Sufficiency of Loan to Complete Construction Sample Clauses

Sufficiency of Loan to Complete Construction. (a) Anything 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 In Balance only at such time and from time to time, as Lender may reasonably determine, that the then undisbursed or unadvanced portion of the Loan Amount (plus the amount of any Borrower equity budgeted, or otherwise reserved for the Project in a manner acceptable to the Lender) equals or exceeds the amount necessary to pay for (i) all work done and not theretofore paid for or to be done in connection with completion of the construction of the Project in accordance with the Plans and Specifications, and (ii) all costs incurred and not theretofore paid for, or to be incurred in connection with the Project and as shown on the Project Budget.
Sample 1
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Sufficiency of Loan to Complete Construction. (a) Notwithstanding anything to the contrary in this Agreement, it is expressly understood and agreed that the Loan shall at all times be “In Balance.” Lender shall consider the Loan In Balance if the then-undisbursed portion of the Loan Amount, plus undisbursed funds from other sources which have been specifically identified as a source of funds for the Project in the Lender-approved Budget or otherwise approved by Xxxxxx, in its sole discretion, equals or exceeds the amount necessary to pay for, both on a line-item basis and in the aggregate, all costs incurred and not theretofore paid, or to be incurred in connection with the Project, and as shown on the Lender-approved Budget.
Sample 1
Sufficiency of Loan to Complete Construction. 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 Lender may determine in Lender's reasonable discretion that the then undisbursed portion of the applicable Non-Revolving Loan equals or exceeds the amount necessary for the timely and full payment of (i) all work done and not theretofore paid for or to be done in connection with the completion of the construction of the Project in accordance with the Plans and Specifications, including completion of all Tenant Improvements and the installation of all fixtures and equipment required for operation of the Project, and (ii) all other costs and expenses incurred and not theretofore paid for, or to be incurred in connection with the Project (to the extent revenues will not, in Lender's sole reasonable judgment, be sufficient for the timely and full payment of such costs and expenses). Borrower agrees that if the Loan is deemed not to be "in balance", Borrower shall, within thirty (30) days after written request by Lender, deposit the deficiency into its Corporate Checking Account, which deposit shall first be exhausted before any further Advances are made (or at Borrower's option, provide Lender with reasonable assurances (as determined by Lender in Lender's sole discretion) that such funds are or will be available). Lender shall not be obligated to make any Advance if the applicable Non-Revolving Loan is not in balance.
Sample 1

Related to Sufficiency of Loan to Complete Construction

  • Conditions Precedent to All Borrowings The obligation of each Lender to make an Advance on the occasion of each Borrowing and of the Issuing Lender to issue, increase, or extend any Letter of Credit shall be subject to the further conditions precedent that on the date of such Borrowing or the date of the issuance, increase, or extension of such Letter of Credit:

  • Conditions Precedent to Each Borrowing The obligation of each Lender to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true (and each of the giving of the applicable Borrowing Notice and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing such statements are true):

  • Conditions Precedent to Each Borrowing and Issuance The obligation of each Lender to make an Advance (other than an Advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c)) on the occasion of each Borrowing and the obligation of each Issuing Bank to issue a Letter of Credit shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing or such Issuance (as the case may be) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Issuance and the acceptance by the Borrower of the proceeds of such Borrowing or such Issuance shall constitute a representation and warranty by the Borrower that on the date of such Borrowing or such Issuance such statements are true):

  • Conditions Precedent and Secured Party’s Rights and Remedies The following Termination Events will be a “Specified Condition” for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party): With respect to Party A: any Additional Termination Event with respect to which Party A is the sole Affected Party. With respect to Party B: None.

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • Landlord Waivers; Bailee Waivers In the event that Borrower or any of its Subsidiaries, after the Effective Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then Borrower or such Subsidiary will first receive the written consent of Collateral Agent and, in the event that the Collateral at any new location is valued in excess of Two Hundred Fifty Thousand ($250,000.00) in the aggregate, such bailee or landlord, as applicable, must execute and deliver a bailee waiver or landlord waiver, as applicable, in form and substance reasonably satisfactory to Collateral Agent prior to the addition of any new offices or business locations, or any such storage with or delivery to any such bailee, as the case may be.

  • Notification to Lenders Upon the issuance of any Letter of Credit the applicable Issuing Lender shall promptly notify Administrative Agent and each other Lender of such issuance, which notice shall be accompanied by a copy of such Letter of Credit. Promptly after receipt of such notice (or, if Administrative Agent is the Issuing Lender, together with such notice), Administrative Agent shall notify each Lender of the amount of such Lender's respective participation in such Letter of Credit, determined in accordance with subsection 3.1C.

  • Conditions Precedent to Each Credit Event The occurrence of each Credit Event (including the initial Borrowing) is subject to the further conditions that:

  • Conditions Precedent to Each Loan and Each Letter of Credit The obligation of the Lenders to make each Loan and of the Issuing Lenders to issue each Letter of Credit, including the initial Loans and the initial Letters of Credit, is subject to the satisfaction (or waiver in accordance with Section 10.08) of the following conditions precedent:

  • Conditions Precedent to Each Extension of Credit Before any extension of credit governed by this agreement, whether by disbursement of a loan, issuance of a letter of credit or otherwise, the following conditions must be satisfied:

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