Loan Disbursements. All disbursements shall be held by Borrower in trust and applied by Borrower solely for the purposes for which the funds have been disbursed. Lender has no obligation to monitor or determine Borrower’s use or application of the disbursements.
Appears in 3 contracts
Samples: Mezzanine Loan Agreement, Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust II, Inc.)
Loan Disbursements. All disbursements made to Borrower shall be held by Borrower in trust and applied by Borrower solely for the purposes purpose for which the funds have been disbursed. Lender has no obligation to monitor or determine Borrower’s use or application of the disbursements.disbursements.
Appears in 1 contract
Samples: Loan Agreement
