The Construction Loan Sample Clauses

The Construction Loan. On the terms and conditions set forth in the MLA and this First Supplement, Lender agrees to make a Construction Loan to the Borrower (the “Construction Loan”), by means of multiple advances in an amount not to exceed the lesser of (i) $75,000,000.00 or (ii) an amount equal to 60% of the Project Costs (the “Construction Loan Commitment”). Under the Construction Loan, amounts borrowed and repaid or prepaid may not be reborrowed.
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The Construction Loan. Borrower acknowledges and agree that advances under the Construction Loan may not exceed $ without the express written approval of the LHC.
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The Construction Loan. As soon as is feasible, the Purchaser shall obtain a construction loan for the Real Property and use the first proceeds thereof to satisfy the purchase money note and the balance to be used for the construction of residences on each lot.
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The Construction Loan. Subject to the conditions herein set --------------------- forth, Lender agrees to loan to or for the benefit of Borrower, and Borrower agrees to draw upon and borrow, in the manner and upon the terms and conditions herein expressed, amounts that shall not exceed (i) at any one time, the sum of $28,000,000 and, (i) in the aggregate, the sum of $39,000,000 (the "Construction Loan"). The foregoing notwithstanding, under no circumstances shall the unpaid principal balance of the Construction Loan, together with the unpaid principal balance of the Receivables Loan and the Working Capital Loan exceed a total amount equal to $45,000,000, and Lender shall have no obligation to make any Advance hereunder if such Advance would cause the foregoing limitation to be exceeded. The proceeds of the Construction Loan, together with Loan Balancing Equity, shall be (i) used to construct the Improvements and pay other costs and expenses in the amounts and to the extent set forth in the Construction Budget and (ii) disbursed only in accordance with the Job Progress Schedule and Construction Budget approved by Lender. Equity in the amount of $10,000,000 shall be used by Borrower to acquire the Real Property and fund operating expenses of the Borrower incurred during the pre-development and construction stages of Project. Anything to the contrary notwithstanding, in the event Borrower does not satisfy all of the conditions precedent to making the first Advance on or before the Closing Date, (i) the entire Loan Fee shall nevertheless be deemed earned by Lender in consideration for Lender's holding itself ready and willing to make the Construction Loan upon the terms and conditions set forth herein and (ii) Lender shall have no further obligation to make the Receivables Loan, the Construction Loan or the Working Capital Loan. The retention of the Loan Fee is in addition to Borrower's obligations under Paragraph 15.7 hereof. --------------
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The Construction Loan. In reliance upon the representations and warranties of the Borrower, and subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to loan to the Borrower a sum of money not to exceed Four Million Four Hundred Eighty Thousand and 00/100 Dollars ($4,480,000.00), or such lesser amount as may be provided by other loan limitations set forth in this Agreement, for the purposes set forth herein, to be advanced and disbursed by the Bank in accordance with this Agreement.
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The Construction Loan 
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Related to The Construction Loan

  • No Construction Loans No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgage Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;

  • Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  • Pre-Construction Phase Employer’s Liability, Workers’ Compensation, Comprehensive General Liability and Comprehensive Automobile Liability in the amounts as set forth in the UGSC.

  • DAF Construction The DAF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Developer and Connecting Transmission Owner agree on another mutually acceptable deadline, the Developer shall deliver to the Connecting Transmission Owner and NYISO “as- built” drawings, information and documents for the DAF, such as: a one-line diagram, a site plan showing the Large Generating Facility and the DAF, plan and elevation drawings showing the layout of the DAF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Developer’s step-up transformers, the facilities connecting the Large Generating Facility to the step-up transformers and the DAF, and the impedances (determined by factory tests) for the associated step-up transformers and the Large Generating Facility. The Developer shall provide to, and coordinate with, Connecting Transmission Owner and NYISO with respect to proposed specifications for the excitation system, automatic voltage regulator, Large Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • ICIF Construction The ICIF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Parties agree on another mutually acceptable deadline, Interconnection Customer shall deliver to Transmission Provider and Transmission Owner “as-built” drawings, information and documents for the ICIF, such as: a one-line diagram, a site plan showing the Generating Facility and the ICIF, plan and elevation drawings showing the layout of the ICIF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Interconnection Customer’s step-up transformers, the facilities connecting the Generating Facility to the step-up transformers and the ICIF, and the impedances (determined by factory tests) for the associated step-up transformers and the Generating Facility. Interconnection Customer shall provide Transmission Provider and Transmission Owner with Interconnection Customer’s specifications for the excitation system, automatic voltage regulator, Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • PRE-CONSTRUCTION PHASE FEE The Pre-Construction Phase Fee is the total compensation payable to Contractor for the performance of Pre-Construction Phase Services, except for Additional Pre-Construction Phase Services approved in advance and in writing by Owner. The Pre-Construction Phase Fee shall be a lump sum amount based on the AACC established in this Agreement.

  • Agreement Construction Headings or captions to the provisions of this Agreement are solely for the convenience of the parties, are not part of this Agreement, and shall not be used to interpret or determine the validity of this Agreement. Any ambiguity in this Agreement shall not be construed against the drafter, but rather the terms and provisions hereof shall be given their reasonable interpretation.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen

  • During Construction Upon request of the Owner the Contractor shall submit written proposals for unit prices to be applied in the event Change Order Work is authorized by the Owner to be performed under Case (b).

  • Certain Constructions (a) For purposes of this Agreement, references to the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR and Class J-RR Certificates; provided, however, that for purposes of determining the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates, in the event that the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Non-Vertically Retained Pooled Principal Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class S and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or Notional Amount has not been reduced to zero. For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant to Section 9.01 of this Agreement.

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