Net Construction Funds Sample Clauses

Net Construction Funds. In the event that, for any Home constructed under this Borrowing Base, there is a deficiency in the “Net Construction Funds” available pursuant to the applicable Home Construction Budget (said shortfall shall be referred to as the “Net Construction Fund Deficiency”), Borrower shall, upon ten (10) Business Days’ written notice from Lender, at Lender’s sole option and discretion, either (i) deposit with Lender the amount that Lender, in its sole opinion, deems necessary to cure or correct said Net Construction Fund Deficiency for said Home, as applicable (which amount may be obtained from any excess Net Construction Funds available under an applicable Home Construction Budget), or (ii) furnish Lender with paid invoices, bills and receipts indicating that Borrower has paid, from Borrower’s own funds, the amount that Lender, in its sole opinion, deems necessary to cure or correct said Net Construction Fund Deficiency for said Home, as applicable. Borrower shall not be permitted, and Lender shall not be required, to apply any Net Construction Fund surplus to offset any Net Construction Fund Deficiency. All amounts deposited by Borrower pursuant to this Section 2.3.10 shall be held in the Borrower’s Funds Account and shall be disbursed in accordance with the terms of this Agreement for the payment of Hard Costs and Soft Costs pursuant to the applicable Home Construction Budget prior to any further disbursements for said Home, as applicable, in question.