End of Construction definition
Examples of End of Construction in a sentence
Notwithstanding the foregoing, in order to avoid the complications arising from a recalculation of the Release Payments prior to the making of the End of Construction Advance, in no event shall Advances be permitted against Additional Timeshare Inventory during the period commencing on the making of the first Pre-Advance and ending on the making of the End of Construction Advance.
Following the making of the first Pre-Advance, subsequent Pre-Advances and the End of Construction Advance shall be made no more frequently than 90 days following the making of the immediately previous such Advance and Borrower shall satisfy all conditions precedent to the making of the End of Construction Advance within 20 months following the making of the first Pre-Advance or the End of Construction Advance shall not occur.
Channel improvements: The slope stability analyses will be performed for the channel improvements for two (2) selective cross-sections along each project alignment and evaluating global and local slope stability in terms of End of Construction, Long Term and Rapid Drawdown conditions.
Lender shall have received a Certificate of Conformance or the equivalent for each item of Encumbered Timeshare Product which, as to Encumbered Timeshare Product within Phase III, shall be delivered as a condition precedent to the making of the End of Construction Advance.
The maximum amount of the End of Construction Advance shall equal 15.52% of the Retail Value of the Encumbered Timeshare Product less the total aggregate Pre-Advances previously made to date.
On December 15, 2015, the positive difference, if any, between $75,000 and the Loan Fee paid by Borrower in connection with Pre-Advances and the End of Construction Advance, shall be due and payable to Lender.
Notwithstanding the foregoing, in no event shall the End of Construction Advance cause 15 the unpaid principal balance of the Loan to exceed the least of (X) the Maximum Loan Amount, (Y) 75% of the appraised value of the Encumbered Timeshare Product as reflected in the appraisals delivered to Lender pursuant to Sections 4.1(j) or 6.1(q) hereof, as applicable, and (Z) 65% of the Inventory Costs of the Encumbered Timeshare Product.
As to Encumbered Timeshare Product within Phase III, the foregoing condition is only required to be satisfied prior to the making of the End of Construction Advance.
In no event shall the total Loan Fee with respect to Pre-Advances and the End of Construction Advance exceed $75,000.
Other than the release of Encumbered Timeshare Product within Phase I/II as provided in the immediately previous sentence and in order to avoid complications arising from a recalculation of the Release Payment prior to the making of the End of Construction Advance, in no event shall any Encumbered Timeshare Product be released from the lien of the Mortgage until the making of the End of Construction Advance.