Construction Loan Advances Sample Clauses

Construction Loan Advances. Construction Loan advances shall not exceed the lesser of: (i) seventy-three percent (73%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Development Loan and the Acquisition Loan Allocation allocated to the Unit, (ii) eighty percent (80%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Development Loan and the Acquisition Loan Allocation allocated to the Unit, (iii) one hundred percent (100%) of the actual construction Costs of the finished Unit, and (iv) $228,235 per Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $2,370,000.
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Construction Loan Advances. (a) Subject to Section 3.1(c) hereof, provided no monetary Default or Event of Default shall have occurred and be continuing and subject to the terms and conditions of this Agreement, the Construction Loan shall be advanced to or for the account of Borrowers in Construction Loan Advances made in accordance with Section 3.6 hereof.
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Construction Loan Advances. 4.1 With respect to the Construction Loan Advances, the following provisions of this Article 4 and the other provisions of this Agreement, excluding articles 3 and 5, shall apply.
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Construction Loan Advances. Subject to compliance by Company with the terms and conditions of this Agreement, Lender shall make advances under a Construction Note to Company according to the applicable Loan Budget for the Project financed with the Construction Note (i) for direct construction costs provided for in the Project Budget incurred by Company in connection with the construction of the Project, and (ii) for costs, other than such direct construction costs, incurred by Company in connection with the Construction Advance or the construction of the Project and approved by Lender in the Loan Budget (hereinafter referred to as "Other Project Costs"), as itemized in an Application for Certificate for Payment, AIA Document G702, together with continuation sheets, AIA Document G703, as the same may be revised from time to time after the date hereof with the approval of Lender. Loan Budget shall mean the budget for the Construction Advance proceeds approved by Lender and otherwise in form, detail and substance satisfactory to Lender. Lender shall not be required to make an advance under a Construction Note to Company in an amount in excess of that set forth in the Loan Budget for any item set forth therein. The Loan Budget may be amended during the course of construction
Sample 1
Construction Loan Advances. In addition to the provisions of this Section 3, any Advance for proceeds of the Construction Loan Tranche must comply with the terms and conditions of Construction Loan Addendum attached hereto as Addendum 4.
Sample 1
Construction Loan Advances. The Bank agrees to make advances to the Borrower from time to time on any Business Day in accordance with the provisions of this Article III up to the Construction Loan Commitment. The credit advice resulting from the deposit of the proceeds of any disbursement in the Borrower's construction account with the Bank or the Bank's copy of any cashier's check representing all or any part of the proceeds or a disbursement shall be deemed prima facie evidence of the obligation of the Borrower to the Bank on the Construction Loan.
Sample 1
Construction Loan Advances. Construction Loan advances for Units to be constructed on the Spring Ridge Lots shall not exceed the lesser of (i) sixty-five percent (65%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the A&D Loan allocated to the Unit, (ii) seventy percent (70%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the A&D Loan allocated to the Unit, or (iii) one hundred percent (100%) of the actual construction costs of the finished Unit on a percentage of completion basis. Construction Loan advances for Units to be constructed on the Emerald Farm Lots shall not exceed the lesser of (x) fifty-five percent (55%) of the “as-if completed” appraised value of a Unit on a gross sale price basis, or (y) one hundred percent (100%) of the actual construction costs of the finished Unit on a percentage of completion basis. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $2,760,000.
Sample 1
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Related to Construction Loan Advances

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • 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.

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • The Loan Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of one hundred million dollars ($100,000,000), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Initial Advances The obligation of each Lender to make the initial Advance to be made by it or of the Administrative Agent to issue the initial Letters of Credit is subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Lenders, in their sole and absolute discretion, shall agree otherwise):

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Additional Advances The Parties hereby agree that during the period from May 1, 2011 through July 31, 2011, the Payee has made additional advances to the Maker, in the aggregate amount of $15,940, in payment of the Maker’s operating expenses during that period, so that effective as of July 31, 2011, the total outstanding principal amount due and payable pursuant to the Note is $226,973.

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