Margin Surplus After Cure of Breach Sample Clauses

Margin Surplus After Cure of Breach. If, at any time, Seller (a) delivers a Deficit Cure Amount (in cash) to Buyer to cure a Margin Deficit arising from the breach by Seller of a representation or warranty set forth in Schedule 1 hereto (and the consequent reduction of the Asset Value of such Purchased Asset to zero as provided in the definition of "Asset Value") and (b) Seller simultaneously notifies Buyer in writing that Seller is attempting to cure such breach, then Buyer shall hold such Deficit Cure Amount in the Margin Account (and shall not apply such Deficit Cure Amount to the reduction of the Purchase Price of the related Purchased Asset) pending the cure of such breach by Seller. If, within thirty (30) Business Days after the delivery of such notice by Seller to Buyer, Seller is able to cure such breach, then Buyer shall increase the Asset Value of such Purchased Asset to reflect the cure of the breach. To the extent that, as a result of the foregoing, the Asset Value of such Purchased Asset, as of the next Payment Date, taken together with the related Deficit Cure Amount on deposit in the Margin Account, is greater than the Margin Amount for such Purchased Asset (such excess, a "Margin Surplus"), then, to the extent that no Margin Deficit shall exist after making such distribution and provided that no Default or Event of Default shall have occurred and be continuing, Buyer shall, on such Payment Date, remit directly to Seller the amount of such Margin Surplus, but in no event shall such amount be greater than any amount then on deposit in the Margin Account in excess of the Liquidity Amount.
Sample 1
AutoNDA by SimpleDocs

Related to Margin Surplus After Cure of Breach

  • In the Event of Forecasted Surpluses If the HSP is forecasting a surplus, the Funder may take one or more of the following actions: adjust the amount of Funding to be paid under Schedule A, require the repayment of excess Funding; adjust the amount of any future funding installments accordingly.

  • Independence from Material Breach Determination Except as set forth in Section X.D.1.c, these provisions for payment of Stipulated Penalties shall not affect or otherwise set a standard for OIG’s decision that Xxxxx has materially breached this IA, which decision shall be made at OIG’s discretion and shall be governed by the provisions in Section X.D, below.

  • Withdrawal Conditions; Withdrawal Period 1. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made for payments made prior to the date of this Agreement. 2. The Closing Date is June 30, 2013.

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • FUNDING AVAILABILITY This Contract is contingent upon the continued availability of funding. If funds become unavailable through the lack of appropriations, legislative or executive budget cuts, amendment of the Appropriations Act, state agency consolidation or any other disruptions of current appropriations, DFPS will reduce or terminate this Contract.

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Withdrawals during Concession Period 27.3.1 The Concessionaire shall, at the time of opening the Escrow Account, give irrevocable instructions, by way of an Escrow Agreement, to the Escrow Bank instructing, inter alia, that deposits in the Escrow Account shall be appropriated in the following order every month, or at shorter intervals as necessary, and if not due in a month then appropriated proportionately in such month and retained in the Escrow Account and paid out therefrom in the month when due: (a) all taxes due and payable by the Concessionaire for and in respect of the Project; (b) all payments relating to construction of the Project, subject to and in accordance with the conditions, if any, set forth in the Financing Agreements; (c) O&M Expenses, subject to the ceiling, if any, set forth in the Financing Agreements; (d) O&M Expenses and other costs and expenses incurred by the Authority in accordance with the provisions of this Agreement, and certified by the Authority as due and payable to it; (e) Concession Fee or Annual Concession Fee, as the case may be, due and payable to the Authority; (f) monthly proportionate provision of Debt Service due in an Accounting Year; (g) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (h) monthly proportionate provision of debt service payments due in an Accounting Year in respect of Subordinated Debt; (i) any reserve requirements set forth in the Financing Agreements; and (j) balance, if any, in accordance with the instructions of the Concessionaire. 27.3.2 The Concessionaire shall not in any manner modify the order of payment specified in Clause 27.3.1, except with the prior written approval of the Authority.

  • Unused Escrow Funds In the event that a Closing does not occur when required under the Contract, or in the event that the Closing does occur but Escrow Funds remain in an account with Escrow Agent, the Escrow Agent shall notify OPWC in writing promptly thereafter. After receipt of such notice, OPWC shall deliver written instructions to Escrow Agent directing Escrow Agent’s release of the Escrow Funds. Immediately upon Escrow Agent’s receipt of such notice from OPWC, Escrow Agent shall release the Escrow Funds, or balance thereof, in accordance with OPWC’s written instructions.

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.

  • No Material Deterioration in Financial Condition; Financial Statements All consolidated financial statements for Borrower and its Subsidiaries, delivered to Collateral Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition of Borrower and its Subsidiaries, and the consolidated results of operations of Borrower and its Subsidiaries. There has not been any material deterioration in the consolidated financial condition of Borrower and its Subsidiaries since the date of the most recent financial statements submitted to any Lender.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!