Required Equity Shortfall definition
Examples of Required Equity Shortfall in a sentence
In the event that the Originator shall fail to pay the Required Equity Shortfall when required to be paid pursuant to the terms hereof, the Originator shall indemnify and hold harmless the Administrative Agent, the Purchaser Agents and each Secured Party from and against any and all damages, losses, claims, liabilities and related costs and expenses, including attorney’s fees and disbursements awarded against or incurred by them or any of them as a result of such failure of the Originator.
Upon receipt of the Required Equity Contribution Notice the Seller shall deposit within the timeframe set forth in Section 2.21 an amount of cash into the Excess Spread Account equal to the Required Equity Shortfall.
The Originator hereby agrees, upon receipt of a Required Equity Contribution Notice delivered pursuant to and in accordance with the terms of this Agreement, to deposit into the Excess Spread Account or to otherwise cure within two Business Days the related Required Equity Shortfall as provided in the Required Equity Contribution Notice after giving effect to any deposits to the Excess Spread Account made by the Seller pursuant to Section 6.4(g).
To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to fund the Required Equity Shortfall, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.7 and Section 2.8, as applicable.
The Seller, or the Servicer on its behalf, has established, on or before the Effective Date, with the Trustee, and maintained in the name of the Seller and assigned to the Trustee, an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the “Excess Spread Account”).
The Seller or the Servicer on its behalf shall establish, on or before the Closing Date, with the Collateral Custodian, and maintained in the name of the Seller and assigned to the Administrative Agent, with a Qualified Institution an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the "Excess Spread Account").
The Seller or the Servicer on its behalf shall establish, on or before the Closing Date, with the Collateral Custodian, and maintained in the name of the Seller and assigned to the Administrative Agent, with a Qualified Institution an account into which Collections shall be deposited for the purpose of funding the Required Equity Shortfall (the “Excess Spread Account”).
The Advances Outstanding do not exceed the lesser of the amount by which (i) the product of (A) the Borrowing Base and (B) 75% and (ii) the Facility Amount exceeds (b) an amount necessary to cure any Overcollateralization Shortfall and any Required Equity Shortfall.
The Advances Outstanding do not exceed the lesser of the amount by which (i) the product of (A) the Borrowing Base and (B) the Adjusted Advance Rate and (ii) the Facility Amount exceeds (b) an amount necessary to cure any Overcollateralization Shortfall and any Required Equity Shortfall.
Required Equity Shortfall: On any day, the positive difference, if any, of (a) the Required Equity Contribution on such day minus (b) the actual amount of the Equity Contribution as of such day.