Upfront Equity definition

Upfront Equity has the meaning ascribed to such term in Schedule 5. TO: COMMUNITY & SOUTHERN BANK (“Lender”) LOAN NO. ______________________________ PROJECT ______________________________ LOCATION ______________________________ BORROWER CAMPUS CREST AT VALDOSTA, LLC ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Suite 414 Charlotte, North Carolina 28211 FOR PERIOD ENDING __________________________ In accordance with the Construction Loan Agreement in the amount of $____________ dated ____________ 2010, between Borrower and Lender, Borrower requests that [$____________ be advanced from Loan proceeds] [$____________ be advanced from Borrower’s Upfront Equity]. The proceeds should be credited to the account of ____________ Account No. ▇▇▇▇▇▇▇, at ____________.
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Upfront Equity means the sum of $1,184,339.00, which amount represents funds to be advanced by persons other than Lender, for the purposes of acquisition of the Land and construction of the Improvements, the funding of which is a condition to the Advance.
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Upfront Equity is the amount that Borrower is required to expend on the Land and Improvements before Lender is required to advance any of the Loan proceeds. Whenever Borrower is required to pay any items from Upfront Equity, Lender, at its option, may restrict or prohibit advances of the Loan for such items to the extent that Upfront Equity is sufficient to pay such amounts. In the event that any portion of Borrower’s Upfront Equity is on deposit with Lender, Lender shall make all advances first from such equity before advancing any Loan proceeds to Borrower. After the exhaustion of Upfront Equity, Lender will advance Loan proceeds pursuant to the Budget. Notwithstanding the foregoing, Lender and Borrower acknowledge that Lender will advance $1,000.00 of Loan proceeds at the time of Loan closing.
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Examples of Upfront Equity in a sentence

  • If any such Taxes are required to be withheld or otherwise paid with respect to the Upfront Equity Issuance, Curis shall timely pay such Taxes and, as promptly as possible thereafter, send to Aurigene an official receipt showing payment thereof, together with such additional documentary evidence as may be reasonably requested by Aurigene.

  • License Issue Fee $65,000 upfront payment Upfront Equity Waived License Maintenance Fees $25,000 per year per Licensed Product due on the anniversary of the Effective Date – credited against royalties in the current fiscal year.

  • Subject to Curis’ issuance to Aurigene of the Upfront Equity Issuance in accordance with Section 6.1, Aurigene’s performance of the R&D Programs with respect to PTP1 and PTP2 and delivery to Curis of the Development Candidate Data Package for each of PTP1 and PTP2 shall be at Aurigene’s sole cost and expense.

  • Evidence satisfactory to Administrative Agent that the Up-front Equity has been fully paid and funded.

  • Without limiting the generality of the foregoing, upon request by Curis, Aurigene shall provide Curis such information in Aurigene’s possession as may be reasonably necessary for Curis to obtain the benefit of any applicable reduction in Taxes or any present or future treaty against double taxation which may apply to the Upfront Equity Issuance.

  • License Issue Fee *** Upfront Equity Waived License Maintenance Fees *** per year per Licensed Product due on the anniversary of the Effective Date – credited against royalties in the current fiscal year.

  • Seller understands that the shares of preferred stock issued by Buyer as part of the Upfront Equity Consideration are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired from Buyer in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances.

  • Whenever the Borrower's Upfront Equity or Deferred Equity is on deposit with the Lender, the Lender shall make all advances first from such equity based on the allocations thereof set forth in the Budget.

  • Whenever the Borrower is required to pay any items from Upfront Equity or Deferred Equity, the Lender, at its option, may restrict or prohibit advances of the Loan for such items to the extent that Upfront Equity or Deferred Equity is sufficient to pay such amounts.

  • In the event the full Upfront Payment and the full Upfront Equity Issuance proceeds described in Section 8.1.3, are not received by Onconova or its designee within sixty (60) days after the Effective Date, unless otherwise expressly waived in writing by Onconova, this Agreement and all rights and licenses granted to HanX hereunder shall be automatically deemed to be void ab initio.