In Balance Sample Clauses

In Balance. The Project is In Balance.

In Balance. If at any time the Loan is not In Balance, Lenders shall not be required to make further disbursements of the Loan under this Agreement unless and until each of the following have been satisfied in Lenders’ discretion : (a) Borrower shall have paid from its own funds sufficient costs of construction so that the Loan is In-Balance; (b) Borrower shall have delivered to Administrative Agent a description of the work paid for by Borrower out of its own funds, together with copies of the invoices paid by Borrower; and (c) Borrower shall have delivered to Administrative Agent unconditional lien releases from all Contractors and other persons entitled to record a valid lien or serve a valid stop notice who were paid by Borrower. Borrower’s failure to cause the Loan to be In Balance within 30 days of Borrower’s receipt of written notice from Administrative Agent that the Loan is not In-Balance shall constitute an Event of Default.

In Balance. Borrower shall fail to strictly comply with the provisions of Section 4.3 of this Agreement.

In Balance. Borrower shall at all times cause the undisbursed Loan funds to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to: (a) pay, through completion, all costs of development, construction, marketing and sale or leasing of the Property and Improvements in accordance with the Loan Documents and any Approved Budget; (b) pay all sums which may accrue under the Loan Documents prior to repayment of the Loan; (c) enable Borrower to perform and satisfy all of the covenants of Borrower contained in the Loan Document. Furthermore, without limitation of the immediately preceding sentence Borrower shall at all times cause: (i) the undisbursed portion of the Capital Improvement Reserve to be equal to or greater than the amount which Lender from time to time reasonably determines necessary to pay, through completion, all costs to complete all work required to be completed under the Capital Improvement Budget; and (ii) there to be no Interest Reserve Deficiency (collectively “In-Balance”). If Lender reasonably determines at any time that the undisbursed Loan funds (and available Reserves) are insufficient for said purposes, then Borrower shall deposit the amount of such deficiency into the applicable Reserve designated by Lender within five (5) Business Days of Lender’s written demand and, notwithstanding anything to the contrary in this Agreement, Lender shall not be required to disburse any proceeds of the Loan until Borrower deposits the applicable amount of such deficiency in an account as required by this paragraph. Any funds deposited in accordance with this paragraph shall be available for payment of costs and expenses enumerated in this paragraph prior to any additional Reserve funds being made available for payment of such costs by Lender.

In Balance. Notwithstanding anything to the contrary contained herein or in the other Loan Documents, any undisbursed Loan funds in the Interest Holdback, together in the aggregate with any funds theretofore deposited by Borrower into the Interest Reserve Account, shall be at all times equal to or greater than the amount which Lender from time to time reasonably determines necessary to pay expected interest for the Loan during the remainder of the Loan term based on Net Operating Income derived from then Leases at the time such determination is made and calculated using the debt service on the Loan which is anticipated to accrue for the period at the Applicable Interest Rate which would be in effect under the Note under the so-called “Forward LIBOR Curve” during the remaining Loan term period (taking into account the Interest Rate Protection Agreement). The satisfaction of the foregoing condition shall mean the Loan is “In-Balance”.;

In Balance. Anything contained in this Agreement to the contrary notwithstanding, it is expressly understood and agreed that the Loan shall at all times be “in balance.” The Loan shall be deemed to be “in balance” only at such time and from time to time as Bank or Bank’s inspecting engineer may determine in its sole discretion that the then undisbursed portion of the Loan equals or exceeds the amount necessary for the timely and full payment of (i) all work done and not theretofor paid for or to be done in connection with the completion of the construction of the Project Facility in accordance with the Plans and Specifications, and (ii) all other costs incurred and not theretofor paid for or to be incurred in connection with the Project. Borrower agrees that if any Loan is deemed not to be “in balance,” Borrower shall, within ten (10) days after written request by Bank, deposit the deficiency with Bank, which deficiency deposit shall first be exhausted before any further disbursement of any Loan is made. Bank shall not be obligated to make any Loan Advances if the Loan is not in balance.

In Balance. The Loan shall be “in balance” at all times as determined by Lender in its sole and absolute discretion. For purposes of this Loan Agreement, the Loan will be deemed “in balance” only at such times as Borrower has invested a sufficient amount of its own funds so that (i) the total loan-to-value ratio never exceeds 65% and (ii) the undisbursed portion of the Interest Holdback is sufficient to pay interest on the Loan until the Maturity Date, as reasonably determined by Lender.

In Balance. If at any time and from time to time the Construction Component of the Budget is not In Balance, the Borrowers shall deposit or cause to be deposited into the Cash Collateral Account, in cash, funds in the amount required to bring the Construction Component of the Budget In Balance. Each such deposit shall be made on the earlier of (x) ten (10) days after demand therefor by the Administrative Agent or (y) the Business Day immediately preceding the date on which an Advance is to be made hereunder.

In Balance. The Borrower is in compliance with Section 5.17 of the First Lien Credit Agreement.