Balancing Deposit definition
Examples of Balancing Deposit in a sentence
No Advance shall be applied by Borrower to reimburse itself for any costs previously funded with or credited to Borrower’s Initial Equity Requirement or costs funded with any Balancing Deposit.
In the event Administrative Agent makes a demand for a Balancing Deposit hereunder as a result of a casualty or condemnation, any insurance or condemnation proceeds held by Administrative Agent and available for disbursement for construction or reconstruction in accordance with Section 7.01(g) and Section 7.02 hereof (as applicable) hereof shall be credited against the Balancing Deposit required to be made hereunder and shall be treated in the same manner as a Balancing Deposit.
Upon the occurrence and during the continuance of a Default, Administrative Agent may apply all or any portion of any Borrower Balancing Deposit (including accrued interest thereon) to the payment of the Obligations or any Project Costs.
Administrative Agent’s consent to any change in the Plans and Specifications, to the specifications to the Proton System set forth in the Proton System Purchase Agreement or to the Building Interface Document may be conditioned upon, among other things, Borrower’s compliance with a demand for a Balancing Deposit pursuant to Section 2.06 hereof.
After payment in full of any Project Costs (other than interest on the Loans) causing any such deficiency, any remaining undisbursed Balancing Deposit shall be returned to Borrower.
No portion of any Advance shall be applied by Borrower to reimburse itself for costs previously funded with or credited to Borrower’s Equity Requirement or costs funded with any Balancing Deposit.
Prior to disbursing any Advance under the Loan, Lender may advance all or a portion of the Balancing Deposit in payment of construction and non-construction costs.
The proceeds of any Balancing Deposit shall be disbursed by Lender for the payment of Project Costs in accordance with terms and conditions of this Section 2.8 applicable to Advances under the Loan, and Lender shall not be obligated to make any Advance under the Loan until such time as the proceeds of any Balancing Deposit shall have been fully disbursed.
Upon the occurrence and during the continuance of a Default, Lender may apply all or any portion of any Balancing Deposit (including accrued interest thereon) to the payment of the Obligations or any Project Costs.
Lender’s consent to any change in the Plans and Specifications may be conditioned upon Borrower’s compliance with a demand for a Balancing Deposit pursuant to Section 2.02(e).