Calculation of Advance Sample Clauses

Calculation of Advance. Subject to the provisions of paragraph 16 C hereof advances shall consist of (a) the amounts payable by Borrower pursuant to the Construction Contract, (b) interest payable to Lender prior to maturity pursuant to the terms of the Note, and (c) all other sums shown in Loan Allocation, payable by or on behalf of Borrower in connection with the Project. The aggregate amount of the advances will be the total of sums actually paid or incurred by Borrower for each of the cost line items specified in Loan Allocation, but in no event will the advances exceed the total of all sums allocated to such cost line items, being in the aggregate the Loan Amount. Notwithstanding anything herein to the contrary, Lender in its sole discretion shall have the right, but shall not be obligated, to make any advance, in whole or in part, before it becomes due and to increase, decrease, reallocate or reapply the amount of the Loan to be disbursed for each item set forth in Loan Allocation. Notwithstanding anything herein to the contrary, Lender shall not be obligated to advance for construction costs more than the lesser of (a) the cost of the work or materials incorporated into the Improvements, or (b) the percentage of the work in place, multiplied by the estimated total cost of the construction of the Improvements as determined from time to time by Lender's Inspecting Engineer, less the amount by which such estimated total cost exceeds the Loan Amount and less the aggregate amount of advances theretofore made, all as approved for payment by Lender or Lender's Inspecting Engineer. Lender shall have no obligation to make advances for the costs of materials not theretofore incorporated into the Improvements, whether stored on or off site.
Sample 1
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Calculation of Advance. Advances shall consist of (a) the amounts payable by Developer pursuant to the Construction Contract and all other construction contracts, and (b) all other sums shown in the Budget, payable by or on behalf of Developer in connection with the Project. The aggregate amount of the advances will be the total of sums actually paid or incurred by Developer for each of the cost line items specified in the Budget, but in no event will the advances exceed the total of all sums allocated to such cost line items in the Budget. Notwithstanding anything herein to the contrary, Owner in its sole discretion shall have the right, but shall not be obligated, to authorize any advance, in whole or in part, before it becomes due and to authorize the increase, decrease, reallocation or reapplication of the amount of the funds to be disbursed for each item set forth in the Budget, provided, however, that no such approval shall be required in connection with reallocating funds from the contingency line items in the Budget to any other line item. To the extent that the value of the executed contract with the General Contractor exceeds the amount set forth in the line item in the Budget for such contract, funds shall be reallocated from the contingency line items in the budget to the line item for the contract with the General Contractor. Upon such reallocation, the remaining balance escrowed in connection with the contingency line items in excess of One Hundred Thousand and No/100 Dollars ($100,000.00) shall be released from escrow and paid to Developer; provided, however, that such release shall be conditioned upon the funds escrowed in connection with the line item in the Budget for the contract with the General Contractor being equal to one hundred twenty percent (120%) of the line item in the Budget for such contract. Owner shall not be obligated to authorize advances for construction costs more than the lesser of (a) the sum of (i) the cost of the work or materials incorporated into the Project, (ii) the costs of any deposits paid in connection with work or materials to be incorporated into the Project, and (iii) the cost of any materials purchased but not yet incorporated into the Project, provided however, that all such materials must, to the extent practical, be stored on-site at the Project, and to the extent not practical, must be under the control of Developer and stored off-site in a lien-free manner at a secure facility to which Owner shall be granted access upon it...
Sample 1

Related to Calculation of Advance

  • Conversion of Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.02(b), 2.09 and 2.15, Convert all Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that (i) any Conversion of any Eurodollar Rate Advances into Base Rate Advances shall be made on, and only on, the last day of an Interest Period for such Eurodollar Rate Advances, except as provided in Section 2.15, and (ii) Advances comprising a Borrowing may not be Converted into Eurodollar Rate Advances if the outstanding principal amount of such Borrowing is less than $10,000,000 or if any Event of Default under Section 6.01(a) shall have occurred and be continuing on the date the related notice of Conversion would otherwise be given pursuant to this Section 2.16. Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower. If any Event of Default under Section 6.01(a) shall have occurred and be continuing on the third Business Day prior to the last day of any Interest Period for any Eurodollar Rate Advances, the Borrower agrees to Convert all such Advances into Base Rate Advances on the last day of such Interest Period.

  • CESSATION OF ADVANCES If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good xxxxx xxxxx itself insecure, even though no Event of Default shall have occurred.

  • Notification of Advances, Interest Rates and Prepayments The Administrative Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by the Administrative Agent. The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Rate Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Optional Conversion of Advances Each Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 12:00 noon on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.10 and 2.14, Convert all or any part of Advances made to such Borrower of one Type comprising the same Borrowing into Advances of the other Type or of the same Type but having a new Interest Period; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the applicable Borrower. This Section shall not apply to Swingline Borrowings, which may not be Converted.

  • Calculation of Adjustments All adjustments to the Settlement Rate shall be calculated to the nearest 1/10,000th of a share of Common Stock (or if there is not a nearest 1/10,000th of a share to the next lower 1/10,000th of a share). No adjustment in the Settlement Rate shall be required unless such adjustment would require an increase or decrease of at least one percent therein; provided, that any adjustments which by reason of this subparagraph are not required to be made shall be carried forward and taken into account in any subsequent adjustment. If an adjustment is made to the Settlement Rate pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.6(a), an adjustment shall also be made to the Applicable Market Value solely to determine which of clauses (i), (ii) or (iii) of the definition of Settlement Rate in Section 5.1(a) will apply on the Stock Purchase Date. Such adjustment shall be made by multiplying the Applicable Market Value by a fraction, the numerator of which shall be the Settlement Rate immediately after such adjustment pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.6(a) and the denominator of which shall be the Settlement Rate immediately before such adjustment; provided, that if such adjustment to the Settlement Rate is required to be made pursuant to the occurrence of any of the events contemplated by paragraph (1), (2), (3), (4), (5), (7) or (10) of this Section 5.6(a) during the period taken into consideration for determining the Applicable Market Value, appropriate and customary adjustments shall be made to the Settlement Rate.

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

  • Disbursement of Advance Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Purpose of Advances The Borrowers undertake with each Creditor Party to use each Advance only for the purpose stated in the preamble to this Agreement.

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