Forced-Funding. Loan proceeds which are not advanced in accordance with the Loan Disbursement Schedule attached hereto as Exhibit D and incorporated herein by reference shall be forced funded and disbursed into an interest earning deposit account with the Lender. Advances drawn from this account shall bear interest at the same rate as all other Advances. Disbursements of funds from such forced-funded deposit account will occur on the same terms and conditions as established by this Agreement for construction draws. The forced funded deposit account shall serve as collateral for the Loan. All interest earned on the forced funded deposit account will, if the Loan is not in Default, accrue to the Borrower. By executing this Agreement, the Borrower hereby directs and authorizes the Lender to force-fund the account if necessary and no further direction or authorization from Borrower shall be necessary with respect to such advances, and all such advances shall be secured by the Security Documents.
Forced-Funding. In the event that the entire Maximum Loan Amount has not been disbursed to Borrower pursuant to the terms of this Agreement, the Building Loan Agreement and the Project Loan Agreement (as applicable), other than amounts allocated to the performance of the MTA Work [***], on or prior to October 22, 2022, Lender shall be permitted in its sole and absolute discretion, to deposit the balance of the Loan (other than amounts allocated to the performance of the MTA Work [***]) into the Loan Reserve, with all disbursements thereof being subject to the conditions to Disbursements set forth in this Agreement. In the event that the amounts allocated under the Building Loan and/or the Project Loan to the performance of the MTA Work [***] have not been disbursed to Borrower on or prior to April 22, 2023, Lender shall be permitted in its sole and absolute discretion, to deposit the balance of such amounts allocated under the Building Loan to the completion of the MTA Work into the Loan Reserve, with all disbursements thereof being subject to the conditions to Disbursements set forth in this Agreement.
