Common use of Borrower’s Deposit Clause in Contracts

Borrower’s Deposit. If at any time Administrative Agent determines that the sum of: (i) any unadvanced portion of the Loan to which Borrower is entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate Cost, Borrower shall, within ten (10) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s Deposit prior to the Loan Proceeds. Upon the occurrence of any Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.

Borrower’s Deposit. If at any time Administrative Agent determines in its good faith business judgment that the sum of: (i) any unadvanced portion of the Loan to which Borrower is entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s reasonable satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate Cost, Borrower shall, within ten (10) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent and for the benefit of Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s Deposit prior to the Loan Proceedsproceeds. Upon During the occurrence continuance of any a Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.

Borrower’s Deposit. If at any time following the completion of Borrower’s contribution of Borrower’s Equity to pay the initial costs of the Project, Administrative Agent reasonably determines that the sum of: (ia) any unadvanced portion of the Loan to which Borrower is entitledLoan, plus (iib) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s reasonable satisfaction, are available, set aside and committed, plus (c) amounts reasonably expected to be realized from operation of the Property is or will be insufficient to pay the actual unpaid Aggregate Cost, Borrower shall, within ten seven (107) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent for the ratable benefit of Administrative Agent and Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all such funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s Deposit prior to the Loan Proceedsproceeds. Upon the occurrence of any Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness in such order as Administrative Agent determinesdetermines at any time a Default exists. Absent With the existence final advance for Improvements made pursuant to Paragraph 5 of Exhibit F of this Agreement, Administrative Agent will (i) release to Borrower any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, unexpended Borrower’s Deposit shall be used then held by Administrative Agent and (ii) if requested by Borrower, make an advance on the Loan equal to pay amounts the lesser of the undisbursed amount of the Loan (excluding any insufficiencies in amount of the Aggregate Costinterest reserve line item) or the aggregate amount disbursed from Borrower’s Deposit.

Borrower’s Deposit. If at any time Administrative Agent determines that ------------------ the sum of: (i) any unadvanced portion of the Loan to which Borrower is entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s 's satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate Cost, Borrower shall, within ten seven (107) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“"Borrower’s 's Deposit”") in an interest-bearing account of ------------------ Administrative Agent’s 's selection with interest earned thereon to be part of Borrower’s 's Deposit. Such Borrower’s 's Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s 's Deposit prior to the Loan Proceedsproceeds. Upon the occurrence of any Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s 's Deposit against the unpaid Indebtedness in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.

Borrower’s Deposit. If at any time Administrative Agent determines that the sum of: (i) any unadvanced portion of the Loan to which Borrower is entitled, plus (ii) the portions of the Aggregate Construction Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate aggregate Construction Cost, Borrower shall, within ten seven (107) days after written notice from Administrative AgentAgent (and in any event prior to any further advance of the Loan), deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-interest bearing account of Administrative Agent’s selection with interest earned thereon to be part of payable to the Borrower; provided, however, that Borrower shall not be required to make a Borrower’s DepositDeposit for any deficiency if within the seven (7) day period after written notice from Administrative Agent Borrower provides to Administrative Agent evidence, acceptable to Administrative Agent in its sole discretion, of the direct payment by Borrower of such deficiency. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the Loan, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the Loan. During the continuance of an Event of Default, Administrative Agent may shall advance all or a portion of the Borrower’s Deposit prior to the Loan Proceedsproceeds. Upon the occurrence of any Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness indebtedness in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.

Borrower’s Deposit. If at any time Administrative Agent determines that the sum of: (ia) any unadvanced portion of the Loan to which Borrower is entitled, plus (iib) the portions of the Phase 1 Aggregate Cost (prior to the Syndication Event) or the Aggregate Cost (after the Syndication Event), as applicable, that are to be paid by Borrower from other funds that, to Administrative Agent’s 's satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Phase 1 Aggregate CostCost (prior to the Syndication Event) or the Aggregate Cost (after the Syndication Event), as applicable, Borrower shall, within ten fifteen (1015) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing interest‑bearing account of Administrative Agent’s 's selection with interest earned thereon to be part of Borrower’s 's Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as As additional security for the Loan, Borrower hereby pledges such Borrower's Deposit to Administrative Agent and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders and the Lender Swap Providers a security interest in all funds so deposited with Administrative Agent, as additional security for the Loan. Administrative Agent may advance all or a portion of the Borrower’s 's Deposit prior to the Loan Proceedsproceeds. Upon During the occurrence continuance of any Default by Borroweran Event of Default, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s 's Deposit against the unpaid Indebtedness Obligations in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.

Borrower’s Deposit. If at any time Administrative Agent determines that the sum of: (i) any unadvanced portion of the any Loan to which either individual Borrower is entitled, plus (ii) the portions of the Aggregate Cost that are to be paid by such Borrower from other funds that, to Administrative Agent’s satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate CostCost for each of the Apartments Unit Project and the Office Tower/Retail Unit Project, respectively, Borrower shall, within ten seven (107) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Notwithstanding any other provision of this Agreement, the obligation of an individual Borrower to make any Borrower’s Deposit shall be a joint and several obligation of each Borrower. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the LoanIndebtedness and Obligations, and each individual Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the LoanIndebtedness and Obligations. Administrative Agent may advance all or a portion of the any Borrower’s Deposit prior to Administrative Agent advancing the Loan Proceeds. Upon proceeds for the occurrence of any Default by Borrower, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against Apartments Unit Project and/or the unpaid Indebtedness in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies in the Aggregate Cost.Office Tower/

Borrower’s Deposit. If at any time Administrative Agent determines that the sum of: (i) any unadvanced portion of the Loan to which Borrower is entitledLoan, plus (ii) the portions of the Aggregate Cost that are to be paid by Borrower from other funds that, to Administrative Agent’s satisfaction, are available, set aside and committed, is or will be insufficient to pay the actual unpaid Aggregate CostCost for the Project, Borrower shall, within ten seven (107) days after written notice from Administrative Agent, deposit with Administrative Agent the amount of the deficiency (“Borrower’s Deposit”) in an interest-bearing account of Administrative Agent’s selection with interest earned thereon to be part of Borrower’s Deposit. Such Borrower’s Deposit is hereby pledged to Administrative Agent and Lenders as additional security for the LoanIndebtedness and Obligations, and Borrower hereby grants and conveys to Administrative Agent for the ratable benefit of Administrative Agent and Lenders a security interest in all funds so deposited with Administrative Agent, as additional security for the LoanIndebtedness and Obligations. Administrative Agent may advance all or a portion of the Borrower’s Deposit prior to Administrative Agent advancing the Loan Proceedsproceeds for the Project. Upon the occurrence of any Default by Borrowera Default, Administrative Agent may (but shall have no obligation to) apply all or any part of Borrower’s Deposit against the unpaid Indebtedness and Obligations in such order as Administrative Agent determines. Absent the existence of any Default or the occurrence of any event which, upon the giving of notice or the passage of time would become a Default, Borrower’s Deposit shall be used to pay amounts of any insufficiencies determines in the Aggregate Costits sole discretion.