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.
Appears in 2 contracts
Sources: Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc)
Deposit of Funds Advanced. The Borrower shall open and maintain a non-interest bearing Construction Loan checking account with the Lender (the "βConstruction Loan Checking Account"β). 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.
Appears in 1 contract
Sources: Construction Loan and Security Agreement (Griffin Land & Nurseries Inc)