Required Equity. (a) All Required Equity shall be contributed (i.e., expended by Borrower and invested in the Property for Building Loan Costs and Project Loan Costs or any other approved cost in connection with the construction of the Improvements), the Building Loan shall be fully funded and all Supplemental Cash Collateral shall be disbursed before any Advances of the Supplemental Loan shall be made. Notwithstanding the foregoing, in the event that (a) the amounts set forth in the Building Loan Budget for Soft Costs that are to be funded out of the Building Loan shall have been fully funded prior to the disbursement in full of the Building Loan, one or more Advances of the Supplemental Loan may be made to acquire Spread Mortgage(s) and Spread Mortgage Note(s) in amounts necessary so as to provide Borrower with Cash Collateral Funds (from the consideration paid to Borrower in connection with the spreading thereof) sufficient to pay for Soft Costs incurred by Borrower through the date of the Draw Request for such Advance plus $10,000,000 or (b) the amounts set forth in the Building Loan Budget for Hard Costs that are to be funded out of the Building Loan shall have been fully funded prior to the disbursement in full of the Building Loan, one or more Advances of the Supplemental Loan may be made to acquire Spread Mortgage(s) and Spread Mortgage Note(s) in amounts necessary so as to provide Borrower with Cash Collateral Funds (from the consideration paid to Borrower in connection with the spreading thereof) sufficient to pay for Hard Costs incurred by Borrower through the date of the Draw Request for such Advance plus $10,000,000 provided that all of the other conditions to an Advance of the Supplemental Loan shall have been satisfied. Notwithstanding the foregoing, the aforesaid $10,000,000 limit shall be the aggregate limit applicable to concurrent advances of the Supplemental Loan and the Project Loan.
(b) The parties acknowledge that the respective amounts of the Supplemental Loan and the Project Loan may require reallocation after Borrower has contributed its Required Equity depending upon the amount of Required Equity in fact used to pay for Project Loan Costs versus Building Loan Costs. The parties agree to enter into such amendments to this Agreement, the Project Loan Agreement and the other Loan Documents as may be reasonably required to reallocate the respective amounts of the Supplemental Loan and the Project Loan, it being understood that the amount of the Suppl...
Required Equity. 15 Section 2.2 Interest Rate.............................................................. 16 2.2.1 Interest................................................................... 16 2.2.2 Minimum Amounts and Maximum Number of Interest Periods..................... 17 2.2.3 Certain Notices............................................................ 17 2.2.4
Required Equity. Agent and each Lender shall have received evidence satisfactory to Agent and each Lender of Borrower’s receipt of cash equity proceeds totaling no less than $2,750,000 on terms acceptable to Agent and each Lender.
Required Equity. In the event that, as of the date of the proposed Construction Loan Advance, the sum of (i) $775,000,000.00 plus (ii) the then applicable Construction Loan Amount exceeds eighty-one percent (81%) of the Total Costs (the amount in excess of such eighty-one percent (81%) threshold being referred to herein as a “Subsequent Required Equity Amount”), Borrowers shall be required to provide to Lender, as an additional equity contribution, the Subsequent Required Equity Amount, which may be provided in one of, or by a combination of, the following manners: (A) a voluntary prepayment of the Loan in accordance with all of the terms of Section 2.4.1 hereof and to be applied as set forth in Section 2.4.3(a) hereof, (B) the delivery to Lender of evidence satisfactory to Lender in its reasonable discretion that Borrowers or one or more Affiliates thereof have previously expended cash to satisfy Project Costs included on the Loan Budget, which shall result in a credit against the amount of the Required Equity Amount by the amount of such cash expended, and/or (C) the delivery of a Required Equity Letter of Credit.
Required Equity. Borrower represents and warrants to Lender that, as of the Closing Date, Xxxxxxxx has contributed the Required Equity into the Project. Lender shall not be obligated to close the Loan or to make any Disbursements to Borrower under this Agreement if Lender reasonably determines that any shortage in the Required Equity required to be contributed as of the Closing Date is not actually contributed.
Required Equity. Agent shall have received evidence reasonably satisfactory to Agent that Empeiria Investors, LLC shall have purchased preferred shares (carrying no put options or mandatory redemption provisions that may be triggered prior to the date that is the six month anniversary of the expiration of the Term) of Empeiria which shall have generated net cash proceeds in an aggregate amount equal to at least $2,500,000;
Required Equity. (a) All Required Equity shall be contributed (i.e., expended by Borrower and invested in the Property for Building Loan Costs and Project Loan Costs or any other approved cost in connection with the construction of the Improvements) and all Project Cash Collateral shall be disbursed before any Advances of the Project Loan (or further Advances of the Project Loan, as the case may be) shall be made.
(b) The parties acknowledge that the respective amounts of the Project Loan and the Project Supplemental Loan may require reallocation after Borrower has contributed its Required Equity depending upon the amount of Required Equity in fact used to pay for Project Loan Costs versus Building Loan Costs. The parties agree to enter into such amendments to this Agreement, the Supplemental Loan Agreement and the other Loan Documents as may be reasonably required to reallocate the respective amounts of the Project Loan and the Supplemental Loan, it being understood that the amount of the Project Loan together with the amount of the Supplemental Loan shall in no event exceed $290,000,000 and it being intended that the amount of the Project Loan shall equal the amount of Project Loan Costs to be funded out of Project Cash Collateral (as defined in the Cash Collateral Agreement) rather than Required Equity.
Required Equity. The Borrower shall furnish to the Lender at or prior to closing evidence satisfactory to the Lender that the Borrower has expended in connection with the Project an amount no less than $6,826,000. Once Final Completion has occurred, all construction costs related to the Project have been paid and the net operating income being generated by the Apartments is at least equal to the interest expense on the Loan, $225,000 (or whatever amount up to a maximum amount of $225,000 remains unadvanced under the Note) will be advanced to the Borrower as an equity refund so long as no Event of Default has occurred and is continuing. If the net operating income of the Apartments at such time is less than such interest expense, whatever amount remains unadvanced under the Note will be made available to the Borrower by the Lender (so long as no Event of Default has occurred and is continuing) in order to cover operating deficits at the Apartments. Notwithstanding anything to the contrary set forth in this Section 4.04, the Lender shall be under no obligation to advance any unadvanced proceeds of the Note to the Borrower after six (6) months after the Completion Date.
Required Equity. All Required Equity shall be contributed (i.e., expended by Bxxxxxxx and invested in the Property for costs set forth on the approved Project Budget before any Additional Advances of the Building Loan shall be made).
Required Equity. Evidence that Borrower has injected its Required Equity in payment of budgeted items as set forth on the Cost Budget.
