Deficiency Loans Sample Clauses

Deficiency Loans. No Lender shall be responsible for any default of any other Lender in respect to such other Lender's obligation to make any Loan hereunder nor shall the Revolving Credit Commitment of any Lender hereunder be increased as a result of such default of any other Lender. Without limiting the generality of the foregoing, in the event any Lender shall fail to advance funds to the Borrower as herein provided, the Agent may in its discretion, but shall not be obligated to, advance under the applicable Note in its favor as a Lender all or any portion of such amount or amounts (each, a "deficiency advance") and shall thereafter be entitled to payments of principal of and interest on such deficiency advance in the same manner and at the same interest rate or rates to which such other Lender would have been entitled had it made such advance under its applicable Note; provided, that upon payment to the Agent from such other Lender of the entire outstanding amount of each such deficiency advance, together with accrued and unpaid interest thereon, from the most recent date or dates interest was paid to the Agent by the Borrower on each Loan comprising the deficiency advance at the interest rate per annum for overnight borrowing by the Agent from the Federal Reserve Bank, then such payment shall be credited against the applicable Note of the Agent in full payment of such deficiency advance and the Borrower shall be deemed to have borrowed the amount of such deficiency advance from such other Lender as of the most recent date or dates, as the case may be, upon which any payments of interest were made by the Borrower thereon. 2.14
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Deficiency Loans. Any funds advanced to the Company as Deficiency Loans (as defined in the Company Partnership Agreement), whether or not at the direction of the Bank, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however, that (A) up to $6,000,000 of such funds available for Deficiency Loans under the Company Partnership Agreement may be used by the Company to pay any portion of the Total Project Costs for which the Company has insufficient funds and (B) the foregoing restriction shall be of no effect from and after the Coverage Date. After the Date of Substantial Completion and until the Coverage Date, the Bank will have the right to cause the Company, acting through WKA, (A) at such times as the Bank shall determine in the reasonable exercise of its judgment that an Operating Deficit exists with respect to any month, to require the General Partners to make Deficiency Loans in amounts of up to $20,000,000 in the aggregate (less (x) any such Deficiency Loans for such purpose which may have previously been voluntarily advanced and (y) any additional Deficiency Loans of up to $6,000,000 in the aggregate which may have previously been voluntarily advanced to pay Total Project Costs to the extent hereinabove permitted), and (B) to apply such funds on account of such Operating Deficits. The Bank shall have no right to cause Deficiency Loans to be made to pay principal under the Bonds, the Loan Agreement or hereunder. In the event that WKA elects not to make the Deficiency Loan pursuant to Section 6.03 of the Company Partnership Agreement, the Bank may exercise the right of WKA pursuant to Section 6.03 of the Company Partnership Agreement to require KGC to make the Deficiency Loan on behalf of WKA through the making of a KG Loan (as defined in the Company Partnership Agreement). In the event of a default by KGC in its obligations to make a KG Loan, the Bank shall have the right, under the Four Party Agreement, to cause the Company or WKA, respectively, to exercise such available rights and remedies with respect thereto as the Bank shall determine. The Bank's right to require Deficiency Loans to be made shall cease during the pendency of any bankruptcy proceeding with respect to the Company or in the event of the commencement of any foreclosure or similar proceeding with respect to the Company's interest in the Project. If any Deficiency Loan is made to enable the Company to make the deposit of interest ...
Sample 1Sample 2
Deficiency Loans. If at any time after all Capital Contributions of the Partners have been made but prior to the expiration of five years from the Commencement Date, the Partnership has insufficient funds available to pay any portion of the Total Project Costs, operating costs or any other fees or expenses related to the Project or operation of the Resort, the Partnership's business or the liquidation or winding up of the Partnership, including payment of liabilities or reserves for liabilities, the WKA General Partner shall notify (the "Call Notice") each of the General Partners in writing of the amount needed (the "Deficiency") pay such costs, fees or expenses. With thirty (30) days after the receipt of the Call Notice each of the KG General Partner and the WKA General Partner shall advance to the Partnership one-half of the amount of the Deficiency. All such advances shall constitute loans ("Deficiency Loans") to the Partnership, shall be non-recourse to the Partnership and the General Partners of the Partnership and shall be subordinate to the First Mortgage Loan and the Subordinated Mortgage Loan. Deficiency Loans shall be repaid on or before the expiration of nine years from the Commencement Date (subject to prepayment as provided in Section 6.03 hereof) and shall bear interest at the same rate of interest as the First Mortgage Loan (computed with respect to all costs of such financing, including fees payable to credit enhancers, trustees and others). Notwithstanding the foregoing, at no time shall either the KG General Partner or the WKA General Partner be required to make Deficiency Loans to the Partnership in excess of $10,000,000 in principal amount each outstanding at any time.
