Common use of Account for Funding Advances Clause in Contracts

Account for Funding Advances. Subject to Lender’s right to advance Loan proceeds as provided in this Agreement, Lender may make advances from the TILC/Capital Expenditures Holdback into the Checking Account. Each Borrower hereby irrevocably authorizes Lender to deposit any advance to the credit of Borrowers in that account, by wire transfer or other deposit. Each Borrower further irrevocably authorizes Lender to pay and reimburse itself for any Expenses incurred by Lender by debit to such account. This account shall be used solely for the payment of costs and other purposes associated with the construction of the Tenant Improvements, the construction of Capital Improvements, the payment of Leasing Commissions and/or the Loan, and shall not be used for any other purpose.

Account for Funding Advances. Subject to Lender’s right to advance Loan proceeds as provided in this Agreement, Lender may make advances from the TILC/Capital Expenditures Holdback and the TILC Reserve Account into the Borrower’s Checking Account. Each Borrower hereby irrevocably authorizes Lender to deposit any advance to the credit of Borrowers Borrower in that account, by wire transfer or other deposit. Each Borrower further irrevocably authorizes Lender to pay and reimburse itself for any Expenses incurred by Lender by debit to such account. This account shall be used solely for the payment of costs and other purposes associated with the construction of the Tenant Improvements, the construction Construction of the Capital Improvements, the payment of Leasing Commissions and/or the Loan, and shall not be used for any other purpose.

Account for Funding Advances. Subject to the Lender’s 's right to advance Loan proceeds as provided in this Agreement, the Lender may make advances from the TILC/Capital Expenditures Holdback into the Checking AccountBorrower's checking account maintained with the Lender. Each The Borrower hereby irrevocably authorizes the Lender to deposit any advance to the credit of Borrowers the Borrower in that account, by wire transfer or other deposit. Each The Borrower further irrevocably authorizes the Lender to pay and reimburse itself for any Expenses incurred by the Lender by debit to such account. This account shall be used solely for the payment of costs and other purposes associated with the construction Construction of the Tenant Improvements, the construction of Capital Improvements, the payment of Leasing Commissions Property and/or the Loan, and shall not be used for any other purpose.