Funds Advanced. Each Advance shall be made by Lender by wire transfer to such checking account of Borrower as specified to Lender in writing or as provided in Section 2.14.4 below. All proceeds of all Advances shall be used by Borrower only for the purposes for which such Advances were made. Borrower shall not commingle such funds with other funds of Borrower.
Appears in 3 contracts
Samples: Project Loan Agreement, Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust)
Funds Advanced. Each Advance shall be made by Lender by wire transfer to such checking account of Borrower as specified to Lender in writing writing, except to the extent any such Advance is for Taxes, Insurance Premiums or as provided in Section 2.14.4 belowinterest on the Mortgage Loan, which such Advances shall be paid by Lender to Mortgage Lender. All proceeds of all Advances shall be used by Borrower only for the purposes for which such Advances were made. Borrower shall not commingle such funds with other funds of Borrower. Lender shall be obligated only to fund its Pro-Rata Share of any Advance.
Appears in 2 contracts
Samples: Second Mezzanine Loan Agreement, Second Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
