Disbursements for Stored Materials. Disbursements for materials, fabricated goods and custom equipment stored on or away from the Property (collectively, "Stored Materials") shall be made in accordance with the terms of Sections 9.2 and 9.5.1, of this Agreement and the following terms and conditions:
Disbursements for Stored Materials. Any requests for disbursements which in whole or in part relate to materials, equipment or furnishings which Borrower owns and which are not incorporated into the Improvements as of the date of the request for disbursement, but are to be temporarily stored at the Project or off-site, shall be made in an aggregate amount not to exceed $5,000,000 at any time, unless the Required Lenders consent, in their sole discretion, to a greater amount. Any such request must be accompanied by evidence satisfactory to the Required Lenders that (i) such stored materials and the storage facility are included within the coverage of the Policies, (ii) the ownership of such materials is vested in Borrower free of any liens and claims of third parties, (iii) such materials are properly insured and protected against theft or damage, (iv) unless the Required Lenders have waived such requirement in writing, Agent’s Consultant has viewed and inspected the stored materials, and (v) in the opinion of Agent’s Consultant, the stored materials are physically secured and can be incorporated into the Project within three hundred sixty (360) days. The Agent may require separate Uniform Commercial Code financing statements to cover any such stored materials.
Disbursements for Stored Materials. Any requests for ---------------------------------- disbursements which in whole or in part relate to materials, equipment or furnishings which are owned by Borrower and are not incorporated into the Project as of the date of the request for disbursement, but are to be temporarily stored at the Project, shall be approved by Lender for disbursement (subject to satisfaction of the other disbursement conditions set forth herein) to the extent such request relates to such stored materials, and shall be subject to receipt by Lender of: (i) proof reasonably satisfactory to Lender that such stored materials are included within the coverages of insurance policies carried by Borrower or proof of other insurance which has been approved by Lender; (ii) evidence reasonably satisfactory to Lender that the ownership of such materials is vested in Borrower and such ownership is free of any liens and claims of third parties; (iii) evidence reasonably satisfactory to Lender that such materials are protected against theft or damage; and (iv) certification of Borrower and Lender's Construction Consultant that such materials stored at the Project have been inspected by Borrower and Lender's Construction Consultant and that such materials are the same materials as described in Borrower's Draw Request Certification. Lender may require a separate security agreement and uniform commercial code financing statements to cover any such materials, equipment or furnishings so stored at the Project and such other information and assurances as Lender may reasonably require.
