Borrower’s Funds. Borrower represents, warrants and covenants to Lender that:
12.2.1. Borrower has taken, and shall continue to take until after the Working Capital Note, and all renewals and modifications thereof, is fully repaid, such measures as are required by applicable law to verify that the funds invested in Borrower are derived (a) from transactions that do not violate U.S. law nor, to the extent such funds originate outside the United States, do not violate the applicable laws of the jurisdiction in which they originated; and (b) from permissible sources under U.S. law and to the extent such funds originate outside the United States, under the laws of the jurisdiction in which they originated;
12.2.2. None of Borrower, Healthcare, SunLink, any person after the Effective Date who owns a direct interest in Borrower, or any person after the Effective Date who controls any person who owns a direct or indirect interest in Borrower, or, to Borrower’s knowledge, any person providing funds to Borrower (a) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would be predicate crimes to money laundering, or any violation of any state or federal anti-money laundering laws; (b) has been assessed civil or criminal penalties under any state or federal anti-money laundering laws; and (c) has had any of its/his/her funds seized or forfeited in any action under any state or federal anti-money laundering laws;
12.2.3. Borrower shall make payments on the loan evidenced by the Loan Documents using funds invested in Borrower, donations and pledges, grants, operating revenues or insurance proceeds unless otherwise agreed to by Lender;
12.2.4. As of the Effective Date and at all times during the term of the Working Capital Note and all renewals and modifications thereof, all operating revenues are and will be derived from lawful business activities of Borrower or Borrower’s tenants or other permissible sources under U.S. law; and
12.2.5. On the Maturity Date, Borrower will take all necessary steps to verify that funds used to repay the Working Capital Note in full (whether in connection with a refinancing, asset sale or otherwise) are from sources permissible under U.S. law and to the extent such funds originate outside the United States, permissible under the applicable laws of the jurisdiction in which they originated.
Borrower’s Funds. The words "Borrower's Funds" shall mean and refer to the Borrower's: (i) cash or proceeds other than received from the Lender, (ii) other available funds shown on Borrower's application and Financial Statements relied upon by the Lender, and (iii) portion of the Real Property purchase price and development Costs of the Real Property which are scheduled to be paid by Borrower from non-loaned funds set aside and committed, in an amount satisfactory to the Lender.
Borrower’s Funds. Borrower represents, warrants and covenants to Lender that it has taken, and shall continue to take, such measures as are required by law to assure that the funds invested in the Borrower and/or used to make payments on the Loans are derived (a) from transactions that do not violate U.S. law nor, to the extent such funds originate outside the United States, do not violate the laws of the jurisdiction in which they originated; and (b) from permissible sources under U.S. law and to the extent such funds originate outside the United States, under the laws of the jurisdiction in which they originated. Borrower further represents, warrants and covenants to Lender that, to the best of its knowledge after making due inquiry, neither the Borrower, nor any holder of a direct or indirect interest of five percent (5%) or more in Borrower, nor any Person providing funds to Borrower (a) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United State would be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws; (b) has been assessed civil or criminal penalties under any Anti-Money Laundering Laws; and (c) has had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws.
Borrower’s Funds. All funds of Borrower deposited into Borrower’s Funds Account pursuant to the terms of this Agreement, to be disbursed in payment of Construction Costs as more particularly set forth in this Agreement.
Borrower’s Funds. Any money required in excess of the Loan proceeds to fully pay all Costs of Construction is to be provided by Borrower (“Borrower’s Deposit”). Prior to the Closing Date, Borrower shall provide to Lender (a) evidence satisfactory to Lender that such money is available for payment of such costs and/or (b) copies of paid receipts evidencing payment by Borrower of such costs in an amount such that the remaining Costs of Construction after the Closing Date will not exceed the Loan proceeds available pursuant to the Approved Project plus any money available under clause (a) above. After the Closing Date, if the aggregate amount of Costs of Construction increases, Borrower shall provide to Lender either (a) satisfactory evidence that money required in excess of the Loan proceeds to fully pay Costs of Construction is available for payment of such costs or (b) such money shall be actually deposited by Borrower with Lender and advanced by Lender prior to the advance of any Loan proceeds hereunder. The amount of Borrower’s initial equity contribution, if any, is set forth in Exhibit C attached hereto. Notwithstanding any provisions to the contrary contained herein, at no time shall Lender be obligated to make any advance hereunder if, in Lender’s reasonable judgment, it appears that for any reason the remaining undisbursed Loan proceeds will be insufficient to complete construction of the Improvements in accordance with the Plans and to pay for all Costs of Construction to be incurred by Borrower until Borrower deposits with Lender such additional cash or liquid collateral as, in Lender’s reasonable judgment, will be sufficient to complete and fully pay the Costs of Construction. Borrower shall deposit such additional money with Lender into an interest bearing custodial account held by Lender (or provide evidence satisfactory to Lender of the availability of such additional funds) within seven (7) days after its receipt of Lender’s written demand therefor. Any money deposited by Borrower with Lender pursuant hereto shall constitute additional collateral for the Loan and shall be advanced prior to the Loan proceeds unless Lender in its sole discretion determines otherwise.
Borrower’s Funds. At the time and in amounts required by Bank, Borrower shall deposit Borrower’s Funds into the Borrower’s Funds Account. Should it appear at any time in Bank’s judgment that the sum of undisbursed proceeds of the Borrower Loan and the then balance of the Borrower’s Funds Account are insufficient to provide the financing for completion of the rehabilitation of the Improvements, Borrower shall pay to Bank, within ten days following receipt of written demand by Bank, an amount equal to such deficiency for deposit into the Borrower’s Funds Account.
Borrower’s Funds. The funds, if any, required to be deposited by Borrower with Lender pursuant to this Agreement.
Borrower’s Funds. Borrower’s failure to deliver any Borrower’s Funds to Lender for deposit into the Borrower’s Funds Account as and when required by this Agreement.
Borrower’s Funds. At the time and in amounts required by Lender, deposit Borrower's Funds in the Borrower's Funds, Building Loan Account. Borrower's Funds shall be disbursed from such account in the manner provided in Paragraph 6 above. Should it appear at any time that the total available funds then held by the Trustee in the Program Fund (as limited by Section 6.5 above) in Lender's reasonable judgment, to provide the financing for the completion of the Improvements, Borrower, within fifteen (15) days following receipt of written demand by Lender for additional funds, shall pay to Lender an amount equal to such deficiency as expressed in said demand for deposit in the Borrower's Funds, Building Loan Account, which funds shall first be exhausted before any further disbursement of the proceeds of the Loan shall be made.
Borrower’s Funds. At the time and in the amounts required by Lender, deposit Borrower's funds in the loans in process account. Borrower's funds shall be disbursed from such account in the manner provided in paragraph 5 herein. Should it appear at any time that the total funds then held by Lender are insufficient, in Lender's reasonable judgement, to provide the financing for the completion of the improvements, Borrower, within ten (10) days following receipt of written demand by Lender for additional funds, shall pay to Lender an amount equal to such deficiency as expressed in said demand for deposit in the loans in process account.
A. Borrower will deposit funds and/or paid receipts and invoices with Bank in the amount of $9,146,439.60 ("Borrowers' Funds"). These funds shall be used prior to drawing upon the subject loan.
