Common use of Contingency Reserve Clause in Contracts

Contingency Reserve. The amount allocated as “contingency” or “contingency reserve” in the Project Budget will only be disbursed upon the prior approval of Lender, such approval not to be unreasonably conditioned, withheld or delayed. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”, provided, however, that in the event such “contingency” line item may have increased from the amount set forth in the original Project Budget, due to savings reallocated to such “contingency” line item, then Borrower may receive disbursement from such “contingency” line item without Lender’s approval (subject, however, to satisfaction of all other conditions to the making of a Loan set forth in this Agreement), so long as the amount remaining undisbursed from such “contingency” line item remains greater than amount of such “contingency” line item as set forth in the original Project Budget. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”.

Contingency Reserve. The amount allocated as “contingency” or “contingency reserve” in the Project Budget will only be disbursed upon the prior approval of Lender, such approval not to be unreasonably conditioned, withheld or delayed. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”, provided, however, that in the event such “contingency” line item may have increased from the amount set forth in the original Project Budget, due to savings reallocated to such “contingency” line item, then Borrower may reallocate amounts, and receive disbursement disbursement, from such “contingency” line item without Lender’s approval (subject, however, to satisfaction of all other conditions to the making of a Loan set forth in this Agreement), so long as the amount remaining undisbursed from such “contingency” line item remains greater than amount of such “contingency” line item as set forth in the original Project Budget. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”.

Contingency Reserve. The amount allocated as “contingency” or “contingency reserve” in the Project Budget will only be disbursed upon the prior approval of Lender, such approval not to be unreasonably conditioned, withheld or delayed. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”, provided, however, that in the -15- event such “contingency” line item may have increased from the amount set forth in the original Project Budget, due to savings reallocated to such “contingency” line item, then Borrower may receive disbursement from such “contingency” line item without Lender’s approval (subject, however, to satisfaction of all other conditions to the making of a Loan set forth in this Agreement), so long as the amount remaining undisbursed from such “contingency” line item remains greater than amount of such “contingency” line item as set forth in the original Project Budget. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”.