Common use of Disbursement of Escrow Account Clause in Contracts

Disbursement of Escrow Account. Subject to Section 11 hereof concerning Termination, upon the receipt of a disbursement request in the form set forth on Exhibit A hereto, signed jointly by duly authorized representatives of the RDC, FDC, and Developer, as identified on Exhibit B, the Escrow Agent shall disburse funds from the Escrow Account solely for the purposes of the payment (or reimbursement for the prior payment by the Developer) of the costs of certain permitted expenditures as set forth in the Economic Development Agreement and the disbursement request. The Escrow Agent has no duty to verify the propriety of the jointly requested disbursement.

Disbursement of Escrow Account. Subject to Section 11 hereof concerning Termination, upon the receipt of a disbursement request in the form set forth on Exhibit A hereto, signed jointly by duly authorized representatives of the RDC, FDC, FDC and Developer, as identified on Exhibit B, the Escrow Agent shall disburse funds from the Escrow Account solely for the purposes of the payment (or reimbursement for the prior payment by the Developer) of the costs of certain permitted expenditures as set forth in the Economic Development Agreement and the disbursement request. The Escrow Agent has no duty to verify the propriety of the jointly requested disbursement.