Funded Overrun Equity Commitment Balance Security definition
Funded Overrun Equity Commitment Balance Security means any combination of (i) Cash Collateral, (ii) Reserve Letters of Credit, and (iii) an Equity Contribution Guaranty from a Creditworthy Party, in each case provided to support the Funded Overrun Equity Commitment of an Equity Contributor.
Examples of Funded Overrun Equity Commitment Balance Security in a sentence
Following the occurrence of an Event of Default, Funded Overrun Equity may only be drawn down (i) from time to time as required, to pay costs the Loan Servicer determines to be necessary to continue the development, design and construction of the Project, and (ii) to the extent of the Funded Overrun Equity Commitment Balance Security that is in place as of the date of the Event of Default.