Syndication Proceeds Clause Samples

Syndication Proceeds. (a) The Pledgor shall deposit in an account under the control of both the Pledgor and the Trustee (the “Rate Cap Deposit Account”), promptly (and in any event within two (2) Business Days) after receipt thereof, the Net Syndication Proceeds and any proceeds related thereto. The Rate Cap Deposit Account shall be subject to a deposit account control agreement among Pledgor, Trustee and a depository bank (reasonably acceptable to Trustee), in form and substance reasonably acceptable to Trustee. (b) In the event the amount of the Rate Cap Payment is greater than the net proceeds available to the Pledgor (after making the required paydowns of the Series B Bonds in accordance with the Deed of Trust), at the time the Pledgor or its subsidiary is required to purchase an interest rate cap, interest rate swap, or similar agreement (the “Rate Cap”) (as required by that certain Loan Agreement, dated as of May 1, 2020, among Deutsche Bank AG, New York Branch, Poonam Apartments LLC, Kimso Apartments LLC and ▇▇▇-▇▇▇ ▇▇▇▇ ▇▇▇▇ LLC), from the sales of the Notes and the ▇▇▇▇▇▇▇▇▇▇▇ Street Property (the “Rate Cap Payment Shortfall”), the Pledgor shall be permitted to withdraw funds in the Rate Cap Deposit Account up to the Rate Cap Payment Shortfall provided that such funds shall be used solely for the purposes of funding the purchase price of the Rate Cap. (c) The Pledgor shall not sell or otherwise dispose of any right to, or interest in, the Syndication Proceeds, or grant or permit to exist a Lien on such Syndication Proceeds other than Liens in favor of the Trustee. (d) Notwithstanding the foregoing, in the event any sums deposited into the Rate Cap Deposit Account are required, whether by applicable law or regulations, or by the terms of any agreements, to be returned to any person investing in DS 761 pursuant to the Syndication, such funds shall be promptly released for refund to such investor.
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Syndication Proceeds 
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Related to Syndication Proceeds

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Liquidation Proceeds Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan, including any amounts remaining in the related Escrow Account.

  • Loan Facility Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter set forth, the Conduit Lenders, ratably, in accordance with the aggregate of the Commitments of the Related Committed Lenders with respect to each such Conduit Lender, severally and not jointly, may, in their sole discretion, make Loans to the Borrower on a revolving basis, and if and to the extent any Conduit Lender does not make any such requested Loan or if any Group does not include a Conduit Lender, the Related Committed Lender(s) for such Conduit Lender or the Committed Lender for such Group, as the case may be, shall, ratably in accordance with their respective Commitments, severally and not jointly, make such Loans to the Borrower, in either case, from time to time during the period from the Closing Date to the Termination Date. Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan: (i) the Aggregate Capital would exceed the Facility Limit at such time; (ii) the sum of (A) the Capital of such Lender, plus (B) the aggregate outstanding Capital of each other Lender in its Group, would exceed the Group Commitment of such Lender’s Group; (iii) if such Lender is a Committed Lender, the aggregate outstanding Capital of such Committed Lender would exceed its Commitment; or (iv) the Aggregate Capital would exceed the Borrowing Base at such time.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.