DEEMED ADVANCE. The Borrower acknowledges and agrees that, notwithstanding that the Interest Reserve is being retained and held by the Lender in accordance with the provisions set out herein, the original principal amount of the Interest Reserve shall be deemed to have been fully advanced by the Lender to the Borrower and interest at the rate and upon the terms set out in the Loan Documents shall be payable on such original principal amount of the Interest Reserve from and after the date of the initial advance of the Loan or such other date as specified by the Loan Documents.
Appears in 11 contracts
Samples: Assignment and Agreement of Interest Reserve, Assignment and Agreement of Interest Reserve, Assignment and Agreement of Interest Reserve
DEEMED ADVANCE. The Borrower acknowledges and agrees that, notwithstanding that the Interest Payment Reserve is being retained and held by the Lender in accordance with the provisions set out herein, the original principal amount of the Interest Payment Reserve shall be deemed to have been fully advanced by the Lender to the Borrower and interest at the rate and upon the terms set out in the Loan Documents shall be payable on such original principal amount of the Interest Payment Reserve from and after the date of the initial advance of the Loan or such other date as specified by the Loan Documents.
Appears in 5 contracts
Samples: Assignment and Agreement of Payment Reserve, Assignment and Agreement of Payment Reserve, Assignment and Agreement of Payment Reserve
