Loan In Balance. As used herein, a “Shortfall” shall mean, as to any Line Item in the Development Budget as of any date, the amount determined by Lender, in Lender’s sole but reasonable judgment, by which (A) the cost of completing or satisfying such Line Item, exceeds (B) the remaining undisbursed portion of the Loan allocated to such Line Item in the Development Budget plus any sums deposited with Lender pursuant to this Section 2.1.10 to pay for such Line Item and not previously disbursed plus any Reserve Funds to the extent such Reserve Funds are available hereunder for the payment of such Line Item. From time to time and at any time during the Construction Period, Lender shall have the right, but not the obligation, to notify Borrower that it has determined a Shortfall exists as to any one or more Line Items. If Lender at any time shall so notify Borrower, Borrower shall, at its option within five (5) days of Lender’s notification as aforesaid, either: (i) deposit with Lender an amount equal to such Shortfall, which Lender disburse to Borrower to the satisfaction of the costs of such Line Item prior to advancing any further Loan proceeds on account of such costs; (ii) post an irrevocable standby Letter of Credit in the amount of such Shortfall, in favor of Lender; (iii) to the extent permitted under Sections 2.1.7 hereof and 5.1.33 of the Building Loan Agreement, and following the satisfaction of the Initial Advance Conditions allocate the Contingency Reserve, with respect to the Line Item(s) in question, to the Shortfall, and provided, further that the amount of the remaining Contingency Reserve for such Line Item(s) (following the allocation to the Shortfall) is sufficient for such Line Item(s), as determined by Lender in its sole discretion; and (iv) to the extent permitted under Section 5.1.33 of the Building Loan Agreement, and then only following the satisfaction of the Initial Advance Conditions, reallocate cost savings from the Development Budget in respect of the Loan (or other reallocations which are approved by Lender, in its sole discretion) in accordance with the terms of this Agreement, but only to the extent such cost savings can be allocated to the related Line Items. Borrower hereby agrees that Lender shall have a lien on and security interest in, for the benefit of Lender, 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 Lender....
Loan In Balance. Bank shall not be obligated to make any Advance of Loan proceeds unless and until Borrower has provided Bank with evidence, acceptable to Bank, that the Loan is “in Balance”. For purposes of this Agreement, the term “in Balance” means that (a) Borrower has paid, in cash, costs of the Project shown in the Budget, equal to at least the amount of Borrower’s Equity (not including any payments to a Related Party that Bank does not permit to be included as a portion of Borrower’s Equity); (b) as to any line item in the Budget, all remaining unpaid costs of completing such line item, as determined by Bank, do not exceed the amount of the Loan proceeds allocated to such line item, as reflected in the Budget, and not yet advanced by Bank, including any Reserves that Bank has agreed to make available for such line item; and (c) as to the Project, all remaining unpaid costs of construction of the Project, as determined by Bank do not exceed the amount of the Loan proceeds not yet advanced by Bank, including the Reserves. The required amounts of said Reserves shall decline as costs and payments for which they are maintained are paid therefrom; provided, however, that the amount of any such Reserve shall never decline below an amount sufficient to pay all costs and payments for which it is maintained which then remain unpaid, as determined by Bank. If any Reserve becomes depleted, such depletion shall not limit Borrower’s obligation hereunder to pay all sums which otherwise would have been payable from such Reserve. Notwithstanding any provision of this Agreement to the contrary, in the event that Bank or Borrower determines that the unadvanced balance of Loan proceeds is insufficient to (i) cover any cost allocation set forth on the Budget, (ii) fully fund the Reserves, (iii) pay all costs and expenses of Completion, or (iv) pay interest on the Loan through Completion of the Improvements, it shall notify the other party hereto of such determination, and Borrower shall, within ten (10) Business Days following demand made to Borrower, deposit with Bank funds equal to said insufficiency in order to bring the Loan back into balance. In addition, in the event there is an increase in any cost category line item of the Budget, that is not to be funded from the Contingency Reserve permitted hereby or through a re-allocation of the amounts set forth in the Budget that is permitted hereby, Borrower shall, within ten (10) Business Days following demand made to Borrower, deposit ...
Loan In Balance. Borrower agrees that the Loan must at all times remain in balance. The Borrower shall from time to time furnish Lender reasonably satisfactory evidence of the Borrower’s ability to pay for all costs of completing the Project, and if the estimated cost of completing the Project exceeds the then remaining balance of proceeds available under the Loan, Borrower shall pay out of Borrower’s own funds the next sums coming due for such work until the Loan is brought back into balance before the Lender shall be required to disburse any further sums hereunder.
Loan In Balance. The Loan is In Balance.
