The Loan shall be considered to be in balance when the total of the undisbursed portion of the Loan available for payment of Project costs equals or exceeds the sum of the amounts required to: (a) Complete construction of the Improvements; (b) Be paid as retainages to persons who have supplied labor or materials to the Project; (c) Pay all other sums which may accrue under the Loan Documents prior to completion of the Improvements; and (d) Enable Borrower to perform and satisfy all of its covenants contained in the Loan Documents prior to completion of the Improvements. No further Advances need be made by Lender until Borrower shall have deposited in the Borrower’s Funds Account sufficient funds to bring the Loan in balance. Whenever any such funds are on deposit in the Borrower’s Funds Account, all disbursements for construction of the Project will be made first from those funds until such deposited funds are exhausted. Notwithstanding the foregoing, cost savings in any line item set forth in the Budget may be transferred and used by Borrower for cost overruns in any other line item set forth in the Budget on the terms provided in Section 3.7 hereinabove.
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. The Loan shall be In Balance as provided in Section 2.1.11; (p)
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. (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.
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Loan Balancing. If at any time Lender determines, in the -------------- reasonable exercise of its judgment, that the total amount of funds held in the Account are insufficient to (x) pay all of the costs of completing the Improvements (taking into account the effect of change orders and cost overruns), and (y) pay and satisfy the principal, interest and other monetary obligations of Borrower under the Note, this Agreement and the other Loan Documents, then Lender may require Borrower to deposit additional funds into the Account as Lender
Loan BalancingAgent agrees that in determining whether any Shortfall exists under Section 2.1.11 of the Building Loan Agreement, it shall take into consideration the amount of Cash Collateral it is holding at the time of determination.
Loan BalancingWith 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.
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