Borrower’s Funds Account. If Lender requires Borrower to use Borrower’s own funds to pay any acquisition or construction costs, Lender may require Borrower to fund a Borrower’s Deposit (defined in Section 4.1 below) with Lender. Lender’s failure to require Borrower to make such deposit shall not relieve Borrower of the responsibility to pay any portion of the Total Cost that is not paid out of the Loan Proceeds.
Borrower’s Funds Account. If Borrower is required to use Borrower’s own funds for acquisition or construction purposes, or if Lender at any time determines that the amount of the remaining to be advanced on the loan for any Home will not be sufficient to fully pay for all unpaid costs related to such Lot or Home, Borrower shall deposit Borrower’s funds with Lender in an amount sufficient to pay the costs that are not covered by said amount remaining to be advanced or shall pay that portion of the costs which may be necessary to eliminate such excess costs. Unless required by law, Lender shall not be obligated to pay interest on any funds in the Borrower’s Funds Account. At Lender’s sole discretion the Borrower’s Deposit may be applied against the outstanding balance of the Credit Line (subject to being re- advanced under the terms of this Agreement). The Borrower’s Funds Account shall also include any additional deposits required under this Agreement. If required by Lender, all funds in the Borrower’s Funds Account shall be disbursed first, prior to the disbursement of Loan Proceeds. Funds in Borrower’s Funds Account may be used, advanced or withheld by Lender for any purpose for which Loan Proceeds may be used, advanced or withheld.
Borrower’s Funds Account. An account with Bank into which Borrower’s Funds shall be deposited as provided for in Section 7.1 or any other provision of this Agreement.
Borrower’s Funds Account. Except as otherwise provided in this ------------------------ Agreement, Borrower's Funds shall be held in the Borrower's Funds Account and disbursed in accordance with the terms hereof.
Borrower’s Funds Account. Borrower shall deposit into the Borrower’s Funds Account (a) all amounts required to be deposited into the Borrower’s Funds Account pursuant to Section 11(y) of this Agreement and subsection (o), above. All amounts deposited in the Borrower’s Funds Account shall be disbursed by Majority Owner solely to pay Project costs on the same terms, and subject to the same conditions that are required for Advances of Loan proceeds. Notwithstanding anything to the contrary set forth above or otherwise herein, no amounts deposited in the Borrower’s Funds Account shall be available for disbursement to Borrower unless and until the Special Conditions are satisfied in full (as determined by Lender in its sole and absolute discretion) on or before the Special Conditions Date. In addition, all amounts deposited into the Borrower’s Funds Account shall be disbursed by Majority Owner prior to the disbursement of Loan proceeds. The funds on deposit in the Borrower’s Funds Account are referred to herein as “Borrower’s Funds”.
Borrower’s Funds Account. Borrower shall have deposited into the Borrower’s Funds Account an amount equal to $205,000.00 (the “Existing Reserves”), which shall be held in the Borrower’s Funds Account until Conversion, at which time, Bondowner Representative shall apply one hundred percent (100%) of the Existing Reserves to repay of a portion of the Loan.
Borrower’s Funds Account. On or prior to the Closing Date, there shall be established the Borrower's Funds Account pursuant to the Borrower Collateral Account Agreement. The Borrower's Funds Account shall be subject to the sole dominion and control of the Disbursement Agent. There shall be deposited into the Borrower's Funds Account (t) the London Clubs Contribution, (u) all amounts received by the Borrower from Holdings in exchange for the issuance of Borrower Series A Preferred Membership Interests, (v) all reimbursements received by the Borrower from Aladdin Bazaar for construction performed by the Borrower on or about the Mall Project pursuant to the Site Work Agreement, (w) all amounts received as liquidated damages under the Design/Build Contract, (x) all amounts received under the Fluor Guaranty, (y) all Pre-Opening Revenues and (z) all other funds or amounts received by the Borrower and not otherwise provided for in this Disbursement Agreement. Subject to the provisions of Section 5.1 and the Borrower Collateral Account Agreement, amounts on deposit in the Borrower's Funds Account shall be (x) (1) transferred first to the Collection Account and in turn thereafter transferred to the Disbursement Account and then to the Servicing Agent's Disbursement Account to pay Main Project Costs in accordance with Section 2.4.4, (2) transferred first to the Collection Account and in turn thereafter transferred to the Disbursement Account and then to the Cash Management Account to pay Main Project Costs in accordance with Section 2.3.4 and/or (3) applied to repayment or prepayment of the Obligations in accordance with the applicable provisions of the Credit Agreement and (y) on the Final Completion Date applied as provided in Section 2.8. The deposit of funds into the Borrower's Funds Account shall not create, vest in, or give the Borrower any rights to such funds and the Borrower shall have no right to draw, obtain the release of or otherwise use such funds until (x) the requirements of Section 2.4.4 have been satisfied and (y) the conditions set forth in Sections 3.1 and 3.2 have been satisfied or waived in writing in accordance with the terms hereof. All amounts deposited into the Borrower's Funds Account may be invested by the Securities Intermediary in Permitted Investments in accordance with Section 5.3 and the Borrower Collateral Account Agreement. Any interest which is paid on such deposited amounts shall be deposited into the Borrower's Funds Account until applied as provided in ...
Borrower’s Funds Account. If any additional funds are required by Lender to be deposited by Borrower under the Loan Documents, Borrower shall deposit such funds into the Borrower’s Funds Account which shall be an account with Bank of Hawaii or such other bank as shall be reasonably satisfactory to Lender; provided, however, that the Borrower’s Funds Account shall be an interest-bearing account if:
Borrower’s Funds Account. The Borrower’s Funds Account and all funds deposited and held therein shall be pledged as security for the Loan as provided herein. Only Lender shall have the authority to sign documents and checks in connection with the transfer of funds into and out of the Borrower’s Funds Account. Borrower irrevocably waives and relinquishes the right to transfer funds into or out of the Borrower’s Funds Account, and shall have no right to exercise dominion or control over the Borrower’s Funds Account or the proceeds thereof.
Borrower’s Funds Account. Except as otherwise provided in this Agreement, all of the Borrower’s Funds which are deposited with Agent by Borrower shall be placed in the Borrower’s Funds Account with, and controlled by, Agent for disbursement under this Agreement.
