Shortfall Funds definition
Examples of Shortfall Funds in a sentence
Within five (5) Business Days after the Lender’s request, (i) the Borrower shall execute and deliver to the Lender such documents, in form reasonably acceptable to the Lender, as are reasonably requested by the Lender in connection with the deposit of the Shortfall Funds, including a pledge agreement, and (ii) the Borrower shall reimburse the Lender for the reasonable costs and expenses incurred by the Lender in connection therewith, including reasonable attorneys’ fees and costs.
Until so advanced to Borrowers pursuant to the provisions of Sections 3.2, 3.3 and/or 3.4 hereof, as applicable, all such Shortfall Funds on deposit in the Shortfall Account shall be held as cash collateral and additional security for the Debt and the Other Obligations and shall constitute a Reserve Fund in which Lender shall have a Lien and security interest pursuant to the provisions of Section 7.8 hereof.
The Shortfall Funds shall be deposited into a non-interest-bearing account with the Lender, shall be pledged to the Lender as additional collateral for the Loans, shall be disbursed on the same terms and conditions as funds are disbursed from the Loan proceeds and shall be disbursed prior to any further disbursement of funds from the Loan proceeds.
Any amounts remaining undisbursed following completion of (and full payment for) such repairs and reconstruction shall be returned to the Borrower up to the amount of any Shortfall Funds deposited by Borrower, and any other amounts remaining shall be applied against the outstanding principal balance of and/or unpaid accrued interest on, the Notes, in such order as the Administrative Agent chooses in its sole discretion.
The Purchase Price, less the ▇▇▇▇▇▇▇ Money (as defined in Section 3 below) and the Equipment Shortfall Funds (as defined in Section 14(d) below), shall be payable to Seller in cash at Closing.
For purposes of this Partnership Agreement, the "Additional Collateral" and "Pre-Sales Shortfall Funds" shall be collectively referred to as "FUNB Collateral", recognizing, however, that the funds and/or securities will be pledged to FUNB at different times.
Any amounts remaining undisbursed following completion of (and full payment for) such repairs and reconstruction shall be returned to Developer up to the amount of any Shortfall Funds deposited by Developer, and any other amounts remaining shall either be paid to Developer or applied by Owner against the previously disbursed portion of the Maximum Project Amount (which amounts shall be disbursed again pursuant to the terms hereof), in such order as Owner choose in its sole discretion.
Any amounts remaining undisbursed following completion of (and full payment for) such repairs and reconstruction shall be returned to Company up to the amount of any Shortfall Funds deposited by Company, and any other amounts remaining shall, as Bank chooses in its sole and absolute discretion, either (a) be paid to Company or (b) applied by Bank and/or Depository against (and/or held by Bank as security for) Company's obligations to Bank and Trustee, as their interests in the Company Property then appear.
Any amounts remaining undisbursed following completion of (and full payment for) such repairs and reconstruction shall be returned to Guarantor up to the amount of any Shortfall Funds deposited by Guarantor, and any other amounts remaining shall, as Bank chooses in its sole and absolute discretion, either (a) be paid to Guarantor or (b) applied by Bank against (and/or held by bank as security for) the Secured Obligations, as Bank and Trustee's interests in the Guaranty Property then appear.
Such Shortfall Funds are hereby pledged to the Lender as additional security for the Loan, and the Borrower hereby grants and conveys to the Lender a security interest in all funds so deposited with the Lender, as additional security for the Loan.