Project Budget and Application of Loan Proceeds Sample Clauses

Project Budget and Application of Loan Proceeds. The Project Budget includes all Project Costs contemplated to be paid from disbursements of the Loans, including categories for contingencies. Borrower’s Equity is indicated in the Equity Exposure column of the Project Budget. “Project Costs” shall mean all costs incurred in connection with the acquisition and development of the Land and the ownership, construction, financing, leasing and operation of the Improvements until maturity of the Loans, including without limitation interest expense. “Project Revenues” shall mean all receipts and revenues generated by or in connection with the Property, including without limitation rents, interest income, insurance proceeds, condemnation awards and payments received from interest rate hedging or similar agreements. The Project Budget shall contain line item accounts styled “Hard Cost Contingency” and “Soft Cost Contingency”. To the extent there are demonstrable cost savings in any hard cost line item in the Project Budget (other than Interest Reserve and “Operating Deficit” line item from which funds may only be reallocated with the prior written consent of Administrative Agent, such consent to be granted or withheld in Administrative Agent’s sole and absolute discretion) which is verified in writing by the Inspecting Architect, the remaining balance of such line item shall be reallocated to the Hard Cost Contingency, and to the extent there are any demonstrable cost savings in any soft cost line item in the Project Budget (i.e., other than hard cost line item) such savings shall be reallocated to the Soft Cost Contingency. Any funds reallocated to the Hard Cost Contingency may be reallocated only in proportion to the percentage of the completion of the Improvements (based upon the total costs set forth in the Project Budget). Subject to the foregoing, available funds in the Hard Cost Contingency line item may at Borrower’s request be reallocated to any line item for hard costs that are under-funded until the Hard Cost Contingency has been depleted. Available funds in the Soft Cost Contingency line item may at Borrower’s be reallocated to any line item for Project Costs (other than to the (i) Interest Reserve and “Operating Deficit” line items, to which line items funds may only be reallocated with the prior written consent of Administrative Agent, such consent to be granted or withheld in Administrative Agent’s sole and absolute discretion and (ii) Developer’s Fee, Contractor’s Fee (except for increases in the Co...
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Project Budget and Application of Loan Proceeds. The Project Budget includes all Project Costs (as hereinafter defined) contemplated to be paid from disbursements of the Loan, including categories for contingencies and the sources of funds, that is, proceeds of the Loan, Project Revenues (as hereinafter defined) and Borrower's Equity. The Project Budget shall be promptly supplemented to include a forecast (hereinafter called the “Forecast”) of the timing of the sources and uses of funds through the maturity date of the Loan. The Project Budget specifies the interest rate projections and leasing assumptions used to determine the Project Costs. “Project Costs” shall mean all costs incurred in connection with the acquisition of the Land and the construction, leasing and operation of the Improvements until maturity of the Loan, including without limitation interest expense. “Project Revenues” shall mean all receipts and revenues generated by or in connection with the Property, including without limitation rents, interest income, insurance proceeds, condemnation awards and payments received from interest rate hedging or similar agreements. Borrower agrees to give Lender prompt written notice of any changes made in the Project Costs or the Forecast so that the Project Budget accurately and realistically represents the sources and uses of funds for the Property. In addition, Lender may notify Borrower that, in Lender's reasonable judgment, changes need to be made in the Project Budget. If, after consultation and consideration of the view of Borrower and supporting documentation, Borrower and Lender do not agree as to what modifications need to be made in the Project Budget, the reasonable determination of Lender shall govern. Lender shall confirm to Borrower the most current approved Project Budget. Borrower shall use the proceeds of the Loan solely for the purpose of paying for the Project Costs as set forth in the Project Budget and shall in no event use any of the Loan proceeds for any other purpose.
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Project Budget and Application of Loan Proceeds. The Project Budget includes all Project Costs (as defined below) as “uses of funds”, including a category for contingencies, and designates all “sources of funds”, including proceeds of the Construction Loan Tranche. The Project Budget shall specify the projections and assumptions used to determine the Project Costs. Borrowers agrees to give Bank prompt written notice of any changes that should be made in the Project Budget to cause the same to accurately and realistically represent the amount and timing of the sources and uses of funds for the Section N Property. In addition, Bank may notify Borrowers that, in Bank’s reasonable judgment, changes need to be made in the Project Budget. If, after consultation and consideration of the view of Borrowers and supporting documentation, Borrowers and Bank do not agree as to what modifications need to be made in the Project Budget, the determination of Bank shall govern. Borrowers shall use the proceeds of the Construction Loan Tranche solely for the purpose of paying for the Project Costs as set forth in the Project Budget and shall in no event use any of the Loan proceeds for any other purpose.
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Project Budget and Application of Loan Proceeds. Attached to this Agreement as Exhibit B is a “Project Budget” (herein so called) that includes all Project Costs (as defined below) as “uses of funds”, including a category for contingencies, and designates all “sources of funds”, including proceeds of the Loan, Project Revenues and Borrower’s Equity. “Project Costs” shall mean all costs incurred in connection with the acquisition of the Land and the construction, leasing and operation of the Improvements until maturity of the Loan, including without limitation interest expense. “Project Revenues” shall mean all receipts and revenues generated by or in connection with the Premises, including without limitation rents, interest income, insurance proceeds, condemnation awards and payments received from interest rate hedging or similar agreements. Borrower agrees to give Lender prompt written notice of any changes that should be made in the Project Budget to cause the same to accurately and realistically represent the amount and timing of the sources and uses of funds for the Premises. In addition, Lender may notify Borrower that, in Lender’s judgment, changes need to be made in the Project Budget. If, after consultation and consideration of the view of Borrower and supporting documentation, Borrower and Lender do not agree as to what modifications need to be made in the Project Budget, the determination of Lender shall govern. Borrower shall use the proceeds of the Loan solely for the purpose of paying for the Project Costs as set forth in the Project Budget and shall in no event use any of the Loan proceeds for any other purpose.
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Project Budget and Application of Loan Proceeds. The purpose of the Loan is to (i) finance Borrower's acquisition of the Property, (ii) pay certain costs and expenses incurred by or for Borrower in connection with the Project prior to the Closing and (iii) deposit the balance in an account with Tokai to partially fund the construction costs of the Project (collectively, the "Project Costs") as set forth in the budget for the Project attached hereto as Exhibit "B" (the "Project Budget"). As used herein, the term "Project Budget" shall mean the budget for the Project in effect from time to time, including all subsequent amendments thereto. Any amendments to the Project Budget shall be subject to the approval of Lender, which approved may be given or withheld in Lender's sole and absolute discretion. Lender shall disburse the Loan proceeds only for the purposes set forth above and in the Project Budget, as further provided in Section 3 below.
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Related to Project Budget and Application of Loan Proceeds

  • Disbursement of Loan Proceeds (a) The State shall disburse Federal Funds earmarked for the Loan to the Borrower in accordance with the terms hereof. Before each and every disbursement of the proceeds of the Loan by the State to the Borrower, the Borrower shall in accordance with the procedures set forth in the Regulations submit to the State a requisition executed by an Authorized Officer of the Borrower.

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Project Budget The budget approved by Member Consent for the acquisition, construction, development, marketing and financing of the Project. The initial Project Budget is attached hereto as Exhibit G.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Disbursement of Loan Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shal] submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the genera] conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over- Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (1), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease. 4.2.2

  • Conditions Precedent to Initial Loans and Letter of Credit Accommodations Each of the following is a condition precedent to Lender making the initial Loans and providing the initial Letter of Credit Accommodations hereunder:

  • Indemnities regarding borrowing and repayment of Loan The Borrowers shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.

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