Construction Proceeds definition

Construction Proceeds. Means proceeds of the Term Loan in excess of the Term Closing Disbursement to be held in an interest-bearing account and disbursed in payment of the cost of construction of the Improvements in accordance with the terms of this Agreement.
View Source
Construction Proceeds means the proceeds from any insurance award or condemnation award, which are to be used pursuant to the terms of this Agreement to restore or rebuild the premises;
View Source

Examples of Construction Proceeds in a sentence

  • Available Construction Proceeds do not include Gross Proceeds used to pay Issuance Costs financed by the Issue, but do include earnings on such Proceeds.

  • The Rebate Amount with respect to Gross Proceeds other than Available Construction Proceeds (e.g., amounts in a reasonably required reserve or replacement fund or in a Bona Fide Debt Service Fund, to the extent subject to rebate (see footnote 3)) must be timely paid.

  • Bank shall not be obligated to make any disbursement if the Construction Proceeds are not in balance.

  • The New Construction Proceeds are fully disbursed Loan proceeds and Borrower is fully obligated for the repayment of same and the payment of interest and other amounts with respect to same as if such New Construction Proceeds were funded directly to Borrower.

  • The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to such an offer to purchase with Excess Construction Proceeds.

  • All monies disbursed by Agent and the Lenders from the Construction Proceeds (including amounts payable to Agent and the Lenders and disbursed by Agent and the Lenders to themselves pursuant to the terms hereof) shall constitute loans made to Borrower under this Agreement, evidenced by the Term Note and this Agreement and secured by the other Loan Documents, and interest shall be computed thereon, as prescribed by this Agreement and the Term Note, from the Closing Date.

  • For purposes of determining whether the spend down requirements have been met as of the end of each of the first three spend-down periods, Available Construction Proceeds include the amount of Investment Proceeds or earnings that the Issuer reasonably expected as of the Issuance Date to earn during the two year period unless the Issuer elects, on or before the Issuance Date, to apply these spend down requirements on the basis of actual facts rather than reasonable expectations.

  • Available Construction Proceeds (defined in paragraph (ii) below) are not to include earnings on the Proceeds deposited to the Debt Service Reserve Fund.

  • The Issuer does not make any warranty, either express or implied, that the Available Series 2021 Construction Proceeds will be sufficient to pay all the costs which will be incurred in that connection.

  • If the Issuer elected in the Tax Compliance Certificate to exclude from Available Construction Proceeds the Investment Proceeds or earnings on a reasonably required reserve or replacement fund for the Issue during the 2-year spend-down period, the Rebate Amount, if any, with respect to such Investment Proceeds or earnings from the Issuance Date must be timely paid to the United States.

Related to Construction Proceeds

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Condemnation Proceeds All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

  • Loan Proceeds means funds disbursed by Lender on account of the Loan and pursuant to this Loan Agreement.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.