Security for and Payment of the Loan Sample Clauses

Security for and Payment of the Loan. A. Once the Grant proceeds, the Local Government Match, the Owner Contributions and, if applicable, Excess County Parkway North Deposit Funds have been fully expended and draws commence on the Draw-down Note (it being acknowledged that Excess County Parkway North Deposit Funds will be exhausted prior to any subsequent draws on the Draw-down Note if such Excess County Parkway North Deposit Funds become available after draws on the Draw-down Note have commenced), have been fully expended and draws commence on the Draw-down Note, debt service on the Draw-down Note will be paid from a pledge of (i) the Pledged TIF Revenues, (ii) in the event of a shortfall of Pledged TIF Revenues, from draws on the Debt Service Reserve Fund, and (iii) the MID Revenues. B. All of the Pledged TIF Revenues shall be deposited as collected into a special tax allocation fund to be held by the City. C. The Debt Service Reserve Fund shall be established with the State Treasurer, as bond trustee of the Bank. The Owner shall deposit cash therein in the amount of $[3,531,640], intended to cover maximum annual debt service on the Loan in the nominal amount of $18,240,000, prior to the first disbursement of Grant proceeds; further provided that a loan in excess of said amount if authorized pursuant to Sections 3.1(A) and 3.3(F), shall require an additional cash deposit by the Project Sponsors into the Debt Service Reserve Fund in an amount sufficient to cover the additional maximum annual debt service. Except when the amount on deposit in the Debt Service Reserve Fund is less than the Debt Service Reserve Fund Requirement, all interest earned by the State Treasurer on the Debt Service Reserve Fund, and all other amounts on deposit in excess of the Debt Service Reserve Fund Requirement, shall promptly be remitted, as directed by written instrument submitted by the Bank to the State Treasurer, to the Owner or the Project Sponsors annually once the audited financial statements of the Bank are available during such time as no event of default exists under this Loan Agreement. If Pledged TIF Revenues available in the [City of Hardeeville Exit #3 Assessment Fund] held by the City are less than the Regular Interest Payments due on the April 1st Interest Payment Date, as calculated [seventeen] days (or such other day as specified by the City, from time to time, in writing) prior to such April 1st Interest Payment Date, an amount equal to such deficiency shall be withdrawn on such calculation date ...
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Related to Security for and Payment of the Loan

  • Disbursements and Payments Each disbursement by the Bank and each payment by the Borrower will be: (a) made at the Bank's branch (or other location) selected by the Bank from time to time; (b) made for the account of the Bank's branch selected by the Bank from time to time; (c) made in immediately available funds, or such other type of funds selected by the Bank; (d) evidenced by records kept by the Bank. In addition, the Bank may, at its discretion, require the Borrower to sign one or more promissory notes.

  • Conditions Precedent to the Obligations of the Company The obligation hereunder of the Company to issue and sell the shares of Common Stock to the Investor incident to each Closing is subject to the satisfaction, or waiver by the Company, at or before each such Closing, of each of the conditions set forth below.

  • Conditions Precedent to Obligations of the Sellers The obligations of the Sellers under this Agreement at the Closing and the consummation by the Sellers of the transactions contemplated hereby are subject to the satisfaction or fulfillment by the Buyer, prior to or at the Closing, of each of the following conditions, unless waived in writing by the Sellers:

  • Conditions Precedent to the Obligations of the Purchasers The obligation of each Purchaser to acquire Securities at the Closing is subject to the satisfaction or waiver by such Purchaser, at or before the Closing, of each of the following conditions:

  • Expense Accrual and Payment Services (1) For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount. (2) Process and record payments for Fund expenses upon receipt of written authorization from the Trust. (3) Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBFS and the Trust. (4) Provide expense accrual and payment reporting.

  • Conditions Precedent to Obligations of the Seller The obligations of the Seller to consummate the transactions contemplated by this Agreement are subject to the fulfillment, prior to or at the Closing Date, of each of the following conditions, any one or a portion of which may be waived in writing by the Seller;

  • Conditions Precedent to the Obligation of the Company to Sell the Shares The obligation hereunder of the Company to issue and sell the Shares is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion.

  • Additional Deposits and Payments (a) On the date specified in Section 3.6 hereof or Section 3.4 of the Purchase Agreement, as applicable, the Servicer and Santander Consumer, as applicable, will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased or repurchased by the Servicer or Santander Consumer, respectively, on such date, and on the Payment Date specified in Section 8.1, the Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 8.1. All such deposits with respect to any such date which is a Payment Date will be made, in immediately available funds by noon, New York City time, on the Business Day immediately preceding such Payment Date related to such Collection Period. (b) The Indenture Trustee will, on or before the Payment Date relating to each Collection Period, withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amounts in the Collection Account in accordance with the Servicer’s Certificate. (c) The Indenture Trustee will, on each Payment Date, withdraw from the Reserve Account (i) all investment earnings (net of investment losses and expenses on funds on deposit in the Reserve Account during the related Collection Period) and distribute such investment earnings to the Servicer and (ii) the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account. (d) On the Closing Date the Seller will cause the amount available in the Reserve Account to equal the Initial Reserve Account Deposit Amount through a cash deposit from proceeds of the sale of the Notes. (e) On or prior to the third Business Day preceding each Determination Date, the Relevant Trustee shall send a written notice, or make such information available electronically, to the Servicer stating the amount of investment income earned, if any, during the related Collection Period on each Trust Account maintained at the Relevant Trustee.

  • Additional Conditions to the Obligations of the Company The obligation of the Company to consummate and effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by the Company:

  • Conditions Precedent to the Obligations of the Purchaser Each and every obligation of the Purchaser under this Agreement to be performed at or before the Closing shall be subject to the satisfaction, at the Closing, of each of the following conditions:

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