Construction Reserve definition

Construction Reserve means, at any time during which the ratio of Pro-forma Total Consolidated Liabilities to Pro-forma Gross Asset Value exceeds 0.55 to 1.0, the Dollar amount by which Pro-forma Total Consolidated Liabilities would have to be reduced in order that such ratio would not be exceeded.
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Construction Reserve has the meaning set forth in Section 8.4(a) hereof.
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Construction Reserve with respect to any Project Inventory Under -------------------- Construction, a reserve against borrowing availability hereunder, in an amount equal to the amount of any mechanics', materialmen's, or other artisan's liens which may at any time be outstanding against the applicable Project and as to which Borrowers have not satisfied the requirements of paragraph 6.1(e) hereof. ----------------
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Examples of Construction Reserve in a sentence

  • Manager’s responsibilities under this Agreement with respect to Construction, Reserve Fund Work, Capital Improvements and Restorations include general co-ordination of the Hotel Operation with professionals retained by Owner to handle all aspects of such work.

  • After giving effect to such proposed Borrowing, the Construction Reserve Account shall be funded in an amount greater than or equal to the Construction Reserve Required Amount.

  • The insufficiency of any balance in the Construction Reserve Account shall not relieve Borrower from its obligation to perform the Construction Work in a good and workmanlike manner and in accordance with all Legal Requirements.

  • A portion of the Loan in the amount of Two Million Two Hundred Eighty Eight Thousand Seventy One and 09/100ths Dollars ($2,288,071.09) (the “Construction Reserve Funds”) has been funded and is being held by Lender in the Construction Reserve Account.

  • Upon the establishment of the Blocked Account and the execution and delivery of the Control Agreement by all intended parties thereto, the Lender shall promptly cause the Construction Reserve Funds to be transferred into the Blocked Account, and thereafter all references herein to the Construction Reserve Account shall mean and refer to the Blocked Account.

  • For the avoidance of doubt, interest shall accrue on the Construction Reserve Funds from and after the Effective Date.

  • Within 30 days of the date of this Agreement, the General Partner, on behalf of the Partnership, shall open a Construction Reserve Account with a financial banking institution.

  • L▇▇▇▇▇’s right to withdraw and apply funds in the Construction Reserve Account shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents.

  • If, on March 1, 2007, the balance of the Construction Reserve Account is less than $150,000, the General Partner shall be obligated to make monthly deposits of $40,000 into the Construction Reserve Account until the balance of the Construction Reserve Account is no less than $150,000.

  • Any withdrawals from the Construction Reserve Account shall require the Consent of the Special Limited Partner.


More Definitions of Construction Reserve

Construction Reserve means the amount of US$20,000,000;
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Construction Reserve means an amount of proceeds of Advances not to exceed at any time $250,000, that may be held in the Construction Account as a reserve to pay (in accordance with the Construction Budget) Project Costs not anticipated at the time of any applicable Advance.
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