Development Loans Clause Samples
A development loans clause outlines the terms and conditions under which a lender provides financing specifically for property development projects. It typically details the drawdown schedule, interest rates, and requirements for disbursement, such as proof of construction progress or submission of invoices. This clause ensures that funds are released in stages as the project advances, thereby reducing the lender's risk and ensuring that the loan is used appropriately for its intended purpose.
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Development Loans. The rights and obligations of the parties in connection with each of the Development Loans, including any defaults and remedies associated therewith, shall be as otherwise set forth in each of the Loan Documents, anything to the contrary in this Article V of this Agreement notwithstanding.
Development Loans. From time to time the Manager may propose that the Company provide non-recourse development financing to one or more Developers for the acquisition and construction of self storage facilities on one or more Potential Self Storage Sites (each such proposal, a “Proposed Loan”). The Members intend to make Gross Capital Contributions of up to the Investment Target during the Investment Period in connection with the Company’s funding of Approved Loans, it being understood that in no event shall any Member have any obligation to make any Capital Contributions except pursuant to Section 4.2.
(a) In connection with each Proposed Loan, the Manager shall underwrite the Proposed Loan using the Underwriting Policies and Procedures of J▇▇▇▇▇▇▇ Parent, adopted as November 1, 2015 (the “Underwriting Policies and Procedures”) (a copy of which has been provided to Investor prior to the Effective Date and J▇▇▇▇▇▇▇ shall promptly provide to Investor any written updates, supplements or amendments thereto). If the Proposed Loan has been approved by the Manager’s Investment Committee, as defined in the Underwriting Policies and Procedures, then the Manager shall submit to the Executive Committee the materials reviewed by J▇▇▇▇▇▇▇ and the Investment Committee provided for in Sections I through VI of the Underwriting Policies and Procedures, including those materials set forth in the list delivered to Investor by J▇▇▇▇▇▇▇ on the date hereof, together with the applicable preliminary approval from the Investment Committee (as provided for in the Underwriting Policies and Procedures) of such Proposed Loan (collectively, the “Preliminary Offering Package”). The Executive Committee shall have ten (10) days after receipt of the Preliminary Offering Package to notify the Manager that it has preliminarily approved or disapproved, in the sole and absolute discretion of each of the voting Authorized Representatives, the Proposed Loan. If none of the Authorized Representatives designated by a Member or the Manager respond within such ten (10) day period, the Executive Committee shall be deemed to have disapproved the Proposed Loan. The Members agree that the Proposed Loan for each project in the Pending Portfolio shall be deemed to have received preliminary approval from the Executive Committee and the Members pursuant to this Section 3.1(a) as of the date hereof.
(b) Upon receipt of preliminary approval from the Executive Committee with respect to a Proposed Loan, the Manager shall negotia...
Development Loans. Proceeds advanced by Lender to Borrower for subsequent Development Loans may be used by Borrower exclusively for the purposes of funding Borrower's share of costs and expenses relating to the conduct of the Development Operations described in Schedule 2.1 hereof, or such Substitute Development Operations as may be subsequently approved by Lender.
Development Loans. The Borrower/Recipient shall ensure that IFAD financing shall not be used to provide development loans to smallholders to develop plantations above a maximum of 2 ha/household. In the event that this threshold hinders the attainment of project objective and targets, the Fund and the Borrower/Recipient will review and adjust it accordingly.
Development Loans. The Buyer shall, conditional on the receipt of ▇▇ ▇▇▇▇▇ approval of the first POD by CGB2, become obliged to make advances from time to time required by the Company to fund the working capital required for appraisal and development of any successful Petroleum discovery of up to a total, maximum amount of forty one million three hundred thousand US dollars, US$41,300,000 (the “Development Loans”) in excess of the Earning Obligation funds, and utilize the Development Loans strictly in accordance with the provisions set out in the Shareholders Agreement.
Development Loans. Development Loans" shall mean Mortgage loans to finance all or part of the cost of developing vacant land into a site or sites suitable for the construction of buildings thereon or suitable for other residential, commercial, industrial or public uses, including the cost of acquiring land for such purpose.
Development Loans. Prior to the Drawdown Termination Date, Lender may, but shall not be obligated to, make additional advances to Borrower of Development Loan(s) up to an aggregate of Seven Million Five Hundred Thousand Dollars ($7,500,000) to be used exclusively for Development Plan Expenditures. Any Request for Commitment for a Development Loan in relation to any Development Plan shall be for a minimum of Two Million Five Hundred Thousand Dollars ($2,500,000) and will be subject to Lender’s approval in its sole and absolute discretion. Each Request for Commitment shall also include a variance allowance not to exceed ten percent (10%) of the estimated expenses set forth in the Request for Commitment and supporting materials for each Development Plan (such allowance will be available only to the extent the actual costs of any Development Plan Expenditures exceed one hundred percent (100%) of the estimated costs).
Development Loans. Development Lenders shall have the right to require Borrower to amend the pricing (including the spread or margin) or fees with respect to the Development Loans (but not including structural changes that increase the obligations or liabilities of the Borrower (other than ministerial and other changes which do not affect the Borrower in more than a de minimis manner), except as allowed by Paragraph 8 below), and Borrower shall cooperate with Development Lenders in all reasonable respects in amending the pricing (including the spread or margin) or fees with respect to such Loans, such that Development Lenders are able to achieve a Successful Syndication of the Development Loans. *** *********** ******* ***** **** **** *** ***** ** ** **** *** ******* ******* ** *** ********* ******** ***** ** ***** *** **** **** *** ******* ** ********* ** *** **** *********** Any discount realized by Development Lenders from any sale, assignment or transfer of any Development Loan to any person (other than to an affiliate of such Development Lender except for any sale, assignment or transfer to affiliates on the same terms, at the same price and in similar aggregate amounts as such Loans have been sold in comparable third-party transactions) by the applicable Borrower and shall be paid from sources of funds described in Paragraph 9. For the avoidance of doubt, any increase in the interest for any portion of the Development Loans shall be applied to all outstanding Development Loans.