Construction Credit definition
Examples of Construction Credit in a sentence
Buyer shall receive a credit against the Allocated Purchase Price for the ▇▇▇▇▇▇ Property at Closing in the amount of the Construction Credit.
Landlord’s construction management fee shall be invoiced by and paid to Landlord based upon the invoices submitted by Tenant for reimbursement from Landlord and shall be paid out of the Construction Credit.
If any Construction Credit Event is the initial Borrowing of Expansion Tranche Loans, (i) each “CPUC Approval” under and as defined in each Diablo Expansion Utility RA Contract shall have been obtained and copies thereof shall have been delivered to the Administrative Agent and (ii) either the Expansion Option under and as defined in the Diablo Base EPC Contract or the EPC Option shall have been exercised and the Administrative Agent shall have received written evidence thereof.
The making of each applicable Construction Credit Event shall be in such amounts as shall ensure that (a) uncommitted funds remaining in the Construction Account shall be disbursed to the greatest extent possible, subject to the requirements of Section 2.1.1(b)(ii) and (b) equity contributions to Project Costs shall be not less than 15% of Project Costs to-date.
To be included solely to the extent that there exists as of the Quarterly Date any shortfall between mandatory prepayments actually made in accordance with Section 2.09(b)(viii) of the Construction Credit Agreement and Section 2.09(b)(viii) of the Credit Agreement and the amount that would need to be prepaid in order to cause compliance with the Debt Sizing Criteria as determined in accordance with Section 5.20 of the Construction Credit Agreement and Section 5.21 of the Credit Agreement.
If the Deferred Assessment Amount exceeds the Construction Credit, then the balance of the Deferred Assessment Amount is due and owing and if not paid by December 1 of the year in which the calculation is made, the Deferred Assessment Amount shall be assessed against the Property.
Borrower shall provide, or Lender shall be adequately assured, that the Title Insurer is committed at the time of the applicable Construction Credit Event to issue to Lender a form 122 or other endorsement to the Title Policy dated as of the date of such Construction Credit Event, confirming the continuing first priority Lien of the Deed of Trust on the Mortgaged Property, subject only to the Title Exceptions and Permitted Liens.
To be included solely to the extent that there exists as of the Quarterly Date any shortfall between mandatory prepayments actually made in accordance with Section 2.09(b)(x) of the Construction Credit Agreement and Section 2.09(b)(x) of the Credit Agreement and the amount that would need to be prepaid in order to cause compliance with the Debt Sizing Criteria as determined in accordance with Section 5.26 of the Construction Credit Agreement and Section 5.27 of the Credit Agreement.
Landlord shall be paid a construction management supervisory fee out of the Construction Credit equal to one percent (1%) of the hard construction costs of the tenant improvements to be constructed by Tenant, specifically excluding architectural fees, project management fees, permitting, cabling, furniture, fixtures and equipment.
If on the Final Closing Date a KCN Investment Entity’s Own Cash Invested plus, if applicable, its Final Closing Preferred Credit, is less than its Maximum Investment Amount, its interest in the Limited Partnership will be reduced proportionately, and the corresponding loans under the Construction Credit Facility will be forgiven, as described in section 5.3 of this JKDA.