Construction Credit Event definition

Construction Credit Event means the making of any Construction Loan.
Sample 1Sample 2Sample 3
Construction Credit Event has the meaning given in Section 3.4 of the Credit Agreement.
Sample 1Sample 2

Examples of Construction Credit Event in a sentence

  • If any Construction Credit Event is the initial Borrowing of Expansion Tranche Loans, (i) each “CPUC Approval” under and as defined in each Diablo Expansion Utility RA Contract shall have been obtained and copies thereof shall have been delivered to the Administrative Agent and (ii) either the Expansion Option under and as defined in the Diablo Base EPC Contract or the EPC Option shall have been exercised and the Administrative Agent shall have received written evidence thereof.

  • After taking into consideration the making of the applicable Construction Credit Event, Lender shall have determined that Available Construction Funds shall not be less than the aggregate unpaid amount required to cause Completion to occur in accordance with all Legal Requirements, the Construction Contract and the Credit Documents prior to the Outside Date and to pay or provide for all anticipated non-construction Project Costs, all as set forth in the then-current Project Budget.

  • Borrower shall provide, or Lender shall be adequately assured, that the Title Insurer is committed at the time of the applicable Construction Credit Event to issue to Lender a form 122 or other endorsement to the Title Policy dated as of the date of such Construction Credit Event, confirming the continuing first priority Lien of the Deed of Trust on the Mortgaged Property, subject only to the Title Exceptions and Permitted Liens.

  • If the Construction Credit Event is a Construction Loan, SWMP shall have delivered a Notice of Borrowing to Administrative Agent in accordance with the procedures specified in Section 2.1.1(b).

  • No Event of Default or Inchoate Default, no Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default in respect of the Project for which funds are being requested and, to the extent Section 3.9(b) does not otherwise permit Borrowings, no other Non-Fundamental Project Default or Non-Fundamental Project Inchoate Default has occurred and is continuing or will result from such Construction Credit Event.

  • Lender shall have determined that the original principal amount of all Loans (after taking into consideration the making of the applicable Construction Credit Event requested), shall not exceed fifty-five percent (55%) of the Project Costs incurred as of such time.

  • The making of each applicable Construction Credit Event shall be in such amounts as shall ensure that (a) uncommitted funds remaining in the Construction Account shall be disbursed to the greatest extent possible, subject to the requirements of Section 2.1.1(b)(ii) and (b) equity contributions to Project Costs shall be not less than 15% of Project Costs to-date.

  • Notwithstanding the foregoing, the Required Banks, without waiving any of the Banks' rights hereunder, shall have the right to effect a Construction Credit Event, Turbine Purchase Credit Event or LC Action hereunder without full compliance by Borrower with the conditions described in this Article 3.

  • Borrower shall provide, or Agent shall be adequately assured that the Title Insurer is committed at the time of each Construction Credit Event to issue, to Agent a date-down endorsement of the Title Policy to the date of such Construction Credit Event, insuring the continuing first priority of the Deed of Trust (subject only to Permitted Encumbrances) and otherwise in form and substance reasonably satisfactory to Agent.

  • In the event such Construction Credit Event occurs after the second anniversary of the Closing Date, all Initial Projects shall be Funded Projects.

Related to Construction Credit Event

  • Credit Event UPB means, with respect to any Credit Event Reference Obligation, the unpaid principal balance thereof as of the end of the Reporting Period related to the Payment Date that it became a Credit Event Reference Obligation.

  • Credit Event shall have the meaning assigned to such term in Section 4.01.

  • Credit Event Notice means an irrevocable notice from the Issuer or the Swap Counterparty, as the case may be, to the other party (in the form and delivered in the manner described in the Default Swap) that describes a Credit Event that occurred on or after the Effective Date of the Default Swap.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Extension of Credit means the making of a Borrowing, the issuance of a Letter of Credit or the amendment of any Letter of Credit having the effect of extending the stated termination date thereof or increasing the maximum amount available to be drawn thereunder. For purposes of this Agreement, a Conversion shall not constitute an Extension of Credit.

  • Construction Completion Date means the date by which the overall development of the Project is completed in accordance with the provisions of this Agreement and when the Construction Completion Certificate is issued by the Independent Engineer as per Article 14.1.

  • Construction Lender means a person who makes a construction loan.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Construction activity means any clearing, grading or excavation associated with large construction activity or associated with small construction activity.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Initial Extension of Credit means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

  • Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Construction Change Directive means a written order prepared by Owner Parties and signed by Owner directing Contractor to perform a change in the Work prior to agreeing to a change, if any, to the Contract Time, schedule of performance of the Work, Contract Sum, or Contractor’s compensation.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Project Completion Date means the date on which the Completion Certificate is issued;

  • construction site means a workplace where construction work is being performed;