Disbursements for Construction Sample Clauses

Disbursements for Construction. 52 (a) Disbursements for Construction....................................................... 52 (b) Retainages........................................................................... 53 (c) Bank's Consultant.................................................................... 54 (d) Disbursements for Operating Deficits................................................. 54 (e) Documentation to the Bank............................................................ 54 (f)
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Disbursements for Construction. Each Disbursement shall be made by the Trustee pursuant to Requests for Disbursements from time to time, from the principal office of the Trustee or from such other place as the Trustee may designate, and must be accompanied by a certificate of an Authorized Officer of the Bank authorizing and directing such Disbursement. Each Disbursement authorized by the Bank in accordance with the terms hereof shall be made in accordance with the terms hereof and shall be made to or deposited in the separate bank account of the Company at ScotiaBank de Puerto Rico (the CONSTRUCTION TRUST ACCOUNT) which shall not be drawn upon except to pay for Hard Costs and Soft Costs approved by the Bank, and shall be established so that the Bank and the Trustee receive or are entitled to receive, on request, from the depositary bank duplicate copies of regular monthly statements of all deposits and withdrawals (including checks). Each Request for Disbursement under the Loan shall be made in writing, shall be submitted to the Bank with a copy to the Bank's Consultant not less than 10 Business Days prior to the proposed date for such Disbursement and shall specify the Hard Costs and Soft Costs to be paid with the proceeds of the requested Disbursement, including, without limitation, the amount of any Retainage previously withheld and which has then become payable by the Company. Each Request for Disbursement which requests payment for Hard Costs (other than for payment of the Construction Manager's fixed monthly fee payable under the terms of the Construction Management Agreement) shall be accompanied by (i) the Trade Contractor's requisitions for payment, dated on or about the date of such Request for Disbursement, accompanied by true copies of unpaid invoices and receipted bills and noting that the only amounts due and owing (other than any retainage pursuant to the terms of the applicable Trade Contract or subcontract) are the amounts to be paid to trade contractors out of the Disbursement being requested or amounts due and payable but which are being disputed by the Company and which are not included in such Request for Disbursement, each of which shall be certified as true and complete by the Company, (ii) a list of all Trade Contracts executed since the date of the then last preceding Disbursement, together with a certification that copies of the same and all contracts with any contractor or subcontractor involved with the Construction of the Improvements executed by or on behal...
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Disbursements for Construction. 4 7.4.1 As part of the annual budget review process referred to in Section 6.1, PDC 5 shall propose a Capital Improvements budget which shall be subject to the City’s Approval.
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Disbursements for Construction. Funds shall be advanced to pay for sums due under the Construction Contract subject to the terms and conditions of the Construction Advance Rider. Requests for disbursements shall be made to the Voucher Control Company (as defined in the Construction Advance Rider), or as otherwise directed by Xxxxxx, not later than 4:00 p.m., pacific time, ten (10) Business Days prior to the date the requested disbursement is to be made. Such requests for disbursement shall be accompanied by all information required under Section 6 of the Construction Advance Rider, and also accompanied by approvals of the General Contractor (as defined in the Construction Advance Rider) and the Borrower prior to submittal for approval and funding. Borrower shall provide Lender with all payment requests submitted by the General Contractor upon approval of the same by Borrower, which payment requests may be submitted by pdf copies via email or other means acceptable to Lender in accordance with the form provided by General Contractor as an exhibit to the Construction Advance Rider.
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Related to Disbursements for Construction

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • Initial Construction Attached hereto are plans showing proposed modifications to Premises. Within 20 days of execution of the Lease, Landlord will prepare construction drawings and specifications for such modifications containing such details as dimensions, partition plans, dimensioned electrical and telephone outlet plans, modified reflected ceiling plans, room finish schedule, including wall, carpet, floor tile, and VCT colors, and other necessary construction details and specifications for the completion of such work, all in a manner reasonably acceptable to Tenant. Space planning, construction drawings, and specifications shall be provided by Landlord to Tenant a no cost to Tenant. All construction of modifications to Tenant's Premises will be accomplished by Tenant's contractor, which contractor shall furnish to Landlord evidence of insurance as follows: General Liability and Property Damage - $2,000,000 Aggregate, $2,000,000 per Occurrence; Workmens Compensation, and an Owners and Contractors Protective Liability Policy in the amount of $1,000,000 naming the owner and The Gutixxxxx Xxxpany as insureds. In addition, in Tenant's construction contract, Tenant shall insure that the contract holds Landlord and The Gutixxxxx Xxxpany harmless, and that Landlord and The Gutixxxxx Xxxpany are additional named insureds on all of Tenant's insurance policies. It shall be Tenant's contractor's responsibility to obtain the building permit for said modifications to Premises. It shall be Tenant's responsibility to insure that all Tenant's general contractors subcontractors and materialmen are paid in full, and if a lien is placed upon the Building by any such contractor, subcontractor, materialmen, or other, to promptly remove such lien or provide a bond reasonably satisfactory to Landlord and Landlord's mortgagee to insure that such lien will be paid in full while contesting such lien. Landlord shall permit Tenant and Tenant's contractor access for construction of modifications to Tenant's premises promptly after execution hereof. All changes and additions shall be part of the Building, except such items as by writing at the time of approval the parties agree either shall be removed by Tenant on termination of this Lease, or shall be removed or left at Tenant's election.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Review and Construction of Documents Each Party herein expressly represents and warrants to all other Parties hereto that (a) before executing this Agreement, said Party has fully informed itself of the terms, contents, conditions and effects of this Agreement; (b) said Party has relied solely and completely upon its own judgment in executing this Agreement; (c) said Party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this Agreement; (d) said Party has acted voluntarily and of its own free will in executing this Agreement; and (e) this Agreement is the result of arm’s length negotiations conducted by and among the Parties and their respective counsel.

  • Certain Constructions (a) For purposes of this Agreement, references to the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR and Class J-RR Certificates; provided, however, that for purposes of determining the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates, in the event that the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Non-Vertically Retained Pooled Principal Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class S and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or Notional Amount has not been reduced to zero. For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant to Section 9.01 of this Agreement.

  • Specific Shall Not Limit General; Construction No specific provision contained in this Note shall limit or modify any more general provision contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof.

  • Severability; Construction Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

  • Legal Construction If one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions and this Agreement shall be construed as if it did not contain the invalid, illegal, or unenforceable provision.

  • No Strict Construction The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

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