Construction Deposit definition

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Transferor, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset.

Construction Deposit means the security deposit to be submitted by the Tenant or by the Tenant’s Contractor, prior to the commencement of construction, to be held in a non-interest bearing account until such time as the required closeout documents are received to the satisfaction of the Landlord.

Construction Deposit shall have the meaning ascribed to it in Article 5.1.

Examples of Construction Deposit in a sentence

• The Construction Deposit is not refundable regardless of whether the Buyer’s mortgage loan is approved or not approved as provided in Paragraph 4 B above.

• This non-refundable Construction Deposit is not subject to the provisions of Paragraph 4 B of this Agreement.

• If Buyer fails to make a Construction Deposit as required under this section within five (5) business days of accepted agreement, Seller may terminate this agreement and retain all monies deposited with Seller and/or escrow agent as liquidated damages.

• In addition, Buyer shall make a non-refundable Construction Deposit as described in 4.E.c of $2,500.

• This amount will be credited to the Reserve Account and is the sum of (a) the Reserve Account Second Target Level (including the Negative Carry Amount consisting of (i) the Construction Deposit Negative Carry Amount, (ii) the Pre-funded Account Negative Carry Amount and (iii) the Swap Negative Carry Amount) and (b) the Bridge Mortgage Loan Available Funds on the Closing Date.

• Such amount will be deposited by the Issuer in the Construction Deposit Account.

• In the Mortgage Receivables Purchase Agreement, the Seller and the Originator represent that none of the Borrowers holds a savings account, current account or term deposit with the Originator or the Seller, other than a Construction Deposit.

• On or around each Mortgage Collection Payment Date, if applicable the Issuer will release from the Construction Deposit Account such part of the relevant Initial Purchase Price for the Mortgage Receivables which equals the difference between the balance standing to the credit of the Construction Deposit Account and the Aggregate Construction Deposit Amount and pay such amount to the Seller, except if and to the extent the Borrower has invoked set-off or defences.

• The Issuer will use receipts of principal and interest in respect of the Mortgage Receivables together with amounts it receives under the Hedging Agreements, drawings from the Reserve Account, revenues on any Eligible Investments and the Issuer Collection Account and, in certain limited circumstances, amounts standing to the credit of the Pre-funded Account and the Construction Deposit Account, to make payments of, inter alia, principal and interest due in respect of the Notes.

• Therefore, the remaining risk is that, if and to the extent that the amount for which a Borrower successfully invokes a set-off or defences exceeds the relevant Construction Deposit, such set-off or defence may lead to losses under the corresponding Mortgage Receivables, which would reduce the amounts available for payment to Noteholders.

More Definitions of Construction Deposit

Construction Deposit has the meaning set forth in Section 17.1.5.

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Transferor or withheld by any Originator, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset. "Convertibility Event" means the (indirect or direct) determination by the national government of the country in the currency of which the Covered Bonds were issued, or in respect of the euro the Netherlands, that such currency is substituted by another currency.

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the Originator, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset. Convertibility Event means the (indirect or direct) determination by the national government of the country in the currency of which the Covered Bonds were issued, or in respect of the euro the Netherlands, that such currency is substituted by another currency. Cost Cap means 0.30 per cent. multiplied by the aggregate Outstanding Principal Amount less all amounts paid or to be paid (i) in accordance with the items (a) up to and including (d) of the CBC Priority of Payments as set out in Clause 13.1 of the Trust Deed, excluding the Additional Fees or (ii) in accordance with items (a) up to an including (c) of the Post CBC Acceleration Notice Priority of Payments as set out in Clause 14.1 of the Trust Deed, excluding the Additional Fees.

Construction Deposit. Tenant shall pay Landlord the sum of Ten Thousand Dollars ($10,000.00) in cash upon execution of this Lease as security to Landlord for Landlord’s construction costs incurred in preparing the Premises for Tenant’s occupancy. If Tenant defaults under this Lease, Landlord may apply these funds to offset Landlord’s construction costs. The Construction Deposit shall be returned to Tenant upon completion of all Tenant’s Work in accordance with the approved Construction Documents, provided Tenant owes no amounts to Landlord in connection with the construction. If during construction, amounts are withdrawn from the construction deposit for reasons described above, the Tenant shall promptly replenish the deposit.

Construction Deposit means Construction Damage and Completion Deposit.