Net Draw Amount definition
Net Draw Amount means the draw amount limited to costs actually incurred, less amounts paid from non pari passu sources, and not including contingency amounts or retainage. It is understood and agreed that no more than 35% of the Cash Developer Fee may be received during the construction period, from all sources, and no more than half of this limit allowable to be received at the Closing.
Examples of Net Draw Amount in a sentence
Grantee will fund its pari passu share of the Net Draw Amount at each draw during construction with the balance, if any, paid as provided below.
LHC's pari passu share of each Net Draw Amount will be based on LHC’s share of funds being advanced over the construction period to pay the sum of all Net Draw Amounts, which percentage shall be [ ]%.
LHC’s pari passu share of each Net Draw Amount will be based on LHC’s share of funds being advanced over the construction period to pay the sum of all Net Draw Amounts, which percentage shall be [ ]%.