Common use of Loan In Balance Clause in Contracts

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. 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 Projectportion of the Project which remains to be completed; (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.