Common use of Laborers, Subcontractors and Materialmen Clause in Contracts

Laborers, Subcontractors and Materialmen. Borrower will furnish to Agent, upon request at any time, and from time to time, affidavits listing all laborers, subcontractors, materialmen, and any other Persons who might or could claim statutory or common law liens and are furnishing or have furnished labor or material to the Projects or any part thereof, together with affidavits, or other evidence satisfactory to Agent, showing that such parties have been paid all amounts then due for labor and materials furnished to the Projects. Borrower will also furnish to Agent, at any time and from time to time upon demand by Agent, lien waivers bearing a then current date and prepared on a form satisfactory to Agent from the Contractors and lien waivers through the date of the prior draw from such subcontractors or materialmen as Agent may designate. Lenders shall not be required to advance funds for any work not covered by a satisfactory lien waiver.

Laborers, Subcontractors and Materialmen. Borrower and Guarantor will furnish to Agent, upon request at any time, and from time to time, affidavits listing all laborers, subcontractors, materialmen, and any other Persons who might or could claim statutory or common law liens and are furnishing or have furnished labor or material to the Projects or any part thereof, together with affidavits, or other evidence satisfactory to Agent, showing that such parties have been paid all amounts then due for labor and materials furnished to the Projects. Borrower and Guarantor will also furnish to Agent, at any time and from time to time upon demand by Agent, lien waivers bearing a then current date and prepared on a form satisfactory to Agent from the Contractors and lien waivers through the date of the prior draw from such subcontractors or materialmen as Agent may designate. Lenders shall not be required to advance funds for any work not covered by a satisfactory lien waiver.