Deposit of Funds Advanced. If required by the City, the Borrower immediately will deposit all Loan proceeds advanced by the City in a separate and exclusive demand deposit account with a financial institution acceptable to the City, and the City, at its option, may make any advance directly to such account (with the date of the deposit being the date of the advance for all purposes). All Loan proceeds shall be withdrawn and used solely for the purposes specified in the Draw Request, and Borrower will promptly furnish the City with evidence thereof. The City reserves the right to require that disbursements from any disbursement account for major contracts or subcontracts be made by checks with joint payees requiring endorsements by both the labor contractor and materialman.
Deposit of Funds Advanced. If required by the City, the Borrower immediately will deposit all Loan proceeds advanced by the City in a separate and exclusive demand deposit account with a financial institution acceptable to the City, and the City, at its option, may make any advance directly to such account with the Title Company in accordance with the Escrow and Disbursing Agreement (with the date of the deposit being the date of the advance for all purposes). All Loan proceeds shall be withdrawn and used solely for the purposes specified in the Draw Request, and Borrower will promptly furnish the City with evidence thereof. The City reserves the right to require that disbursements from any disbursement account for major contracts or subcontracts be made by checks with joint payees requiring endorsements by both the labor contractor and materialman.
Deposit of Funds Advanced. Borrower will immediately deposit all Loan proceeds advanced by Lender in a separate and exclusive account, to be withdrawn and used solely for the purposes permitted under the provisions of this Agreement, and will promptly furnish Lender with evidence thereof.
Deposit of Funds Advanced. The Borrower may, but shall not be obligated to, open and maintain an account with the Agent into which the Agent shall deposit the proceeds of each Revolving Credit Loan which is permitted to be funded hereunder and the proceeds of which are to be used within one year of the Drawdown Date of such Revolving Credit Loan for a Project, a Petro:Lube Project or a New Profit Center Project. The Agent is hereby irrevocably authorized to charge any account of the Borrower with the Agent, including such account, without the further approval of the Borrower, for (a) any expenses incurred by the Agent or any Bank (including, without limiting the generality of the foregoing, Construction Inspector fees and reasonable attorneys' fees), or (b) any other sums due to the Agent or any of the Banks under this Credit Agreement or any of the other Loan Documents, all to the extent that the same are not paid by the respective due dates thereof.
Deposit of Funds Advanced. The Borrower shall open and maintain a non-interest bearing Construction Loan checking account with the Lender (the "Construction Loan Checking Account"). Except as otherwise provided for in Sections 3.04 and 3.05 hereof, the Lender shall deposit the proceeds of each Advance into the Construction Loan Checking Account.
Deposit of Funds Advanced. Except as otherwise provided for in this Section 3.3 and Section 3.4 hereof, Agent shall deposit the proceeds of each Advance into Borrower's general operating account with Agent and Borrower hereby authorizes such deposits by Agent. At the request of Agent following an Event of Default, Borrower shall open and maintain a non-interest bearing loan checking account with Agent (the "Loan Checking Account"), and during the continuance of such Event of Default, Agent shall deposit the proceeds of each Advance into the Loan Checking Account, and Borrower hereby authorizes such deposits by Agent. Agent shall disburse any Advance from the Loan Checking Account in accordance with the provisions of this Agreement. During the continuance of such Event of Default, Net Sales Proceeds (Actual) paid to Agent pursuant to Section 6.3.1 and not applied against payment of the Outstanding Advances shall also be deposited into the Loan Checking Account.
Deposit of Funds Advanced. The above notwithstanding, following any Event of Default, as defined herein and in-the Mortgage, at Lender's option, Borrower shall deposit all loan proceeds advanced by Lender in a separate and exclusive account to be withdrawn and used solely for the payment of bills for labor, materials and fixtures used or to be used in construction of the Improvements and other costs contemplated by the approved budget, and Borrower will promptly furnish Lender with evidence thereof. 10.
Deposit of Funds Advanced. Borrower will immediately deposit all loan proceeds advanced by Lender in a separate and exclusive account maintained with Wachovia Bank, Account No. 2000017154222, to be withdrawn and used solely for the purposes specified in the Draw Request, and will promptly furnish Lender with evidence thereof.
Deposit of Funds Advanced. The Borrower shall open and maintain a checking account with Wells Fargo Bank, N.X. (xhe "Loan Checking Account"). Except as otherwise provided for in Section 3.4 and 3.5 hereof, the Agent shall deposit the proceeds of each Advance into the Loan Checking Account.
Deposit of Funds Advanced. 20 Section 3.4
