Building Loan Earn Out Advance definition

Building Loan Earn Out Advance shall have the meaning set forth in Section 2.12.2 hereof.
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Building Loan Earn Out Advance and together with the Project Loan Earn Out Advance, the “Earn Out Advances”. Notwithstanding anything to the contrary provided for herein, the Earn Out Advances shall be reduced, pro rata, but not below $0.00, if and to the extent necessary for the Required Ratios at Completion to be achieved following the Final Advances. In addition, if the Required Ratios at Completion cannot be achieved even if the Earn Out Advances are reduced to $0.00, Lender shall have the right, but not the obligation, to apply any deposits held by Lender pursuant to the Rate Lock Agreement and any Interest Reserve Funds to the payment of the Building Loan and the Project Loan in such order and priority as Lender shall determine in its sole discretion. If the Required Ratios at Completion cannot be achieved even if the Earn Out Advances are reduced to $0.00 and the deposits, if any under the Rate Lock Agreement and the Interest Reserve Funds are applied to the payment of the Loan, Borrower shall deposit with Lender Cash or a Letter of Credit satisfactory to Lender in an amount equal to the amount which, if used to pay down the Loan, would result in Stabilized Loan-to-Value Ratio of 75%, and a Debt Service Coverage Ratio of 1.70 to 1.0, calculated based upon Lender’s determination on a pro-forma basis of Lender’s Stabilized Net Cash Flow for the 12 months immediately following and assuming a thirty (30) year amortization schedule based upon a debt service constant equal to the greater of the actual debt service constant and 7.50%, and a Debt Service Coverage Ratio of 1.20 to 1.0, calculated based upon Lender’s determination on a pro-forma basis of Lender’s underwritten Net Operating Income for the 12 months immediately following and assuming a thirty (30) year amortization schedule based upon a debt service constant equal to the greater of the actual debt service constant and 10.65%.
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Building Loan Earn Out Advance and together with the Project Loan Earn Out Advance, the “Earn
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Examples of Building Loan Earn Out Advance in a sentence

  • The portion of the Final Advance described in clause (c) of the foregoing sentence is referred to herein as the “Building Loan Earn Out Advance” and the corresponding portion of the Final Project Loan Advance is referred to herein as the “Project Loan Earn Out Advance” and together with the Building Loan Earn Out Advance, the “Earn Out Advances”.


More Definitions of Building Loan Earn Out Advance

Building Loan Earn Out Advance shall have the meaning set forth in Section 2.12.2 hereof. “Building Loan Mortgage” shall have the meaning set forth in the Building Loan Agreement. “Building Loan Note” shall have the meaning set forth in the Building Loan Agreement. “Contingency Excess” shall have the meaning set forth in Section 2.1.7(b) hereof. “Debt” shall mean the outstanding principal amount of the Project Loan set forth in, and evidenced by, this Agreement, the Project Loan Note and the other Project Loan Documents, together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Project Loan under the Project Loan Note, this Agreement, the Project Loan Mortgage or any other Project Loan Document. “Debt Service” shall mean, with respect to any particular period of time, the aggregate scheduled principal and interest payments due under this Agreement and the Project Loan Note. “Defeasance Date” shall have the meaning set forth in Section 2.5.1(a)(i) hereof. “Defeasance Event” shall have the meaning set forth in Section 2.5.1(a) hereof. “Earn Out Advances” shall have the meaning set forth in Section 2.12.2 hereof. “Event of Default” shall have the meaning set forth in Section 8.1(a) hereof. “Final Advance” shall have the meaning set forth in Section 2.12.1 hereof. “Final Building Loan Advance” shall mean the Final Advance as defined in Section 2.12.1 of the Building Loan Agreement. 2
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Related to Building Loan Earn Out Advance

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Loan Advance The meaning specified in Section 2.2(a).

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Incremental Revolving Loan has the meaning set forth in Section 2.14(b).

  • Term SOFR Advance means an Advance denominated in Dollars which, except as otherwise provided in Section 2.11, bears interest at the Adjusted Term SOFR Rate.

  • Extended Term Loan Repayment Amount shall have the meaning provided in Section 2.5(c).

  • Term Loan as defined in Section 2.1.

  • Net advance amount means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 3(e).

  • Interest Advance means an Advance made pursuant to Section 2.02(a).

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • Initial Revolving Loan means a Revolving Facility Loan made (i) pursuant to the Revolving Facility Commitments in effect on the Closing Date (as the same may be amended from time to time in accordance with this Agreement) or (ii) pursuant to any Incremental Revolving Facility Commitment on the same terms as the Revolving Facility Loans referred to in clause (i) of this definition.

  • Equipment Advance is defined in Section 2.1.1.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Incremental Revolving Loans has the meaning assigned to such term in Section 2.22(a).

  • Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).

  • New Term Loan Repayment Amount shall have the meaning provided in Section 2.5(c).

  • Revolving Loan Commitment Amount means, on any date, $30,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Term Loan Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.

  • Incremental Revolving Loan Lender shall have the meaning provided in Section 2.14(b).

  • Extended Term Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Aggregate Revolving Loan Commitment means the aggregate of the Revolving Loan Commitments of all the Revolving Lenders, as may be reduced or increased from time to time pursuant to the terms hereof. The initial Aggregate Revolving Loan Commitment is Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00).

  • Existing Loan means the loan identified on Exhibit H.

  • Initial Term Loan Repayment Amount shall have the meaning provided in Section 2.5(b).