Common use of Required Equity Clause in Contracts

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 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. 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 (i) $775,000,000.00 plus (ii) the then applicable Construction Loan Amount exceeds eighty eighty-one percent (8081%) of the Total Costs (the amount in excess of such eighty eighty-one percent (8081%) 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: (iA) 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, (iiB) 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 (iiiC) the delivery of a Required Equity Letter of Credit.