Interest on Reserve Funds; Trust Funds. Unless applicable law requires, Lender will not be required to pay Borrower any interest, earnings or profits on the Reserve Funds. Any amounts deposited with Lender under this Article IV will not be trust funds, nor will they operate to reduce the Indebtedness, unless applied by Lender for that purpose pursuant to the terms of this Loan Agreement.
Appears in 98 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement (New Senior Investment Group Inc.), Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)
Interest on Reserve Funds; Trust Funds. Unless applicable law requires, Funding Lender will not be required to pay Borrower any interest, earnings or profits on the Reserve Funds. Any amounts deposited with Funding Lender under this Article IV will not be trust funds, nor will they operate to reduce the Indebtedness, unless applied by Funding Lender for that purpose pursuant to the terms of this Loan Continuing Covenant Agreement.
Appears in 3 contracts
Samples: Continuing Covenant Agreement, Continuing Covenant Agreement, Continuing Covenant Agreement
Interest on Reserve Funds; Trust Funds. Unless applicable law requires, Funding Lender will not be required to pay Borrower any interest, earnings earnings, or profits on the Reserve Funds. Any amounts deposited with Funding Lender under this Article IV will not be constitute trust funds, funds nor will they operate to reduce the Indebtedness, unless applied by Funding Lender for that purpose pursuant to the terms of this Loan Continuing Covenant Agreement.
Appears in 2 contracts
Samples: Continuing Covenant Agreement, Continuing Covenant Agreement
Interest on Reserve Funds; Trust Funds. Unless applicable law requires, Lender will not be required to pay Borrower any interest, earnings earnings, or profits on the Reserve Funds. Any amounts deposited with Lender under this Article IV will not be constitute trust funds, funds nor will they operate to reduce the Indebtedness, unless applied by Lender for that purpose pursuant to the terms of this Loan Agreement.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
