Credit Deficiency definition
Examples of Credit Deficiency in a sentence
Lender, in addition to the other terms of this Agreement, will have no obligation to issue the proposed Letter of Credit if, after giving effect to the proposed Letter of Credit, there would exist a Letter of Credit Deficiency.
Under the circumstances described in the preceding sentence, the New Fluor Group Tax Savings amount is $2 Million, the 2007 Period is a Credit Deficiency Year, and, upon receipt of the Parent Group's written demand on or after the due date (without extension) for the Parent Group's Federal Income Tax Return for the 2007 Period, New Fluor shall be obligated to pay $2 Million to Parent within 20 business days following New Fluor's receipt of such written demand.
New Fluor's payment to Parent will be due within 20 business days following Parent's written demand therefor, which shall not be made earlier than the due date, determined without regard to extensions, for the Parent Group's Federal Income Tax Return for the Credit Deficiency Year.
Progress toward emergence from the Red Zone will be measured by the Plan’s Funding Standard Account Credit (Deficiency) Balance being greater than (less than) the amounts in the following projection.
For each such Credit Deficiency Year, New Fluor shall pay to Parent the amount of such Parent Group Additional Tax Liability, provided, however, that in no event shall New Fluor be obligated hereunder to make payments to Parent in excess of the aggregate New Fluor Group Tax Savings, provided further, however, for purposes of this Section 2.01(b)(iii), the amount of such New Fluor Group Tax Savings shall be adjusted, in accordance with the provisions of Section 2.01(b)(iv).
If a Letter of Credit Deficiency shall have occurred and be continuing, Agent may make demand upon Borrower to, and forthwith upon such demand Borrower will, pay to Agent in same day funds at Agent’s office designated in such demand, for deposit in a special non-interest bearing cash collateral account (the “Letter of Credit Collateral Account”) to be maintained at such office of Agent, an amount equal to the amount by which the Letter of Credit Availability is less than zero.
Notwithstanding anything to the contrary contained in this Agreement, to the extent that any Credit Deficiencies under this Section 3.3 are solely attributable to a Change in Law, then the portion of any Credit Deficiency resulting from said Change in Law shall be payable to the Limited Partner only from available Cash Flow in the order of priority set forth in Exhibit A-5 or from Capital Proceeds pursuant to Sections 8.2(a) and 12.2(a)(3)(i).
Agent shall promptly return to Borrower all funds held in the Letter of Credit Collateral Account and any interest accrued thereon upon receiving evidence from Borrower that a Letter of Credit Deficiency is no longer continuing.
Promptly upon the making of any drawing under the Customs Letter of Credit [on account of an "Ancillary Letter of Credit Deficiency", as defined in the Customs Letter of Credit] and in any event within fifteen (15) days after any such drawing, the Borrower shall make claim against Sassco for, and diligently prosecute Sassco for, all rights of reimbursement, indemnification, contribution and the like which the Borrower has against Sassco under the Sassco Reimbursement Agreement.
From and after the L/C Replacement Date, the Borrower shall cause to be on deposit at all times in the Cash Collateral Account an amount equal to or greater than the Required Letter of Credit Amount; provided, that the failure to cause such amount to be on deposit -------- therein shall not be an Event of Default under this Loan Agreement, but shall constitute a Letter of Credit Deficiency Event.