Advances for Hard Costs Sample Clauses

Advances for Hard Costs. Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to Borrower’s total costs as reflected in the applicable draw request. Lender shall not be obligated to make the final advance of the Loan for hard costs unless the following additional conditions shall have been satisfied, to the extent required by Lender:
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Advances for Hard Costs. With respect to each Project, no Project Advance will be made for any Hard Costs unless the amount of the Hard Costs thereof are set forth in the Project Budget as Line Items (or portions thereof) to be funded from the Future Funding. Project Advances may be made for advance deposits for material to be included in the Project. Project Advances for Hard Costs with respect to the trade or any portion of construction covered by any of the Line Items (or portions thereof) in the Project Budget to be funded from the Future Funding shall not exceed:
Sample 1
Advances for Hard Costs. Lender shall make periodic advances for hard and soft costs as construction progresses. Each advance shall be equal to Borrower’s total costs as reflected in the applicable draw request, net of retainage in the amount of 10% for hard costs, until Lender has disbursed an amount equal to 50% of all hard cost line items in the Budget. Thereafter, each advance shall be equal to Borrower’s total costs as reflected in the applicable draw request, net of retainage in the amount of 5% for hard costs. The total costs of each request shall be funded by (i) an advance under the Senior Note in an amount equal to the total costs of each request, net of retainage as set forth above, multiplied by 91.2646%, and (ii) an advance under the Subordinated Note in an amount equal to the total costs of each request, net of retainage as set forth above, multiplied by 8.7354%. Lender shall not be obligated to make the final advance of the Loan for hard costs unless the following additional conditions shall have been satisfied, to the extent required by Lender:
Sample 1
Advances for Hard Costs. (a) The Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to the Borrower's total costs as reflected in the applicable draw request, net of the Borrower's required Deferred Equity and retainage in an amount equal to 10% of the total costs.
Sample 1
Advances for Hard Costs. No Advance will be made for any Hard Costs unless the Work and materials are set forth in the Project Budget as Line Items (or portions thereof). Subject to Section 2.1(b)(vii), Advances may be made for advance deposits for material to be included in the Project (“Advance Deposits”). Advances for Hard Costs with respect to a trade or any portion of construction covered by any of the Line Items (or portions thereof) in the Project Budget shall not exceed:
Sample 1
Advances for Hard Costs. Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to Borrower’s total costs as reflected in the applicable draw request, net of retainage in the amount of 5%; provided, however that no retainage shall apply with respect to payments to subcontractors whose work has been completed and who have furnished to Borrower a final lien waiver and release. Lender shall not be obligated to make the final advance of the Loan for hard costs in the amount of 5% of all hard cost line items in the Budget (subject to the exceptions from retainage described in the preceding sentence) unless the following additional conditions shall have been satisfied, to the extent required by Lender:
Sample 1

Related to Advances for Hard Costs

  • Advances; Reimbursement of Advances (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA or the Note A-2 PSA, as applicable.

  • Procedures for Advances (a) In the case of the making of any Advance, the repayment of any Advance, or any termination, increase or reduction of the Facility Amount and prepayments of Advances, the Borrower shall give the Administrative Agent a Borrower Notice. Each Borrower Notice shall specify the amount (subject to Section 2.1 hereof) of Advances to be borrowed or repaid and the Funding Date or repayment date (which, in all cases, shall be a Business Day) and whether such Advance is a Revolver Advance or a Swing Advance.

  • Requests for Advances Any Line advance permitted under this Agreement must be requested by telephone or in a writing delivered to the Bank (or transmitted via facsimile) by any person reasonably believed by the Bank to be an authorized officer of the Borrower. The Bank will not consider any such request if there is an event which is, or with notice or the lapse of time would be, an event of default under this Agreement. Proceeds will be deposited into the Borrower's account at the Bank or disbursed in such other manner as the parties agree.

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrower under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows:

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to 0.50% above the Prime Rate.

  • Maximum Advances In the case of any type of Advance requested to be made, after giving effect thereto, the aggregate amount of such type of Advance shall not exceed the maximum amount of such type of Advance permitted under this Agreement. Each request for an Advance by any Borrower hereunder shall constitute a representation and warranty by each Borrower as of the date of such Advance that the conditions contained in this subsection shall have been satisfied.

  • Procedure for Advances (a) During the Reinvestment Period, the Lenders will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the provisions of Article III hereof.

  • The Advances The Liquidity Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until 12:00 Noon (New York City time) on the Expiry Date (unless the obligations of the Liquidity Provider shall be earlier terminated in accordance with the terms of Section 2.04(b)) in an aggregate amount at any time outstanding not to exceed the Maximum Commitment.

  • Requests for Swing Loans The Borrowers shall give the Administrative Agent prior notice (which may be written or oral), no later than 10:00 a.m. (Cincinnati time) on the date upon which the Borrowers request that any Swing Loan be made, of the amount and date of such Swing Loan, and the Interest Period requested therefor. The Administrative Agent shall promptly advise the Swing Line Lender of any such notice received from the Borrowers. Within 30 minutes after receiving such notice, the Swing Line Lender shall in its discretion quote an interest rate to the Borrowers at which the Swing Line Lender would be willing to make such Swing Loan available to the Borrowers for the Interest Period so requested (the rate so quoted for a given Interest Period being herein referred to as “Swing Line Lender’s Quoted Rate”). The Borrowers acknowledge and agree that the interest rate quote is given for immediate and irrevocable acceptance. If the Borrowers do not so immediately accept the Swing Line Lender’s Quoted Rate for the full amount requested by the Borrowers for such Swing Loan, the Swing Line Lender’s Quoted Rate shall be deemed immediately withdrawn and such Swing Loan shall bear interest at the rate per annum determined by adding the Applicable Margin for Base Rate Loans to the Base Rate as from time to time in effect. Subject to the terms and conditions hereof, the proceeds of such Swing Loan shall be made available to the Borrowers on the date so requested at the offices of the Swing Line Lender in Cincinnati, Ohio. Anything contained in the foregoing to the contrary notwithstanding (i) the obligation of the Swing Line Lender to make Swing Loans shall be subject to all of the terms and conditions of this Agreement and (ii) the Swing Line Lender shall not be obligated to make more than one Swing Loan during any one day.

  • Conditions to Advances The obligation of Lender to make each Advance hereunder, including the Initial Advance, shall be subject to the prior or simultaneous occurrence or satisfaction of each of the following conditions:

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