Common use of Partial Completion Clause in Contracts

Partial Completion. If (i) the time required to complete a Replacement exceeds three months, (ii) the contractor performing such Replacement requires periodic payments pursuant to the terms of a written contract, (iii) Lender has approved in writing in advance such periodic payments, and (iv) the cost of the portion of the work completed under such contract exceeds $10,000, a request for reimbursement from the Replacement Reserve may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Hotel and are properly secured or have been installed in the Hotel, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve are, in Lender's reasonable judgment, sufficient to complete the portion of such Replacements to be completed during the term of this Agreement, and (E) each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor.

Partial Completion. If (ia) the time required to complete a Replacement exceeds three monthsone month, (iib) the contractor performing such Replacement requires periodic payments pursuant to the terms of a written contract, (iiic) Lender has approved in writing in advance such periodic payments, and (ivd) the cost of the portion of the work completed under such contract exceeds Ten Thousand Dollars ($10,00010,000.00), a request for reimbursement from the Replacement Reserve may be made after completion of a portion of the work under such contract, provided (Ai) such contract requires payment upon completion of such portion of the work, (Bii) the materials for which the request is made are on site at the Hotel Property and are properly secured or have been installed in the HotelProperty, (Ciii) all other conditions in this Agreement for disbursement have been satisfied, (Div) funds remaining in the Replacement Reserve are, in Lender's reasonable judgment, sufficient to complete the portion of such Replacement and other Replacements to be completed during the term of this Agreementwhen required, and (Ev) each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor.