Common use of Amount of Advances Clause in Contracts

Amount of Advances. In no event shall the Lender be obligated to Advance more than the Construction Loan Amount, or, if less, total Project Costs actually incurred by the Borrower, less, in either case, the Required Equity Funds. In no event shall any Advance for Direct Costs of constructing the Improvements exceed an amount equal to (a) the total value of the labor, materials, fixtures, machinery and equipment completed, approved and incorporated into the Land or the Improvements prior to the date of the Draw Request for such Advance, less (b) retainage in an amount equal to five percent (5%) of such total value ("Retainage"), less (c) the total amount of any Advances previously made by the Lender for such Direct Costs. Retainage shall not be required to be Ad­vanced by the Lender to the Borrower. With respect to any other Direct Costs and all Indirect Costs, in no event shall any Advance exceed an amount equal to the amount of such Direct Costs and Indirect Costs approved by the Lender, incurred by the Borrower prior to the date of the Draw Request for such Advances, and theretofore paid or to be paid with the proceeds of such Advance, less the total amount of any Advances previously made by the Lender for such Direct Costs and Indirect Costs.

Amount of Advances. In no event shall the Lender be obligated to Advance more than the Construction Loan Amount, or, if less, total Project Costs actually incurred by the Borrower, less, in either case, the Required Equity Funds. In no event shall any Advance for Direct Costs of constructing the Improvements exceed an amount equal to (a) the total value of the labor, materials, fixtures, machinery and equipment completed, approved and incorporated into the Land or the Improvements prior to the date of the Draw Request for such Advance, less (b) retainage in an amount equal to five percent (5%) of such total value ("“Retainage"”), less (c) the total amount of any Advances previously made by the Lender for such Direct Costs. Retainage shall not be required to be Ad­vanced Advanced by the Lender to the Borrower. With respect to any other Direct Costs and all Indirect Costs, in no event shall any Advance exceed an amount equal to the amount of such Direct Costs and Indirect Costs approved by the Lender, incurred by the Borrower prior to the date of the Draw Request for such Advances, and theretofore paid or to be paid with the proceeds of such Advance, less the total amount of any Advances previously made by the Lender for such Direct Costs and Indirect Costs.

Amount of Advances. In no event shall the Lender Lenders be obligated to Advance advance more than the Construction Loan Amount, or, if less, total Project Costs actually incurred by the Borrower, less, in either case, the Required Equity Fundstheir respective Commitments. In no event shall any Advance for Direct Costs of constructing the Improvements exceed an amount equal to (a) the total value cost of the labor, materials, fixtures, machinery and equipment completed, approved and incorporated into the Land or the Improvements prior to the date of the Draw Request for such Advance, less (b) retainage in an amount equal to five ten percent (510%) of such total value cost ("“Retainage"”), less (c) the total amount of any Advances previously made by the Lender for such Direct Costs. Retainage shall not be required advanced by Lenders to be Ad­vanced by Borrower upon satisfaction of the Lender to the Borrowerconditions set forth in Section 13.8. With respect to any other Direct Costs and all Indirect Costs, in no event shall any Advance exceed an amount equal to the amount of such Direct Costs and Indirect Costs approved by the LenderCosts, incurred by the Borrower prior to the date of the Draw Request for such Advances, and theretofore paid or to be paid with the proceeds of such Advance, less the total amount of any Advances previously made by the Lender Lenders for such Direct Costs and Indirect Costs. Notwithstanding the foregoing, upon the joint request of the Contractor and Borrower, which shall not in any case be made with respect to any individual Contractor unless and until the work of such Contractor under the applicable Construction Contract is fifty percent (50%) completed in a good and workmanlike fashion, and in accordance with the Plans and Specifications (as certified by the Construction Inspector), then the Retainage with respect to such Construction Contract shall be reduced to zero percent (0%).