Common use of Deposit of Loan Proceeds Clause in Contracts

Deposit of Loan Proceeds. Once the CEBA Loan application is approved, the CEBA Loan will be deposited in full into the account identified by the Borrower during the CEBA Loan application as its primary chequing/business account at the Credit Union or such other account as may be determined by the Credit Union. The Credit Union is not able to advance the CEBA Loan until all requirements of the CEBA Program and any other approval required by the Government of Canada have been met.