Initial Construction Loan Advance definition

Initial Construction Loan Advance shall have the meaning assigned to such term in the Mortgage Loan Agreement.
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Initial Construction Loan Advance means Lender’s first Construction Loan Advance, excluding, however, any Pre-Construction Advance, the Second Anniversary Unfunded Construction Loan Advance and any Quarterly Deficiency Advance.
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Initial Construction Loan Advance means Lender’s first Construction Loan Advance funded as of May 30, 2008.
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Examples of Initial Construction Loan Advance in a sentence

  • Lender shall have received a Construction Consultant Approval with respect to the Initial Construction Loan Advance, it being expressly agreed by Lender that Lender shall diligently pursue obtaining Construction Consultant’s response within a commercially reasonable time period following any Draw Request which includes all the required items as set forth herein.

  • On the date of the Initial Construction Loan Advance there shall exist no monetary Default or any Event of Default.

  • All conditions precedent to the Initial Construction Loan Advance, as set forth in Section 3.2 hereof, and any other prior Construction Loan Advances, as set forth in this Section 3.3, shall continue to be satisfied as of the date of such subsequent Construction Loan Advance.

  • Borrowers shall have delivered a lien waiver log and duly executed Lien waivers in the form set forth in Exhibit L-2 (progress payment) or L-4 (final payment), as applicable, attached hereto from all Major Contractors for all work performed, and all labor or material supplied, for which payment thereof has been made prior to the date of the Initial Construction Loan Advance.

  • Lender shall have approved the Architect’s Contract, the Construction Management Agreement and all other Major Contracts, together with any Change Orders entered into as of the date of the Initial Construction Loan Advance to the extent Lender’s approval is required with respect thereto pursuant to Section 3.15 hereof, which consent shall not be unreasonably withheld.

  • Lender hereby acknowledges and agrees that all conditions precedent to the Initial Construction Loan Advance were satisfied or waived on the Construction Qualification Date, including, without limitation, the posting of the Required Equity Letter of Credit in the Required Equity Amount as determined as of the Construction Qualification Date, and Borrower hereby acknowledges receipt of such Initial Construction Loan Advance as well as Advances made subsequent thereto prior to the date hereof.


More Definitions of Initial Construction Loan Advance

Initial Construction Loan Advance means the initial advance on the Construction Loan made by the Construction Lender to the Trustee, on behalf of Xxxxxxxx and for the benefit of Freddie Mac, for deposit into the Freddie Mac Collateral Fund on the Delivery Date, in the amount of $[ ].
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Related to Initial Construction Loan Advance

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

  • 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).

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

  • Equipment Advance is defined in Section 2.1.1.

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

  • 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.

  • 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.

  • Project Loan Agreement means the Project Loan Agreement dated as of the date hereof among the Borrower, the Governmental Lender and the Fiscal Agent, as amended, supplemented or restated from time to time.

  • 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;

  • Original construction ’ shall mean the first or initial construction

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

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

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

  • 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.

  • Loan Amount has the meaning specified in Section 7.06(b) of the Indenture.

  • Funding Loan Agreement means this Funding Loan Agreement, of even date herewith, by and among the Funding Lender, the Governmental Lender and the Fiscal Agent, as it may from time to time be supplemented, modified or amended by one or more funding loan agreements, indentures or other instruments supplemental hereto entered into pursuant to the applicable provisions hereof.

  • 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.

  • 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.

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

  • Term Loan Interest Rate means for any day a per annum rate of interest equal to the greater of (i) (a) the prime rate as reported in The Wall Street Journal, plus (b) 5.90%, and (ii) 9.15%.

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

  • Scheduled Construction Period means the period commencing from the Appointed Date and ending on Scheduled Completion Date;

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

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

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