Deposit of Funds by the BORROWER Sample Clauses

Deposit of Funds by the BORROWER. If the BANK shall at any time in good faith determine that the undisbursed amount of the CONSTRUCTION LOAN is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the PROJECT after application of all fiends received from the BORROWER's equity and shall thereupon send written notice thereof to the BORROWER specifying the amount required to be deposited by the BORROWER with the BANK to provide sufficient funds to complete the PROJECT, the BORROWER agrees that it will, within fifteen (15) calendar days of receipt of any such notice, deposit with the BANK, the amount of funds specified in the BANK's notice. The BORROWER agrees that any such funds deposited with the BANK may be disbursed before any further disbursement of CONSTRUCTION LOAN proceeds from the BANK, to pay any and all costs and expenses of any kind in connection with completion of the PROJECT.
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Deposit of Funds by the BORROWER. If the Lender in its sole discretion shall at any time determine that the undisbursed amount of the Commitment is less than the amount required to pay all unpaid costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Project (including reserves which in the Lender’s opinion are adequate to pay all interest projected to be payable on the Loan and to provide for construction contingencies, and including all other Project Costs), and shall thereupon send written notice thereof to the Borrower specifying the amount required to be deposited by the Borrower with Title to provide sufficient funds to pay all such costs and complete the Project, the Borrower agrees that it will, within seven (7) calendar days of receipt of any such notice, deposit with Title, in a non-interest bearing account, the amount of funds specified in the Lender’s notice. The Borrower agrees that any such funds deposited with Title may be disbursed by Title, before any further disbursement of Loan proceeds from the Lender, to pay any and all costs and expenses of any kind in connection with completion of the Project.17 because facts and circumstances true at the time of execution of the Construction Loan Agreement may change for reasons totally beyond the Borrower’s control. For example, included in the representations and warranties is a provision stating that there has been no material adverse change in the financial condition of the Borrower or the Guarantors (see Section 4.01(f) below). 17 This Section requires that the Loan stay “in balance” throughout its term, and the Borrower is required to deposit in cash an amount equal to any increase in total Project costs (this is sometimes referred to as an "equity call"). Xxxxxxxx's counsel will want to (a) request notice and cure rights, (b) have the right to have a third party determine whether or not the loan is "in balance" based upon an agreed upon method of calculation, and (c) extend the time period to come into compliance. Xxxxxx's counsel may reject some or all of these requests. At a minimum, the Lender's discretion should be qualified with "reasonable" or "in good faith"
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Deposit of Funds by the BORROWER. Section 2.04
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Deposit of Funds by the BORROWER. If the Administrative Agent shall at any time in good faith determine that the undisbursed amount of the Commitment is less than the amount required to pay all unpaid costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Improvements (including reserves which in the Administrative Agent's opinion are adequate to pay interest on the Loan and to provide for construction contingencies), and shall thereupon send written notice thereof to the Borrower specifying the amount required to be deposited by the Borrower with the Administrative Agent to provide sufficient funds to pay all such costs and complete the Improvements, the Borrower agrees that it will, within seven (7) calendar days of receipt of any such notice, deposit with the Administrative Agent, in a non-interest bearing account, the amount of funds specified in the Administrative Agent's notice. The Borrower agrees that any such funds deposited with the Administrative Agent may be disbursed by the Administrative Agent, before any further disbursement of Loan proceeds from the Lender, to pay any and all costs and expenses of any kind in connection with completion of the Improvements.
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Deposit of Funds by the BORROWER. If M&I shall at any time in good faith determine that the undisbursed amount of the Commitment is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Project, and shall thereupon send written notice thereof to the Borrower specifying the amount required to be deposited by the Borrower with the Disbursing Agent to provide sufficient funds to complete the Project, the Borrower agrees that it will, within ten (10) calendar days of receipt of any such notice, deposit with the Disbursing Agent the amount of funds specified in M&I's notice. The Borrower agrees that any such funds deposited with the Disbursing Agent may be disbursed by the Disbursing Agent, before any further disbursement of loan proceeds from M&I, to pay any and all costs and expenses of any kind in connection with completion of the Project.
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Related to Deposit of Funds by the BORROWER

  • Advance of Funds by the Seller After origination, no advance of funds has been made by the Seller to the related Mortgagor other than in accordance with the Loan Documents, and, to the Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither the Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.

  • Deposit of Funds Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

  • Non-Receipt of Funds by the Agent Unless the Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made. The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

  • Collection of Funds Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

  • Authorization of Receipt of Funds by the Trustee Under the Collateral Documents Subject to the provisions of the Intercreditor Agreements, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Non-Receipt of Funds by the Administrative Agent Unless the Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

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