Project Deposit Sample Clauses

Project Deposit. If at any time the Administrative Agent determines that the sum of (i) the unadvanced portion of the Construction Loan Facility to which the Borrower is entitled plus (ii) the amount of the Aggregate Project Cost scheduled to be paid by the Borrower from other funds which are available, set aside and committed, to the Administrative Agent's reasonable satisfaction, is or will be insufficient to pay the unpaid actual Aggregate Project Cost, the Borrower shall cause MedCath Incorporated, within seven (7) days after written notice from the Administrative Agent, to deposit with the Administrative Agent for the benefit of the Lenders the amount of the deficiency (the "Project Deposit") in an interest-bearing account, with interest earned thereon to be part of the Project Deposit. The Project Deposit is hereby pledged as additional collateral for the Obligations, and the Borrower hereby grants and conveys to the Administrative Agent for the benefit of the Lenders a security interest in all funds so deposited with the Administrative Agent as additional collateral for the Obligations. Upon the occurrence of an Event of Default, the Administrative Agent may (but shall have no obligation to) apply all or any part of the Project Deposit against the unpaid Obligations in such order as the Required Lenders determine. Upon (i) the issuance of the certificate of occupancy for the Improvements and (ii) the Administrative Agent's confirmation that either (A) the Borrower has satisfied all of obligations required to be paid by the Borrower in connection with the construction of the Project or (B) the Borrower has reserved such funds necessary to satisfy the remaining obligations to be paid by the Borrower in connection with the construction of the Project, all funds remaining in the Project Deposit, shall be used to prepay the Construction Loan Facility to the extent necessary to ensure that the outstanding principal amount under the Construction Loan Facility does not exceed an amount equal to the lesser of (x) eighty percent (80%) of the Aggregate Project Cost or (y) seventy-five percent (75%) of the Appraised Value. The balance, if any, shall be returned to the Borrower.
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Project Deposit. Developer shall provide the District with an initial project deposit in the amount of $X,XXX to cover all District fees and costs including, but not limited to, full xxxx- bursement for all staff time and attorney’s fees incurred by the District related to the Project. When the project deposit has been drawn down to $X,XXX, Xxxxxxxxx agrees to deposit such additional sums as the District may determine from time to time to cover all fees and costs of the District. In ad- dition, if the scope of work changes after the initial project deposit is made, District will provide a re- vised estimate to Developer and request an additional project deposit amount to cover the work. The additional project deposit shall be received within ten (10) calendar days from date of notification; ad- equate project deposit funds must be in place in order for work on District facilities to continue.
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Project Deposit. 25 SECTION 2.10 Direct Construction Loan Advances .................................... 26
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Project Deposit. (a) Upon execution of this Agreement, Xxxxxxxxx has delivered to the District a deposit Letter of Credit in the amount of One Hundred Thousand Dollars ($100,000.00) (the “Project Deposit”). From and after Closing, the Project Deposit shall be deemed to be the closing deposit (the “Closing Deposit”) which District shall draw upon in accordance with the terms of the Construction and Use Covenant. (b) The Project Deposit may be drawn by District in accordance with this Agreement. The Project Deposit is not a payment on account of and shall not be credited against the Purchase Price; rather, the Project Deposit shall be held by District to be used as security to ensure Developer’s compliance with this Agreement and may be drawn on by District in accordance with the terms of this Agreement. The Project Deposit and any replacement Letters of Credit provided under this Agreement is, or shall be, in the form attached hereto as Exhibit M. Notwithstanding any provision herein to the contrary, District shall return the Project Deposit to Developer at Closing. If at any time prior to Closing, a Letter of Credit will expire within thirty (30) days, Developer shall deliver to District either a replacement Letter of Credit or an endorsement to the Letter of Credit extending the expiration date of the Letter of Credit for at least one (1) year, or to a date that is not less than thirty (30) days following the scheduled Closing Date, whichever is earlier. If a replacement Letter of Credit or endorsement is not provided to District as required pursuant to the preceding sentence by five (5) Business Days prior to the expiration date of the existing Letter of Credit, the same shall be considered a Developer Default and District may draw upon the Project Deposit.
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Project Deposit. All custom type designs or freelance work requiring more than two hours of development require a 50% deposit of the quoted fee before any work is started.
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Project Deposit. If at any time Agent determines that the sum of (i) the unadvanced portion of the Construction Loan to which Borrower is entitled, plus (ii) the amounts of the Aggregate Project Cost which are scheduled to be paid by Borrower from other funds which are available, set aside and committed, to Agent's reasonable satisfaction, is or will be insufficient to pay the unpaid actual Aggregate Project Cost, Parent shall, within seven (7) days after written notice from Agent, deposit with Agent for the benefit of Lenders the amount of the deficiency (the "Project Deposit") in an interest-bearing account with interest earned thereon to be part of the Project Deposit. The Project Deposit is hereby pledged as additional collateral for the Construction Loan, and Parent and Borrower hereby grant and convey to Agent for the benefit of Lenders a security interest in all funds so deposited with Agent, as additional collateral for the Construction Loan. Upon a Default, Agent may (but shall have no obligation to) apply all or any part of the Project Deposit (other than unexpended sums allocated for the payment of the Pre-Opening Operating Costs) against the unpaid Indebtedness in such order as the Required Lenders determine. All funds remaining in the Project Deposit upon the issuance of the certificate of occupancy (other than sums allocated for Pre-Opening Operating Costs to be paid after the issuance of the Medicare Certification) shall be used to prepay the Construction Loan to the extent necessary to ensure that the outstanding principal amount of the Construction Loan shall at no time exceed an amount equal to the lesser (x) eighty percent (80%) of the Total Project Cost or (y) seventy-five percent (75%) of the Appraised Value. The balance, if any, shall be returned to Parent.
Sample 1
Project Deposit. (a) As of the Effective Date, Developer has delivered to District an Acceptable Letter of Credit in the amount of Fifty Thousand Dollars ($50,000) (the “Project Deposit”). (b) The Project Deposit is not a payment on account of and shall not be credited against any rent due under the Ground Lease; rather, the Project Deposit shall be held by District to be used as security to ensure Developer’s compliance with this Agreement and may be drawn on by District in accordance with the terms of this Agreement. The Project Deposit and any replacement Letters of Credit provided under this Agreement is, or shall be, an Acceptable Letter of Credit. Notwithstanding any provision herein to the contrary, District shall return the Project Deposit to Developer at Financing/Construction Closing.
Sample 1
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Related to Project Deposit

