Required Equity. (a) Lender shall not be obligated to make any Advances hereunder until Borrower shall have contributed the full amount of the Required Equxxx xxx the full amount of the Required Equity shall have been fully disbursed to fund Project costs set forth in the Budget and approved by the Agent, with evidence of such payments delivered to the Agent promptly after the making thereof and prior to disbursement of any proceeds of the Loan. The Required Equity may be contributed by Borrower in the form of cash (including without limitation by means of the Banc One Financing obtained by Member and/or Alliance Holdings, Inc., provided same complies with Section 2B.15(b) hereof) or may be contributed by means of the Mezzanine Financing, all on the terms set forth herein, or any combination of cash and the Mezzanine Financing, prior to or following the Closing Date or prior to or following the date in which the Required Equity is fully funded. As of the date hereof, Borrower has delivered to Lender, in form acceptable in all respectx xx Xxxnt, evidence that Borrower has contributed or shall contribute the full amount of thx Xxxxxxed Equity (i) by paying, prior to the Closing Date designated project costs approved in writing by Agent and identified in the Budget and/or (ii) by procuring an irrevocable commitment or commitments to fund Project costs incurred after the Closing Date and approved by the Agent.
(b) For the purposes of this Agreement, "MEZZANINE FINANCING" shall mean financing obtained by Borrower or Member from a lender reasonably acceptable to the Requisite Lenders. Both the Mezzanine Financing and the Banc One Financing must comply with the following terms and conditions: (i) such financing shall at no time be secured by any interest in the Premises or any part of the Project, but the Banc One Financing may be secured by a pledge of the equity interest of Alliance Holdings, Inc. in Member and the Mezzanine Financing may be secured by a pledge of the equity interest in Borrower by Member; (ii) the Banc One Financing and the Mezzanine Financing shall be subordinated to the Loans pursuant to a subordination and standstill agreement in form and substance satisfactory to the Requisite Lenders; (iii) principal payments in connection with such financing shall be deferred until the Loan has been fully repaid, (iv) interest payments in connection with such financing shall be deferred until such time as the Debt Service Coverage Ratio on the Project has exceeded 1.4:1....
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. 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. Borrower represents and warrants to Lender that, as of the Closing Date, Borrower 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. (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 -15- <PAGE> 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. In the event that, as of the date of the proposed Construction Loan Advance, the sum of the outstanding principal amount of the Acquisition Loan Advance and the then applicable Construction Loan Amount exceeds eighty percent (80%) of the Total Costs (the amount in excess of such eighty percent (80%) 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: (i) 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, (ii) 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 (iii) the delivery of a Required Equity Letter of Credit.
Required Equity. The Borrower shall not permit the ratio of (a) the aggregate Indebtedness without duplication of the Borrower and its Subsidiaries pursuant to Section 8.1(a) and (f), to (b) the aggregate all-in acquisition cost (or principal balance of originated loans) of the assets of the Borrower and its Subsidiaries on a consolidated basis, to exceed 0.65 to 1.
Required Equity. The Agent shall have received satisfactory evidence that the Required Equity as of the closing date is available to the Borrower or shall have delivered to the Agent the Equity LC.
Required Equity. The Agent shall have received satisfactory evidence that the Required Equity has been funded.
