Periodic Review of Project Clause Samples

Periodic Review of Project. (a) Subject to the limitations in Sections 13.1 and 13.2, respectively, the Disbursement Agent and the Construction Escrow Agent shall exercise commercially reasonable efforts and use commercially prudent practices in the performance of its duties hereunder consistent with those of similar institutions holding similar collateral, administering similar construction loans and controlling the disbursement of construction funds. Commencing upon execution and delivery hereof, the Construction Escrow Agent shall have the right, but shall have no obligation, to meet periodically at reasonable times upon reasonable advance notice with representatives of the Company, the Independent Construction Consultant and such other employees, consultants or agents as the Construction Escrow Agent shall reasonably request to be present for such meetings. In addition, the Construction Escrow Agent shall have the right, but shall have no obligation, at reasonable times during customary business hours and at reasonable intervals upon prior notice to review, to the extent it deems reasonably necessary or appropriate to permit it to perform its duties hereunder, all information (including Contracts) supporting the Disbursement Requests and any certificates in support of any of the foregoing. The Construction Escrow Agent shall be entitled to examine, copy and make extracts of the books, records, accounting data and other documents of the Company which are reasonably necessary or appropriate to permit it to perform its duties hereunder, including, without limitation, bills of sale, statements, receipts, contracts or agreements, which relate to any materials, fixtures or articles incorporated into the Project. The Construction Escrow Agent shall keep all such information confidential and shall not disclose such information to any Person other than the Parties without the prior written consent of the Company, except to the extent disclosure of such information is (i) required under Applicable Law, or (ii) necessary or appropriate to perform its obligations under this Agreement. The rights of the Construction Escrow Agent under this Section to inspect the Project shall not be construed as an obligation, it being understood that the duty of the Construction Escrow Agent is limited to act upon certificates and draw requests submitted by the Company and the Trustee hereunder. (b) Subject to the limitations in Section 13.3, the Independent Construction Consultant shall exercise commerciall...
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Related to Periodic Review of Project

  • Periodic Review The General Counsel shall periodically review the Procurement Integrity Procedures with OSC personnel in order to ascertain potential areas of exposure to improper influence and to adopt desirable revisions for more effective avoidance of improper influences.

  • Periodic Reviews During January of each year during the term hereof, the Board of Directors of the Company shall review Executive's Annual Salary, bonus, stock options, and additional benefits then being provided to Executive. Following each such review, the Company may in its discretion increase the Annual Salary, bonus, stock options, and benefits; however, the Company shall not decrease such items during the period Executive serves as an employee of the Company. Prior to February 28th of each year during the term hereof, the Board of Directors of the Company shall communicate in writing the results of such review to Executive.

  • ADB’s Review of Procurement Decisions 11. All contracts procured under international competitive bidding procedures and contracts for consulting services shall be subject to prior review by ADB, unless otherwise agreed between the Borrower and ADB and set forth in the Procurement Plan.

  • Periodic Risk Assessment Provider further acknowledges and agrees to conduct periodic risk assessments and remediate any identified security and privacy vulnerabilities in a timely manner.

  • Periodic Review of Costs of Environmental Compliance In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review and the amount of its established reserves, the Company has reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, result in a Material Adverse Change.