Examples of Construction Loan Advance in a sentence
Borrowers shall submit, or shall cause Mortgage Borrowers to submit, to Lender, contemporaneously with any submission thereof by Mortgage Borrowers to Mortgage Lender, a copy of each Draw Request related to each Construction Loan Advance and all documents required to be delivered by Mortgage Borrowers to Mortgage Lender in connection therewith pursuant to Article III of the Mortgage Loan Agreement; provided, however, that any breach of this provision shall not constitute an Event of Default hereunder.
The Borrower shall default in any payment of principal of any Construction Loan Advance or Construction Loan Note when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for two (2) Business Days.
Each such direct Construction Loan Advance (except for application of the Project Deposit) shall be added to the outstanding principal balance of the Construction Loan Advances and shall be secured by the Loan Documents.
Human Rights Law Resource Centre, A Human Rights Act for All Australians (May 2009), 68.
No Default or Event of Default shall have occurred and be continuing on such borrowing, conversion or continuation date with respect to such Construction Loan Advance or after giving effect to the Construction Loan Advances to be made, converted or continued on such date.
For the purposes of the continuity of ownership test, the start of the test period is delayed until the company stops being a DIP entity.
With respect to any Construction Loan Advance to pay a contractor, the Administrative Agent shall have received original applications for payment in form approved by the Administrative Agent, containing a breakdown by trade and/or other categories acceptable to the Administrative Agent, executed and certified by each contractor and the Architect, accompanied by invoices, and reasonably approved by Construction Consultant.
The failure of any Lender to make available its Commitment Percentage of any Construction Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Construction Loan Advance available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Construction Loan Advance available on the borrowing date.
The Borrower shall default in the payment of any interest on any Construction Loan Advance or Construction Loan Note or the payment of any other Obligation when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for five (5) Business Days.
The Title Insurer shall commit in writing to issue an endorsement to remove any exception for mechanics' or materialmen's liens or pending disbursements, with no additional title change or exception objectionable to the Administrative Agent, and such other endorsements as may be required by the Administrative Agent, such obligation to be conditioned only upon the making of the final Construction Loan Advance for the Improvements (including retainage).