Special Construction Account. The Borrower shall promptly deposit all moneys advanced to it by the Government hereunder in a special construction account (hereinafter called "Special Construction Account") in a bank or banks, which shall meet the requirements specified in section 4.3 of the Loan Contract (or such other section thereof as is headed "Deposit of Funds"), and shall hold such moneys in trust for the Government until disbursed. Any Special Construction Account shall be designated by the corporate name of the Borrower, followed by the words "Trustee, REA Construction Fund Account." All loan funds in any Special Construction Account shall be used solely for the purposes specified in section 1.1 of the Loan Contract, as amended by this Agreement and any subsequent amendment. If the Borrower is required to obtain equity funds by the terms of the Loan Contract, as amended by this Agreement or any subsequent amendment, the Borrower shall also deposit all such equity funds in the Special Construction Account on the same terms and conditions and for the same purposes as funds advanced on account of the Loan. Equity funds may be withdrawn from the Special Construction Account only upon approval by the Administrator of requisitions therefor submitted by the Borrower in accordance with the requirements applicable to the requisitioning of loan funds, as set forth in section 2.2 of the Loan Contract (or such other section thereof as is headed "Requisitions") except that to the extent equity funds (if required to be obtained) are expressly required to be used for other purposes under the Loan Contract, as amended by this Agreement and any subsequent amendment, they shall be used for such other purposes. Until the aggregate amount of withdrawals from the Special Construction Account shall equal or exceed the amount of the equity funds, they shall be deemed to have been made from equity funds and not from funds advanced by the Government to the Borrower. The Borrower shall expend each advance on account of the Loan or equity funds, if any, only for such of the purposes specified in the statement of purposes accompanying the requisition for such advance or equity funds, if any, as shall have been approved by the Administrator.
Special Construction Account. The Borrower shall continue to maintain the “Special Construction Account” maintained under the Existing Loan Contract and continue to hold therein all moneys currently held therein, as provided in this Section 5.12. The Special Construction Account shall be insured to the extent insurable by the Federal Deposit Insurance Corporation or other federal agency acceptable to the RUS and shall be designated by the corporate name of the Borrower followed by the words “Special Construction Account.” The Borrower shall promptly deposit proceeds from all Advances, including previously advanced funds whose original expenditure has been disallowed by a RUS loan fund audit, into the Special Construction Account. Moneys in the Special Construction Account shall be used solely for the purposes for which the Advance was made or for such other purposes as may be approved by the RUS.
Special Construction Account. The Borrower shall promptly deposit all moneys advanced to it by the Government hereunder in a special construction account (hereinafter called "Special Construction Account") in a bank or banks, which shall meet the requirements specified in section 4.3 of the Loan Contract (or such other section thereof as is headed "Deposit of Funds"), and shall hold such moneys in trust for the Government until disbursed. Any Special Construction Account shall be designated by the corporate name of the Borrower, followed by the words "Trustee, REA Construction Fund Account."
Special Construction Account. The Borrower shall hold all moneys advanced to it by the Government hereunder in trust for the Government and shall deposit such moneys promptly after the receipt thereof in a bank or banks which shall meet the requirements specified in section 4.3 hereof. Any account (herein called "Special Construction Account") in which any such moneys shall be deposited shall be designated by the corporate name of the Borrower followed by the words "Trustee, REA Construction Fund Account". All loan funds in any Special Construction Account shall be used solely for the purposes specified in section 1.1 hereof. The Fairer shall expend each advance on account of the Loan only for such of the purposes specified in the statement of purposes accompanying the requisition for such advance as shall have been approved by the Administrator.
Special Construction Account. The Borrower shall hold all moneys advanced to it by RUS hereunder in trust for RUS and shall deposit such moneys promptly after the receipt thereof in a bank or banks which meet the requirements of Section
Special Construction Account. 16 Section 5.13
Special Construction Account. The Borrower shall continue to maintain the "Special Construction Account" maintained under the Existing Loan Contract and continue to hold therein all moneys currently held therein, subject to this Section 4.14. The Borrower shall withdraw moneys from the Special Construction Account only as permitted from time to time by the RUS. Moneys in the Special Construction Account are held in trust for the RUS. The Special Construction Account shall be insured to the extent insurable by the Federal Deposit Insurance Corporation or other federal agency acceptable to the RUS and shall be designated by the corporate name of the Borrower followed by the words "Trustee, Special Construction Account." The Borrower shall close the Special Construction Account when all moneys therein have been withdrawn in accordance with this Section 4.14.
Special Construction Account. The Borrower shall hold all moneys advanced to it by the Government hereunder in trust for the Government and shall deposit such moneys promptly after the receipt thereof in a bank or banks which shall meet the requirements specified in section 4.4 hereof. Any account (hereinafter called "Special Construction Account") in which any such moneys shall be deposited shall be designated by the corporate name of the Borrower followed by the words "Trustee, REA Construction Fund Account". All loan funds in any Special Construction Account shall be used solely for the purposes specified in section 1.1 hereof. The Borrower shall also deposit in the Special Construction Account, at such time or times as the Administrator may direct, on the same terms and conditions, subject to the same requirements regarding requisitions, and for the same purposes as funds advanced on account of the Loan the sum of $88,364, obtained by the Borrower in accordance with section 4.21 hereof (hereinafter called the "equity funds"). Until the aggregate amount of withdrawls from the Special Construction Account shall equal or exceed the amount of the equity funds, they shall be deemed to have been made from the equity funds and not from funds advanced by the Government to the Borrower. Subject to the provisions of section 5.2(c) hereof, moneys in any Special Construction Account may be withdrawn only upon checks, drafts or orders signed on behalf of the Borrower and countersigned by an executive officer thereof.
Special Construction Account. The Borrower shall hold all moneys advanced to it by the Government hereunder in trust for the Government and shall deposit such moneys promptly after the receipt thereof in a bank or banks which shall meet the requirements specified in section 4.4 hereof. Any account (hereinafter called "Special Construction Account") in which any such moneys shall be deposited shall be designated by the corporate name of the Borrower followed by the words "Trustee, REA Construction Fund Account". Moneys in any Special Construction Account shall be used solely for the construction and operation of the Project. The Borrower shall also deposit in the Special Construction Account on the same terms and conditions, subject to the same requirements regarding requisitions and for the same purposes as funds advanced on account of the Loan the sum of $7,950 (hereinafter called the "equity funds"). Until the aggregate amount of withdrawals from the Special Construction Account shall equal or exceed the amount of the equity funds, they shall be deemed to have been made from the equity funds and not from funds advanced by the Government to the Borrower. Subject to the provisions of section 5.2(c) hereof, moneys in any Special Construction Account may be withdrawn only upon checks, drafts or orders signed on behalf of the Borrower and countersigned by an executive officer thereof.
