Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of the Final Advance, Borrower has invested Cash equity in an amount equal to or greater than the Required Equity Funds or has otherwise complied with the provisions of Section 2.11.13 with respect thereto.
Required Equity Funds. All Required Equity Funds shall be contributed (i.e., expended by Borrower and invested by Borrower in the Property, for Project Related Costs set forth on the approved Development Budget) before the Closing Date.
Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $5,356,660.00 or (b) 25% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan amount of $16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $5,356,660.00 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iv) the loan-to-value ratio for the Property is greater than 75% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account, or (2) at Lender’s discretion, into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iv) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account, or (2) at Lender’s discretion, into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for t...
Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that Borrower has contributed the Required Equity Funds for approved Project-Related Costs.
Required Equity Funds. Borrower represents and warrants to Lender that Borrower has contributed the Required Equity Funds for approved Project-Related Costs.
Required Equity Funds. See §2.15.
Required Equity Funds. Evidence of Borrower's Required Equity Funds shall have been delivered to Agent.
Required Equity Funds. The amount, if any, as the Majority Banks shall determine must be deposited with Agent from time to time pursuant to Section 9.16 hereof.
Required Equity Funds. Borrower shall have furnished Agent with evidence in form and content satisfactory to Agent of the Initial Required Equity Funds contributed as of the date immediately preceding the date hereof, which Initial Required Equity Funds are set forth on Schedule 1 hereto, and that the Loan Amount plus all Initial Required Equity Funds will be sufficient to cover all Building Loan Costs and Project Loan Costs reasonably anticipated to be incurred, as set forth in the Budgets.
Required Equity Funds. All Required Equity Funds shall be contributed (i.e., expended by Mortgage Borrower and invested by Mortgage Borrower in the Property) before any Advances shall be made. Lender hereby acknowledges and agrees that the Required Equity Funds have been contributed by Mortgage Borrower to the Property.
