Project Loans In Balance Sample Clauses

Project Loans In Balance. Lender shall not be obligated to make any Advance of any Project Loan proceeds unless and until Borrower has certified that the Project Loan is in Balance: i.e., (a) Borrower has paid, in cash, Costs of a Development Project equal to at least thirty percent (30%) of the total Costs of the Development Project or all Costs of Construction Project, in excess of the Construction Project Loan as shown on the most current Budget and Sworn Construction Cost Statement for the Project approved by Lender (provided, however, that Borrower, for the purposes of this clause, if a Construction Project consists of a Pre-Sold Home, Borrower shall not be obligated to pay such costs until the Project Loan has been fully advanced); and (b) all remaining unpaid Costs, as determined by Lender, including the Contingency Reserve, with respect to a Development Loan, where applicable, do not exceed the amount of the Loan proceeds not yet advanced by Lender. The amount of the Contingency Reserve for any Development Project Loan shall be designated in the Sworn Construction Cost Statement, and shall be included in the Development Project Addendum, for the Development Project. The required amount of the Contingency Reserve shall decline as Construction Costs for which it is maintained are paid therefrom; provided, however, that the amount of the Contingency 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 Lender, and shall equal a mutually agreed upon percentage of all Construction Costs of the Development Project. If the Contingency Reserve becomes depleted, such depletion shall not limit Borrower's obligation hereunder to pay all sums which otherwise would have been payable from the Contingency Reserve. Notwithstanding any provision of this Agreement to the contrary, in the event that Lender or Borrower determines that the unadvanced balance of any Project Loan proceeds is insufficient to cover any category of Costs set forth on the Budget and the Sworn Construction Cost Statement for the Project and/or to complete the Project, and to pay all costs and expenses of completion and to pay interest on the Project Loan, through the Project Loan Maturity Date, it shall notify the other party hereto of such determination, and Borrower shall, at Lender's option, either (a) be ineligible for further Advances of the proceeds of said Project Loan until Borrower has directly paid (without a...
Sample 1
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Project Loans In Balance. Lender shall not be obligated to make any Advance of any Project Loan proceeds unless and until Borrower has certified that the Project Loan is in Balance: i.e., (a) Borrower has paid, in cash, Costs of a Development Project equal to at least thirty percent (30%) of the total Costs of the Development Project or all Costs of Construction Project, in excess of the Construction Project Loan as shown on the most current Budget and Sworn Construction Cost Statement for
Sample 1

Related to Project Loans In Balance

  • Loan Amount Party A agrees, subject to the terms and conditions of this Agreement, to extend the Loan to Party B and Party C in a total amount of RMB 10,000,000, of which 80% shall be for the benefit of Party B and the remaining 20% shall be for the benefit of Party C. The Loan shall be interest-free.

  • Optional Prepayments of Loans The Borrower may prepay Loans, (i) upon at least two Business Days’ notice, in the case of Eurodollar Rate Revolving Loans, and (ii) upon notice not later than 12:00 noon (New York City Time) on the date of prepayment, in the case of Base Rate Revolving Loans, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Loans comprising part of the same Borrowing in whole or ratably in part, without penalty, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Loan, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

  • Maximum Loan Amount “Maximum Loan Amount” has the meaning set forth in Section 2.1(a).

  • Term SOFR Loans Except as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such Term SOFR Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Term SOFR Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the outstanding Term SOFR Loans be converted immediately to Base Rate Loans.

  • Optional Prepayment of Loans; Reimbursement of Lenders (a) The Borrowers shall have the right at any time and from time to time to prepay outstanding Revolving Loans in whole or in part, (x) with respect to LIBO Loans, upon at least two (2) Business Days’ prior written, telex or facsimile notice to the Administrative Agent prior to 11:00 a.m., Boston time, and (y) with respect to Prime Rate Loans, on any Business Day if written, telex or facsimile notice is received by the Administrative Agent prior to 1:00 p.m., Boston time, subject to the following limitations:

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Optional Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing (including any Swingline Borrowing) in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

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