Disbursement Deposit Date definition
Disbursement Deposit Date means the Phase I Construction Loan Conversion Date. “Distributions” shall mean the declaration or (without duplication) payment of any distributions or dividends (in cash, property or obligations) on, or other payments on account of, or the setting apart of money for a sinking or other analogous fund for, or the purchase, repurchase, redemption, retirement or other acquisition of, any Equity Securities of any Person or of any warrants, options or other rights to acquire the same (or to make any payments to any Person, such as “phantom membership” or “phantom stock” payments or similar payments, where the amount is calculated with reference to the fair market or equity value of any Person), but excluding distributions or dividends payable by a Person solely in common membership or common shares of Equity Securities of such Person.
Examples of Disbursement Deposit Date in a sentence
At the end of the Phase II Construction Phase, the Phase II Construction Loan shall automatically convert to a term loan (the “Phase II Term Loan”), with the Phase II Term Loan to commence on Phase II Disbursement Deposit Date and to mature on the Phase II Term Loan Maturity Date.
At the end of the Construction Phase, the Phase I Construction Loan shall automatically convert to a term loan (the “Phase I Term Loan”), with the Phase I Term Loan to commence on Disbursement Deposit Date and to mature on the Phase I Term Loan Maturity Date.