Common use of Statement of Expenditures Clause in Contracts

Statement of Expenditures. If requested by Lender, Lender shall have received a statement of Borrower and any contractor or subcontractor, in form and substance satisfactory to Lender, setting forth the names, addresses and amounts due or to become due as well as the amounts previously paid to every contractor, subcontractor, and supplier furnishing materials for or performing labor on the construction of any part of the Improvements.