Use of Money. (a) The Lender may apply any money it receives or recovers in any way in respect of money you xxx, in paying whatever of the money you owe that it chooses (despite any direction to the contrary). It may first pay anyone who the Lender believes ranks ahead of the Lender. Where the Lender receives or recovers money to cover an amount contingently owing, or another amount before it is payable, or an unmatured bill of exchange, then the Lender will deposit it in an interest bearing account under its control. • If the amount becomes actually owing, the amount becomes payable or the bill matures, the Lender will apply the money in the account in payment of your liability to it. • If it ceases to be contingently owing, and there is no other amount owing, the Lender will pay the balance of the money in the account to you or any other person entitled to it. An amount is contingently owing if it may become owing if something happens or is discovered, The Lender may do the same with insurance proceeds which it does not use for restoring the Goods.
Use of Money. The Grantee agrees that the Grant Amount and the Matching Funding shall be used exclusively to pay the Agreed Costs for the Project which are included in the Budget. Agreed Costs may include direct construction costs, costs associated with construction (such as demolition), architectural or other design fees, building permits, or engineering fees. In no case shall Agreed Costs include payment for any mortgage, loan or operational costs, ongoing staff position, fundraising or marketing activity or any other cost not related to the Project. To the extent that all such Agreed Costs for the Project exceed the Xxxxx Xxxxxx and the Matching Funding in the Required Amount together, the Grantee agrees to be solely responsible for any excess payments. MassDevelopment shall have no obligation hereunder to pay for costs of the Project which exceed the Grant Amount.
