Loan Balancing Sample Clauses
The Loan Balancing clause defines how the outstanding balance of a loan is calculated and maintained throughout the life of the loan agreement. It typically outlines the method for determining the principal amount owed at any given time, taking into account payments made, interest accrued, and any fees or adjustments. For example, it may specify that the balance is updated monthly after each payment or whenever additional charges are applied. The core practical function of this clause is to ensure both parties have a clear and consistent understanding of the current amount owed, reducing the risk of disputes over payment obligations.
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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 ...
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. 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. If, at any time during the term of the Loan, in Lender's reasonable business judgment, it appears for any reason that Project Costs will exceed the aggregate amount of Borrower's Equity and the proceeds of the Senior Loan and the Loan which have been funded or which are available for disbursement under the terms of the Senior Loan Documents or the Loan Documents to fund the particular Project Costs in question, then Borrower shall deliver to Lender such evidence as Lender may require, in Lender's sole and absolute discretion, that Borrower has immediately available funds that will be sufficient to pay for such excess Project Costs or has the unconditional right to receive such funds from other sources and will pay such excess Project Costs immediately as they come due. Borrower shall deliver such evidence within five (5) business days following Lender's written demand therefor. If Borrower fails to timely deliver such evidence or if, in Lender's sole and absolute judgment, such evidence is inadequate, Borrower shall deposit with Lender such additional funds as, in Lender's reasonable business judgment, will be sufficient to pay for such excess Project Costs. Borrower shall deposit such additional funds with Lender within five (5) business days following Borrower's receipt of Lender's written demand therefore. Any money deposited by Borrower with Lender pursuant to this paragraph shall be advanced prior to the disbursement of any further funds from the Senior Loan or the Loan. All such additional funds contributed by Borrower pursuant hereto shall be deemed added to and become a part of Borrower's Equity hereunder.
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. The Loan shall be In Balance as provided in Section 2.1.11; (p)
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. If at any time, and from time to time, Lender notifies Borrower that, in Lender’s sole, but good faith, judgment, the undisbursed balance of the Loan (without utilizing any sums allocated to any contingency line item) is insufficient to pay the remaining costs in respect of the PIP Project (such insufficient amounts, collectively, the “Deficiency”), then Borrower shall deposit from Borrower’s own cash equity the amount of such Deficiency (such amount, the “Deficiency Deposit”) into a Subaccount (the “Deficiency Deposit Subaccount”) with Lender. Lender may from time to time apply, or allow Borrower to apply, such Deficiency Deposit to such costs in respect of the PIP Project (subject to Borrower’s compliance with all conditions which would be applied to an advance of Loan proceeds under this Agreement, for the same costs to which the Deficiency Deposit is to be applied).
Loan Balancing. Borrower shall pay to Lender within five (5) days after notice from Lender, any amounts Advanced in excess of the maximum amount of Advances set forth in Section 2.1(b)) above, as determined by Lender in its sole and absolute discretion, which payment shall be applied to the outstanding principal balance of the Secured Promissory Note.
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.