Sample 1Sample 2
Deficiency Loans. Any funds advanced to the Company as Deficiency Loans (as defined in the Company Partnership Agreement), whether or not at the direction of the Bank, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however, that the foregoing restriction shall be of no effect from and after the Coverage Date. After the Date of Substantial Completion and until the Coverage Date, the Bank will have the right to cause the Company, acting through WKA, (A) at such times as the Bank shall determine in the reasonable exercise of its judgment that an Operating Deficit exists with respect to any month, to require the General Partners to make Deficiency Loans in amounts of up to $14,000,000 in the aggregate (less any such Deficiency Loans for such purpose which may have previously been voluntarily advanced), and (B) to apply such funds on account of such Operating Deficits. The Bank shall have no right to cause Deficiency Loans to be made to pay principal under the Bonds, the Loan Agreement or hereunder. Notwithstanding anything in the Company Partnership Agreement to the contrary, neither the Deficiency Loans nor the operating reserve line item of the Budget may be used for the purpose of paying principal or interest under the GDB Additional Loan.
Sample 1Sample 2
Deficiency Loans. (a) Any Deficiency Amount funded by a Fully-Funding Partner (or its Deficiency Loan Designee) as provided for in Section 3.4 shall be deemed to be a loan from the Fully-Funding Partner to the Deficiency Partner (a “Deficiency Loan”). Notwithstanding anything herein to the contrary, any payment otherwise payable to a Fully-Funding Partner on account of any Deficiency Loan shall be paid to any Deficiency Loan Designee designated by such Fully-Funding Partner as if such Fully-Funding Partner held such Deficiency Loan.
Sample 1Sample 2
Deficiency Loans. 38 2.14 Use of Proceeds. . . . . . . . . . . . . . . . . . . 39 2.15
Sample 1
Deficiency Loans. 32 2.13 Use of Proceeds ........................................................................ 32 2.14
Sample 1
AutoNDA by SimpleDocs
Deficiency Loans. Any funds advanced to the Borrower as Deficiency Loans (as defined in the Borrower's Partnership Agreement), whether or not at the direction of the Bank or Lender, shall be applied only to the operating costs or other fees and expenses related to the operation of the Project; provided, however that (a) up to $6,000,000 of such funds available for Deficiency Loans under Borrower's Partnership Agreement may be used by the Borrower to pay any portion of the Total Project Costs for which the Borrower has insufficient funds and (b) the foregoing restriction shall be of no effect from and after the date in which the Coverage Requirement, as such term is defined under the Bank Loan Documents, is met (the "Bank Coverage Date"). After the date of Substantial Completion and until the Bank Coverage Date, in the event (i) Borrower has failed to pay Interest to Lender as provided in Article IV hereof, and such failure shall continue uncured beyond the first (1st) day of the following calendar month in which such payment was due, and (ii) Borrower has paid all interest and other fees due under the Bank Loan Documents on a current basis through and including the 15th day of such month, then Lender shall have the right to cause the Borrower, acting through WKA, to require the General Partners to make Deficiency Loans in amounts of up to $20,000,000 in the aggregate (less the principal amount of any Deficiency Loans previously
Sample 1
Deficiency Loans. If the Sponsors elect to make Deficiency Loans to fund the Deficiency, and the Lenders consent to such election, such Deficiency Loans shall be provided to the Company, subject to Section 3.4 hereof, within the Offering Period in U.S. Dollars (or such other currency as may be approved by the Lenders) in the form of unsecured loans subordinated in payment, liquidation and enforcement of remedies to the Loans, as evidenced by written instruments in form and substance satisfactory to the Lenders, on the terms and conditions (including subordination provisions) set forth in Exhibit A hereto. All such written instruments evidencing the Deficiency Loans shall be delivered to the Trustee and the Lenders and held until (x) payment in full of all Obligations has been made, and all obligations of the Lenders under the Loan Documents have terminated or expired, and (y) a period of one hundred twenty (120) days (or such other period as may be applicable under applicable bankruptcy, insolvency or similar laws) has elapsed since the condition set out in clause (x) is satisfied without any court determining that the Company is insolvent or, if such determination is made within that time, the Lenders are reasonably satisfied that no payment to the Lenders or the Trustee by the Company will be set aside as a consequence thereof under any law relating to bankruptcy, insolvency or similar matters.
Sample 1

