Total Draws definition
Examples of Total Draws in a sentence
If the outstanding Advances under the Construction Line exceed the maximum availability under the Collateral Base, Borrower shall, upon telephonic notice from Agent, immediately repay all amounts necessary to reduce the outstanding Advances under the Construction Line to the Collateral Base and/or pay to Agent the amount of the Total Draws with respect to any Residential Unit no longer included in the Collateral Base.
Any Model Home that has been included in the Collateral Base for twenty-four (24) months (and the extension period has lapsed, if applicable) shall thereafter be excluded from the Collateral Base and Borrower shall pay to Agent the amount of the Total Draws (less any curtailment payments made by Borrower) with respect to such Residential Unit.
The delivery of such releases will be made to escrow agents satisfactory to Agent to insure that, upon the close of the sale of 53 any Real Estate, Lot or Residential Unit, the agreed release price or Total Draws for such Real Estate, Lot or Residential Unit is transmitted directly to Agent from each closing for repayment of Advances hereunder.
Upon the conveyance of any Residential Unit subject to a Mortgage in favor of Agent and at such time as any Residential Unit may no longer be included in the Collateral Base, Borrower shall pay to Agent an amount equal to the Total Draws with respect to such Residential Unit.
If a Presold becomes a Spec, on the later of delivery of the first Collateral Base Certificate after such Residential Unit has been included in the Collateral Base for nine (9) months or delivery of the first Collateral Base Certificate after such Presold becomes a Spec, Borrower shall pay to Agent any amount necessary to reduce the Total Draws with respect to such Residential Unit to comply with the Collateral Base requirements for Specs in Section 5.2(b).
If, at any time, a Presold becomes a Spec and, at the time of the delivery of the next Construction Status Report and Collateral Base Certificate, there are more than six (6) Model Homes and Specs combined in such Project (including the Presold(s) that became Spec(s)), Borrower shall determine which Specs or Model Homes to exclude from the Collateral Base and Borrower shall pay to Agent the amount of the Total Draws with respect to such Residential Unit(s).
Any Residential Unit that is or becomes a Spec and has been included in the Collateral Base for twelve (12) months (and one or both of the extension periods have lapsed, if applicable) shall thereafter be excluded from the Collateral Base and Borrower shall pay to Agent the amount of the Total Draws (less any curtailment payments made by Borrower) with respect to such Residential Unit.
Any Presold included in the Collateral Base for twelve (12) months shall thereafter be excluded from the Collateral Base and Borrower shall pay to Agent the amount of the Total Draws with respect to such Residential Unit.
The release price for any Real Estate shall be agreed upon by Lenders and Borrower in connection with each Guidance Loan and included in the Guidance Loan Addendum; the release price for each Lot shall be the Lot Release Price or Lot Option Price, as applicable; and the release price for each Residential Unit shall be the amount of the Total Draws made with respect to the Residential Unit to be released.
Project Funds previously requested but not yet received: $ Project Location Payment # = 100 % Complete Address: Total Project Cost: $ Amount Requested in this Draw: $ Contractor: Including this Draw Total Draws To Date: $ Contractor: I hereby request an inspection to receive Payment # for the amount of $ .