Hold Disbursements in Trust. Borrower shall receive and hold in trust for the sole benefit of Lender (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all advances made hereunder directly to Borrower, for the purpose of paying costs of the Construction in accordance with the Budget. Borrower shall use the proceeds of the Loan solely for the payment of costs as specified in the Budget. Borrower will pay all other costs, expenses and fees relating to the acquisition, equipping, use and operation of the Project.
Hold Disbursements in Trust. That Borrower shall receive and hold in trust for the sole benefit of Lender (but not for the benefit of any other person, including, but not limited to, the General Contractors or any subcontractors) all advances made hereunder directly to Borrower, for the purpose of paying costs of Construction in accordance with the Budget. Borrower shall use the proceeds of the Loan solely for the payment of costs as specified in the Budget. Borrower will pay all other costs, expenses and fees relating to the Construction of the Improvements.
Hold Disbursements in Trust. The Borrower shall receive and hold in trust for the sole benefit of the Agent and the Lenders (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all advances made hereunder directly to the Borrower, for the purpose of paying costs of the Construction in accordance with the applicable Total Development Budget. The Borrower shall use the proceeds of the Loan solely for the payment of costs as specified in the applicable Total Development Budget. The Borrower will pay all other costs, expenses and fees relating to the acquisition, equipping, use and operation of the applicable Borrowing Base Property.
Hold Disbursements in Trust. Each Borrower shall receive and hold in trust for the sole benefit of Agent and the Lenders (and not for the benefit of any other Person, including, but not limited to, contractors or any subcontractors) all advances made hereunder directly to such Borrower, for the purpose of paying costs of the Construction in accordance with the Budget. Each Borrower shall use the proceeds of the Capex Loans or the Mexican Loan, as applicable, solely for the payment of costs as specified in the Budget. Borrowers will pay all other costs, expenses and fees relating to the acquisition, equipping, use and operation of the Mexican Project.
Hold Disbursements in Trust. Borrower shall receive and hold in trust for the sole benefit of Administrative Agent, as administrative agent for Citi and the other Lenders (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all Disbursements made hereunder directly to Borrower, for the purpose of paying costs of Construction in accordance with the Cost Breakdown. Borrower shall use the Loan Proceeds solely for the payment of costs as specified in the Cost Breakdown. Borrower will pay all other costs, expenses and fees relating to the acquisition, equipping, fixturing, use and operation of the Construction Project.
Hold Disbursements in Trust. The Property Owner shall receive and hold in trust for the sole benefit of the Capital Provider (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all advances made hereunder directly to the Property Owner, for the purpose of paying costs of the construction in accordance with the Budget. The Property Owner shall use the proceeds of the CoPACE Loan solely for the payment of costs as specified in the Budget. The Property Owner will pay all other costs, expenses and fees relating to the acquisition, equipping, use and operation of the Project.
Hold Disbursements in Trust. The Borrower shall receive and hold in trust for the sole benefit of the Lenders (and not for the benefit of any other person, including the General Contractor or any subcontractors) all advances made hereunder directly to the Borrower, for the purpose of paying costs in accordance with the Budget until such costs are paid in accordance with the Budget. The Borrower shall use the proceeds of the Loan solely for the payment of costs as specified in the Budget. The Borrower will pay all other costs, expenses and fees relating to the acquisition, equipping, fixturing, use and operation of each of the Project.
Hold Disbursements in Trust. Borrower shall receive and hold in trust for the sole benefit of Lender (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all advances of Loan proceeds and/or Equity made hereunder directly to Borrower, for the purpose of paying costs of the Construction in accordance with the Budget and for the purposes and to the parties for which such proceeds are advanced. Borrower shall use the proceeds of the Loan solely for the payment of costs as specified in the Budget. Borrower shall pay all other costs, expenses and fees relating to the acquisition, equipping, use, sale and operation of the Project.
Hold Disbursements in Trust. Borrower shall receive all Future Advances hereunder, and holds the right to receive all Future Advances hereunder, as a trust fund in accordance with the provisions of the Lien Law to be applied first for the purpose of paying the Costs of the Improvement, and will apply all Future Advances first to the payment of the Costs of the Improvement before using any part of such Advances for any other purpose. Borrower shall indemnify and defend the Indemnified Parties and hold the Indemnified Parties harmless from and against any and all actual out-of-pocket claims, damages, judgments, liabilities, costs and expenses of every kind (including, without limitation, reasonable attorneys’ fees and disbursements and court costs) that the Indemnified Parties may suffer or incur by reason of (x) the Lien Law Statement being untrue or deficient in any respect or (y) any violations by Borrower of the trust fund provisions of the Lien Law or the implementation thereof. Section 4.3
Hold Disbursements in Trust. Other than the proceeds of the Loan, which shall be used for the refinance of the Project, Borrower will receive and hold in trust all advances made hereunder directly to Borrower for the purpose of paying costs of completion of the Project and Borrower will not apply the same for any other purposes.
