No Diversion of Funds. Contractor agrees that the funds it receives for the performance of this Agreement shall be held in trust by Contractor for the benefit of all its Subcontractors, Suppliers, laborers and materialmen, and Contractor shall not itself have any interest in such funds until all these obligations have been satisfied in full. Contractor further agrees that any funds received shall be used exclusively for the prosecution of the Work, and none will be diverted to satisfy other obligations of Contractor. The Department has the right to request written evidence from the Contractor that the Contractor has properly paid Subcontractors and material and equipment suppliers amounts paid by the Department to the Contractor for subcontracted Work. If the Contractor fails to furnish such evidence within seven days, the Department shall have the right to contact Subcontractors to ascertain whether they have been properly paid. The Department shall have an obligation to pay or to see to the payment of money to a Subcontractor, except as may otherwise be required by law. The Department reserves the right to issue joint-payee checks, payable to Contractor and its Subcontractors and materialmen of every tier.
No Diversion of Funds. It is the intention of the Employer that it shall be impossible for any part of the corpus or income of the Fund to be used for, or diverted to, purposes other than for the exclusive benefit of the Participants or their Beneficiaries, except to the extent that a return of the Employer's contribution is permitted under Section 4.4.
No Diversion of Funds. In the event of the withdrawal of a Plan, neither the segregation and transfer of the Trust assets upon the withdrawal of a Plan, nor the execution of a new agreement and declaration of trust by such withdrawing Plan, shall operate to permit any part of the Trust to be used for or diverted to purposes other than for the exclusive benefit of the participants of such Plan.
No Diversion of Funds. Construction Manager agrees that the funds it receives for the performance of this Agreement shall be held in trust by Construction Manager for the benefit of all its Subcontractors, Suppliers, laborers and materialmen, and Construction Manager shall not itself have any interest in such funds until all these obligations have been satisfied in full. Construction Manager further agrees that any funds received shall be used exclusively for the prosecution of the Work, and none will be diverted to satisfy other obligations of Construction Manager. The Department has the right to request written evidence from the Construction Manager that the Construction Manager has properly paid Subcontractors and material and equipment suppliers amounts paid by the Department to the Construction Manager for subcontracted Work. If the Construction Manager fails to furnish such evidence within seven days, the Department shall have the right to contact Subcontractors to ascertain whether they have been properly paid.
