Deficiency Loans Sample Clauses

Deficiency Loans. No Lender shall be responsible for any default of any other Lender in respect to such other Lender's obligation to make any Loan hereunder nor shall the Revolving Credit Commitment of any Lender hereunder be increased as a result of such default of any other Lender. Without limiting the generality of the foregoing, in the event any Lender shall fail to advance funds to the Borrower as herein provided, the Agent may in its discretion, but shall not be obligated to, advance under the applicable Note in its favor as a Lender all or any portion of such amount or amounts (each, a "deficiency advance") and shall thereafter be entitled to payments of principal of and interest on such deficiency advance in the same manner and at the same interest rate or rates to which such other Lender would have been entitled had it made such advance under its applicable Note; provided, that upon payment to the Agent from such other Lender of the entire outstanding amount of each such deficiency advance, together with accrued and unpaid interest thereon, from the most recent date or dates interest was paid to the Agent by the Borrower on each Loan comprising the deficiency advance at the interest rate per annum for overnight borrowing by the Agent from the Federal Reserve Bank, then such payment shall be credited against the applicable Note of the Agent in full payment of such deficiency advance and the Borrower shall be deemed to have borrowed the amount of such deficiency advance from such other Lender as of the most recent date or dates, as the case may be, upon which any payments of interest were made by the Borrower thereon. 2.14
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Deficiency Loans. Any funds advanced to the Company as Deficiency Loans (as defined in the Company Partnership Agreement), whether or not at the direction of the Bank, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however, that (A) up to $6,000,000 of such funds available for Deficiency Loans under the Company Partnership Agreement may be used by the Company to pay any portion of the Total Project Costs for which the Company has insufficient funds and (B) the foregoing restriction shall be of no effect from and after the Coverage Date. After the Date of Substantial Completion and until the Coverage Date, the Bank will have the right to cause the Company, acting through WKA, (A) at such times as the Bank shall determine in the reasonable exercise of its judgment that an Operating Deficit exists with respect to any month, to require the General Partners to make Deficiency Loans in amounts of up to $20,000,000 in the aggregate (less (x) any such Deficiency Loans for such purpose which may have previously been voluntarily advanced and (y) any additional Deficiency Loans of up to $6,000,000 in the aggregate which may have previously been voluntarily advanced to pay Total Project Costs to the extent hereinabove permitted), and (B) to apply such funds on account of such Operating Deficits. The Bank shall have no right to cause Deficiency Loans to be made to pay principal under the Bonds, the Loan Agreement or hereunder. In the event that WKA elects not to make the Deficiency Loan pursuant to Section 6.03 of the Company Partnership Agreement, the Bank may exercise the right of WKA pursuant to Section 6.03 of the Company Partnership Agreement to require KGC to make the Deficiency Loan on behalf of WKA through the making of a KG Loan (as defined in the Company Partnership Agreement). In the event of a default by KGC in its obligations to make a KG Loan, the Bank shall have the right, under the Four Party Agreement, to cause the Company or WKA, respectively, to exercise such available rights and remedies with respect thereto as the Bank shall determine. The Bank's right to require Deficiency Loans to be made shall cease during the pendency of any bankruptcy proceeding with respect to the Company or in the event of the commencement of any foreclosure or similar proceeding with respect to the Company's interest in the Project. If any Deficiency Loan is made to enable the Company to make the deposit of interest ...
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Deficiency Loans. Any funds advanced to the Company as Deficiency Loans (as defined in the Company Partnership Agreement), whether or not at the direction of the Bank, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however, that the foregoing restriction shall be of no effect from and after the Coverage Date. After the Date of Substantial Completion and until the Coverage Date, the Bank will have the right to cause the Company, acting through WKA, (A) at such times as the Bank shall determine in the reasonable exercise of its judgment that an Operating Deficit exists with respect to any month, to require the General Partners to make Deficiency Loans in amounts of up to $14,000,000 in the aggregate (less any such Deficiency Loans for such purpose which may have previously been voluntarily advanced), and (B) to apply such funds on account of such Operating Deficits. The Bank shall have no right to cause Deficiency Loans to be made to pay principal under the Bonds, the Loan Agreement or hereunder. Notwithstanding anything in the Company Partnership Agreement to the contrary, neither the Deficiency Loans nor the operating reserve line item of the Budget may be used for the purpose of paying principal or interest under the GDB Additional Loan.
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Deficiency Loans. If at any time after all Capital Contributions of the Partners have been made but prior to the expiration of five years from the Commencement Date, the Partnership has insufficient funds available to pay any portion of the Total Project Costs, operating costs or any other fees or expenses related to the Project or operation of the Resort, the Partnership's business or the liquidation or winding up of the Partnership, including payment of liabilities or reserves for liabilities, the WKA General Partner shall notify (the "Call Notice") each of the General Partners in writing of the amount needed (the "Deficiency") pay such costs, fees or expenses. With thirty (30) days after the receipt of the Call Notice each of the KG General Partner and the WKA General Partner shall advance to the Partnership one-half of the amount of the Deficiency. All such advances shall constitute loans ("Deficiency Loans") to the Partnership, shall be non-recourse to the Partnership and the General Partners of the Partnership and shall be subordinate to the First Mortgage Loan and the Subordinated Mortgage Loan. Deficiency Loans shall be repaid on or before the expiration of nine years from the Commencement Date (subject to prepayment as provided in Section 6.03 hereof) and shall bear interest at the same rate of interest as the First Mortgage Loan (computed with respect to all costs of such financing, including fees payable to credit enhancers, trustees and others). Notwithstanding the foregoing, at no time shall either the KG General Partner or the WKA General Partner be required to make Deficiency Loans to the Partnership in excess of $10,000,000 in principal amount each outstanding at any time.
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Deficiency Loans. (a) Any Deficiency Amount funded by a Fully-Funding Partner (or its Deficiency Loan Designee) as provided for in Section 3.4 shall be deemed to be a loan from the Fully-Funding Partner to the Deficiency Partner (a “Deficiency Loan”). Notwithstanding anything herein to the contrary, any payment otherwise payable to a Fully-Funding Partner on account of any Deficiency Loan shall be paid to any Deficiency Loan Designee designated by such Fully-Funding Partner as if such Fully-Funding Partner held such Deficiency Loan.
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Deficiency Loans. 31 2.13 Use of Proceeds...................................................................... 31 2.14
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Deficiency Loans. 38 2.14 Use of Proceeds. . . . . . . . . . . . . . . . . . . 39 2.15
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Deficiency Loans. Any funds advanced to the Borrower as Deficiency Loans (as defined in the Borrower's Partnership Agreement), whether or not at the direction of the Bank or Lender, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however that (a) up to $6,000,000 of such funds available for Deficiency Loans under Borrower's Partnership Agreement may be used by the Borrower to pay any portion of the Total Project Costs for which the Borrower has insufficient funds and (b) the foregoing restriction shall be of no effect from and after the date in which the Coverage Requirement, as such term is defined under the Bank Loan Documents, is met (the "Bank Coverage Date"). After the date of Substantial Completion and until the Bank Coverage Date, in the event (i) Borrower has failed to pay Interest to Lender as provided in Article IV hereof, and such failure shall continue uncured beyond the first (1st) day of the following calendar month in which such payment was due, and (ii) Borrower has paid all interest and other fees due under the Bank Loan Documents on a current basis through and including the 15th day of such month, then Lender shall have the right to cause the Borrower, acting through WKA, to require the General Partners to make Deficiency Loans in amounts of up to $20,000,000 in the aggregate (less the principal amount of any Deficiency Loans previously
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Deficiency Loans. If the Sponsors elect to make Deficiency Loans to fund the Deficiency, and the Lenders consent to such election, such Deficiency Loans shall be provided to the Company, subject to Section 3.4 hereof, within the Offering Period in U.S. Dollars (or such other currency as may be approved by the Lenders) in the form of unsecured loans subordinated in payment, liquidation and enforcement of remedies to the Loans, as evidenced by written instruments in form and substance satisfactory to the Lenders, on the terms and conditions (including subordination provisions) set forth in Exhibit A hereto. All such written instruments evidencing the Deficiency Loans shall be delivered to the Trustee and the Lenders and held until (x) payment in full of all Obligations has been made, and all obligations of the Lenders under the Loan Documents have terminated or expired, and (y) a period of one hundred twenty (120) days (or such other period as may be applicable under applicable bankruptcy, insolvency or similar laws) has elapsed since the condition set out in clause (x) is satisfied without any court determining that the Company is insolvent or, if such determination is made within that time, the Lenders are reasonably satisfied that no payment to the Lenders or the Trustee by the Company will be set aside as a consequence thereof under any law relating to bankruptcy, insolvency or similar matters.
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Related to Deficiency Loans

