Project Deposit definition
Examples of Project Deposit in a sentence
Each such direct Construction Loan Advance (except for application of the Project Deposit) shall be added to the outstanding principal balance of the Construction Loan Advances and shall be secured by the Loan Documents.
The Project Deposit is hereby pledged as additional collateral for the Obligations, and the Borrower hereby grants and conveys to the Administrative Agent for the benefit of the Lenders a security interest in all funds so deposited with the Administrative Agent as additional collateral for the Obligations.
Upon the occurrence of an Event of Default, the Administrative Agent may (but shall have no obligation to) apply all or any part of the Project Deposit against the unpaid Obligations in such order as the Required Lenders determine.
The Borrower hereby assigns and pledges the proceeds of the Construction Loan Facility and the Project Deposit to the Administrative Agent for such purposes.
The Administrative Agent may hold, use, disburse and apply the Construction Loan Advances and the Project Deposit for payment of any obligation of the Borrower under the Loan Documents.
Assignor will execute any other necessary documentation to effectuate this assignment of the Leases, the Insurance Proceeds, the Insurance Premiums, the Designated Service Contracts, the Designated Service Contracts, the Project Deposit Accounts, the Project Receivables, the Bankruptcy Rights and the Intangible Property.
From and after Closing, the Project Deposit shall be deemed to be the closing deposit (the “Closing Deposit”) which District shall draw upon in accordance with the terms of the Construction and Use Covenant.
If the Parties reasonably determine that the Project is no longer feasible, whether physically or economically, as a result of such condemnation, this Agreement shall terminate, District will return the Project Deposit to Developer, the Parties shall be released from any further liability or obligation hereunder, except as expressly provided otherwise herein, and District shall have the right to collect all condemnation proceeds.
Borrower shall have established, or caused to be established, (x) the Term Loan Proceeds Account and (y) the Project Deposit Account.
We have no control over the compliance, security, legality, characteristics and appropriateness of the products or services which are the subject of a Deal or a payment transaction made on the App.