Loan Budget definition

Loan Budget means the budget for total estimated Project Costs prepared by Mortgage Borrowers and approved by Mortgage Lender in its reasonable discretion, which shall detail all items of direct and indirect costs estimated to be incurred in connection with the construction of the Project, and all amendments and modifications thereto approved by Mortgage Lender in accordance with the Mortgage Loan Agreement.

Loan Budget means the final budget prepared by the Issuer, as approved by the Bank, showing, on a line-by-line basis, the maximum limit of expenditures from the Bond proceeds for each line category (subject to adjustment of any line category by discernable savings from other budget line categories) for construction of the Project.

Loan Budget shall have the meaning as set forth in Section 2.1.6 of the Building Loan Agreement.

Examples of Loan Budget in a sentence

• In no event may the Contingency Line Item of the Building Loan Budget be reallocated to any Line Item in the Project Loan Budget.

• Suballocation by the State Director is authorized for each program covered by this section.

• Lender shall not be required to Advance funds hereunder for any category or line item of Project Loan Costs in excess of the amount specified for such line item or category in the Project Loan Budget, subject to Sections 2.1.6 and 2.1.7 hereof and 5.1.33 of the Building Loan Agreement (or other reallocations approved by Lender in its sole discretion).

• Borrower hereby agrees that Borrower shall use the proceeds of the Project Loan to pay or reimburse itself for Project-Loan Costs actually incurred in connection with the construction of the Project Improvements if and to the extent that such Project-Loan Costs are reflected in the Project Loan Budget, subject to reallocation pursuant to Sections 2.1.6 and 2.1.7 hereof, and 5.1.33 of the Building Loan Agreement (or other reallocations approved by Lender in its sole discretion).

• If Borrower becomes aware of any change in actual or projected Project Loan Costs which will increase any one or more category or line item of costs reflected in the Project Loan Budget, Borrower shall immediately notify Lender in writing and promptly submit to Lender for its approval a revised Project Loan Budget.

More Definitions of Loan Budget

Loan Budget shall have the meaning assigned to such term in the Mortgage Loan Agreement.

Loan Budget shall have the meaning as set forth in Section 2.1.14.

Loan Budget has the meaning set forth in Section 1.1.4.

Loan Budget means the Loan Budget attached hereto as Exhibit C, as the same may be amended, modified, supplemented or replaced from time to time.

Loan Budget means initially, the Initial Loan Budget delivered pursuant to Section 5.1(a)(xiii) until such budget is replaced in accordance with Section 7.3(a), and thereafter the most recent budget to become effective in accordance with Section 7.3(a).

Loan Budget means: The sources and uses of the Loan Amount and the Required Equity set forth on Exhibit B.

Loan Budget and defined as "Borrower's Equity," all defined and described in Xxxxxxx "X" xxxxxx; xxx - - 000 - -