DISBURSEMENT AUTHORITY Sample Clauses

DISBURSEMENT AUTHORITY. Only Administrative Agent or Servicer, or Persons designated by Administrative Agent, in each case in Administrative Agent’s sole discretion, shall have the authority to make withdrawals or disbursements from the Accounts, and Borrowers shall have no right to withdraw or otherwise transfer funds from any Account, to close any Account, or to otherwise modify or exercise any authority over any Account or any funds on deposit therein. Borrowers hereby irrevocably and unconditionally authorize Administrative Agent and Servicer, and grant to Administrative Agent and Servicer, a continuing, irrevocable, and unconditional power of attorney (which power of attorney is coupled with an interest) in the name of Borrowers, without notice to or further consent or authorization from Borrowers: (i) to make withdrawals and disbursements from the Accounts in accordance with the terms and conditions of this Agreement; (ii) to open mail and other documents delivered to Administrative Agent, Lender or Servicer hereunder, whether such mail is addressed to Borrowers, Administrative Agent, Lender or any other Person; (iii) to endorse all checks in the name of Borrowers, Property Manager or any of Borrowers’ Affiliates delivered to Servicer, Administrative Agent or Lender, without recourse to Servicer, Administrative Agent or Lender, and to deposit such checks into the Deposit Account, in each case, in accordance with the terms and conditions of this Agreement; (iv) to disburse amounts on deposit in the Accounts to the applicable Persons in the order and priority set forth in this Agreement; and (v) to otherwise carry out the duties and obligations imposed upon Administrative Agent, Lender or Servicer pursuant to the terms of this Agreement. Notwithstanding the foregoing, Borrowers shall have “viewing access,” only to the Deposit Account. 153251886 Loan Agreement (NY Loan) - GTJ Portfolio Refinancing - AIG

DISBURSEMENT AUTHORITY. TO: BENDIGO AND ADELAIDE BANK LIMITED ABN 11 068 049 178 I / We, the undersigned, hereby authorise/s and instruct/s Bendigo and Adelaide Bank Limited to pay / disburse the loan proceeds as follows: Payee Amount $ We further request and authorise Bendigo and Adelaide Bank Limited to complete any blank spaces in the above at the time of settlement, in accordance with any written or oral advices from us or our Solicitor and in consideration thereof we irrevocably undertake:

DISBURSEMENT AUTHORITY. The Manager is granted the authority to make all required disbursements at the Manager’s own discretion for the Association as evidenced by invoices, written bills or statements, such disbursements to be made from assessments collected from owners’ (“Assessments”) and as provided in the Board-approved budget or otherwise authorized. In the event that there is no approved budget in the current year, the previous year’s budget shall prevail or apply. The Manager is granted the authority to make all required funds transfers between the Association’s Operating and Reserve Accounts as needed to facilitate the Association’s proper cash management. The Manager shall not be obligated to make any advance to or for the account of the Association or to pay any sum, except out of the Assessments, nor shall the Manager be obligated to incur any liability for the account of the Association. All non-budget expenditures are subject to specific Board authorization. Manager is granted the authority to execute a priority response agreement engaging Manager’s preferred restoration contractor on behalf of the Association to address needs for emergency response, loss mitigation, restoration and reconstruction. ▇▇▇▇▇▇ ▇▇▇▇ fees apply for reconciliation of any accounts with banks not affiliated with Manager.

DISBURSEMENT AUTHORITY. Only Lender or Servicer, or persons designated by Lender or Servicer, in each case in its sole discretion, shall have the authority to make withdrawals or disbursements from the Lockbox Account, and no Borrower shall have any right to withdraw or otherwise transfer funds from the Lockbox Account, to close the Lockbox Account, or to otherwise modify or exercise any authority over the Lockbox Account, or any funds on deposit therein.