Application of Excess Funds Sample Clauses

Application of Excess Funds. If the Bank and the Borrower agree that disbursements shall be made in accordance with Section 4(c)(i)(3) above, then any funds deposited in the Corporate Checking Account in excess of $50,000 will be applied to obligations of the Borrower to the Bank in the order that the Bank directs and then to the reduction of the Loans.
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Application of Excess Funds. If MTU-H is released from its obligations set forth in this Agreement with respect to any Prepaid Engine, any credit balance held by MTU-H on account of such Engine shall be applied to the account of other Prepaid Engines in such manner as directed by the applicable Designated Party or its designee.
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Application of Excess Funds. On each Business Day, to the extent that the Funding Purchaser has available cash that is not otherwise being used for repurchases of Written-Off Receivables, Aged Receivables, Receivables subject to a breach of representation relating to its status as an Eligible Receivable or Receivables subject to a Dilution pursuant to the terms hereof (such excess cash, “Excess Funds”), the Funding Purchaser shall use such Excess Funds to make the following purchases or allocations in the following order of priority:
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Application of Excess Funds. Notwithstanding the provisions set forth in Sections 2.8 and 2.9 above, in the event that it is ultimately determined that ICM is not entitled to payment of the full ICM Amount (whether by mutual written agreement of Borrower and ICM, by a court of competent jurisdiction, or otherwise, reasonably acceptable to GE, an “ICM Resolution”) and/or it is ultimately determined that RIO is not entitled to payment of the full RIO Amount (whether by mutual written agreement of Borrower and RIO, by a court of competent jurisdiction, or otherwise, reasonably acceptable to GE, a “RIO Resolution”), and all related conditions and obligations of Borrower under the Loan Agreement are satisfied which relate to the ICM Resolution or the RIO Resolution and a final Advance related thereto, as the case may be, then Borrower can deliver a written request to the Administrative Agent requesting that the portion of the ICM Amount and/or the RIO Amount that is not to be paid to ICM or RIO, respectively, be disbursed to the Borrower and specifying such amount (the amount specified in such a request or requests, the “Unused Funds”), which request or requests shall be accompanied by the written agreement(s) or court order(s) establishing the lesser payment. For an ICM Resolution, all issues related to the amounts retained pursuant to Section 2.8 above must be resolved, and the Unused Funds are those funds allocated for the amounts in Section 2.8 that are not used. For a RIO Resolution, all issues related to the amount retained pursuant to Section 2.9 above must be resolved, and the Unused Funds are those funds allocated for the amount in Section 2.9 that are not used. Upon satisfaction of the foregoing as to either an ICM Resolution or a RIO Resolution, Administrative Agent shall promptly disburse the Unused Funds related thereto, to the extent such funds are remaining in the Disbursement Account, to Borrower, and Borrower shall use such funds for expenses or capital improvements for the Project. The Disbursement Account shall be an interest bearing account, with interest accruing as provided pursuant to the terms of such account, for the account of Borrower. Upon disbursement of the final principal (initially deposited) funds in the Disbursement Account, the interest earned on the Disbursement Account shall be disbursed by Administrative Agent (i) first, to Administrative Agent for payment toward, and in the amount of, any amount payable by Borrower to Administrative Agent under the Lo...
Sample 1
Application of Excess Funds. If there are excess funds in accordance with Sections 5 and/or 6 below and if the Buyer is not the Beneficiary, the excess funds shall be distributed to the Buyer if he or she is living. If the Buyer is deceased or if the Buyer is also the Beneficiary, the excess funds shall be paid to the First Designee named below or, if such First Designee is deceased, then to the Second Designee named below, or if such Second Designee is deceased, then to the descendants of the Buyer per stirpes.
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Related to Application of Excess Funds

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

  • DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS The Advisory Committee will determine excess aggregate contributions after determining excess deferrals under Section 14.07 and excess contributions under Section 14.08. If the Advisory Committee determines the Plan fails to satisfy the ACP test for a Plan Year, it must distribute the excess aggregate contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess aggregate contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess aggregate contributions are the amount of aggregate contributions allocated on behalf of the Highly Compensated Employees which causes the Plan to fail to satisfy the ACP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess aggregate contributions. The Advisory Committee will determine the respective shares of excess aggregate contributions by starting with the Highly Compensated Employee(s) who has the greatest contribution percentage, reducing his contribution percentage (but not below the next highest contribution percentage), then, if necessary, reducing the contribution percentage of the Highly Compensated Employee(s) at the next highest contribution percentage level (including the contribution percentage of the Highly Compensated Employee(s) whose contribution percentage the Advisory Committee already has reduced), and continuing in this manner until the ACP for the Highly Compensated Group satisfies the ACP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess aggregate contributions assigned to the family unit.

  • Termination of Exchange Fund Any portion of the Exchange Fund that remains undistributed to the holders of Company Common Stock for six months after the Effective Time shall be delivered to Parent, upon demand, and any holder of Company Common Stock who has not theretofore complied with this Article II shall thereafter look only to Parent for payment of its claim for Merger Consideration.

  • Distribution of Exchange Fund to Parent Any portion of the Exchange Fund that remains undistributed to the holders of the Certificates or Uncertificated Shares on the date that is one year after the Effective Time will be delivered to Parent upon demand, and any holders of shares of Company Common Stock that were issued and outstanding immediately prior to the Merger who have not theretofore surrendered or transferred their Certificates or Uncertificated Shares representing such shares of Company Common Stock for exchange pursuant to this Section 2.9 will thereafter look for payment of the Per Share Price payable in respect of the shares of Company Common Stock represented by such Certificates or Uncertificated Shares solely to Parent (subject to abandoned property, escheat or similar Laws), solely as general creditors thereof, for any claim to the Per Share Price to which such holders may be entitled pursuant to Section 2.7.

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • 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:

  • Offer to Purchase by Application of Excess Proceeds In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Additional Amounts, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

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