Maximum Annual Distributable Amounts definition

Maximum Annual Distributable Amounts shall have the meaning given such term in Section 7(c) hereof. Mortgage shall mean the Construction Mortgage and/or the Permanent Mortgage, if any. Permanent Lender shall mean the lender(s) making the Permanent Loan to the Developer, and its successors and assigns, if any. Permanent Loan shall mean the Permanent Loan which may be made or committed to be made by the Permanent Lender to the Developer after completion of construction of the Development, which will replace the Construction Loan, or any subsequent refinancing thereof, if any. Permanent Mortgage shall mean the mortgage from the Developer to the Permanent Lender securing the Permanent Loan, if any. Regulations shall have the meaning given such term in the Recitals hereof.
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Maximum Annual Distributable Amounts for any particular fiscal year shall be defined and determined as follows: the sum of
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Maximum Annual Distributable Amounts for any particular fiscal year shall be defined and determined as follows: the sum of (i) an amount equal to ten percent (10%) of the “Developer’s Equity” for such fiscal year , subject to adjustment as provided in (d) below (the “Current Distribution Amounts”); plus (ii) the amount of all Accumulated and Unpaid Distributions calculated as of the first day of such fiscal year. In no event shall the total Maximum Annual Distributable Amounts actually distributed for any given year exceed total funds available for distribution after all current and owed-to-date expenses have been paid and reserves, then due and owing, have been funded.
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Examples of Maximum Annual Distributable Amounts in a sentence

  • In no event shall the total Maximum Annual Distributable Amounts actually distributed for any given year exceed total funds available for distribution after all current and owed-to-date expenses have been paid and reserves, then due and owing, have been funded.

Related to Maximum Annual Distributable Amounts

  • Maximum Distributable Amount means any maximum distributable amount relating to the Issuer and/or the Group (if any) which is determined pursuant to Article 141 of the CRD IV Directive (or, as the case may be, any provision of Danish law transposing or implementing Article 141 of the CRD IV Directive), or any successor provision thereto;