Construction Loan Advance definition

Construction Loan Advance means an advance that constitutes Indebtedness made on or before Date of Coverage for the purpose of financing in whole or in part the construction of improvements on the Land.
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Construction Loan Advance shall have the meaning assigned to such term in the Mortgage Loan Agreement.
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Construction Loan Advance means any advance of any portion of the Construction Loan Amount pursuant to this Agreement, including, without limitation, (i) the Remaining Construction Loan Advance, if applicable and (ii) any disbursement out of the Construction Loan Reserve Account of funds previously advanced into the Construction Loan Reserve Account pursuant to the Remaining Construction Loan Advance as contemplated under Section 3.1(d) hereof, if applicable, in each of the foregoing instances, in accordance with the terms hereof.
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Examples of Construction Loan Advance in a sentence

  • Borrowers shall submit, or shall cause Mortgage Borrowers to submit, to Lender, contemporaneously with any submission thereof by Mortgage Borrowers to Mortgage Lender, a copy of each Draw Request related to each Construction Loan Advance and all documents required to be delivered by Mortgage Borrowers to Mortgage Lender in connection therewith pursuant to Article III of the Mortgage Loan Agreement; provided, however, that any breach of this provision shall not constitute an Event of Default hereunder.

  • Payment for duplication and delivery fees will be made prior to the release of public records.

  • The Title Insurer shall commit in writing to issue an endorsement to remove any exception for mechanics' or materialmen's liens or pending disbursements, with no additional title change or exception objectionable to the Administrative Agent, and such other endorsements as may be required by the Administrative Agent, such obligation to be conditioned only upon the making of the final Construction Loan Advance for the Improvements (including retainage).

  • The Borrower hereby irrevocably authorizes the Administrative Agent, during the continuance of any Event of Default (but the Administrative Agent shall have no obligation), to hold, use, disburse and apply the proceeds of any Construction Loan Advance to the satisfaction of the Obligations.

  • As of the Closing Date and both before and after giving effect to each Construction Loan Advance made hereunder, the Borrower and each Guarantor will be Solvent.

  • The Lenders shall, only upon the reasonable satisfaction of all applicable conditions of this Agreement and the other Loan Documents, make the requested Construction Loan Advance to the Borrower in accordance with Section 2.2(c).

  • With respect to any Construction Loan Advance to pay a contractor, the Administrative Agent shall have received original applications for payment in form approved by the Administrative Agent, containing a breakdown by trade and/or other categories acceptable to the Administrative Agent, executed and certified by each contractor and the Architect, accompanied by invoices, and reasonably approved by Construction Consultant.

  • The Borrower shall default in any payment of principal of any Construction Loan Advance or Construction Loan Note when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for two (2) Business Days.

  • For example, references in the Corporate Revolver to an "Advance" shall be deemed to be references to a "Construction Loan Advance" hereunder, in each case to the extent necessary to give any such incorporated provisions legal effect and meaning hereunder.

  • The Borrower shall default in the payment of any interest on any Construction Loan Advance or Construction Loan Note or the payment of any other Obligation when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for five (5) Business Days.


More Definitions of Construction Loan Advance

Construction Loan Advance means that term as defined in Section 2.1(b).
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Construction Loan Advance means, with respect to any Residential ------------------------- Construction Loan or Residential A&D Loan, as the case may be, any advance by the Company of loan proceeds under such Residential Construction Loan or Residential A&D Loan, as the case may be, pursuant to a Construction Loan Request and in accordance with the Construction Draw Schedule.
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Construction Loan Advance means an advance on the Construction Loan made by the Construction Lender to or on behalf of the Borrower in the aggregate principal amount of not to exceed $[ ].
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Construction Loan Advance means (a) any advance of any portion of the Construction Loan Amount pursuant to this Agreement, including, without limitation, (i) any Pre-Construction Advance once advanced in accordance with Section 3.17 hereof, (ii) the Second Anniversary Unfunded Construction Loan Advance, if applicable, (iii) any subsequent disbursement out of the Construction Loan Reserve Account of funds previously advanced into the Construction Loan Reserve Account pursuant to the Second Anniversary Unfunded Construction Loan Advance as contemplated under Section 3.1(d) hereof, if applicable, (iv) any Quarterly Deficiency Advance, if applicable, and (v) any subsequent disbursement out of the Construction Loan Reserve Account of funds previously advanced into the Construction Loan Reserve Account pursuant to any Quarterly Deficiency Advance as contemplated under Section 3.1(e) hereof, if applicable; and (b) any subsequent disbursement out of the Construction Loan Reserve Account of the Third Mezzanine Construction Funds previously advanced into the Construction Loan Reserve Account pursuant to Section 3.4.2 of the Third Mezzanine Loan Agreement, in each of the foregoing instances, in accordance with the terms hereof.
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Construction Loan Advance means an advance on the Construction Loan made by the Construction Lender to or on behalf of the Borrower in the aggregate principal amount of not to exceed the amount specified in the Indenture.
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Related to Construction Loan Advance

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

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

  • Construction Loan Agreement means the Loan Agreement to be entered into by and between the Construction Lender and the Partnership, as amended.

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

  • Equipment Advance is defined in Section 2.1.1.

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

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

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Initial Advance means the first Advance made pursuant to Article II.

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Project Preparation Advance means the project preparation advance granted by the Association to the Borrower pursuant to an exchange of letters dated April 28, 1994 and May 21, 1994 between the Borrower and the Association;

  • 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.

  • Loan Proceeds means all amounts advanced as part of the Loan, whether advanced directly to Borrower or otherwise.

  • SOFR Advance means any Loan which, except as otherwise provided in Section 2.10, bears interest at a rate based on Adjusted Term SOFR (other than a Floating Rate Advance as to which the interest rate is determined with reference to Adjusted Term SOFR or a SOFR Market Index Rate Advance).

  • Additional Advance means each additional loan that is made under an RBC Homeline Plan after the initial advance, including any new or additional advances, increases to principal, or further borrowings or extensions of the term, including in the case of any fluctuating account or accounts, revolving loans, or lines of credit, additional segments of such facilities made after the initial advance. They are referred to collectively as Additional Advances.

  • Construction Lender means a person who makes a construction loan.

  • Management Advances means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of any Parent, the Company or any Restricted Subsidiary:

  • Tranche B Advance has the meaning specified in Section 2.01(b).

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Term Loan has the meaning specified in Section 2.01(b).

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Revolving Advance has the meaning given in Section 2.1.

  • Non-Extension Advance means an Advance made pursuant to Section 2.02(b).

  • Interest Drawing has the meaning assigned to such term in Section 3.6(a).

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.