Fund Control Agent definition
Examples of Fund Control Agent in a sentence
Borrower understands, acknowledges and agrees that neither Lender nor the Fund Control Agent will disburse funds in excess of the Fund Control Reserve and any cost overruns shall be the sole responsibility of Borrower.
Neither Lender nor Fund Control Agent shall have any obligation to authorize or make Advances from the Fund Control Reserve if the remaining balance of the Fund Control Reserve is not sufficient for the completion of the Improvements in accordance with the Construction Documents and the Disbursement Schedule as determined in Lender’s sole and absolute discretion.
Upon receipt of a completed Draw Package in form and substance satisfactory to Fund Control Agent and Lender, if so directed by Lender in writing, Fund Control Agent shall make Advances from the Fund Control Account relating to the Mortgaged Property pursuant to the terms set forth below.
Lender or Fund Control Agent may, in the sole discretion of Lender, make an Advance (i) jointly to Borrower, Contractor, subcontractors and suppliers (or any combination thereof), or (ii) separately to Contractor or any subcontractor, supplier or other person in connection with amounts due and owing in connection with the Improvements in accordance with the Disbursement Schedule and the Construction Documents.
Subject to Governmental Requirements, the Fund Control Account shall be administered by either Lender or Fund Control Agent selected by Lender, in its sole and absolute discretion, pursuant to the Fund Control Agreement.
All costs associated with administering the Fund Control Reserve and Fund Control Account, including but not limited to reviews and inspections by Lender, Fund Control Agent, or any other agent of Lender, shall be part of the Secured Obligations and the sole responsibility of Borrower, and may be paid or reimbursed with proceeds from the Fund Control Reserve at the election of Lender, in its sole and absolute discretion.