Application of equity fund Sample Clauses

Application of equity fund. 9.1.2 BSHB shall have the right to inspect the records of the Developer during office hours and require copies of relevant extracts of books of account, duly certified by auditors, and to be provided to BSHB.
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Application of equity fund. Except as provided in Section 4.7, the Trustee shall apply amounts held in the Equity Fund or drawn under the Equity Letter of Credit solely to pay Project Costs and, to the extent moneys remain in the Equity Fund and no moneys are available in the other Funds for the payment thereof, principal and interest on the Bonds then due and payable (whether at Stated Maturity or on call for redemption or by acceleration or otherwise). If the moneys available in the Construction Fund are not sufficient to pay in full the amounts requested to be paid pursuant to Section 4.3 or the BLA, as the case may be, the Trustee shall forthwith make up such deficiency from the Equity Fund by (i) withdrawing cash therefrom for such purpose, or (ii) making a drawing on the Equity Letter of Credit in accordance with the terms thereof in an amount equal to the lesser of (A) the excess of the payment requested to be made under Section 4.3 or the BLA, as the case may be, over the amount at that time available in the Construction Fund and the Equity Fund, and (B) the maximum amount at the time available to be drawn under the Equity Letter of Credit. Following the application of moneys in the Equity Fund described in the preceding sentence, if the moneys in the other Funds are not sufficient to pay in full all principal and interest on the Bonds then due and payable, the Trustee shall forthwith make up such deficiency from the Equity Fund by (i) withdrawing cash therefrom for such purpose, or (ii) making a drawing on the Equity Letter of Credit in accordance with the terms thereof in an amount equal to the lesser of (A) the excess of the principal and interest on the Bonds then due and payable over the amount at that time held in any of the Funds and (B) the maximum amount at the time available to be drawn under the Equity Letter of Credit. All amounts from time to time drawn on the Equity Letter of Credit shall be initially deposited by the Trustee in the Equity Fund for application by the Trustee in accordance with the provisions hereof.
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Related to Application of equity fund

  • Application of Cash At Lender's option, Lender may apply any cash, whether included in the Collateral or received as Income and Proceeds or through liquidation, sale, or retirement, of the Collateral, to the satisfaction of the Indebtedness or such portion thereof as Lender shall choose, whether or not matured.

  • Application of Sale Proceeds In the event of a sale of Shares, the proceeds shall first be applied to the payment of the expenses of the sale, including brokers' commissions, counsel fees, any taxes or other charges imposed by law upon the Shares or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion; and, third, the surplus (if any) shall be paid to Pledgor.

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

  • Application of Deposit In the event that Tenant is in Default hereunder and fails to cure within any applicable time permitted under this Lease, or in the event that Tenant owes any amounts to Landlord upon the expiration of this Lease, Landlord may use or apply the whole or any part of the Security Deposit for the payment of Tenant’s obligations hereunder. The use or application of the Security Deposit or any portion thereof shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Law and shall not be construed as liquidated damages.

  • Application of Earnings The Borrower undertakes with the Lenders to procure that money from time to time credited to, or for the time being standing to the credit of, an Earnings Account shall, unless and until an Event of Default or Potential Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable), be available for application in the following manner:

  • Misapplication of Funds Distribute any revenue from the Property or any Proceeds in violation of the provisions of this Agreement, fail to remit amounts to the Collection Accounts or Holding Account, as applicable, as required by Section 3.1, misappropriate any security deposit or portion thereof or apply the proceeds of the Loan in violation of Section 2.1.4; or

  • Application of Agreement 4.1 This Agreement applies to:

  • Application of Award Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Lender’s option, to the Restoration or repair of the Mortgaged Property or to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Note or Article IV of this Loan Agreement, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Lender may require.

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