Who will administer the proceeds of the loan released by the Lending Bank ?
The “funds” to be released by the Lending bank shall be under a “supervised credit program” that will be administered by a “Governing Body” to be composed of the: • Project Owner • CGCA Representative • Lending Bank’s representative • General Contractor, and • Construction Management Co. representative (CGCA affiliate) The General Contractor is assured that when the funds are administered by a Governing Body, the funds will be made available solely for the project and will not be diverted to another purpose. On the other hand, the Project Owner will feel secure that the project will be completed on time and the Lending Bank will release the funds according to the cash flow requirements of the project.
