In Balance. Borrower shall at all times cause the undisbursed Loan funds to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to: (a) pay, through completion, all costs of development, construction, marketing and sale or leasing of the Property and Improvements in accordance with the Loan Documents and any Approved Budget; (b) pay all sums which may accrue under the Loan Documents prior to repayment of the Loan; (c) enable Borrower to perform and satisfy all of the covenants of Borrower contained in the Loan Document. Furthermore, without limitation of the immediately preceding sentence Borrower shall at all times cause: (i) the undisbursed portion of the Capital Improvement Reserve to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to pay, through completion, all costs to complete all work required to be completed under the Capital Improvement Budget; and (ii) there to be no Interest Reserve Deficiency (collectively “In-Balance”). If Lender reasonably determines at any time that the undisbursed Loan funds (and available Reserves) are insufficient for said purposes, then Borrower shall deposit the amount of such deficiency into the applicable Reserve designated by Lender within five (5) Business Days of Lender’s written demand and, notwithstanding anything to the contrary in this Agreement, Lender shall not be required to disburse any proceeds of the Loan until Borrower deposits the applicable amount of such deficiency in an account as required by this paragraph. Any funds deposited in accordance with this paragraph shall be available for payment of costs and expenses enumerated in this paragraph prior to any additional Reserve funds being made available for payment of such costs by Lender.
In Balance. The term “In Balance” shall mean at the time of determination that each Holdback is “in balance” in accordance with the terms of a Note.
In Balance. Borrower shall fail to strictly comply with the provisions of Section 4.3 of this Agreement.
In Balance. Anything contained in this Agreement to the contrary notwithstanding, it is expressly understood and agreed that the Loan shall at all times be “in balance.” The Loan shall be deemed to be “in balance” only at such time and from time to time as Bank or Bank’s inspecting engineer may determine in its sole discretion that the then undisbursed portion of the Loan equals or exceeds the amount necessary for the timely and full payment of (i) all work done and not theretofor paid for or to be done in connection with the completion of the construction of the Project Facility in accordance with the Plans and Specifications, and (ii) all other costs incurred and not theretofor paid for or to be incurred in connection with the Project. Borrower agrees that if any Loan is deemed not to be “in balance,” Borrower shall, within ten (10) days after written request by Bank, deposit the deficiency with Bank, which deficiency deposit shall first be exhausted before any further disbursement of any Loan is made. Bank shall not be obligated to make any Loan Advances if the Loan is not in balance.
In Balance. The Loan shall be “in balance” at all times as determined by Lender in its sole and absolute discretion. For purposes of this Loan Agreement, the Loan will be deemed “in balance” only at such times as Borrower has invested a sufficient amount of its own funds so that (i) the total loan-to-value ratio never exceeds 65% and (ii) the undisbursed portion of the Interest Holdback is sufficient to pay interest on the Loan until the Maturity Date, as reasonably determined by Lender.
In Balance. When the undistributed proceeds of the Loan equal or exceed the amount necessary, based upon Lender's estimate, in its sole discretion, of the cost of construction from time to time, to pay for all work, labor and materials for the completion of the construction of the Project in accordance with the Plans and Specifications, including the payment of all retainages, the installation of all fixtures, equipment and finishes, and also to pay amounts necessary for the estimated or actual costs of start-up expenses, interest and all other non-construction costs associated with the Project.
In Balance. If at any time and from time to time the Construction Component of the Budget is not In Balance, the Borrowers shall deposit or cause to be deposited into the Cash Collateral Account, in cash, funds in the amount required to bring the Construction Component of the Budget In Balance. Each such deposit shall be made on the earlier of (x) ten (10) days after demand therefor by the Administrative Agent or (y) the Business Day immediately preceding the date on which an Advance is to be made hereunder.