Documents Required for Disbursements Clause Samples
Documents Required for Disbursements. Except as otherwise provided herein, at least five (5) Business Days prior to, and as a condition of, each Disbursement, Borrower shall furnish to Lender the following documents:
(a) Borrower’s request specifying the amount of the requested Disbursement, directing Lender to disburse said funds in accordance with this Agreement and certifying to Lender that as of the date of such request: (i) the Loans are in Balance; (ii) the total amount of the request includes the actual amount payable to Contractor, Subcontractors, Architect or others who have performed work on the Project and indicating what payment requests, if any, have been received by Borrower but have not yet been approved by Borrower for payment; (iii) no Default, or condition or event that, with the giving of notice or passage of time or both, would constitute a Default, exists under this Agreement; (iv) the representations and warranties contained in Article III hereof are true and correct in all material respects; (v) Borrower has received no notice and has no knowledge of any liens or claims of lien either filed or threatened against the Project which would be superior to Lender’s lien, except those in favor of Lender; (vi) all amounts shown as previous payments on the request have been paid to the parties entitled to such payment; and (vii) all work and materials theretofore furnished for the Project conform with the Plans in all material respects, and Borrower has approved all such work and materials;
(b) A certificate as to completion and payment authorization, properly executed by Contractor or Subcontractors seeking payment, or Architect;
(c) Borrower shall furnish to Lender the Contractor’s and Subcontractors’ sworn statements and waivers of lien covering all work for which disbursement is to be made to the date specified therein, all in compliance with all applicable mechanics’ lien laws and with the requirements of Lender and Fund Control, together with such other supporting data as Lender or Fund Control may reasonably require;
Documents Required for Disbursements. At the time of, and as a condition to, any Disbursement subsequent to the Closing, the Lender may require the Borrower to deliver to the Lender a certificate, dated the date on which any such Disbursement is to be made, signed by the president or a vice president of the Borrower, and to the effect that
(1) As of the date thereof, no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, but for the giving of notice or passage of time or both, would be an Event of Default;
(2) No material adverse change has occurred in the business prospects, financial condition, or results of operations of the Borrower or any Subsidiary since the date of the Financial Statements; and
(3) Each of the representations and warranties contained in Section 5.01 is true and correct in all respects as if made on and as of the date of such disbursement.