Cash Deficiency definition

Cash Deficiency has the meaning assigned to such term in Section 5.10.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Cash Deficiency has the meaning ascribed to it in Section 2.3(g)(i).

Cash Deficiency is equal to the excess, if any, of the Estimated Excess Cash Amount over the Excess Cash Amount. If the arithmetic result of the calculation described in the preceding sentence results in a negative number, then the Cash Deficiency is equal to zero. The “Cash Payment” is equal to the excess, if any, of the Excess Cash Amount over the Estimated Excess Cash Amount. If the arithmetic result of the calculation described in the preceding sentence results in a negative number, then the Cash Payment is equal to zero. The amount by which the cash amount as shown on the Estimated Closing Balance Sheet exceeds the Minimum Closing Cash Amount calculated based on the Estimated Closing Balance Sheet is the “Estimated Excess Cash Amount.” The amount by which (a) the cash amount as shown on the Closing Balance Sheet as finally determined pursuant to this Section 1.13 exceeds (b) the Minimum Closing Cash Amount calculated based on the Closing Balance Sheet as finally determined pursuant to this Section 1.13 minus any accrued but unpaid amounts funded to the Company under Section 1.10 with respect to the amounts referenced in Sections 1.5(b)(5), 1.5(b)(7), 1.5(b)(8), and 1.5(b)(9) is the “Excess Cash Amount.” For the avoidance of doubt, any calculations under this Section 1.13(c) and any calculation of the Final Net Book Value Amount shall result in a number that would have resulted if (i) all deductions from the Aggregate Preliminary Cash Consideration Amount in Section 1.5(b) were paid to the designated payee of such amounts, any (ii) and related reserves, cash or other entries in the Company’s financial statements were removed.

Examples of Cash Deficiency in a sentence

• Any amounts payable pursuant to this Section 2.4(b) shall be paid first by reducing the amount of any remaining Overage Credit and then, if such Overage Credit has been reduced to zero, by payment of cash from Payor to Payee (any such cash payment, the “GARE Deficiency Payment” and, together with the Annual Cash Deficiency Payment and the Initial Cash Deficiency Payment, the “Cash True-Up Payments”).

• The Massachusetts HVDC Support Agreement provides that, if New England Hydro has, on any Due Date, a Cash Deficiency attributed to a Participant, the Participant absolutely and unconditionally guarantees to pay its Cash Deficiency on demand of Lenders.

• The New Hampshire HVDC Support Agreement provides that, if New Hampshire Hydro has, on any Due Date, a Cash Deficiency attributed to a Participant, the Participant absolutely and unconditionally guarantees to pay its Cash Deficiency on demand of Lenders.

• Upon receipt of any such sale proceeds, the Company shall make a distribution to the Investor Member up to an amount equal to the Annual Cash Deficiency.

• If the amounts borrowed under the United Community Vault Line are not repaid by the Purchaser at Closing, the Purchaser will use reasonable effort to cause the Asset Sellers and its owners to be released from liability on the United Community Vault Line, notwithstanding that Purchaser indemnifies the Asset Sellers and their owners under Section 9.3 with respect to the United Community Vault Line (except to the extent of a Vault Cash Deficiency) as an Assumed Liability.

More Definitions of Cash Deficiency

Cash Deficiency means, if the Cash Adjustment Amount as delivered by the Company prior to Closing is less than the Final Cash Adjustment Amount, the Final Cash Adjustment Amount; otherwise “Cash Deficiency” shall mean zero (0).

Cash Deficiency means the excess, if any, of Estimated Cash over Available Cash as set out on the Closing Date Statement.

Cash Deficiency is defined in Section 1.13(c).

Cash Deficiency has the meaning given to the term in the Phase II Equity Funding Agreements.

Cash Deficiency means (a) with respect to a breach of Section 8.2(b)(iii), the aggregate amount of any cash dividend or cash distribution or cash consideration in respect of the redemption, purchase or acquisition of Target Company securities resulting in such breach, in each case to the extent such amounts are actually paid by the Target Company prior to the Closing to one or more Stockholders and to the extent not cured; and (b) with respect to a breach of Section 8.2(b)(vii), the aggregate cash amounts actually paid (or waived or forgiven, as the case may be) by the Target Company prior to the Closing to a Stockholder or Affiliate thereof or any of their officers, directors, consultants, advisors or other representatives pursuant to the agreement or material transaction resulting in such breach, to the extent not cured.

Cash Deficiency means the balance of the Decrease of ▇▇▇▇ remaining outstanding after allocation of Available Amounts in accordance with Clause 11, as a result of the circumstance that insufficient Available Amounts are available in the Portfolio to allocate the Decrease of ▇▇▇▇. Charges has the meaning set out in Enclosure VI. Collections means with respect to any Purchased Receivable, all cash proceeds, set off, other cash proceeds or other amounts received or recovered in respect thereof, including, without limitation, any payments made on any ▇▇▇▇ of exchange, promissory note or other negotiable instrument issued in respect of such Purchased Receivable to any holder thereof (whether or not issued in breach of any provisions of this Agreement), all cash proceeds from enforcement of security with respect to such Purchased Receivable, all recoveries of value added tax from any relevant tax authority relating to any Defaulted Receivable and all indemnities received pursuant to the Credit Insurance Contract.

Cash Deficiency attributed to a Participant means with respect to any Due Date, the amount by which that Participant’s Participating Share of the aggregation of the principal of, premium, if any, and interest on any of the funds borrowed by New England Hydro from Lenders to finance the Transmission Facilities or the construction thereof and payable on such Due Date (whether at maturity, pursuant to mandatory prepayment, by acceleration or otherwise) exceeds the amount of cash from such Participant’s payments made under any other section of this Agreement and available to New England Hydro for repayment to Lenders of such borrowed funds.