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.
Appears in 2 contracts
Sources: Construction Loan Agreement (Summit Hotel OP, LP), Construction Loan Agreement (Summit Hotel Properties LLC)