Examples of Project Loan Advance in a sentence
All conditions to the Final Project Loan Advance have been satisfied and the Final Project Loan Advance shall have been made or will be made simultaneously therewith.
Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.
The portion of the Final Advance described in clause (c) of the foregoing sentence is referred to herein as the “Building Loan Earn Out Advance” and the corresponding portion of the Final Project Loan Advance is referred to herein as the “Project Loan Earn Out Advance” and together with the Building Loan Earn Out Advance, the “Earn Out Advances”.
Each Requisition shall be irrevocable and shall specify (i) the proposed Borrowing Date and (ii) the aggregate amount of the proposed Project Loan Advance which shall not be less than $50,000, except for the last Requisition, which may be in an amount equal to the balance of the Project Loan.
Lender shall not be obligated to make any Project Loan Advance subsequent to the initial advance until all of the conditions set forth in this subsection shall have been met to Lender's satisfaction.
Simultaneously with the Initial Advance of the Project Loan, Borrower shall deposit with Lender an amount (the “Initial Tax and Insurance Escrow Deposit”) equal to the Taxes, Insurance Premiums and Other Charges that Lender estimates will be payable from and after the Closing Date through and including the date that the Second Tax and Insurance Escrow Deposit is payable, which shall be funded from the Project Loan Advance.
Simultaneously with the Initial Advance, Borrower shall deposit with Lender an amount (the “Initial Tax and Insurance Escrow Deposit”) equal to the Taxes, Insurance Premiums and Other Charges that Lender estimates will be payable from and after the date of the Initial Advance through and including the date that the Second Tax and Insurance Escrow Deposit is payable, which shall be funded from the Project Loan Advance.
Lender shall remit the principal amount of the Project Loan Advance to be made to Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 12:00 (noon) Eastern Standard time on the Borrowing Date.
Lender shall be satisfied that the Lessor shall have contributed on the relevant Borrowing Date an amount equal to the Developer Equity associated with such Project Loan Advance.
The making of a Project Loan Advance shall not constitute a waiver of any of the conditions of Lender's obligation to make further advances.