Unfunded Facilities definition
Unfunded Facilities means an amount equal to the estimated cost of the unfunded public facilities allocable to the Assessor's Parcel for which the Prepayment is being calculated and is computed by multiplying the quotient calculated when determining Principal by $34,790,000, less the estimated cost of any such facilities financed by previously issued Bonds. Unfunded Facilities shall equal zero following the issuance of all of the Bonds (i.e., all the authorized Bonds have been issued and/or CFD No. 2005-01 has covenanted not to issue any more Bonds, other than refunding bonds).
Unfunded Facilities means, from time to time, the Working Capital Commitments plus Acquisition Commitments minus Acquisition Advances then outstanding.
Examples of Unfunded Facilities in a sentence
To the extent that no Advances in respect of the Funded Facilities remain outstanding, prepayments shall be applied permanently to reduce the Unfunded Facilities as set forth in clause (vii) below.