Application of Disbursements Sample Clauses

Application of Disbursements. Borrower shall receive the disbursements to be made hereunder in trust, strictly for the purpose of paying the costs identified in the request for such disbursement.
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Application of Disbursements. All Loan proceeds disbursed to Borrower pursuant to this Loan Agreement Supplement will be used only for payment of those items specified in the Draw Request Certification for which the particular disbursement was made. Borrower will not use all or any portion of such disbursement to pay or reimburse itself, directly or indirectly, for any amounts paid by Borrower or any other Person but not included in the Budget.
Application of Disbursements. (a) Agent shall make each requested disbursement of the Loan to an account maintained by Borrower with Agent within ten days after all of the conditions precedent to such disbursement set forth in Section 4.1 above have been satisfied and all documentation required under Section 4.3 above has been delivered to Agent. (b) Notwithstanding the foregoing, neither Agent nor any Lender shall be responsible, liable or obligated to the contractors, sub-contractors, suppliers, materialmen, laborers, architects, engineers, or any other parties, for services or work performed, or for goods delivered by them or any of them, in and upon the Land or employed directly or indirectly in the performance of the Work, or for any debts or claims whatsoever accruing in favor of any such parties and against Borrower or others, or against the Project. It is expressly understood and agreed that Borrower is not and shall not be an agent of Agent or Lenders for any purpose whatsoever. Without limiting the generality of the foregoing, advances made at Agent's option, directly to any contractor, subcontractor or supplier of labor or materials, or any other party, shall not be deemed a recognition by Agent or any Lender of any third party beneficiary status of any such person or entity. (c) Borrower covenants and agrees that it shall receive all Loan Advances to be made hereunder by Agent as a trust fund and that Borrower shall withdraw and use said funds solely for the payment of the bills for the labor and materials used in the performance of the Work for which such Loan funds were requested by Borrower, and for the payment of the other items of Project Cost for which such Loan proceeds were requested by Borrower, and for no other purpose whatsoever; however, nothing herein shall impose upon Agent any obligation whatsoever to see to the proper application of any such monies by Borrower. (d) Whenever so requested by Agent, Borrower shall promptly furnish Agent written evidence reasonably satisfactory to Agent that all monies theretofore advanced by Lenders pursuant to this Agreement have actually been paid or applied in payment of the cost of performance of the Work and in payment of the other items of Project Cost for which such funds were advanced by Lenders, and until such evidence is produced, at the option of Agent, no future or additional payments or Loan Advances need be made hereunder.
Application of Disbursements. Borrower shall receive the Advances in trust, strictly for the purpose of paying the costs identified in the Draw Request for such Advance.
Application of Disbursements. Receive the disbursements to be ---------------------------- made hereunder as a trust fund for the purpose of paying the costs of construction of the Improvements and it will apply the same first to such payment before using any part thereof for any other purpose.
Application of Disbursements. All Loan proceeds disbursed to the Borrower will be used only for payment (or for reimbursement to Borrower for prior payment) of those items specified in the Draw Request Certification for which the particular disbursement was made. The Borrower will not use any such disbursement to pay or reimburse itself, directly or indirectly, for any amounts paid by the Borrower or any other Person but not included in the applicable Budget.
Application of Disbursements. I will apply the Disbursements first to the payment of the cost of the Work before using any part for any other purpose.
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Application of Disbursements. No amounts received by or disbursed to Pledgor shall in any manner violate the requirements of the Loan Documents or the Loan Agreement.
Application of Disbursements. 15 4.9 Payment of Interest by Agent............................. 16 5.
Application of Disbursements. All Loan proceeds and Borrower’s Funds heretofore disbursed to Borrower pursuant to this Agreement, if any, have been used only for payment of those items specified in the Disbursement request for which the particular Disbursement was made. Except as permitted in Sections 5.2, Borrower has not applied any such Disbursement to pay or reimburse itself, directly or indirectly, for any of Borrower’s Funds required to be deposited by the terms of this Agreement, or for any other amounts paid by Borrower or any other Person but not included in the Cost Breakdown.
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