Receipt of Loan Proceeds. Borrower acknowledges and agrees with Lender that any disbursement of the proceeds of the Loan made by Lender to any account or person designated to receive such proceeds by either Brucx Xxxxxx xx Jody X. Xxxxxx xxxll be conclusively deemed to be an advancement of such proceeds of the Loan to Borrower and Borrower will, on demand, confirm that Borrower has received all proceeds of the Loan that have been disbursed to third parties at Borrower's direction, and that Borrower has received the full benefit of such proceeds.
Receipt of Loan Proceeds. The Trustee shall receive and hold, or cause to be held as part of the Disbursement Trust Fund, all disbursements of Loan Proceeds received by it from the Lenders under the Bontang V Loan Agreement.
Receipt of Loan Proceeds. Borrower shall receive the disbursements to be made hereunder as a trust fund for the purpose of paying the direct and indirect costs of the Renovation Work and apply the same first to such payment before using any part thereof for any other purpose.
Receipt of Loan Proceeds. On the day of settlement of the issuance and delivery of the Notes and on each date an Advance is made, the Local Government Unit shall receive the proceeds of the same from the Bank and apply such proceeds diligently to the purposes of the Project.
