School Construction Supervision Fee definition
Examples of School Construction Supervision Fee in a sentence
Lender shall instruct the Cash Collateral Bank to transfer all other School Cost Payments (i.e., School Cost Payments that do not consist of School Construction Supervision Fee Payments) into a subaccount of the Cash Collateral Account (the “School Cost Control Account”) with the Cash Collateral Bank.
Lender shall instruct the Cash Collateral Bank to transfer all School Cost Payments representing School Construction Supervision Fee Payments into a subaccount of the Cash Collateral Account (the “School Purchase Control Account”) with the Cash Collateral Bank.
Said funds in the School Purchase Control Account or School Cost Control Account, as applicable, shall not be available as a School Payment Disbursement or School Construction Supervision Fee Payment Disbursement, as applicable, unless and until all Required Equity of Borrower shall be contributed.
Disbursements to Borrower and School Construction Supervision Fee Payment Disbursements are not permitted to be used for the payment of any School Costs.
Lender shall instruct the Control Bank to transfer all School Cost Payments representing Land Value Payments and School Construction Supervision Fee Payments into a subaccount (the “School Purchase Control Account”) with the Control Bank.
No later than October 22, 2021, Borrower shall have either (i) contributed the Required Equity into the Project or (ii) deposited with Lender the positive difference, if any, between (A) Required Equity less (B) the sum of (1) the Initial Required Equity, (2) the School Construction Supervision Fee which is still scheduled to be contributed under the School Unit Purchase Agreement, and (3) all Additional Equity contributed to date.
No later than October 22, 2021, Borrower shall have either (i) contributed (or caused Mortgage Borrower to contribute) the Required Equity into the Project or (ii) deposited with Administrative Agent (for the benefit of Lender) (or caused Mortgage Borrower to deposit with Mortgage Lender) the positive difference, if any, between (A) Required Equity less (B) the sum of (1) the Initial Required Equity, (2) the School Construction Supervision Fee, and (3) all Additional Equity contributed to date.
Lender shall instruct the Control Bank to transfer all other School Cost Payments (i.e., School Cost Payments that do not consist of Land Value Payments and School Construction Supervision Fee Payments) into a subaccount (the “School Cost Control Account”) with the Control Bank.
Borrower shall be entitled to receive the remaining School Construction Supervision Fee from the SCA in accordance with the School Unit Purchase Agreement and in accordance with Section 2.11 of this Agreement.