Monthly Payouts. After the initial disbursement of a Condominium Building Allocation or the Garage/Amenity Allocation, further disbursements shall be made during construction of the Condominium Building for which such Condominium Building Allocation has been established, or the garages and amenities for which the Garage/Amenity Allocation has been established, from time to time as the Construction progresses, but no more frequently than once in each calendar month, except that Borrower shall be entitled to a second disbursement per month to pay framing, interior trim, siding, plumbing, HVAC and cabinet installation subcontractors, as well as interior trim, cabinet and light fixture suppliers, provided that the amount of such draw is in excess of $50,000.00, but not more than $300,000.00. All disbursements with respect to all existing Condominium Building Allocations or the Garage/Amenity Allocation shall be disbursed monthly on the same date. 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 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. 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 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.
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 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 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 Sumter Grand 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 Sumter Grand Project shall terminate on February 28, 2015. Thereafter, only amounts under the Debt Service Reserve shall be available to Borrowers in accordance with the other provisions of this Agreement.
Monthly Payouts. Disbursements of the Loan will be made from time to time upon delivery of a Request for Advance in Proper Form as construction of the Project progresses, but Lender has no obligation to make disbursements more frequently than once in any 30 day period. Each Request for Advance will be delivered to Lender in Proper Form at least 10 business days prior to the requested disbursement date.
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 Lender shall have no obligation to make disbursements (excluding disbursements for debt service) more frequently than once in each calendar month; provided, however, that Lender will consider other occasional disbursements of Loan proceeds for one item per month (but Lender shall have no obligation to make such occasional disbursements and in no event shall Lender be obligated to consider more than one full draw request per 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, regardless of the date such proceeds are released by the Title Insurer.
