Required Equity. 15 Section 2.2 Interest Rate.............................................................. 16 2.2.1 Interest................................................................... 16 2.2.2 Minimum Amounts and Maximum Number of Interest Periods..................... 17 2.2.3 Certain Notices............................................................ 17 2.2.4
Required Equity. Agent and each Lender shall have received evidence satisfactory to Agent and each Lender of Borrower’s receipt of cash equity proceeds totaling no less than $2,750,000 on terms acceptable to Agent and each Lender.
Required Equity. A. Indebtedness pursuant to this Agreement (Section 8.1(a)) $______________ Plus Recourse Indebtedness (Section 8.1(f)) $______________ (Amount may not exceed $20,000,000) Plus Non-Recourse Indebtedness (Section 8.1(g)) $______________ Plus Non-Recourse Indebtedness (Section 8.1(h)) $______________ Plus Indebtedness under Mortgage Loan Agreement (Section 8.1(i)) $______________ Plus Indebtedness under Mezzanine Mortgage Loan Agreement (Section 8.1(j)) $______________ Total $______________
Required Equity. In the event that, as of the date of the proposed Construction Loan Advance, the Total Cost Ratio exceeds eighty-one percent (81%) (the amount in excess of such eighty-one percent (81%) threshold being referred to herein as a “Subsequent Required Equity Amount”), Borrowers shall be required to provide to Lender, as an additional equity contribution, the Subsequent Required Equity Amount, which may be provided in one of, or by a combination of, the following manners: (A) a voluntary prepayment of the Loan in accordance with all of the terms of Section 2.4.1 hereof and to be applied as set forth in Section 2.4.3(a) hereof (with the Exit Fee payable in connection therewith being determined in accordance with the provisions of Section 2.8 hereof), (B) the delivery to Lender of evidence satisfactory to Lender in its reasonable discretion that Borrowers or one or more Affiliates thereof have previously expended cash to satisfy Project Costs included on the Loan Budget, which shall result in a credit against the amount of the Required Equity Amount by the amount of such cash expended, and/or (C) the delivery of a Required Equity Letter of Credit. If Borrowers elect to deliver any Required Equity Letter of Credit, the following shall apply to each such Required Equity Letter of Credit, including, without limitation, the Required Equity Letter of Credit on deposit with Lender as of the date hereof representing the Required Equity Amount and any Required Equity Letter of Credit delivered to Lender in accordance with the terms hereof representing any Subsequent Required Equity Amount:
Required Equity. Agent shall have received evidence reasonably satisfactory to Agent that Empeiria Investors, LLC shall have purchased preferred shares (carrying no put options or mandatory redemption provisions that may be triggered prior to the date that is the six month anniversary of the expiration of the Term) of Empeiria which shall have generated net cash proceeds in an aggregate amount equal to at least $2,500,000;
Required Equity. In the event that, as of the date of the proposed Construction Loan Advance, the sum of the outstanding principal amount of the Acquisition Loan Advance and the then applicable Construction Loan Amount exceeds eighty percent (80%) of the Total Costs (the amount in excess of such eighty percent (80%) threshold being referred to herein as a “Subsequent Required Equity Amount”), Borrowers shall be required to provide to Lender, as an additional equity contribution, the Subsequent Required Equity Amount, which may be provided in one of, or by a combination of, the following manners: (i) a voluntary prepayment of the Loan in accordance with all of the terms of Section 2.4.1 hereof and to be 115 applied as set forth in Section 2.4.3(a) hereof, (ii) the delivery to Lender of evidence satisfactory to Lender in its reasonable discretion that Borrowers or one or more Affiliates thereof have previously expended cash to satisfy Project Costs included on the Loan Budget, which shall result in a credit against the amount of the Required Equity Amount by the amount of such cash expended, and/or (iii) the delivery of a Required Equity Letter of Credit.
Required Equity. (a) Lender shall not be obligated to make any Advances hereunder until Borrower shall have contributed the full amount of the Required Equxxx xxx the full amount of the Required Equity shall have been fully disbursed to fund Project costs set forth in the Budget and approved by the Agent, with evidence of such payments delivered to the Agent promptly after the making thereof and prior to disbursement of any proceeds of the Loan. The Required Equity may be contributed by Borrower in the form of cash (including without limitation by means of the Banc One Financing obtained by Member and/or Alliance Holdings, Inc., provided same complies with Section 2B.15(b) hereof) or may be contributed by means of the Mezzanine Financing, all on the terms set forth herein, or any combination of cash and the Mezzanine Financing, prior to or following the Closing Date or prior to or following the date in which the Required Equity is fully funded. As of the date hereof, Borrower has delivered to Lender, in form acceptable in all respectx xx Xxxnt, evidence that Borrower has contributed or shall contribute the full amount of thx Xxxxxxed Equity (i) by paying, prior to the Closing Date designated project costs approved in writing by Agent and identified in the Budget and/or (ii) by procuring an irrevocable commitment or commitments to fund Project costs incurred after the Closing Date and approved by the Agent.
Required Equity. (a) All Required Equity shall be contributed (i.e., expended by Borrower and invested in the Property for Building Loan Costs and Project Loan Costs or any other approved cost in connection with the construction of the Improvements) and all Project Cash Collateral shall be disbursed before any Advances of the Project Loan (or further Advances of the Project Loan, as the case may be) shall be made. (b) The parties acknowledge that the respective amounts of the Project Loan and the Project Supplemental Loan may require reallocation after Borrower has contributed its Required Equity depending upon the amount of Required Equity in fact used to pay for Project Loan Costs versus Building Loan Costs. The parties agree to enter into such amendments to this Agreement, the Supplemental Loan Agreement and the other Loan Documents as may be reasonably required to reallocate the respective amounts of the Project Loan and the Supplemental Loan, it being understood that the amount of the Project Loan together with the amount of the Supplemental Loan shall in no event exceed $290,000,000 and it being intended -15- <PAGE> that the amount of the Project Loan shall equal the amount of Project Loan Costs to be funded out of Project Cash Collateral (as defined in the Cash Collateral Agreement) rather than Required Equity. SECTION 2.2
Required Equity. Agent shall have received evidence satisfactory to Agent that there is no Shortfall and that Guarantor has satisfied the requirements set forth in Section 2.1.8 hereof with respect to the contribution of the Required Equity Funds, and that all such Required Equity Funds have been used (or will be used concurrently with the use of the proceeds of such Initial Advance) to pay for Project Related Costs in a manner satisfactory to Agent.
Required Equity. Evidence that the Borrower's Required Equity shall have been applied to the costs of Acquisition and Project Costs in a manner approved by Lender.
