Partial Release Price means (i) for any individual Partial Project Release Parcel the subject of a Partial Project Release, one hundred ten percent (110%) of the allocated loan amount for such Partial Project Release Parcel, as determined by Lender upon receipt of an Appraisal pursuant to Section 2.12, or (ii) for multiple Partial Project Release Parcels the subject of simultaneous Partial Project Release, one hundred ten percent (110%) of the aggregate the allocated loan amount for all such Partial Project Release Parcel, as determined by Lender upon receipt of an Appraisal pursuant to Section 2.12.
Partial Release Price has the meaning assigned in Section 2.18(a)(ix).
Partial Release Price means the highest of the following amounts: (i) 125% of the Allocated Loan Amount for Release Property; (ii) the amount that, after giving effect to the Partial Release, would result in a minimum Debt Service Coverage Ratio of 1.35:1, and (iii) in the event that the Release Property is being to a third party unaffiliated with Borrower or Guarantor, an amount equal to 85% of the gross sales price of the Release Property in such transaction.
Examples of Partial Release Price in a sentence
Regardless of the time such Partial Release is executed, delivered and recorded, the payment made by Borrowers to Bank in respect to such Partial Release shall be credited against the Indebtedness in accordance with the terms of this Agreement only upon receipt by Bank of the Partial Release Price.
The Partial Release Instrument shall be delivered, in escrow, by Bank to the title company so designated, to be held, released, delivered and recorded in accordance with Bank’s escrow instructions, which shall require payment, in cash, of the Partial Release Price to Bank prior to delivery and recordation of the Partial Release Instrument.
The Partial Release Price for MUD Reimbursables, Credit Banks, notes receivable, accounts receivable and Partnership Distributions (as defined in Section 2.18 of Addendum 2 hereof) shall be equal to one hundred percent (100%) of the Net Proceeds.
The Partial Release Price will be equal to the amount shown on Lender's records to be the outstanding principal balance of the Loan attributable to the Vacant Lot or House requested to be released plus all accrued but unpaid interest thereon.
Upon payment in full of the Loan if any Letter of Credit is still outstanding the Partial Release Price shall continue to be collected by Lender as provided in this Agreement and shall be accumulated in a Letter of Credit Collateral Account and held by Lender as cash collateral for the Letter of Credit Loan.
More Definitions of Partial Release Price
Partial Release Price means, for each closing of a Lot or Lots under a Lot Sale Contract and Borrower’s request for Lender’s release of its Lien against such Lot or Lots, the sales price for such Lot set forth in such Lot Sale Contract, less the following reductions: (x) any credit to the Purchase Price resulting from the application of Earnest Money, if any, to the Purchase Price pursuant to the applicable Lot Sale Contract, and (y) any other closing expense shown on the settlement statement that is approved by Lender’s prior written consent to be deducted from the release price that would otherwise be due to Lender.
Partial Release Price has the meaning set forth in Section 10.03 of this Loan Agreement.
Partial Release Price means an amount equal to the aggregate Allocated Loan Amount for both the Portland Gateway Project and the Salem Applewood Project.
Partial Release Price means, (a) with respect to each Individual Property, an amount equal to the product of (i) the Allocated Loan Amount for such Individual Property and (ii) the Partial Release Factor and (b) with respect to each Release Parcel, (i) if such Release Parcel was valued such that it represents a portion of the appraised value shown in the Appraisal most recently delivered to or obtained by Administrative Agent in respect of the related Individual Property attributable to such Release Parcel, an amount equal to the product of (x) the pro rata portion of the value of such Individual Property attributable to such Release Parcel, which such value shall be allocated to the Release Parcel in accordance with relative gross leaseable area and (y) the Partial Release Factor corresponding to the related Individual Property and (ii) if such Release Parcel was not so valued, then zero.
Partial Release Price means the portion of the Net Sales Proceeds payable to the Bank upon closing of the sale of an individual Unit as required in Section 3.1(a)(2)(i) and Section 3.1 (c)(2)(i).
Partial Release Price. The amount set forth in the Schedule of Definitions. Permitted Disposition: (i) The sale, transfer or exchange of any House for which Lender executes and delivers a release of lien, (ii) a transfer of a beneficial interest in Borrower or any entity holding a direct or indirect interest in Borrower by any person or entity holding such an interest to any other person or entity holding such an interest as of the date of this Agreement (the "Interest Holders"), (iii) a transfer of a beneficial interest in Borrower or any entity holding a direct or indirect interest in Borrower for bona fide estate planning purposes to: (A) members of such transferor's immediate family or (B) a trust, the holders of the beneficial interests of which are a current Interest Holder or a member of the Interest Holder's immediate family, or (iv) the sale or trading of stock of Stratus Properties Inc.; provided, however, that a Permitted Disposition shall not include any transfer or series of transfers which (1) after taking into account any prior Permitted Disposition shall result in (x) the proposed transferee owning (directly or indirectly) more than 49% of the interests in Borrower or any entity holding a direct or indirect interest in Borrower unless such transferee owned more than 49% of such interests as of the date of this Agreement, or (y) a transfer of more than 49% of the interests in Borrower or any entity holding a direct or indirect interest in Borrower; (2) shall result in a change of control of Borrower or the day to day operations of the Mortgaged Property; (3) Borrower shall have failed to have communicated to Lender in writing, together with copies of all instruments intended to effect such transfer, at least ten (10) business days prior to the effective date of such transfer; or (4) occurs at any time when an Event of Default has occurred and remains uncured. For the purposes of Permitted Dispositions, a change of control of Borrower or any entity holding a direct or indirect interest in Borrower shall be deemed to have occurred if there is any change in the identity of the individual or group of individuals who have the right, by virtue of the articles of incorporation, articles of organization, the by-laws or an agreement, with or without taking any formative action, to cause Borrower or such entity to take some action or to block Borrower or such entity from taking some action which, in either case, Borrower or such entity could take or could refrain from takin...
Partial Release Price means the portion of the Loan Amount allocated to the following portions of the Property as set forth below: Outparcel 1 0.75 $530,888 Outparcel 2 0.79 $559,202 Outparcel 3 0.66 $467,181 Outparcel 4 1.08 $764,478 Outparcel 5 0.76 $537,966 Outparcel 8 2.35 $1,663,448 Outparcel 9 1.47 $1,040,540 Outparcel 10 1.63 $1,153,796 Outparcel 13 1.22 $863,577 Outparcel 14 2.16 $1,528,956 Phase 1A 18.80 $2,307,500 “Patriot Act” means the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001), as amended.