Related to Deficiency Loans

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • Repayment of Outstanding Loans; Borrowing of New Loans On the on the effective date of such increase, the Borrower shall repay all Loans then outstanding, subject to the Borrower’s indemnity obligations under Section 5.10 [Indemnity]; provided that it may borrow new Loans with a Borrowing Date on such date. Each of the Lenders shall participate in any new Loans made on or after such date in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit Commitments contemplated by this Section 2.11.

  • Policy Loans The Reinsurer will not participate in policy loans or other forms of indebtedness as respects the Reinsured Policies.

  • Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

  • Optional Prepayment of Loans; Reimbursement of Lenders (a) The Borrowers shall have the right at any time and from time to time to prepay outstanding Revolving Loans in whole or in part, (x) with respect to LIBO Loans, upon at least two (2) Business Days’ prior written, telex or facsimile notice to the Administrative Agent prior to 11:00 a.m., Boston time, and (y) with respect to Prime Rate Loans, on any Business Day if written, telex or facsimile notice is received by the Administrative Agent prior to 1:00 p.m., Boston time, subject to the following limitations:

  • Permitted Prepayment of Loans Borrowers shall have the option to prepay all, but not less than all, of the Loans, provided Borrowers provide written notice to Administrative Agent of its election to prepay the Loans at least thirty (30) days prior to such prepayment, and pay, on the date of such prepayment, to Lenders, ratably, an amount equal to the sum of:

  • Mandatory Prepayment of Loans (a) Subject to Section 2.06(c), on the date of receipt by the Borrower or any Restricted Subsidiary (or affiliate thereof) of any Net Cash Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to such Net Cash Proceeds (together with any amounts due pursuant to Section 2.07 or Section 2.09); provided that the Borrower shall have no obligation to prepay the Loans (i) to the extent that such Net Cash Proceeds are attributable to a Disposition permitted by clauses (a), (c), (e), (f), (g), (h) and (j) of Section 7.04, (ii) to the extent that such Net Cash Proceeds for any Disposition are not in excess of $1,000,000 individually or $10,000,000 in the aggregate for all such Dispositions or (iii) with respect to any Casualty Event or any Disposition permitted pursuant to clause (k) (but only with respect to Dispositions of Core Assets that were acquired by the Borrower or any Restricted Subsidiary following the Availability Date (it being understood that any Net Cash Proceeds received from other Dispositions pursuant to clause (k) shall not be able to be reinvested pursuant to this clause (iii)) and clause (l) of Section 7.04, if, within 365 days after receipt of such Net Cash Proceeds, the Borrower uses such Net Cash Proceeds to purchase, or otherwise reinvests such Net Cash Proceeds in, Oil and Gas Interests useful in the business of the Credit Parties (in each case, as certified by the Borrower in a certificate of a Responsible Officer delivered to the Administrative Agent and the Lead Lender); provided further that, if all or any portion of such Net Cash Proceeds are not so reinvested within the time period specified (or such earlier date, if any, as the applicable Credit Party determines not to reinvest such Net Cash Proceeds as set forth above), such remaining portion shall be applied on the last date of such period (or such earlier date, as the case may be) as provided in this Section 2.06(a) without regard to this proviso.

  • Borrowing Mechanics for Loans Borrower shall deliver to Administrative Agent a fully executed Funding Notice no later than one Business Day prior to the Closing Date or such shorter period of time acceptable to Administrative Agent. Promptly upon receipt by Administrative Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing.

  • Payment of Loans The Borrower shall punctually pay the principal and interest on the Loans, and all other sums falling due hereunder or under any other documents executed in connection with the Loans, in accordance with the terms hereof and thereof.

Time is Money Join Law Insider Premium to draft better contracts faster.