Loan In Balance. Anything in this Agreement contained to the contrary notwithstanding, it is expressly understood and agreed that the Loan at all times shall be In Balance (as hereinafter defined). The Loan shall be deemed to be “In Balance” only if the total of the Available Funds (as hereinafter defined) on a total and on a line item Project Cost basis, in Lender’s sole and absolute judgment, shall equal or exceed on a line item and on a total, aggregate basis, the amount of all Project Costs, including, without limitation:
(a) the amount required to pay interest on the Loan to the Maturity Date;
(b) the amounts to be paid as retainage to persons who have supplied labor, services or materials to the Project including, without limitation, the General Contractor, the Architect, the Engineer and all Subcontractors;
(c) the amount required, in Lender’s reasonable judgment, for a contingency reserve for the Project;
(d) the amount necessary to pay for all unpaid costs incurred or to be incurred in the completion of the construction of the Project and operation of the Property until the Maturity Date, including the cost of purchase and installation of all fixtures and equipment and all work required to finish or improve any portion of the Property to be leased; and
(e) the amount, if any, required to fund any Reserves required to be funded, pursuant to the terms of this Agreement, the Operating Agreement or any other Project Agreement, concurrent with or prior to the projected date for repayment in full of the Loan.
Loan In Balance. The Loan is “in Balance”, or, if not, Borrower has deposited, or is depositing, with Lender funds equal to said insufficiency in order to bring the Loan back into balance as required by Section 3.3 hereof.
Loan In Balance. Anything contained in this Agreement to the contrary notwithstanding, it is expressly understood and agreed that each Condominium Building Allocation and the Garage/Amenity Allocation shall at all times be “In Balance”, on a Budget Line Item and an aggregate basis. A Budget Line Item shall be deemed to be “In Balance” only if Lender determines that the amount of such Budget Line Item is sufficient for its intended purpose. Each Condominium Building Allocation or the Garage/Amenity Allocation shall be deemed to be “In Balance” in the aggregate only when the total of the undisbursed portion of such Condominium Building Allocation or the Garage/Amenity Allocation less any Contingency Fund (subject to Borrower’s reallocation rights under Section 7.2) equals or exceeds the aggregate of (a) the costs required to complete the construction of the applicable Condominium Building or garages and amenities in accordance with the Plans and Specifications and the Budget for such Condominium Building Allocation or the Garage/Amenity Allocation; (b) the amounts to be paid as retainages to persons who have supplied labor or materials to such Condominium Building or garages and amenities; and (c) all other hard and soft costs not yet paid for in connection with such Condominium Building or garages and amenities, as such costs and amounts described in clauses (a), (b) and (c) may be estimated and/or approved in writing by Lender from time to time. Borrower agrees that if for any reason, in Lender’s reasonable discretion, the amount of such undistributed Condominium Building Allocation or the Garage/Amenity Allocation shall at any time be or become insufficient for such purpose regardless of how such condition may be caused, Borrower will, within ten (10) days after written request by Lender, deposit the deficiency with Lender (“Deficiency Deposit”). The Deficiency Deposit shall first be exhausted before any further disbursement of such Condominium Building Allocation or the Garage/Amenity Allocation shall be made. Lender shall not be obligated to make any Loan disbursements or establish any new Condominium Building Allocations if and for as long as any Condominium Building Allocation or the Garage/Amenity Allocation is not In Balance.
Loan In Balance. Anything contained in this Agreement to the contrary notwithstanding, it is expressly understood and agreed that the Capex Loans and the Mexican Loan shall at all times be “In-Balance” on an aggregate basis. The Capex Loans and the Mexican Loan shall be deemed to be “In-Balance”, in the aggregate, only when the total of the undisbursed portion of such Loans, equals or exceeds the aggregate of (a) the costs required to complete the construction of the Mexican Project in accordance with the Plans and Specifications and the Budget; (b) the amounts to be paid as retainages to persons who have supplied labor or materials to the Mexican Project; and (c) all other hard and soft costs not yet paid for in connection with the Mexican Project, as such costs and amounts described in subparts (a) and (b) hereof may be estimated and/or approved in writing by Agent from time to time. Core Molding, and Core Mexico with respect to the Mexican Real Property, agrees that, if for any reason, Agent has determined, in the exercise of its reasonable credit judgment, the aggregate amount of the undistributed proceeds of the Capex Loans and the Mexican Loan shall at any time be or become insufficient for such purpose regardless of how such condition may be caused, Core Molding, and Core Mexico with respect to the Mexican Real Property, will, within ten days after written request of Agent, deposit the deficiency with Agent (“Deficiency Deposit”). The Deficiency Deposit shall first be exhausted before any further disbursement of the Capex Loans or any Mexican Draw Disbursement shall be made. Agent and the Lenders shall not be obligated to make any Mexican Draw Disbursement or disbursements of the Capex Loans if and for as long as such Loans are not In-Balance.
Loan In Balance. The Loan is in Balance, or, if not, Borrower is prepared to deposit with Lender, promptly upon demand by Lender, sufficient funds to bring the Loan in Balance.