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

  • Mandatory Prepayment of Loans Clause (a) of Section 2.10 of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

  • Voluntary prepayment of Loans 7.5.1 The Borrowers may, by giving the Facility Agent not less than five (5) Business Days’ prior notice, prepay the whole or part (but if in part, in a minimum amount of USD 1,000,000 and an integral multiple of USD 1,000,000 or such whole amount as, the Facility Agent may agree) of any Loan.

  • Revolving Loan Borrowings (i) Each Revolving Loan Borrowing shall be made on notice, given not later than (x) 12:00 noon (New York City time) on the third (3rd) Business Day prior to the date of a Eurodollar Rate Borrowing, and (y) 10:00 A.M. (New York City time) on the day of a Base Rate Borrowing, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier, telex, cable or electronic mail. Each notice of a Revolving Loan Borrowing (a “Notice of Revolving Loan Borrowing”) shall be made in the form of a written Loan Notice, or orally and confirmed immediately in writing, by telecopier, telex, cable or electronic mail, in the form of a written Loan Notice, specifying therein the requested (i) date of such Revolving Loan Borrowing (which shall be a Business Day), (ii) Type of Revolving Loan comprising such Revolving Loan Borrowing, (iii) aggregate amount of such Revolving Loan Borrowing and (iv) in the case of a Revolving Loan Borrowing comprised of Eurodollar Rate Loans, the Interest Period for each such Revolving Loan. Each Lender shall (A) before 11:00 A.M. (New York City time) on the date of such Borrowing (in the case of a Eurodollar Rate Borrowing) and (B) before 1:00 P.M. (New York City time) on the date of such Borrowing (in the case of a Base Rate Borrowing), make available for the account of its applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account in same day funds, such Lender’s ratable portion of such Borrowing (based upon its Applicable Revolving Credit Percentage). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4.02, the Administrative Agent will make such funds available to the Borrower in such manner as the Administrative Agent and the Borrower may agree; provided, however, that the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Loan and Letter of Credit Loans as to which the Borrower has received timely notice made by the Swing Loan Bank or the Issuing Bank, as the case may be, and by any other Lender and outstanding on the date of such Revolving Loan Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Loan Bank or the Issuing Bank, as the case may be, and such other Lenders for repayment of such Swing Loans and Letter of Credit Loans.

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

  • 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.

  • Mandatory Prepayments Commitment Reductions 68 2.13 Application of Prepayments/Reductions ..............................................70 2.14 Allocation of Certain Payments and Proceeds.........................................71 2.15

  • Optional Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

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