Construction Draws. 3.2.1 Lender shall disburse funds from the Construction Escrow Account or, to the extent the amount therein shall be insufficient, make a Subsequent Advance of the Loan in order to pay or reimburse Borrower for the all or a portion of the cost of the Required Work (each such disbursement or Subsequent Advance being a "Construction Draw") upon (a) submission by Borrower of a request (a "Request for Advance") setting forth the amount sought and the Required Work to be paid for and (b) satisfaction of the conditions set forth in Section 3.3 below.
3.2.2 Each Construction Draw shall be equal to the lesser of (a) the costs actually incurred by Borrower (subject to the limitations contained in Section 3.
Construction Draws. Construction Draws for the Project shall be made only upon satisfaction by the Construction Agent of the conditions set forth below. Based upon Applications for Payment prepared by the contractors and reviewed and approved by the Construction Agent and including all supporting documentation required by the City, the Construction Agent shall submit Disbursement Request Forms to the City.
Construction Draws. Developer will supervise the administration of financing and will use reasonable efforts to arrange for, or to cause, NLC's satisfaction of the conditions necessary to authorize draws by NLC under any loans obtained by NLC in connection with the Project. Developer will respond promptly to the requests of any Lender for information that shall be required under such Lender's loan documents.
Construction Draws. The Developer shall commence or cause the commencement of the construction of the Project and Development in a good and workmanlike manner in accordance with all applicable building codes of the Town and the terms of this Agreement. The Developer intends to complete or cause the completion of the Project in accordance with the schedule set forth in Section 1.1 of this Agreement. The completion of the Development will be contingent upon economic conditions that enable the Developer to proceed with the Development in an economically sound manner.; provided, however, that the failure of the Developer to complete Phase I of the Project by not later than , 2014, shall be cause for the Town to terminate further draws of the net proceeds of the 2013 Bonds and not to issue the 2014 Bonds, and the failure of the Developer to complete Phase II of the Project by not later than shall be cause for the Town to terminate further draws of the net proceeds of the 2014 Bonds. In such event, the Developer shall cooperate with the Town in full good faith to enable the Town to proceed on its on to complete the Project in such manner as in the Town’s judgment best serves the interests of the Town. The Town shall use its best efforts to issue the 2013 Bonds and the 2014 Bonds in accordance with the terms and conditions hereof, subject to the approval by applicable bodies of the issuance thereof and further subject to the marketability of such Bonds at an interest rate not to exceed reasonably required by the Town in connection with the issuance of the 2013 Bonds and the 2014 Bonds and the provision of the proceeds thereof to the Developer for the purposes set forth herein. Upon issuance of the 2013 Bonds, net proceeds thereof shall be placed into a construction fund pursuant to a trust indenture to be entered into among the Town, the Developer and a trustee to be selected by the Town. Draws of funds by the Developer shall be subject to the approval of the Town. Draws of net proceeds of the 2013 Bonds shall be conditioned on the prior written approval by the Town of the plans and specifications for the particular component of the Project to which the draw request relates and evidence satisfactory to the Town that the Developer has secured financing for Segment 1 of the Development in the amount of not less than $ (the “Segment 1 Private Funds”). Draws of the net proceeds of the 2013 Bonds shall be conditioned on evidence provided by the Developer to the reasonable satisfaction of...
