Initial Construction Advance definition

Initial Construction Advance means any initial Advance to pay for: (a) Property Costs for construction of any Improvements; and (b) the Property Costs of restoring or repairing any Property which is required to be restored or repaired in accordance with Section 15.1(e) of the Lease.
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Initial Construction Advance has the meaning given to such term in Section 4.02 hereof.
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Initial Construction Advance has the meaning specified in Section 6.4 of the Participation Agreement.
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Examples of Initial Construction Advance in a sentence

  • The Construction Agent shall have delivered to the Agent copies of the Plans and Specifications for the Improvements regarding each Property within sixty (60) days after the Acquisition Advance for such Property (and in any event prior to the Initial Construction Advance for such Property).

  • In addition to the conditions set forth in Section 4.1 (Conditions Precedent to Initial Construction Advance) and Section 4.2 (Conditions Precedent to Subsequent Construction Advance), Lender’s obligation to make the final construction advance of retained Loan funds shall be subject to the satisfaction of the following conditions precedent.

  • There shall be no Default under this Agreement or the Security Documents at the time of the Refinance Advance and the Initial Construction Advance.

  • The Lender shall have received title continuation report of the title policy to the dates of the Refinance Advance and the Initial Construction Advance in a form approved by the Lender and the Lender’s counsel containing a pending disbursements provision and setting forth no additional exceptions except those approved in writing by the Lender and its counsel.

  • The acquisition of such Site may occur concurrently with the Initial Construction Advance for such Site.

  • Upon the Date of Each Construction Advance That Is Not An Initial Construction Advance.

  • The Lender shall have received a Requisition for the Initial Construction Advance.

  • Prior to the Initial Construction Advance the Borrower shall have expended an amount equal to the Borrower’s Equity in payment of the Direct Costs and the Indirect Costs.

  • The Lien Law Affidavit is made pursuant to and in compliance with Section 22 of the Lien Law, and, if so indicated in said Affidavit, Building Loan proceeds will be used, in part, for reimbursement for payments made by the Borrower prior to the date hereof and prior to the Initial Construction Advance hereunder but subsequent to the commencement of the construction and equipping of the Project for items constituting Costs of the Improvement.

  • Lessee shall have delivered to the Administrative Agent a Certificate dated as of the date of such Initial Construction Advance in the form of Exhibit C-2 hereto.


More Definitions of Initial Construction Advance

Initial Construction Advance means the first Construction Advance to be made hereunder, which may be contemporaneous with or subsequent to the time of the execution and delivery by the Borrower and the Lender of this Agreement.
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Initial Construction Advance means any initial Advance under a Project Loan Agreement to pay for: (i) Project Costs for construction or demolition of the Improvements on any Property; (ii) the Project Costs of restoring or repairing any Property which is required to be restored or repaired in accordance with Section 11.1 of each Lease; and (iii) the costs of any Modifications in accordance with Section 12.1 of each Lease.
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Related to Initial Construction Advance

  • Original construction ’ shall mean the first or initial construction

  • Residential construction means construction on single-family or two-family dwellings occupied or used, or intended to be occupied or used, primarily for residential purposes, and includes real property pursuant to chapter 499B.

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Building construction means any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.

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

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • Acquisition and Construction Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

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

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

  • Cost of Construction means the total cost to Owner of those portions of the entire Project designed or specified by the Design Professional. Cost of Construction does not include the Design Professional's compensation and expenses and Owner's expenses associated with the Project or the cost of other services to be provided by others to the Owner.

  • Construction and demolition debris means and includes:

  • Completion of Construction means all the construction is complete except for minor weather-related components and conforms to the approved plans and specifications and change orders.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Commence Construction means that an owner or operator has either undertaken a continuous program of construction or has entered into a contractual obligation to undertake and complete, within a reasonable time, a continuous program of construction.

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

  • Commenced Construction means (a) all of the following site preparation work is completed: ingress and egress routes exist; the site on which the Project will be located is cleared and graded; there is power service to the site; footings are prepared; and foundations have been poured consistent with purchased equipment specifications and project design; or (b) the following financial commitments have been made: (i) (A) an engineering, procurement, and construction contract (“EPC”) has been executed by all parties and is effective; or (B) contracts (collectively, “EPC Equivalents”) for all of the following have been executed by all parties and is effective: (1) project engineering, (2) procurement of all major equipment, and (3) construction of the Project, and (ii) the cumulative payments made by the Developer under the EPC or EPC Equivalents to the counterparties to those respective agreements is equal to at least thirty (30) percent of the total costs of the EPC or EPC Equivalents.

  • Commencement of Construction means the commencement of construction of foundation components or elements (such as footings, rafts or piles) for the home.

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.