Borrower’s Funds Account. If Lender requires Borrower to use Borrower’s own funds to pay any acquisition or construction costs, Lender may require Borrower to fund a Borrower’s Deposit (defined in Section 4.1 below) with Lender. Lender’s failure to require Borrower to make such deposit shall not relieve Borrower of the responsibility to pay any portion of the Total Cost that is not paid out of the Loan Proceeds.
Borrower’s Funds Account. If Borrower is required to use Borrower’s own funds for acquisition or construction purposes, or if Lender at any time determines that the amount of the remaining to be advanced on the loan for any Home will not be sufficient to fully pay for all unpaid costs related to such Lot or Home, Borrower shall deposit Borrower’s funds with Lender in an amount sufficient to pay the costs that are not covered by said amount remaining to be advanced or shall pay that portion of the costs which may be necessary to eliminate such excess costs. Unless required by law, Lender shall not be obligated to pay interest on any funds in the Borrower’s Funds Account. At Lender’s sole discretion the Borrower’s Deposit may be applied against the outstanding balance of the Credit Line (subject to being re- advanced under the terms of this Agreement). The Borrower’s Funds Account shall also include any additional deposits required under this Agreement. If required by Lender, all funds in the Borrower’s Funds Account shall be disbursed first, prior to the disbursement of Loan Proceeds. Funds in Borrower’s Funds Account may be used, advanced or withheld by Lender for any purpose for which Loan Proceeds may be used, advanced or withheld.
Borrower’s Funds Account. An account with Bank into which Borrower’s Funds shall be deposited as provided for in Section 7.1 or any other provision of this Agreement.
Borrower’s Funds Account. Except as otherwise provided in this ------------------------ Agreement, Borrower's Funds shall be held in the Borrower's Funds Account and disbursed in accordance with the terms hereof.
Borrower’s Funds Account. If any additional funds are required by Lender to be deposited by Borrower under the Loan Documents, Borrower shall deposit such funds into the Borrower’s Funds Account which shall be an account with Bank of Hawaii or such other bank as shall be reasonably satisfactory to Lender; provided, however, that the Borrower’s Funds Account shall be an interest-bearing account if:
(a) the aggregate amount of the funds to be deposited by Borrower exceeds Fifty Thousand United States Dollars (US$50,000); and
(b) Lender has determined that the Borrower’s Funds Account will not be substantially depleted within the next seven (7) calendar days. Any funds deposited by Borrower into the Borrower’s Funds Account shall be disbursed prior to any further Advances by Lender and shall be security for Borrower’s obligations under the Loan Documents.
Borrower’s Funds Account. A special interest-bearing account, with and controlled by Lender, into which all Borrower’s Funds shall be deposited pending disbursement pursuant to this Agreement. All funds in the Borrower’s Funds Account shall be disbursed prior to the disbursement of any funds then in the Undisbursed Loan Account, except as may otherwise be agreed by Lender in writing.
Borrower’s Funds Account. Except as otherwise provided in this Agreement, all of the Borrower’s Funds which are deposited with Administrative Agent by Borrower pursuant to any provision of the Loan Documents, if any, shall be placed in the Borrower’s Funds Account with, and controlled by, Administrative Agent for disbursement pursuant to this Agreement.
Borrower’s Funds Account. All proceeds, if any, deposited by Administrative Agent into the Borrower’s Funds Account shall be applied by Borrower solely to the costs of constructing the Expansion incurred in accordance with the Expansion Budget.
Borrower’s Funds Account. Borrower shall deposit into the Borrower’s Funds Account (a) all amounts required to be deposited into the Borrower’s Funds Account pursuant to Section 11(y) of this Agreement and subsection (o), above. All amounts deposited in the Borrower’s Funds Account shall be disbursed by Majority Owner solely to pay Project costs on the same terms, and subject to the same conditions that are required for Advances of Loan proceeds. Notwithstanding anything to the contrary set forth above or otherwise herein, no amounts deposited in the Borrower’s Funds Account shall be available for disbursement to Borrower unless and until the Special Conditions are satisfied in full (as determined by Lender in its sole and absolute discretion) on or before the Special Conditions Date. In addition, all amounts deposited into the Borrower’s Funds Account shall be disbursed by Majority Owner prior to the disbursement of Loan proceeds. The funds on deposit in the Borrower’s Funds Account are referred to herein as “Borrower’s Funds”.
Borrower’s Funds Account. Borrower shall have deposited into the Borrower’s Funds Account an amount equal to $205,000.00 (the “Existing Reserves”), which shall be held in the Borrower’s Funds Account until Conversion, at which time, Bondowner Representative shall apply one hundred percent (100%) of the Existing Reserves to repay of a portion of the Loan.
