Disbursement Amounts Clause Samples
Disbursement Amounts. (a) The aggregate amount of all Disbursements is limited to the maximum amount of the Loan. The aggregate amount of the Loan for any Category is limited to the amount shown in the Development Budget for such Category, after adjustment for the expenditure of the Equity Contribution as shown on the Development Budget, taking into account any reallocation authorized by Lender pursuant to Section 6.3. Prior to Disbursement of any Loan proceeds, Borrower will have expended, for costs approved by Lender, sums at least equal to the Equity Contribution.
(b) Lender will make Disbursements to defray actual and reasonable costs approved by Lender and shown on the Development Budget for (i) labor performed on the Improvements and equipment and materials incorporated into the Improvements; and (ii) materials suitably stored on the Land, if approved by the Lender in its sole and absolute discretion; and (iii) materials stored off-site, provided the requirements set forth on Exhibit 6.2(A) are satisfied. The undisbursed balance of the Loan and the sums delivered and held by Lender pursuant to Section 4.27 may not at any time be less than the aggregate of (1) the amount reasonably estimated by Lender to complete the construction, development and financing of the Improvements, and (2) the Retainage.
(c) Disbursements for the Development Fee will be disbursed by Lender in accordance with this Section 6.2(c). Subject to the terms of this Agreement and the other Loan Documents, so long as no Event of Default has occurred and is continuing, the Development Fee (the “Development Fee”) due to Developer as set forth in the Development Budget shall paid to Developer as follows: (i) $325,000 of the Development Fee shall be payable and accrued as earned as of the Closing Date, (ii) $975,000 of the Development Fee shall be paid (or otherwise accrued as earned) in twenty-four (24) equal consecutive monthly installments of $40,625 each commencing in February, 2014 and (iii) an additional $250,000 of the Development Fee shall be earned and payable to Developer upon satisfaction of the conditions set forth in Section 4.1 of the Development Agreement.
Disbursement Amounts. Following receipt of a Request for Disbursement and receipt and review of the report of the Consultant, Bank shall determine the amount of the disbursement it will make in accordance with the Bank's underwriting policies adopted from time to time by the Bank.
Disbursement Amounts. Set forth in the Loan Amount column of the cost breakdown is a “Loan Disbursement Budget” broken down by line items. From each line item, Bank shall disburse Loan funds in a total amount not to exceed the Loan Disbursement Budget for that line item, taking into account all prior disbursements, any applicable retention requirements, and any reallocation of funds to which Bank has consented. Any and all sums on deposit in the Borrower’s Funds Account (“Borrower’s Funds”) shall be disbursed as described below.
Disbursement Amounts. Following receipt of a Draw Request, Outback shall make the disbursement of Loan proceeds, provided the disbursement is for a purpose contemplated in this Agreement and no Default Condition or Default exists.
Disbursement Amounts. Set forth in one of the columns of the cost breakdown will be a "Loan Disbursement Budget" broken down by line items. From each line item, Lender will disburse Loan funds in a total amount not to exceed the Loan Disbursement Budget for that line item, taking into account all prior disbursements, any applicable retention requirements and any reallocation of funds to which Lender has consented in writing.
Disbursement Amounts. The aggregate amount advanced for any Category shall be limited to the amount shown in the Projects Budget for such Category, taking into account any reallocation authorized by the Lender pursuant to this Agreement. Subject to the terms of this Agreement, the Lender will authorize disbursements of the Lender Loan to defray actual and reasonable costs incurred and approved by the Lender and shown on the Projects Budget and labor performed on the Improvements and equipment and materials incorporated into the Improvements, since the date of the last disbursement less Retainage.
Disbursement Amounts. Aggregate advances of the Loan shall be limited to the maximum amount of the Loan. Prior to disbursement of any Loan proceeds, Borrower shall have expended sums at least equal to the amount shown as Borrower's equity, if any, on the Development Budget for costs approved by Lender in the corresponding category shown on the Development Budget, and such expenditures shall not be reimbursable from Loan proceeds. Lender shall advance the Loan proceeds as follows:
(i) $4,000,000, of which $3,000,000 shall be advanced upon (A) receipt of executed leases satisfactory to Lender from Sears ▇▇▇▇▇▇▇ and Co. and Hills Department Stores, (B) acceptance from each of their respective sites on the Land, and (C) such tenants obligation to commence rental payments as set forth therein, and of which $1,000,000 shall be advanced upon receipt of an executed lease acceptable to Lender with ▇▇▇▇▇▇▇;
(ii) provided no Conditional Default or Event of Default has occurred, $1,000,000 upon receipt of an executed lease acceptable to Lender with Phar-Mor, or another tenant acceptable to Lender; and
(iii) provided no Conditional Default or Event of Default has occurred, $7,000,000 upon receipt by Lender of the Letter of Credit.
Disbursement Amounts. Following receipt of a Draw Request and Bank's review and approval of supporting documentation, Bank shall determine the amount of the disbursement it will make in accordance with the Percentage Completion Draw Schedule, a copy of which is attached as EXHIBIT "D" provided no Default Condition or Default exists.
Disbursement Amounts. Following receipt of a Draw Request and receipt and review of Bank's inspection, Bank shall determine the amount of the disbursement it will make in accordance with Bank's standard draw sheet, a copy of which is attached as Exhibit A, provided no Default Condition or Default exists.
Disbursement Amounts. For each line item of the Cost Breakdown, Bondowner Representative shall make disbursements of Borrower’s Sources in amounts which, when totaled, do not exceed the maximum allocation of funds for that line item, as shown in the Cost Breakdown, taking into account all prior disbursements, any reallocations of Borrower’s Sources made by Bondowner Representative, in its sole discretion, and all applicable retention requirements. If at any time Bondowner Representative is holding ▇▇▇▇▇▇▇▇’s Funds in the Equity Account or ▇▇▇▇▇▇▇▇’s Funds Account, Bondowner Representative shall make all disbursements first from such funds until they are exhausted, in the manner provided in Section 4 of this Disbursement Schedule. On the first day of each month occurring from and after the date hereof (whether or not Bondowner Representative disburses or is obligated to disburse any of the proceeds of the Loan and whether or not Bondowner Representative releases or is obligated to release any funds from the Equity Account), Borrower shall pay to Bondowner Representative a Construction Inspection Fee of $[ ] on the Closing Date as a prepayment of the draw fee for the first [ ] draws during rehabilitation and construction to partially cover Bondowner Representative’s monthly administrative fees and costs.
(a) Disbursements of Certain Costs Not Requiring Retention For each line item of the Cost Breakdown other than Hard Costs, if otherwise approved, Bondowner Representative shall make one or more disbursements to Borrower or for its account in the amount applied for in Borrower’s Draw Request, without retention.