Developer Equity Sample Clauses
The Developer Equity clause defines the rights and obligations regarding the ownership or allocation of equity to a developer involved in a project or company. Typically, this clause outlines the percentage of equity granted, the vesting schedule, and any conditions that must be met for the developer to earn or retain their shares, such as continued employment or achievement of milestones. Its core practical function is to incentivize the developer's ongoing contribution and align their interests with the long-term success of the venture, while also protecting the company from losing equity to individuals who do not fulfill their commitments.
Developer Equity. Lender shall be satisfied that the Lessor shall have contributed on the relevant Borrowing Date an amount equal to the Developer Equity associated with such Project Loan Advance.
Developer Equity. 33 7.8 Acquisition of Property . . . . . . . . . . . . . . . 33 SECTION 8. CONDITIONS PRECEDENT TO SUBSEQUENT ADVANCES . . . . . . . . . . 33
Developer Equity. Equity from the Developer (the "Developer Equity") consisting of the following:
( 1 ) Approximately $34,371,000 (approximately $14, 261,000 of which shall be derived from 4% Low Income Housing Tax Credits plus approximately $20,110,000 of which shall be derived from 9% Low Income Housing Tax Credits), to be provided by the Tax Credit Equity Investor, derived from Low Income Housing Tax Credits, which shall include approximately $1,646,600 to be disbursed during the construction period and the balance to be disbursed following Completion;
Developer Equity. Equity from the Developer will be used to finance a portion of the Acquisition and Development Costs and will consist of the following:
(1) A portion of the Developer Fee, in excess of $2,800,000, shall constitute Developer’s equity (“Developer Equity”), to be contributed to the Project, with the balance of the Developer Fee in the amount of $2,800,000 payable to Developer during construction of the Project, in accordance with the following schedule of disbursements: i. 25% upon Closing;
Developer Equity. Equity from the Developer will be used to finance a portion of the Acquisition and Development Costs and will consist of the following: A deferred portion of the Developer Fee, in the amount of $140,000 (the “Deferred Developer Fee”), constituting that portion of the Developer Fee to be paid to Developer first from Developer’s share of Cost Savings and Additional Proceeds as set forth in subsections (h) and (i) below, and from operating revenues, before calculating residual receipts, with the balance of the Developer Fee in the amount of $1,260,000 payable to Developer in accordance with the following schedule of disbursements: i. 30% upon Closing; ii. 30% upon 50% Completion of construction of Improvements;
Developer Equity. 33 7.8 Acquisition of Property...............................33 SECTION 8. CONDITIONS PRECEDENT TO SUBSEQUENT ADVANCES........................33
Developer Equity. The Developer will provide at least $5.0 million of total equity, including not less than $2.6 million of cash equity in the form of: Cash funded into the construction escrow at closing; and/or City-approved pre-paid costs to third party entities Cash equity ($2.6 million) shall not be reimbursed or reimbursable via the proceeds of the Senior or Subordinate Loans. In addition, the Developer may defer up to 100% of Developer Fee (described below), estimated at $2.4 million, and have this deferral counted toward the minimum overall $5.0 million equity requirement. If a lesser amount is deferred and additional capital contributions are made instead, these contributions shall not be counted toward the $2.6 million base cash equity requirement described above.