Construction Advance definition

Construction Advance means an advance of funds to pay Property Costs pursuant to Section 5.4 of the Participation Agreement.

Construction Advance means any Advance for Costs of Construction which are properly payable to appropriate Contractors pursuant to the Construction Contracts.

Construction Advance means any Advance for the payment of Project Costs.

Examples of Construction Advance in a sentence

• The Construction Advance shall be paid in full prior to the start of any construction.

• If no Construction Advance is required, the entire Additional Advance Payment will be refunded.

• In accordance with the Formula below (the “Formula”), the Company shall determine whether a payment, by the Customer, of a Construction Advance shall be required.

• If a lower or negative (A) results from applying the Formula as so modified, and if, in the Company’s opinion, a risk does not exist regarding either a future reduction in the level of the Customer’s usage or the collectability of the Customer’s account, then the Company shall refund a portion of, or the entire calculated Construction Advance or the full cost of construction, without interest.

• It is expressly agreed that the Board’s obligation to make any Construction Advance shall be subject to satisfaction of the following conditions, unless waived by the Board at its sole discretion.

More Definitions of Construction Advance

Construction Advance means an advance of the Committed Amount to pay costs of the Project pursuant to Section 4.1 (a) or to reimburse the Borrower pursuant to Section 4.1 (c) for costs of a Project not yet completed.

Construction Advance means an advance of funds by any of the Lessor Parties to pay, or to reimburse the Lessee, the Construction Agent or a designee or designees of either for, Property Costs pursuant to Section 5.4 of the Participation Agreement.

Construction Advance and "Construction Advances" shall have the meanings provided therefor in Section 1.01(d) hereof.

Construction Advance means an Advance all or a portion of which is or will be used to construct improvements on Real Property or otherwise used in the development of Real Property.

Construction Advance means an Advance made against a Construction/Perm Mortgage Loan.

Construction Advance means each Advance made by the Lessor and the Agent to the Construction Agent for the purpose of paying Property Improvement Costs with respect to City Center II, as the case may be.

Construction Advance or “Construction Advances” shall mean the advances of funds to the Borrower by the Lender pursuant to this Agreement on a non-revolving basis for construction of the Improvements up to a maximum amount of One Million Four Hundred Sixty-Five Thousand Nine Hundred Dollars ($1,465,900), but not to exceed the sum of the Direct Costs and the Indirect Costs less the amount of Borrower’s Equity.