Monthly Payouts. After the Full Opening of the Loan, further disbursements shall be made during Construction from time to time as the Construction progresses, but no more frequently than once in each calendar month, except to pay interest from the Interest Reserve Budget Line Item in accordance with Section 10.4 or as Lender may otherwise permit in its sole discretion. Hard Costs shall be disbursed as incurred, less the Retainage. The General Contractor’s fee shall be disbursed on a pro rata basis according to the percentage of construction trade items (excluding general conditions, Contractor’s fees and the Contractor’s Contingency) completed. All disbursements of Loan proceeds must be approved by Lender in its reasonable discretion based on costs expended as contained in the Budget. Lender shall have no obligation to disburse funds if an Event of Default or material Default has occurred and is continuing. Lender reserves the right to at any time to make disbursements into an escrow to be subsequently disbursed to Borrower by the Title Insurer. Lender, through Lender’s Consultant and/or its own employees, may perform site inspections to confirm that progress on the Project conforms to the sworn statements, and that the Project is progressing within the Budget and the Approved Plans and Specifications. Such inspections and confirmations are solely for the benefit of Lender and may not be relied upon by Borrower. Upon such confirmation, and upon receipt of a title company’s commitment to issue a date down endorsement insuring the funds about to be disbursed, the Title Insurer shall disburse money to Borrower or General Contractor pursuant to the escrow agreement, or, after any default, directly to subcontractors or other payees. Provided Lender receives complete and orderly draw requests, together with the appropriate lien waivers, it shall make every commercially reasonable effort to fund such requests within ten (10) Business Days. No disbursements for costs arising under the General Contract for a particular component of the Project shall be made later than ninety (90) days after the applicable Completion Date for such component.
Monthly Payouts. After opening the Loan, disbursements for the construction of the Improvements will be made from time to time as construction progresses, but no more frequently than once in any calendar month and no more frequently than twice in any calendar month as to the three (3) calendar months after the Improvements open for business to the public, each of which disbursements shall occur no sooner than 14 days after the previous disbursement
Monthly Payouts. After the Opening of the Loan, further disbursements shall be made during Construction from time to time as the Construction progresses, but no more frequently than once in each calendar month. Lender’s Consultant shall monitor construction of the Project and may visit the Project at least one (1) time each month, and shall certify as to amounts of construction costs for all requested fundings. At Agent’s option after the occurrence of an Event of Default, or any time if the Title Company shall so require, disbursements may be made by Agent into an escrow and subsequently disbursed to Borrower by the Title Insurer. If such option is exercised, those Loan proceeds shall be deemed to be disbursed to Borrower from the date of deposit into that escrow and interest shall accrue on those proceeds from that date, regardless of the date such proceeds are released by the Title Insurer.
Monthly Payouts. After the Mexican Project Loan Opening, further Mexican Draw Disbursements and disbursements of the Capex Loans shall be made from time to time as the Construction progresses, but no more frequently than (i) once in each calendar month with respect to the Capex Loans, and (ii) once in each calendar month with respect to the Mexican Draw Disbursements.
Monthly Payouts. (a) The Cost Breakdown contains the sources and uses of funds for the payment of Development Costs. Loan Proceeds, proceeds of the BANs and the installments of the Equity required to pay Development Costs shall be disbursed as and when provided in the Cost Breakdown for the payment of Development Costs in the manner hereinafter provided. Borrower shall be responsible, subject to Administrative Agent’s Written Consent, for the allocation of the funding sources for the payment of Development Costs. Lenders will make Disbursements as described in the Cost Breakdown upon satisfaction of the conditions set forth in this Loan Agreement. Subject to the terms hereof, the Loan Proceeds may be disbursed to Borrower to pay Development Costs in accordance with the Cost Breakdown, as the same may be amended from time to time, provided that any such Disbursement shall not be made unless Borrower has provided evidence acceptable to Administrative Agent that Loan proceeds and Other Borrower Moneys are available in amounts sufficient to complete the Construction
Monthly Payouts. After the Opening of the Loan, further disbursements shall be made during Construction from time to time as the Construction progresses, but no more frequently than once in each calendar month. At Agent’s option following an Event of Default, disbursements may be made by Agent into an escrow and subsequently disbursed to Borrower by the Title Insurer. If such option is exercised, those Loan proceeds shall be deemed to be disbursed to Borrower from the date of deposit into that escrow and interest shall accrue on those proceeds from that date, regardless of the date such proceeds are released by the Title Insurer.
Monthly Payouts. After the Opening of the Loan, further disbursements shall be made during Construction from time to time as the Construction progresses, but no more frequently than once in each calendar month. At Lender's option, disbursements may be made by Lender into an escrow and subsequently disbursed to Borrower by the Title Insurer. If such option is exercised, those Loan proceeds shall be deemed to be disbursed to Borrower from the date of deposit into that escrow and interest shall accrue on those proceeds from that date. All conditions precedent to the closing set forth in Articles 8 and 9 above and any prior advance under this Article 12 shall continue to be satisfied as the drawdown date of such subsequent advance. Borrower shall have performed and complied with all terms and conditions herein required to be performed or complied with by it on or prior to the drawdown date of such advance, and on the drawdown date of such advance there shall exist no Default or Event of Default.
Monthly Payouts. After the initial disbursement of Loan proceeds, further disbursements shall be made during Construction from time to time as the Construction progresses, but no more frequently than once in each calendar month. At Lender’s option, disbursements may be made by Lender into an escrow and subsequently disbursed to Borrower or its General Contractor, Subcontractors and materials suppliers by the Title Insurer or by Lender directly. If such option is exercised, those Loan proceeds shall be deemed to be disbursed to Borrower from the date of deposit into that escrow or the date of disbursement by Lender and interest shall accrue on those proceeds from that date, regardless of the date such proceeds are released by the Title Insurer if disbursed to such Title Insurer.
Monthly Payouts. After the Opening of the Loan, further disbursements of the Loan shall be made from time to time, but no more frequently than once in each calendar month at Lender’s sole discretion (other than with respect to the acquisition of the Wildewood Project and the Hxxxxx Project in which case the Borrowers may obtain two disbursements during the applicable month) and subject to Section 4.1(c); provided, however, that the obligation of the Lenders to fund any disbursements for the Projects other than the Initial Funding Projects shall terminate on January 31, 2015. Thereafter, only amounts under the Debt Service Reserve and the Hxxxxx Project Holdback shall be available to Borrowers in accordance with the other provisions of this Agreement.
Monthly Payouts. After the Opening of the Loan, further disbursements of the Loan shall be made from time to time, but no more frequently than once in each calendar month at Lender’s sole discretion and subject to Section 4.1(c); provided, however, that the obligation of the Lenders to fund any disbursements for the Projects other than the Initial Funding Projects shall terminate on August 6, 2018.
