Common use of Disbursement by Wire Transfer Clause in Contracts

Disbursement by Wire Transfer. Disbursement of Project Reserve Funds shall be made at Lender’s election by wire transfer, at Borrower’s cost and expense, or by check. Lender may, in its election, make payments of the Project Reserve Funds directly to the contractor, subcontractor, or material supplier. Lender may also require, at Lender’s election, in its sole discretion, at Borrower’s sole cost and expense, that disbursements of Project Reserve Funds be made through (a) the Title Company pursuant to a construction loan disbursement escrow agreement or (b) a vending control company. Any such arrangement with the Title Company or a vending control company shall be in Lender’s sole discretion