Examples of Construction Borrowing in a sentence
Such Construction Borrowing and Vista Expansion Borrowing shall be subject to satisfaction of the applicable conditions set forth in Sections 4.02 and 4.04.
The Borrower shall request no more than one Construction Borrowing per calendar month.
The aggregate principal amount of each Construction Borrowing shall be not less than $100,000.
The Borrower shall give Lender written notice (or telephonic notice promptly confirmed in writing) of each Construction Borrowing substantially in the form of Exhibit 2.03 attached hereto (a “Construction Draw Request”) prior to 11:00 a.m. (Central Time) five (5) Business Days prior to the requested date of each Construction Borrowing.
Notwithstanding anything to contrary set forth herein, the Borrower shall be permitted to request, in accordance with the mechanics set forth in Section 2.03, a final Construction Borrowing to be extended on the Term Conversion Date in an amount equal to all then Available Unused Commitments of the Construction/Term Lenders under the Construction Facility.
Any Notice of Construction Borrowing may be modified or revoked by Borrower through the Banking Day prior to the Minimum Notice Period, and shall thereafter be irrevocable.
With respect to the first Construction Borrowing for which all or a portion of the proceeds thereof are used for the payment of any Project Costs payable under the EPC Contract, the Administrative Agent shall have received a copy of the Notice to Proceed (as defined in the EPC Contract) delivered to the EPC Contractor pursuant to the EPC Contract, and such Notice to Proceed shall be in full force and effect.
Borrower shall have delivered a Notice of Construction Borrowing to Administrative Agent in accordance with the procedures specified in Section 2.1.
Notwithstanding anything to the contrary, Lender shall have the irrevocable right (without obligation) at any time and from time to time to advance a Construction Borrowing without first receiving a Construction Draw Request from Borrower.
Such Construction Borrowing shall be subject to satisfaction of the conditions set forth in Sections 4.02 and 4.04.