Common use of Insufficiency of Loan Proceeds Clause in Contracts

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. To deposit funds with Lender Bank as hereinafter provided. follows: If at any time or from time to time during the term terms of this Agreement, in LenderBank's judgment and opinion opinion, the remaining undisbursed portion of the Loan Project Fund, together with the undisbursed balances of other sums previously deposited by Company with Bank or the Trustee in connection with the Loan, is or will be insufficient to fully complete the Improvements substantially construction of the Facility and the acquisition and installation of the Equipment therein in accordance with the Plans and Specifications, and to pay all other Project Facility Costs, to pay all interest accrued or to accrue on the LoanLoan 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 Financing Documents, Borrower regardless of how such condition may be caused, Company shall, within seven (7) days after written notice thereof from LenderBank, deposit with Lender Bank such sums of money in cash as Lender Bank 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 ImprovementsProject Facility, and, at LenderBank's option, no further disbursements of the Loan Advances shall be made by Lender the Trustee until the provisions of this Paragraph has have been fully complied with. All such deposited sums shall stand as additional security for BorrowerCompany's obligations under this Agreement and shall be disbursed by Lender Bank in the same manner as Advances under this Agreement before any further advances Advances of the Loan are Bond proceeds shall be made, or paid over . Neither the Bank nor the Trustee shall have no obligation to Borrower upon termination of Borrower's obligations under this Agreementpay Company any interest with respect to such deposited funds.

Insufficiency of Loan Proceeds. To Borrower shall 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 paragraph has been fully complied with. All such deposited sums shall stand as additional security for Borrower's obligations under this Agreement and ans 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. To deposit funds with Lender as hereinafter provided. If follows: if at any time or from time to time during the term terms of this Agreement, in Lender's reasonable judgment and opinion opinion, the remaining undisbursed portion of the Loan Loan, together with the undisbursed balances of other sums previously deposited by Borrower with Lender in connection with the Loan, is or will be 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, regardless of how such condition may be caused, Borrower shall, within seven fifteen (715) days after written notice thereof from Lender, deposit with Lender such sums of money in cash as Lender may reasonably 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 Advances of the Loan shall be made by Lender until the provisions of this Paragraph has have 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 in the same manner as Advances under this Agreement before any further advances Advances of the Loan are proceeds shall be made. Lender shall have no obligation to pay Borrower interest with respect to such deposited funds. If all or a portion of the money deposited with Lender hereunder has not been disbursed and the remaining undisbursed portion of the Loan is reasonably sufficient to complete the Improvements substantially in accordance with the Plans and Specifications, or paid over then such undisbursed funds shall be immediately returned to Borrower upon termination of Borrower's obligations under this Agreement.

Insufficiency of Loan Proceeds. To deposit funds with Lender as hereinafter provided. follows: If at any time or from time to time during the term terms of this Agreement, in Lender's judgment and opinion opinion, the remaining undisbursed portion of the Loan Loan, together with the Required Equity Funds, is or will be insufficient to fully complete the Improvements substantially in accordance with the Plans and Specifications, to operate and carry the Property after completion of the Improvements until payment in full of the Loan by Borrower, to pay all other Property Costs, to pay all interest accrued or to accrue on the LoanLoan 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, regardless of how such condition may be caused, 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 Advances of the Loan shall be made by Lender until the provisions of this Paragraph has have 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 in the same manner as Advances under this Agreement before any further advances Advances of the Loan are proceeds shall be made, or paid over . Lender shall have no obligation to pay Borrower upon termination of Borrower's obligations under this Agreementany interest with respect to such deposited funds.