Equity Requirement definition

Equity Requirement has the meaning set forth in Section 16.8.B hereof.

Equity Requirement means, with respect to each Borrowing Base Property Owner, an upfront equity investment to be made and maintained at all times in such Borrowing Base Property Owner equal to thirty percent (30%) of the total development costs reflected in the Construction Budget submitted by the Borrower in connection with the approval of such Borrowing Base Property (or, with respect to the development component of an OD Property, at such time as the Borrower requests that Availability be created by such development component), which Equity Requirement may be funded by Loans advanced under this Agreement with respect to other Borrowing Base Properties. ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. ERISA Affiliate shall mean each person (as defined in Section 3(9) of ERISA) which together with either Borrower or a Loan Party would be deemed to be a “single employer” (i) within the meaning of Section 414(b), (c), (m) or (o) of the Code or (ii) as a result of either Borrower or a Loan Party being or having been a general partner of such person. Established Loan Amount shall mean, as of June 13, 2008, One Hundred Fifty Million Dollars ($150,000,000.00), and thereafter, such adjusted amount as may be implemented under Sections 2.1.1(iii) or 2.2.2 above. Event of Default as defined in Section 10.1.

Equity Requirement means an amount equal to the greater of (i) 25% of the Budget or (ii) $8,640,981.

Examples of Equity Requirement in a sentence

• The LEA will provide the required data to ensure the LEA has met the Maintenance of Equity Requirement per Section 2004 of the American Rescue Plan Act of 2021.

• The Partnership shall arrange for a nationally recognized independent accounting firm to compile financial data necessary to support compliance with the Equity Requirement and the Maximum Leverage Restriction and shall include the results of such accounting firm’s review in the annual financial reports delivered to the Series A Limited Partners.

• No amounts may be distributed to the General Partner or any of its Affiliates pursuant to Section 5.1 and Section 16.3 during any period in which the General Partner is in violation of the Equity Requirement.

• If the Partnership is in violation of the Maximum Leverage Restriction following the cure period set forth in Section 16.8.C.3 above, or the General Partner is in violation of the Equity Requirement, Series A Limited Partners holding at least 10% of the then-outstanding Series A Preferred Units shall have the right to demand specific performance, including the right to demand the contribution of additional equity to the Partnership by the General Partner.

• Additionally, the General Partner will certify to the Series A Limited Partners on a quarterly basis that it is in compliance with the Equity Requirement and that the Partnership is not in violation of the Maximum Leverage Restriction.

More Definitions of Equity Requirement

Equity Requirement has the meaning given to such term in the Equity Contribution Agreement.

Equity Requirement has the meaning provided in Section 3.2.

Equity Requirement means as to (a) a Permitted Acquisition, the requirement that not less than 20% of the Purchase Price paid in connection with any Permitted Acquisition be funded with the proceeds of Equity Issuances or Subordinated Indebtedness or with cash on hand (other than Restricted Disposition Proceeds, proceeds of Loans, or other Indebtedness) and (b) a Permitted Origination, that no less than 20% of the Origination Request shall be funded with the proceeds of Equity Issuances or Subordinated Indebtedness or with cash on hand (other than Restricted Disposition Proceeds, proceeds of Loans, or other Indebtedness).

Equity Requirement. The requirement set forth in Section 7.1 of -------------------- this Agreement that Borrower contribute equity to the Project in an amount sufficient to cause Construction Completion.

Equity Requirement shall have the meaning ascribed to it in Section 3.6.7. “Event of Default” has the meaning ascribed to it in Section 11.1.

Equity Requirement means an amount equal to $60,000,000, as such amount may be reduced in accordance with Section 4.5(c).

Equity Requirement means the requirement that Borrower shall contribute equity to the Project as follows: (1) the Borrower shall receive a credit towards its equity requirement for its contribution of the Land upon which the Project shall be constructed in an amount equal to $11,500,000.00; (2) the Borrower shall contribute $3,310,811.00 cash at the initial closing to be used towards the payment of the costs to be funded at the initial closing; and (3) the Borrower shall contribute $515,000.00 cash each month during the first eighteen (18) months of the Loan to fund a portion of the Project Costs.