Advances for Unincorporated Materials Sample Clauses

Advances for Unincorporated Materials. To the extent that any Advance Request shall include any amount in respect of materials not yet incorporated into the Main Project, the Disbursement Agent will, upon satisfaction of the applicable conditions set forth in this Disbursement Agreement and the Credit Agreement, include such amount in an Advance only if (x) such amount is not greater than $10,000,000 per Contract and the aggregate amount advanced pursuant to this Section 2.2.6 as to which materials have not been so incorporated into the Main Project is not greater than $25,000,000 and (y) the following provisions are satisfied, as applicable: (1) with respect to building materials, components or systems which have been completed and are not otherwise subject to subsection (b) of this Section 2.2.6, (i) such materials, components or systems are stored in a secure area and are protected from theft, vandalism and weather conditions to the reasonable satisfaction of the Administrative Agent and the Construction Consultant, (ii) the Administrative Agent and the Construction Consultant shall have received satisfactory evidence that such materials, components or systems are adequately insured for the benefit of the Lenders, (iii) the Borrower has provided the Administrative Agent and the Construction Consultant with a detailed inventory of such stored materials, components and systems and the Construction Consultant has verified that such inventory items are stored as herein required and (iv) the Borrower shall have granted the Lenders a perfected and continuing first security interest in such stored materials, components and systems prior to or simultaneously with the making of any such Advance; and (2) with respect to progress payments to a supplier of components or systems to be used in the Main Project, (i) the Borrower shall have provided the Administrative Agent and the Construction Consultant with a copy of the purchase order or Contract covering such component or system (and all amendments thereto or modifications thereof) which shall not require any deposit in excess of 25% (unless otherwise approved by the Administrative Agent) of the purchase price thereof, (ii) as collateral security, the Borrower shall have assigned such purchase orders or contracts, as the case may be, to the Lenders, (iii) the Borrower shall have provided evidence satisfactory to the Administrative Agent and the Construction Consultant that such components or systems are adequately insured for the benefit of the Lenders...
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Related to Advances for Unincorporated Materials

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