Loan In Balance. As used herein, a “Shortfall” shall mean, as to any Line Item in the Development Budget as of any date, the amount determined by Lender, in Lender’s sole but reasonable judgment, by which (A) the cost of completing or satisfying such Line Item, exceeds (B) the remaining undisbursed portion of the Loan allocated to such Line Item in the Development Budget plus any sums deposited with Lender pursuant to this Section 2.1.10 to pay for such Line Item and not previously disbursed plus any Reserve Funds to the extent such Reserve Funds are available hereunder for the payment of such Line Item. From time to time and at any time during the Construction Period, Lender shall have the right, but not the obligation, to notify Borrower that it has determined a Shortfall exists as to any one or more Line Items. If Lender at any time shall so notify Borrower, Borrower shall, at its option within five (5) days of Lender’s notification as aforesaid, either: (i) deposit with Lender an amount equal to such Shortfall, which Lender disburse to Borrower to the satisfaction of the costs of such Line Item prior to advancing any further Loan proceeds on account of such costs; (ii) post an irrevocable standby Letter of Credit in the amount of such Shortfall, in favor of Lender; (iii) to the extent permitted under Sections 2.1.7 hereof and 5.1.33 of the Building Loan Agreement, and following the satisfaction of the Initial Advance Conditions allocate the Contingency Reserve, with respect to the Line Item(s) in question, to the Shortfall, and provided, further that the amount of the remaining Contingency Reserve for such Line Item(s) (following the allocation to the Shortfall) is sufficient for such Line Item(s), as determined by Lender in its sole discretion; and (iv) to the extent permitted under Section 5.1.33 of the Building Loan Agreement, and then only following the satisfaction of the Initial Advance Conditions, reallocate cost savings from the Development Budget in respect of the Loan (or other reallocations which are approved by Lender, in its sole discretion) in accordance with the terms of this Agreement, but only to the extent such cost savings can be allocated to the related Line Items. Borrower hereby agrees that Lender shall have a lien on and security interest in, for the benefit of Lender, any sums deposited pursuant to clause (i) above and that Borrower shall have no right to withdraw any such sums except for the payment of the aforesaid costs as approved by Lender....
Loan In Balance. Agent and the Lenders shall not be obligated to make any advance of Loan proceeds unless and until Borrower has provided Agent with evidence, acceptable to Agent, that the Loan is in balance: i.e., that all remaining unpaid costs of the Property for the remaining period until the Maturity Date, as determined by Agent, in its sole discretion exercised in good faith, including the Reserves, do not exceed the sum of the amount of the Loan proceeds not yet advanced by the Lenders, the remaining amount, if any, to be contributed in respect of the Equity Requirement, and the net operating income from the Property reasonably projected to be received during such period. The initial amount of the Reserves has been designated in the Sworn Construction Cost Statement. The required amount of said Reserves shall decline as costs and payments for which they are maintained are paid therefrom; provided, however, that the amount of any such Reserves shall never decline below an amount sufficient to pay all costs and payments for which it is maintained which then remain unpaid, as determined by Agent. If the Reserves become depleted, such depletion shall not limit Borrower’s obligation hereunder to pay all sums which otherwise would have been payable from such Reserves. Notwithstanding any provision of this Agreement to the contrary, in the event that Agent or Borrower determines in good faith that the Loan is not in balance, it shall notify the other party hereto of such determination, and Borrower shall, within ten (10) Business Days, deposit with Agent funds equal to said insufficiency in order to bring the Loan back into balance. Said funds shall be disbursed by Agent pursuant to and in accordance with the disbursement procedures set forth in this Agreement prior to any advances by Agent or the Lenders of additional Loan proceeds.
Loan In Balance. Borrower agrees that the Loan must at all times remain in balance. The Borrower shall from time to time furnish Lender reasonably satisfactory evidence of the Borrower’s ability to pay for all costs of completing the Project, and if the estimated cost of completing the Project exceeds the then remaining balance of proceeds available under the Loan, Borrower shall pay out of Borrower’s own funds the next sums coming due for such work until the Loan is brought back into balance before the Lender shall be required to disburse any further sums hereunder.
Loan In Balance. The Loan is In Balance.
Loan In Balance. Anything in this Agreement contained to the contrary notwithstanding, it is expressly understood and agreed that the Loan at all times shall be In Balance (as hereinafter defined). The Loan shall be deemed to be “In Balance” only if the total of the Available Funds (as hereinafter defined) on a total and on a line item Project Cost basis, in Lender’s sole and absolute judgment, shall equal or exceed on a line item and on a total, aggregate basis, the amount of all Project Costs, including, without limitation:
Loan In Balance. (a) At all times prior to the Maturity Date, (i) the undisbursed proceeds from the Loan together with the undisbursed amount of the Borrower's Equity and the Subordinate Loan, shall be sufficient to pay all Project Costs remaining unpaid through the projected date on which the Improvements will be substantially completed.
Loan In Balance. The Loan is “in Balance”, or, if not, Borrower has deposited, or is depositing, with Lender funds equal to said insufficiency in order to bring the Loan back into balance as required by Section 3.3 hereof.
Loan In Balance. Borrower's Funds Account -----------------------------------------
Loan In Balance. The Primary Lenders for any Series. Loan shall not be obligated to make any Advance of proceeds of such Series Loan unless and until Borrower has provided such Primary Lenders, the Administrative Bank and the Collateral Agent with evidence, acceptable to such Primary Lenders and the Administrative Bank, that such Series Loan is in Balance: i.e. (a) that Borrower has paid, in cash, costs of the Project being financed by such Series Loan equal to: (i) the amount of the capital contribution specified in the Supplement for such Series Loan, which capital contributions by Borrower are to be made from capital contributions made to Borrower from LTF; and (ii) the amount of other cash contributions from third parties required by the Supplement for such Series Loan, and (b) that all remaining unpaid costs of such Project, as determined by such Primary Lenders and the Administrative Bank but, in all events including interest on such Series Loan through its Conversion Date, do not exceed the unadvanced portion of such Series Loan's Maximum Loan Amount. Notwithstanding any provision of this Agreement or of the Disbursing Agreement for such Series Loan to the contrary, in the event that such Primary Lenders and the Administrative Bank, on the one hand, or Borrower, on the other hand, determine that the unadvanced portion of such Maximum Loan Amount is insufficient to cover any cost allocation set forth on such Series Loan's Sworn Construction Cost Statement, to complete such Project, including all tenant improvements, to pay all costs and expenses of Completion and pay interest on such Series Loan through the Conversion Date, it shall notify the other party of such determination, and Borrower shall, within three (3) Business Days following demand, deposit with the Administrative Bank funds equal to said insufficiency in order to bring such Series Loan back into Balance; provided, however, that if Borrower fails to timely make such deposit, then the Collateral Agent, upon the written request of the Administrative Bank, shall withdraw the required amount from the funded portion of the Contingency Reserve and/or may draw on the Contingency Reserve LC and the Collateral Agent shall
