Common use of Disbursement Requirements Clause in Contracts

Disbursement Requirements. Prior to any disbursement except the Initial Disbursement, Borrower shall provide to ▇▇▇▇▇▇▇ Mac the following items: (i) A report setting out the progress of the Improvements on a percentage of completion basis and any other reports or information relating to the construction of the Improvements that may be reasonably requested by ▇▇▇▇▇▇▇ Mac; (ii) Copies of any applicable invoices and/or bills and appropriate lien waivers for the prior period for which disbursement was made, executed by all contractors and suppliers supplying labor or materials for the Improvements; (iii) If applicable, a report prepared by the professional engineer employed by Servicer pursuant to the Guide as to the status of the Improvements; and (iv) A certification from Servicer (which may rely upon a certification from Borrower) setting forth the then current occupancy and debt service coverage ratio based on the then outstanding amount of the Bond Mortgage Loan. (Borrower agrees to provide promptly to Servicer upon request such reports and other information (including rent rolls and operating statements for the month preceding the requested disbursement) as may be necessary to support such certification.) If the Bonds are variable rate bonds, the debt service coverage ratio shall be calculated using the Underwriting Rate set forth in the Commitment. Rehabilitation Escrow Funds shall only be released for work completed and/or at the time of installation of appliances and fixtures. Rehabilitation Escrow Funds will not be released for stored items.