Examples of Initial Equity Investment in a sentence
Such Initial Equity Investment must be used to pay Project costs contained in the Budget and approved by Lender, with evidence of payment of the Initial Equity Investment to be delivered to Lender prior to Full Loan Opening.
Lender shall have received evidence that the Initial Equity Investment has been fully expended to pay Budget Costs.
Notwithstanding the foregoing, Axon shall not have the right to participate in the Initial Equity Investment (including subsequent closings thereof).
Borrower represents and warrants that the Initial Equity Investment plus the proceeds of the Loan, totaling $176,047,370 satisfies all of the capital required to be funded as a condition to Full Loan Opening as provided in the Senior Loan Agreement.
In addition, Borrower shall have provided evidence satisfactory to Lender in its sole discretion prior to Full Loan Opening (which, for the avoidance of doubt, shall exclude the Closing Funding) that Borrower's equity invested in the Project for costs in the Budget is not less than $175,570,670.00 in cash (the "Initial Equity Investment").