Insufficiency of Loan Proceeds. The Borrower will deposit funds with Lender (the “Required Equity Funds”) as follows: If at any time prior to Mortgage Lender commencing to make advances under the Mortgage Loan (other than any advance made on the Closing Date), Lender shall in its sole discretion determine that the remaining undisbursed portion of the Loan, and any undisbursed portion of the Mortgage Loan, and any other sums previously deposited by the Borrower with Lender in connection with the Loan, is or will be insufficient to fully complete and equip the Project (including all tenant improvements to be completed by the Borrower, with respect to both leased or unleased space) in accordance with the Plans, to operate and carry the Project after completion of the Project until payment in full of the Loan by the Borrower, to pay all other Project Costs, to pay all interest accrued or to accrue on the Loan during the term of the Loan from and after the date hereof, and to pay all other sums due or to become due under the Loan Documents and the Mortgage Loan Documents (or as to any budget category or line item in the Project Budget, if the undisbursed funds for such category or line item are or will be insufficient to fully pay for the costs attributed to such budget category or line item), regardless of how such condition may be caused, the Borrower will, within seven (7) days after written notice of such determination from Lender, deposit with Lender such sums of money in cash as Lender may require, in an amount sufficient to remedy the condition described in such notice, and sufficient to pay any liens for labor, equipment and materials alleged to be due and payable at that time in connection with the Project, and, at Lender’s option, no further Loans shall be made by Lender until the provisions of this §2.14 have been fully complied with. All such deposited sums shall stand as additional security for the obligations and shall be disbursed by Lender in the same manner as Loans under this Agreement before any further Loan advances of proceeds shall be made. Lender shall have no obligation to pay the Borrower any interest with respect to such deposited funds. In the event that Mortgage Lender requires such Required Equity Funds to be deposited with Mortgage Lender, then such Required Equity Funds shall be deposited with Mortgage Lender instead of with Lender.
Insufficiency of Loan Proceeds. Agent, in its sole discretion shall determine that the remaining undisbursed portion of the Commitment is or will be insufficient to fully complete the Improvements in accordance with the Plans.
Insufficiency of Loan Proceeds. To deposit funds with Lender as hereinafter provided. If at any time during the term of this Agreement, in Lender's judgment and opinion the remaining undisbursed portion of the Loan is insufficient to fully complete the Improvements substantially in accordance with the Plans and Specifications, and to pay all interest accrued or to accrue on the Loan, and to pay all other sums due or to become due under the Loan Documents, Borrower shall, within seven (7) days after written notice thereof from Lender, deposit with Lender such sums of money in cash as Lender may require, and in an amount or amounts sufficient to remedy such condition, and sufficient to pay any liens for services and materials alleged to be due and payable at that time in connection with the Improvements, and, at Lender's option, no further disbursements of the Loan shall be made by Lender until this Paragraph has been fully complied with. All such deposited sums shall stand as additional security for Borrower's obligations under this Agreement and shall be disbursed by Lender before any further advances of the Loan are made, or paid over to Borrower upon termination of Borrower's obligations under this Agreement.
Insufficiency of Loan Proceeds. Agent, in its reasonable discretion shall determine that the remaining undisbursed portion of the Commitment is or will be insufficient to fully complete the Improvements in accordance with the Plans; provided, however, that upon such determination Agent shall provide the Company with written notice and a period of thirty (30) days to cure such default.
Insufficiency of Loan Proceeds. Agent, in its sole discretion shall determine that the remaining disbursed portion of the Commitment is or will be insufficient to fully complete the Improvements in accordance with the Plans. Construction and Revolving Term Loan Supplement RI0218T02 -10- Lincolnway Energy, LLC Nevada, Iowa
Insufficiency of Loan Proceeds. (a) If at any time before the Conversion Date the remaining undisbursed portions of the Loan*, equity contributions to Borrower required pursuant to existing agreement that are to be disbursed for hard costs of construction at or before completion of the Work (“Construction Equity”), and the Senior Loan are insufficient in Lender’s reasonable judgment to fully complete the Work in accordance with the Completion Schedule and the Plans and Specifications and to pay all interest accrued or to accrue before the Conversion Date and to pay all other amounts to be paid under the Budget, Loan Documents, and the Senior Loan Documents on or before the Conversion Date, then Borrower shall, within 15 days after written notice from Lender, deposit with Lender sufficient cash to remedy such condition and to pay any and all liens for services and materials alleged to be due and payable in connection with the Improvements, unless the Senior Lender has already required Borrower to deposit with it an equal or greater amount and Borrower has done so. Such Equity Contribution shall be additional security for the Loan and, at Lender’s option and subject to the rights of Senior Lender, it may be disbursed before any further advances of the Loan proceeds are made. Lender need not make any further disbursements of the Loan until Borrower has deposited with it any required Equity Contribution, and Borrower’s failure to make an Equity Contribution as required by this section shall constitute a material Event of Default with no grace or cure period.
Insufficiency of Loan Proceeds. At any time from and after the date of the Initial Advance, Agent shall have the right (but not the obligation) to deliver a Reserve Notice to Borrower in writing pursuant to Section 7.4.5 hereof stating that, as determined in Agent’s sole discretion exercised in good faith, (a) the cost of all Project Related Costs (excluding Carry Costs and Debt Service) necessary to achieve Final Completion that remain unpaid at the time in question exceeds (b) the sum of (x) the Total Deemed Advance Available Amount and (y) the unallocated balance of the Additional Reserve Account (the amount of any such deficiency under clauses (a) minus (b) being herein referred to as the “Shortfall”). Any dispute or disagreement arising with respect to a Reserve Notice delivered by Agent shall be resolved in accordance with the procedures set forth in Section 7.4.5 hereof. Upon any such Reserve Notice being delivered by Agent and any dispute in connection therewith being resolved pursuant to Section 7.4.5 Borrower shall cause the Shortfall amount to be deposited in the Additional Reserve Account within five (5) days following the later of such Reserve Notice or resolution of any such dispute in connection therewith.
Insufficiency of Loan Proceeds. Lender, in its sole discretion, shall determine that the remaining undisbursed portion of the Construction Commitment is or will be insufficient to fully complete the Improvements in accordance with the Plans.
Insufficiency of Loan Proceeds. If at any time during the term of this Agreement, the Bank determines, after reasonable consultation with the Project architect and the Bank's consulting engineer that the remaining undisbursed portion of the Loan proceeds (as limited by Section 2.4 hereof) are insufficient for any reason to complete either the Dublin Improvements or the Dover Improvements or any part of the Improvements substantially in accordance with the Plans and Specifications, the Borrower shall, within ten (10) days after receipt of written notice thereof (including a statement of the basis for such insufficiency) from Bank, deposit with Bank or its designee such sums of money in cash (from sources other than the Loan) as reasonably may be required to eliminate such insufficiency. Any amount so deposited by the Borrower shall stand as additional security for Borrower's obligations under this Agreement, and may be disbursed at Bank's option before any further Loan advances are made hereunder. Notwithstanding the introductory clause of this Article IV, in the event the Bank determines, after reasonable consultation with the Project architect and the Bank's consulting engineer there are insufficient funds to complete for either the Dublin or the Dover Improvements, the Bank shall not be required to make any additional advances on either Project until the deficiency is remedied.
Insufficiency of Loan Proceeds. Agent, in its sole discretion shall determine that the remaining undisbursed portion of the Commitment is or will be insufficient to fully complete Improvements in accordance with the Plans. FARM CREDIT SERVICES OF AMERICA, FLCA GREEN PLAINS RENEWABLE ENERGY, INC.
