Common use of Construction Interest Payable with Each Draw Request Clause in Contracts

Construction Interest Payable with Each Draw Request. So long as there shall be an interest reserve under the Loan (and Borrower hereby agrees that Lender shall have the right to establish and maintain said reserve), interest shall be funded by Lender, either by funding same to Borrower with immediate payment by Borrower to Lender or directly by Lender to itself, as Lender shall determine in its sole discretion, provided, however, that nothing contained herein shall be deemed to release or in any way relieve Borrower of its obligation under the Note to pay interest as therein provided. Interest shall be funded monthly with any Draw Request then funded, but may also be funded whether or not any Draw Request for that month has been submitted, approved or funded.