ABF Program definition
Examples of ABF Program in a sentence
Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount.
STAGES FOR DEVELOPMENT WORK (Include only if land acquisition and development work is to be funded under the ABF Program) Schedule 3 attached hereto sets forth the Lot Staged Draw Schedule and the Stages relating to the construction of the Development Work.
Borrower and Lender acknowledge that although the sum of the Acquisition and Development Amounts outside of the ABF Program, the Borrowing Base Outstanding Amount and the Letter of Credit Amount at any given date of determination may exceed the Loan Amount, Lender shall have no obligation to make any advance of Loan proceeds which would cause the sum of the outstanding principal balance of the Loan and the Letter of Credit Amount to exceed the Loan Amount.
The planning provision enables monetary contribution for additional development of Floor Space Ratio (FSR) in the Council Policy – Carrying out Bonus Development in the Public Interest, a publicly exhibited document initially adopted by Council on 1 September 2018.
With respect to the ABF Program, Borrower requests Lender to disburse to the Borrower proceeds of the Loan in the amount of $ , which is equal to or less than the Borrowing Base Allowable Disbursement Amount.
With respect to each Project as to which Qualified Acquisition and Development Expenditures will be funded outside of the ABF Program, the aggregate amount of the Acquisition and Development Amount is sufficient to pay all costs of the acquisition of the Land and all costs of the Development Work for such Project in accordance with the Development Work Plans and Specifications and all remaining costs related thereto, except as has been specifically disclosed to and approved in writing by Lender.
Disbursements related to the acquisition of Land, the construction of Development Work or the construction of Homes under the ABF Program shall be available daily subject to the provisions of Section 3.3(e) below.
ACQUISITION AND DEVELOPMENT MATURITY DATE (Include only if the land acquisition and development work is to be funded outside of the ABF Program) The first to occur of (i) KEYBOARD(Acquisition and Development Maturity Date), which is the date KEYBOARD(# months) months from the date of the Project Documents for such Project (as such date may be extended in writing by the Lender and the Borrower from time to time), or (ii) the Maturity Date.
Development Work and construction of Homes under the ABF Program on the next Business Day following such Business Day on which the Lender received such Draw Request Certification, provided that in the event the Lender is unable to make the disbursement within such time period, the Lender will disburse the proceeds of the Loan as soon thereafter as possible.
The Borrower shall pay the costs and expenses of such inspections, provided, however, that so long as a Potential Default or an Event of Default does not exist, the Borrower shall be required to pay for only one (1) such inspection of each of the Units in each of the Projects during each calendar quarter (the Lender anticipates that the Inspector will inspect approximately one-third (1/3) of all Units in the ABF Program each month).