Deficiency Deposit Clause Samples

Deficiency Deposit. If Lender determines that the Loan is Out of Balance, then, within ten (10) days after written notice thereof from Lender to Borrower, Borrower shall deposit, in immediately available funds, an amount of cash equal to the amount Lender reasonably estimates will be sufficient to place the Loan In Balance (the “Deficiency Deposit”). Thereafter, the Deficiency Deposit will be disbursed by Lender prior to any further Advances of Loan proceeds and shall be used for Project Costs, subject to Borrower’s compliance with all conditions which would be applied to an Advance for the same Project Budget items to which the Deficiency Deposit will be applied. Any Deficiency Deposits shall be added to and made a part of Borrower’s Equity in the Project and no interest shall be paid to Borrower with respect to any such amounts. Failure to deposit the Deficiency Deposits shall constitute an Event of Default. Lender shall make no further disbursements of the Loan at any time the Loan is Out of Balance.
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Deficiency Deposit. If at any time and from time to time, the Agent shall determine that the Term Construction Loan, or the undisbursed balance thereof, is insufficient to cover the remaining costs of completion of the Improvements, then to further secure the future payment
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Deficiency Deposit. Within ten (10) Business Days of Borrower’s receipt of the notice referred to in subsection (b), Borrower shall deposit with Lender an amount of cash (the “Deficiency Deposit”) sufficient to place the Loan “in balance” or Borrower shall make such other arrangements as Lender may approve to place the Loan “in balance.” Any Deficiency Deposit made with Lender shall not earn interest. Borrower will pay Lender’s normal account opening and administration fees for handling such Deficiency Deposit. The Deficiency Deposit shall be first exhausted before Lender makes any further Loan Advance. Disbursement of the Deficiency Deposit must be approved by Lender and shall be subject to Borrower’s compliance with all conditions which would be applied to an advance of the Loan for the same items to which the Deficiency Deposit is to be applied. Any default, breach or violation of this Section 5.35(c) shall be an automatic Event of Default (without any notice, grace or cure period.)
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Related to Deficiency Deposit

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • Cash Deposit No cash will be deposited into the certificate account on the closing date.

  • Escrow Deposit Concurrently with the execution and delivery of this Agreement, the Holder will deliver [the sum of ____________________ Dollars ($_____________) in lawful money of the United States of America by wire transfer of immediately available funds] [and] [[ ] Class A Trust Certificates] [and] [[ ] Class B Trust Certificates] in accordance with Section 14 of the Series Supplement] (the "Escrow Deposit"), to Escrow Agent to be held by Escrow Agent in escrow on the terms and conditions hereinafter provided. Escrow Agent hereby acknowledges receipt of the Escrow Deposit. Any cash amounts in the Escrow Deposit may be increased or decreased in accordance with the terms of Section 2.02(i)(vi) of the Warrant Agreement and the terms of this agreement will apply with equal force and effect to any such increased or decreased cash amounts in the Escrow Deposit.

  • ▇▇▇▇▇▇▇ Money Deposit (a) Within three (3) Business Days after the full execution and delivery of this Contract, Buyer shall deposit the sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Initial Deposit”) with the Title Company, as escrow agent (“Escrow Agent”), which sum shall be held by Escrow Agent as ▇▇▇▇▇▇▇ money. If, pursuant to the provisions of Section 3.1 of this Contract, Buyer elects to terminate this Contract at any time prior to the expiration of the Review Period, then the Escrow Agent shall return the ▇▇▇▇▇▇▇ Money Deposit to Buyer promptly upon written notice to that effect from Buyer. If Buyer does not elect to terminate this Contract on or before the expiration of the Review Period, Buyer shall, prior to the expiration of the Review Period, deposit the Additional Deposit with the Escrow Agent. The Initial Deposit and the Additional Deposit, and all interest accrued thereon, shall hereinafter be referred to as the “▇▇▇▇▇▇▇ Money Deposit.” (b) The ▇▇▇▇▇▇▇ Money Deposit shall be held by Escrow Agent subject to the terms and conditions of an Escrow Agreement dated as of the date of this Contract entered into by Seller, Buyer and Escrow Agent (the “Escrow Agreement”). The ▇▇▇▇▇▇▇ Money Deposit shall be held in an interest-bearing account in a federally insured bank or savings institution reasonably acceptable to Seller and Buyer, with all interest to accrue to the benefit of the party entitled to receive it and to be reportable by such party for income tax purposes; provided, however, to the extent that Buyer instructs the Escrow Agent to apply the ▇▇▇▇▇▇▇ Money Deposit toward the Purchase Price in accordance with Section 2.4, interest shall be deemed to have accrued to the benefit of Buyer and be reportable by Buyer for income tax purposes.

  • Purchase Price; Deposit (a) The purchase price for the Property is AND 00/100 DOLLARS ($ ) (the “Purchase Price”), payable as follows: (i) TEN PERCENT (10%) of the Purchase Price (which is equal to $ ) (the “Initial Deposit”, and together with the Additional Deposit (as hereinafter defined), if any and to the extent delivered by Purchaser, collectively, the “Deposit”) shall, within five (5) business days after the Effective Date, be deposited by Purchaser with the Title Company (as hereinafter defined), as escrow agent (in such capacity, the “Escrow Agent”) by wire transfer of immediately available funds. Failure by Purchaser to timely deliver the Deposit in accordance with this Section 2(a)(i) shall constitute a material default by Purchaser hereunder and Seller shall be entitled to terminate this Agreement by written notice to Purchaser. The Deposit shall be refundable to Purchaser only to the extent expressly set forth in this Agreement. The Deposit shall be held in a non-interest-bearing, federally-insured account by Escrow Agent in accordance with this Agreement pending the consummation of the Settlement (as defined below). At Settlement, the Deposit shall be paid to Seller on account of the Purchase Price and credited to Purchaser. The giving of the Deposit hereunder shall not be considered to be ▇▇▇▇▇▇▇ money. (ii) Subject to the prorations and adjustments set forth in this Agreement, the balance of the Purchase Price shall be paid to Seller at Settlement by wire transfer of immediately available federal funds. (b) If there is a dispute between Seller and Purchaser regarding whether the Deposit shall be returned to Purchaser or delivered to Seller, Escrow Agent shall have no obligation to either Seller or Purchaser with respect to the Deposit except to interplead (invoke a concursus of) the Deposit into an appropriate court of competent jurisdiction. Escrow Agent may act upon any instrument or other writing believed by Escrow Agent in good faith to be genuine and to be signed and presented by the proper person.