Interest Advances. Notwithstanding the requirements contained in Section 2.10, Section 2.11 and Section 2.12, and provided that no Event of Default shall have occurred, Lender shall make an Advance on each Payment Date during the Construction Term from the Interest Reserve Line Item, if and to the extent funds remain available under such line item, to pay interest then due under the Note. Notwithstanding the foregoing, if and to the extent that funds are available in the Additional Interest Reserve Deposit, Lender shall first apply funds available in the Additional Interest Reserve Deposit to the payment of interest due, prior to making an Advance for such purpose. Nothing contained in this Section 2.15 shall limit or derogate from Borrower’s absolute and unconditional obligation to pay interest due under the Note.
Appears in 4 contracts
Samples: Project Loan Agreement (Acadia Realty Trust), Project Loan Agreement (Acadia Realty Trust), Project Loan Agreement (Acadia Realty Trust)
