Project Deposit Sample Clauses

Project Deposit. If at any time the Administrative Agent determines that the sum of (i) the unadvanced portion of the Construction Loan Facility to which the Borrower is entitled plus (ii) the amount of the Aggregate Project Cost scheduled to be paid by the Borrower from other funds which are available, set aside and committed, to the Administrative Agent's reasonable satisfaction, is or will be insufficient to pay the unpaid actual Aggregate Project Cost, the Borrower shall cause MedCath Incorporated, within seven (7) days after written notice from the Administrative Agent, to deposit with the Administrative Agent for the benefit of the Lenders the amount of the deficiency (the "Project Deposit") in an interest-bearing account, with interest earned thereon to be part of the Project Deposit. 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. Upon (i) the issuance of the certificate of occupancy for the Improvements and (ii) the Administrative Agent's confirmation that either (A) the Borrower has satisfied all of obligations required to be paid by the Borrower in connection with the construction of the Project or (B) the Borrower has reserved such funds necessary to satisfy the remaining obligations to be paid by the Borrower in connection with the construction of the Project, all funds remaining in the Project Deposit, shall be used to prepay the Construction Loan Facility to the extent necessary to ensure that the outstanding principal amount under the Construction Loan Facility does not exceed an amount equal to the lesser of (x) eighty percent (80%) of the Aggregate Project Cost or (y) seventy-five percent (75%) of the Appraised Value. The balance, if any, shall be returned to the Borrower.
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Project Deposit. Developer shall provide the District with an initial project deposit in the amount of $X,XXX to cover all District fees and costs including, but not limited to, full xxxx- bursement for all staff time and attorney’s fees incurred by the District related to the Project. When the project deposit has been drawn down to $X,XXX, Xxxxxxxxx agrees to deposit such additional sums as the District may determine from time to time to cover all fees and costs of the District. In ad- dition, if the scope of work changes after the initial project deposit is made, District will provide a re- vised estimate to Developer and request an additional project deposit amount to cover the work. The additional project deposit shall be received within ten (10) calendar days from date of notification; ad- equate project deposit funds must be in place in order for work on District facilities to continue.
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Project Deposit. 25 SECTION 2.10 Direct Construction Loan Advances .................................... 26
Sample 1
Project Deposit. (a) Upon execution of this Agreement, Developer has delivered to the District a deposit Letter of Credit in the amount of One Hundred Thousand Dollars ($100,000.00) (the “Project Deposit”). 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.
Sample 1
Project Deposit. If at any time Agent determines that the sum of (i) the unadvanced portion of the Construction Loan to which Borrower is entitled, plus (ii) the amounts of the Aggregate Project Cost which are scheduled to be paid by Borrower from other funds which are available, set aside and committed, to Agent's reasonable satisfaction, is or will be insufficient to pay the unpaid actual Aggregate Project Cost, Parent shall, within seven (7) days after written notice from Agent, deposit with Agent for the benefit of Lenders the amount of the deficiency (the "Project Deposit") in an interest-bearing account with interest earned thereon to be part of the Project Deposit. The Project Deposit is hereby pledged as additional collateral for the Construction Loan, and Parent and Borrower hereby grant and convey to Agent for the benefit of Lenders a security interest in all funds so deposited with Agent, as additional collateral for the Construction Loan. Upon a Default, Agent may (but shall have no obligation to) apply all or any part of the Project Deposit (other than unexpended sums allocated for the payment of the Pre-Opening Operating Costs) against the unpaid Indebtedness in such order as the Required Lenders determine. All funds remaining in the Project Deposit upon the issuance of the certificate of occupancy (other than sums allocated for Pre-Opening Operating Costs to be paid after the issuance of the Medicare Certification) shall be used to prepay the Construction Loan to the extent necessary to ensure that the outstanding principal amount of the Construction Loan shall at no time exceed an amount equal to the lesser (x) eighty percent (80%) of the Total Project Cost or (y) seventy-five percent (75%) of the Appraised Value. The balance, if any, shall be returned to Parent.
Sample 1
Project Deposit. (a) As of the Effective Date, Developer has delivered to District an Acceptable Letter of Credit in the amount of Fifty Thousand Dollars ($50,000) (the “Project Deposit”).
Sample 1
Project Deposit. All custom type designs or freelance work requiring more than two hours of development require a 50% deposit of the quoted fee before any work is started.
Sample 1
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Related to Project Deposit

