Advances on Lakes Development Loan Clause Samples
The "Advances on Lakes Development Loan" clause defines the terms under which the lender will provide incremental disbursements, or advances, of loan funds for a specific development project known as the Lakes Development. Typically, this clause outlines the conditions that must be met before each advance is made, such as completion of certain construction milestones, submission of progress reports, or satisfaction of financial covenants. By specifying these requirements, the clause ensures that loan funds are released in stages aligned with the project's progress, thereby reducing the lender's risk and promoting responsible use of the loan proceeds.
Advances on Lakes Development Loan. Lakes will provide the following funds to the Band after Ratification but prior to NIGC Approval and the Bank Closing as advances on the Lakes Development Loan, to be repaid with interest in accordance with the terms provided in ss. 9.2.1:
Advances on Lakes Development Loan. Great Lakes will provide the following funds to the Band prior to NIGC Approval and the Bank Closing as advances on the Lakes Development Loan, to be repaid with interest in accordance with the terms provided in Section 9.2.1:
(a) Gaming Site Acquisition Funds. Lakes or Great Lakes have advanced funds to permit the Band to acquire the Gaming Site, pursuant to Section 2.2.
(b) Site Planning, Design Development and other Preliminary Expenditures. Great Lakes shall advance funds reasonably necessary for the work described in Articles 3, 4 and 5 of this Agreement to be performed prior to NIGC Approval and the Bank Closing, pursuant to those Articles.
(c) Advances to the Band for Gaming Ordinance. In order to enable the Band to fulfill its covenant set forth in Section 11.2(a) below to timely adopt a Gaming Ordinance and regulations (the "Gaming Ordinance"), Great Lakes shall advance to the Band prior to NIGC Approval the reasonable cost of preparation and approval of the Gaming Ordinance, not to exceed $20,000.
(d) Advances to the Band for Development Soft Costs. Great Lakes shall advance funds reasonably necessary for Development Soft Costs. Such advances shall be in accordance with a budget to be prepared by the Band and submitted to Great Lakes for its reasonable approval, as such budget may be modified from time to time. Great Lakes and the Band shall consult periodically with regard to Development Soft Costs.