Additional Borrower Equity Clause Samples
Additional Borrower Equity. 2.1 The following paragraphs are added to the end of Section 2.1:
Additional Borrower Equity. Commencing with the calendar quarter ending June 30, 2016, and continuing during each calendar quarter thereafter until the Maturity Date, within fifteen (15) days following the end of each such quarter, Borrower shall deposit an amount equal to lesser of (x) $ or (y) the Net Operating Income from the Property for the immediately preceding calendar quarter, into the Bank-Controlled Account. All such Net Operating Income shall be used to pay for Project Costs in accordance with the Budget.