  • Lease Deposit Upon the execution hereof, Lessor shall loan Lessee an amount equal to twenty-five percent (25%) of the first full year's Base Rent (the "Lease Deposit"). The Lease Deposit shall be held by Lessor as security for the performance by Lessee of Lessee's covenants and obligations under the Lease. The Lease Deposit shall not be considered an advance payment of rental or a measure of Lessor's damages in case of default by Lessee. Lessor may, from time to time, without prejudice to any other remedy, use the proceeds thereof to make good any arrearages of Rent, to satisfy any other covenant or obligation of Lessee hereunder or to compensate Lessor for any other loss or damage which Lessor may suffer by reason of any default by Lessee. Following any such use of the Lease Deposit by the Lessor, Lessee shall deliver to Lessor on demand an amount sufficient to restore the aggregate amount held by Lessor, not including any interest earned on the Lease Deposit, to the amount of the original Lease Deposit. If Lessee is not in default at the termination of the Lease, and has complied with all of the provisions of this Lease to be performed by Lessee, including surrender of the Leased Property in accordance with the provisions hereof and has repaid the loan of the Lease Deposit, the Lease Deposit, not including any interest earned on such Lease Deposit, shall be returned by Lessor to Lessee, subject to any draws which have previously been made by Lessor against the Lease Deposit and not replenished by the Lessee. Lessee will not assign or encumber Lessee's interest in the Lease Deposit, and neither Lessor nor Lessor's successors or assigns will be bound by any such attempted assignment or encumbrance of the Lease Deposit. Any interest earned on the Lease Deposit will be for the sole benefit of the Lessor and shall not in any way reduce any amounts owed by Lessee under the terms hereof.

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Escrow Deposit Concurrently with the execution and delivery of this Agreement, the Holder will deliver [the sum of ____________________ Dollars ($_____________) in lawful money of the United States of America by wire transfer of immediately available funds] [and] [[ ] Class A Trust Certificates] [and] [[ ] Class B Trust Certificates] in accordance with Section 14 of the Series Supplement] (the "Escrow Deposit"), to Escrow Agent to be held by Escrow Agent in escrow on the terms and conditions hereinafter provided. Escrow Agent hereby acknowledges receipt of the Escrow Deposit. Any cash amounts in the Escrow Deposit may be increased or decreased in accordance with the terms of Section 2.02(i)(vi) of the Warrant Agreement and the terms of this agreement will apply with equal force and effect to any such increased or decreased cash amounts in the Escrow Deposit.

  • Initial Deposits On the Closing Date and on each Addition Date thereafter, the Servicer will deposit (in immediately available funds) into the Collection Account all Collections received after the applicable Cut-Off Date and through and including the Closing Date or Addition Date, as the case may be, in respect of Eligible Assets being transferred to and included as part of the Collateral on such date.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Purchase Price Deposit (a) The purchase price for the Property is AND 00/100 DOLLARS ($ ) (the “Purchase Price”), payable as follows:

  • Establishment of Escrow Accounts; Deposits in Escrow Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 8.

  • Disbursements from the Escrow Account a. At such time as Escrow Agent has collected and deposited instruments of payment in the total amount of the Advance and has received such Common Stock via D.W.A.C from the Company which are to be issued to the Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent shall notify the Company and the Investor. The Escrow Agent will continue to hold such funds until the Investor and Company execute and deliver a Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company. In disbursing such funds, Escrow Agent is authorized to rely upon such Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Investor that Escrow Agent already has on file. Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company shall execute and deliver a Common Stock Joint Written Direction to the Escrow Agent directing the Escrow Agent to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock the Escrow Agent is authorized to rely upon such Common Stock Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Escrow Agent has on file. In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

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