Advances for Interest. Lender shall make periodic advances to pay interest as and when it becomes due. Borrower hereby irrevocably authorizes Lender to make any interest payment on Borrower’s behalf by debiting the interest reserve in the amount of the payment and applying the debited amount to accrued and unpaid interest on the Loan.
Appears in 2 contracts
Samples: Construction Loan Agreement (Campus Crest Communities, Inc.), Construction Loan Agreement (American Retirement Corp)
Advances for Interest. Lender shall make periodic advances to pay interest on Loan B as and when it becomes due. Borrower Borrowers hereby irrevocably authorizes authorize Lender to make any interest payment on Borrower’s Borrowers’ behalf by debiting the interest reserve in the amount of the payment and applying the debited amount to accrued and unpaid interest on the Loan.Loan B.
Appears in 1 contract
Samples: Loan Agreement (Emeritus Corp\wa\)
Advances for Interest. Lender shall make periodic advances to pay interest as and when it becomes due. Borrower hereby irrevocably authorizes Lender to make any interest payment on Borrower’s behalf by debiting the interest reserve in the amount of the payment and applying the debited amount to accrued and unpaid interest on the Loan. Lender will disburse the amount of any interest payment into the account designated below for funding of advances, and will invoice Borrower for such interest payment.
Appears in 1 contract
Samples: Construction Loan Agreement (American Retirement Corp)
