Examples of Borrower Loan Proceeds in a sentence
Upon receipt of a Draw Request to pay for Project Costs from the Borrower and the approval thereof by the Lender, the Lender shall disburse to, or for the account of, the Borrower, Loan Proceeds to pay Project Costs in accordance with the Draw Request.
Any Borrower Loan Proceeds previously disbursed to the Borrower in excess of the Permanent Period Amount shall be paid by the Borrower to the Funding Lender.
The undisbursed Borrower Loan Proceeds, together with Borrower's Funds and all other sums, if any, to be provided by Borrower as shown in the Cost Breakdown, are sufficient to construct the Improvements in accordance with the terms and conditions of this Borrower Loan Agreement.
Subject to the terms and conditions of this Agreement and the other Loan Documents, Lender agrees to advance to Borrower Loan Proceeds in an amount equal to One Million and No/100 Dollars ($1,000,000.00) (the “Loan Amount”).
Subject to the terms and conditions of this Agreement and the other Loan Documents, Lender agrees to advance to Borrower Loan Proceeds in an amount equal to Two Hundred and Twenty-Five Thousand and No/100 Dollars ($225,000.00) (the “Loan Amount”).
Borrower shall diligently correct any defect in the Improvements or any departure from the Plans and Specifications not approved by Funding Lender; the advance of any Borrower Loan Proceeds shall not constitute a waiver of Funding Lender's right to require compliance with this covenant with respect to any such defects or departures from the Plans and Specifications.
Within ten (10) business days after delivery of such notice, but in no event later than the Outside Conversion Date (or, if applicable, the Extended Outside Conversion Date), the Funding Lender shall disburse Borrower Loan Proceeds to the Borrower so that the aggregate principal amount of the Borrower Loan disbursed equals the Permanent Period Amount.
Funding Lender shall not be required to Disburse any Borrower Loan Proceeds at any time that Borrower has failed to deposit all Borrower's Funds required under Section 8.1. Any unexpended Borrower's Funds allocated to a line item in the Cost Breakdown shall be disbursed prior to any Disbursement for that line item.
The proceeds of the Loans available to be advanced to Borrower ("Loan Proceeds") are the original principal amount of the Notes less closing costs and expenses set forth in a loan closing statement prepared in connection with the Loans, subject, however, to the provision of Section 4.4 of this Agreement, below.
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