Construction Draws. The Borrower may draw the amounts from the Project Fund for construction advances subject to the requirements of the Indenture and this Loan Agreement, upon submission to the Bond Trustee of a Requisition of the Borrower, pursuant to Section 5.08 of the Indenture. Upon the final disbursement from the Project Fund, an Authorized Borrower Representative, on behalf of the Borrower, shall provide a Certificate of the Borrower certifying the same to the Authority and the Bond Trustee. In the event the moneys in the Project Fund should be insufficient to pay the costs of the Project in full, the Borrower agrees to pay directly, or to deposit in the Project Fund moneys sufficient to pay, any costs of completing the Project in excess of the moneys available for such purpose in the Project Fund. The Authority makes no express or implied warranty that the moneys deposited in the Project Fund and available for payment of the Project costs under the provisions of this Loan Agreement, will be sufficient to pay all the amounts which may be incurred for such Project costs. The Borrower agrees that if, after exhaustion of the moneys in the Project Fund, the Borrower should pay, or deposit moneys in the Project Fund for the payment of, any portion of the Project costs pursuant to the provisions of this Section 3.06, it shall not be entitled to any reimbursement therefor from the Authority, the Bond Trustee or the Holders of any of the Bonds, nor shall it be entitled to any diminution of the amounts payable hereunder. Upon Completion of the Project, the Borrower shall file with the Bond Trustee and the Authority the Completion Certificate with respect to the Project pursuant to Section 5.08 of the Indenture.]
Construction Draws. The ability of the Manager to make draws under any construction financing will be subject to various conditions and requirements of the lender thereof. If these conditions and requirements are not satisfied, the lender may suspend or terminate the Company’s ability to make or receive construction draws which would cause delays in the construction of the Project or trigger other defaults under the loan agreements.
Construction Draws. A “Construction Draw” shall be any request for the use of Development Funds occurring after the Closing Date until Final Construction Completion, and any request of Development Funds or casualty insurance proceeds for construction-related activities occurring after Final Construction Completion. The Class B Limited Partner shall provide to the General Partner and SLP a copy of each and every Construction Draw, regardless of whether the ILP’s Capital Contribution is a requested source of funding for such Construction Draw. The Class B Limited Partner shall send each Construction Draw to the General Partner and SLP at the same time it is sent to any other Partner, Lender, Agency or other source of Development Funds. Construction Draws may be submitted no more frequently than once per calendar month and may not include costs which have previously been reimbursed. Upon receipt by the SLP of a complete Construction Draw submission (see below), the SLP shall have ten (10) business days to review and either Consent and/or comment upon the Construction Draw. If the SLP issues comments on the Construction Draw that require action by other parties, the Class B Limited Partner shall cause such actions to be taken as requested by the SLP within thirty (30) days of the SLP making such comments, and the Class B Limited Partner shall receive the Consent of the SLP prior to the Class B Limited Partner’s submittal of any further Construction Draws. At a minimum, Construction Draws must include the following:
Construction Draws. The Village confirms that Developer's construction reporting requirements set forth in the Redevelopment Agreement (including, without limitation, those set forth in Sections 5.2(f) and 10.7 of the Redevelopment Agreement) and the communications plan to be implemented under the Special Use Permit, shall not delay or impede Developer's disbursement requests under the Loan Documents or Lender's ability to make such disbursements in accordance with the terms of the Loan Documents.
Construction Draws. The Corporation may draw the amounts from the Project Fund for construction advances subject to the requirements of the Indenture and this Loan Agreement, upon submission to the Trustee of a Requisition of the Corporation, pursuant to Section 5.08 of the Indenture. The Authority makes no express or implied warranty that the moneys deposited in the Project Fund and available for payment of the Project costs under the provisions of this Loan Agreement, will be sufficient to pay all the amounts which may be incurred for such Project costs. The Corporation agrees that if, after exhaustion of the moneys in the Project Fund, the Corporation should pay, or deposit moneys in the Project Fund for the payment of, any portion of the Project costs pursuant to the provisions of this Section 3.06, it shall not be entitled to any reimbursement therefor from the Authority, the Trustee or the Holders of any of the Series 2018A Bonds, nor shall it be entitled to any diminution of the amounts payable hereunder. Upon completion of the Project, the Corporation shall file with the Trustee and the Authority the Certificate of Final Completion (as defined in the Indenture) with respect to the Project pursuant to Section 5.08 of the Indenture.
Construction Draws. Landlord shall pay to Tenant (or, at Landlord’s option, Landlord may pay Tenant and the general contractor and/or one or more subcontractors) as an “ALLOWANCE,” the sum of Seven Hundred Fifty Thousand & No Dollars ($750,000) toward Building Improvement Costs with respect to the Leased Premises.