  • Direct Deposit If you have arranged to have a direct deposit made to your account at least once every 60 days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (000) 000-0000. This does not apply to transactions occurring outside the United States.

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • BIDDING DEPOSIT Subject to Clause 5.1 below, all intending bidders shall deposit with the Auctioneer, prior to the auction sale, a bank draft or cashier’s order drawn in favour of AmBank (M) Berhad for the a/c of IKHMAS JAYA SDN BHD, a Bidding Deposit equivalent to ten per cent (10%) of the Reserve Price or a minimum of RM2,000.00 whichever is higher. Online Bidders are subject to the provisions of Clause(s) 2.4, 2.5 and 2.6 of the Terms and Conditions on xxxx.xxxxxxxx.xxx.xx for the manner of payment of the deposit.

  • Escrow Deposit Concurrently with the execution and delivery of this Agreement, the Holder will deliver [the sum of ____________________ Dollars ($_____________) in lawful money of the United States of America by wire transfer of immediately available funds] [and] [[ ] Class A Trust Certificates] [and] [[ ] Class B Trust Certificates] in accordance with Section 14 of the Series Supplement] (the "Escrow Deposit"), to Escrow Agent to be held by Escrow Agent in escrow on the terms and conditions hereinafter provided. Escrow Agent hereby acknowledges receipt of the Escrow Deposit. Any cash amounts in the Escrow Deposit may be increased or decreased in accordance with the terms of Section 2.02(i)(vi) of the Warrant Agreement and the terms of this agreement will apply with equal force and effect to any such increased or decreased cash amounts in the Escrow Deposit.

  • Initial Deposits On the Closing Date and on each Addition Date thereafter, the Servicer will deposit (in immediately available funds) into the Collection Account all Collections received after the applicable Cut-Off Date and through and including the Closing Date or Addition Date, as the case may be, in respect of Eligible Assets being transferred to and included as part of the Collateral on such date.

  • Direct Deposits The Credit Union may offer direct deposit options allowing you to preauthorize deposits (i.e., payroll checks, Social Security or retirement checks, or other government checks) or preauthorize transfers from other accounts at the Credit Union. You must authorize any direct deposits to your accounts by a separate authorization form. If applicable, you must notify the Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer if you wish to cancel or change the direct deposit or direct transfer option. Upon a filing of a bankruptcy, if you fail to cancel any direct deposit authorization, you instruct your employer and the Credit Union to make and apply direct deposits in accordance with your authorization on file with the Credit Union. If the Credit Union is required to reimburse the U.S. Government for any benefit payment directly deposited into your account for any reason, you agree the Credit Union may deduct the amount returned from any of your accounts, unless prohibited by law.

  • Mobile Deposit The Mobile Deposit feature enables you to use a software application together with your Wireless Access Device to create electronic images of the front and back of certain Original Checks (defined below) and transmit those images and other information, including, without limitation, information captured from the magnetic ink character recognition (“MICR”) line, to us for review and processing in accordance with this Agreement.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Construction Phase Fee Contractor’s Construction Phase Fee is the maximum amount payable to Contractor for any cost or profit expectation incurred in the performance of the Work that is not specifically identified as being eligible for reimbursement by Owner elsewhere in this Agreement. References in the UGSC to Contractor’s “overhead” and “profit” mean Contractor’s Construction Phase Fee. The Construction Phase Fee includes, but is not limited to, the following items: 9.1 All profit, profit expectations and costs associated with profit sharing plans such as personnel bonuses, incentives, and rewards; company stock options; or any other like expenses of Contractor.

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