Common use of Special Construction Account Clause in Contracts

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 Equity funds may be withdrawn from the Special Construction Account only upon approval by the Administrator of requisitions therefor submitted by the Borrower in accordance with the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 promptly deposit all moneys advanced to it by the Government hereunder in a special construction account (hereinafter called "Special Construction Account") in a bank bank, institution or banksother depository, 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 of the Loan Contract 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 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 arc 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 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. 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 such advance on account of the Loan or equity funds, 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 promptly deposit 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 special construction bank or banks which shall meet the requirements specified in section 4.4 hereof. Any account (hereinafter herein 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 any such moneys in trust for the Government until disbursed. Any Special Construction Account shall be deposited shall be designated by the corporate name of the Borrower, 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 construction and operation of the Loan Contract, as amended by this Agreement and any subsequent amendmentProject. 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 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 purposeshereof. 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 deemed, for purposes of section 2.5 hereof, 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 4.19 and 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. The Borrower shall expend each advance on account of the Loan or equity funds, if any, funds only for such of the purposes specified in the statement of purposes accompanying the requisition for such advance or equity funds, if any, funds as shall have been approved by the Administrator.