Shortfall Loan Sample Clauses
A Shortfall Loan clause establishes the obligation or option for a party, typically a lender or sponsor, to provide additional funding if the primary financing or project revenues are insufficient to meet required payments or obligations. In practice, this clause may require the responsible party to advance funds to cover shortfalls in debt service, operating expenses, or other critical costs, ensuring the continuity of the project or transaction. Its core function is to mitigate the risk of default or project disruption by guaranteeing that necessary funds will be available even if anticipated sources fall short.
Shortfall Loan. Uni-Mart has satisfied all conditions precedent to the issuance of the Shortfall Loan, including, without limitation, paying all fees required to be paid as a condition to the issuance of the Shortfall Loan. All representations and warranties of the Borrowers made in this Agreement shall survive the execution and delivery of this Agreement.
Shortfall Loan. (a) Uni-Mart shall not amend or modify any of the provisions of the Shortfall Loan Agreement or the Junior Security Agreement without providing at least fifteen (15) calendar days' prior written notice to LaSalle and obtaining LaSalle's prior written consent.
(b) Uni-Mart has informed LaSalle that, under the Shortfall Loan Agreement, the aggregate maximum principal amount outstanding under the Shortfall Loan and any other revolving credit loans that Provident has agreed to make to Uni-Mart (the "Existing Revolvers") may not exceed $15,000,000. In order for the full $4,000,000 Shortfall Loan to be available to Uni-Mart, Uni-Mart covenants and agrees that the maximum principal amount outstanding under the Existing Revolvers shall not exceed $11,000,000.
Shortfall Loan. Make a loan (a "Shortfall Loan") to any Non-Contributing Partner (and not to the Partnership) in an amount equal to such Non-Contributing Partner's Contribution Percentage of such Deficit Contributions by paying such amount directly to the Partnership and specifying by notice to the Partners given within two (2) Business Days after such funding, that such loan is being made to the Non-Contributing Partner, in which case said amount shall be deemed to have been contributed to the Partnership by the Non-Contributing Partner for purposes of determining the Capital Contributions made by the Non-Contributing Partner, but the Non-Contributing Partner shall still be deemed to be a Non-Contributing Partner for all purposes hereunder until such Shortfall Loan has been repaid in full. Each Shortfall Loan shall bear interest at a compound annual rate equal to twelve percent (12%) (but in no event higher than the rate permitted by applicable law). Interest on each Shortfall Loan shall accrue daily in the basis of a 360 day year and be payable monthly in arrears. Payments made in respect of Shortfall Loans shall be deemed first to be repayment of interest accrued on such Shortfall Loans and then to be repayment of the principal amount thereof. Repayment of any such Shortfall Loan made to the Non-Contributing Partner shall be effected by the Partners causing the Partnership to pay directly to the Contributing Partner(s) all distributions otherwise payable to the Non-Contributing Partner under this Agreement as and when payable, instead of making such distributions to the Non-Contributing Partner (with such distributions being deemed for all purposes to have been made to the Non-Contributing Partner and then paid by the Non-Contributing Partner to the Contributing Partner(s) making such Shortfall Loan) until such Shortfall Loan has been repaid in full with interest. If the General Partner or its Affiliate has arranged for or provided a letter of credit in favor of any lender as permitted hereunder, if any draw on such letter of credit should occur, the entire amount of such draw shall automatically be deemed to be a Shortfall Contribution made by the General Partner. The General Partners shall thereupon give a Call Notice with respect thereto (provided that the time period for answering such call notice shall be reduced from 10 days to 5 days). As and to the extent the other Partners contribute their respective Contribution Percentages of the amount of such draw within s...
Shortfall Loan. (a) Uni-Mart shall not amend or modify any of the provisions of the Shortfall Loan Agreement or the Junior Security Agreement without providing at least fifteen (15) calendar days' prior written notice to WAMU and obtaining WAMU's prior written consent.
(b) Uni-Mart has informed WAMU that, under the Shortfall Loan Agreement, the aggregate maximum principal amount outstanding under the Shortfall Loan and any other revolving credit loans that Provident has agreed to make to Uni-Mart (the "Existing Revolvers") may not exceed $15,000,000. In order for the full $4,000,000 Shortfall Loan to be available to Uni-Mart, Uni-Mart covenants and agrees that the maximum principal amount outstanding under the Existing Revolvers shall not exceed $11,000,000.
Shortfall Loan. WAMU shall have received satisfactory evidence of the existence of the Shortfall Loan and WAMU shall have received and approved the final versions of the loan documents relating thereto, which approval shall not be unreasonably withheld. The Shortfall Loan shall not be secured by (i) any collateral securing the Loans, (ii) the Luzerne Cross Escrow Account or Borrower Collateral Unit Excess Proceeds which are required to be deposited into any Cross Escrow Account or paid to WAMU under this Agreement, or (iii) any collateral or proceeds covered by the LaSalle Master Property Disposition Agreements (except to the extent otherwise expressly provided therein). Provident shall have agreed in writing not to commence, or join with any creditor other than WAMU in the commencement of, or assist Luzerne in the commencement of, any bankruptcy, insolvency, arrangement, reorganization, receivership, relief, or other similar case or proceeding involving Luzerne or substantially all of its assets, without WAMU's prior written consent, which consent may be given or withheld in WAMU's sole discretion.
Shortfall Loan. If any Shareholder (a "Non-Funding Shareholder"):
Shortfall Loan. LaSalle shall have received satisfactory evidence of the existence of the Shortfall Loan and LaSalle shall have received and approved the final versions of the loan documents relating thereto, which approval shall not be unreasonably withheld. The Shortfall Loan shall not be secured by (i) any collateral securing the Loans, (ii) Borrower Collateral Unit Excess Proceeds which are required to be deposited into the Cross Escrow Account or paid to LaSalle under this Agreement, or (iii) any collateral or proceeds covered by the Other Master Property Disposition Agreements (except to the extent otherwise expressly provided therein). Provident shall have agreed in writing not to commence, or join with any creditor other than LaSalle in the commencement of, or assist ▇▇▇▇▇▇-▇▇▇▇▇ in the commencement of, any bankruptcy, insolvency, arrangement, reorganization, receivership, relief, or other similar case or proceeding involving ▇▇▇▇▇▇-▇▇▇▇▇ or substantially all of its assets, without LaSalle's prior written consent, which consent may be given or withheld in LaSalle's sole discretion.
Shortfall Loan. LaSalle shall have received satisfactory evidence of the existence of the Shortfall Loan and LaSalle shall have received and approved the final versions of the loan documents relating thereto, which approval shall not be unreasonably withheld. The Shortfall Loan shall not be secured by (i) any collateral securing the Loans, (ii) Borrower Collateral Unit Excess Proceeds which are required to be deposited into the Cross Escrow Account or paid to LaSalle under this Agreement, or (iii) any collateral or proceeds covered by the Other Master Property Disposition Agreements (except to the extent otherwise expressly provided therein).