Common use of Application of Disbursements Clause in Contracts

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. (a) Agent Lender 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 this Article have been satisfied and (including delivery of all documentation required under Section 4.3 above has been delivered Sections 5.2 and 5.4 above), except that Lender, in its discretion, may make payments of Project Cost directly to Agentthe person or entity Lender determines is entitled to such payment or jointly to Borrower and such person or entity. (b) Notwithstanding the foregoing, neither Agent nor any Lender shall not be responsible, liable or obligated to the contractors, sub-contractorssubcontractors, 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 Lender for any purpose whatsoever. Without limiting the generality of the foregoing, advances made at AgentLender'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 advances of Loan Advances proceeds to be made hereunder by Agent Lender 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 Lender any obligation whatsoever to see to the proper application of any such monies by Borrower. (d) Whenever so requested by AgentLender, Borrower shall promptly furnish Agent Lender written evidence reasonably satisfactory to Agent Lender that all monies theretofore advanced by Lenders Lender 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 LendersLender, and until such evidence is produced, at the option of AgentLender, no future or additional payments or advances of a Loan Advances funds need be made hereunder.

Application of Disbursements. (a) Agent Lender shall make each requested disbursement of the Loan to an account maintained by Borrower with Agent Lender 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 AgentLender. (b) Notwithstanding the foregoing, neither Agent nor any Lender shall not 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 Lender for any purpose whatsoever. Without limiting the generality of the foregoing, advances made at AgentLender'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 Lender 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 Lender any obligation whatsoever to see to the proper application of any such monies by Borrower. (d) Whenever so requested by AgentLender, Borrower shall promptly furnish Agent Lender written evidence reasonably satisfactory to Agent Lender that all monies theretofore advanced by Lenders Lender 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 LendersLender, and until such evidence is produced, at the option of AgentLender, no future or additional payments or Loan Advances need be made hereunder.