Central Account Provisions. Borrower shall establish and maintain the Central Account for Project-related purposes as described herein and for Borrower’s other general business purposes. Although Lender shall have no security interest in the Central Account or the funds deposited therein, Borrower warrants and represents that during the Line Term, all Loan funds deposited into the Central Account shall be applied only for the payment or reimbursement of Permitted Expenses for the Project or for other Project-related purposes as approved by Lender.
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Samples: Construction Loan Agreement, Construction Loan Agreement (William Lyon Homes), Construction Loan Agreement (William Lyon Homes)
Central Account Provisions. Borrower shall establish and maintain the Central Account not only for Project-related purposes as described herein and herein, but for Borrower’s other 's general business purposes. Although Lender shall have no security interest in the Central Account or the funds deposited therein, Borrower warrants and represents that during the Line Loan Term, all Loan funds deposited into the Central Account shall be applied only for the payment or reimbursement of Permitted Expenses for the Project or for other Project-related purposes as approved by LenderQualified Projects.
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Central Account Provisions. Borrower shall establish and maintain the Central Account not only for Project-related purposes as described herein and herein, but for Borrower’s other general business purposes. Although Lender shall have no security interest in the Central Account or the funds deposited therein, Borrower warrants and represents that during the Line Loan Term, all Loan funds deposited into the Central Account shall be applied only for the payment or reimbursement of Permitted Expenses for the Project or for other Project-related purposes as approved by LenderQualified Projects.
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