Common use of Requests for Disbursement Clause in Contracts

Requests for Disbursement. (a) Whenever the Association desires a disbursement to be made, which shall be no more often than monthly, the Association shall submit to the EDA a Draw Request in substantially the form attached as Exhibit C hereto, duly executed on behalf of the Association, setting forth the information requested therein. Each Draw Request shall be limited to amounts equal to (I) the total of such costs actually incurred and owing (or previously paid) by the Association to the date of such Draw Request for work performed on and materials used in the Housing Improvements and materials and equipment not incorporated in the Property, but delivered to and suitably stored at the Property, less (II) a retainage of 5%, but (III) at all times not to exceed the maximum principal amount of the Loan less prior disbursements. Notwithstanding anything herein to the contrary, no disbursements for materials stored at the Property will be authorized unless the Association shall provide adequate security for such storage. Each Draw Request shall constitute a representation and warranty by the Association that all representations and warranties set forth in this Agreement are true and correct as of the date of such Draw Request.

Requests for Disbursement. (a) Whenever the Association desires a disbursement to be made, which shall be no more often than monthly, the Association shall submit to the EDA City a Draw Request in substantially the form attached as Exhibit C hereto, duly executed on behalf of the Association, setting forth the information requested therein. Each Draw Request shall be limited to amounts equal to (I) the total of such costs actually incurred and owing (or previously paid) by the Association to the date of such Draw Request for work performed on and materials used in the Housing Improvements and materials and equipment not incorporated in the Property, but delivered to and suitably stored at the Property, less (II) a retainage of 5%, but (III) at all times not to exceed the maximum principal amount of the Loan less prior disbursements. Notwithstanding anything herein to the contrary, no disbursements for materials stored at the Property will be authorized unless the Association shall provide adequate security for such storage. Each Draw Request shall constitute a representation and warranty by the Association that all representations and warranties set forth in this Agreement are true and correct as of the date of such Draw Request.