Common use of Periodic Disbursements Clause in Contracts

Periodic Disbursements. The Loan proceeds may be disbursed in several advances in accordance with the Disbursing Agreement and the following conditions (except for the final disbursement of proceeds pursuant to the Loan which shall be disbursed in accordance with Section 3.1.2); provided the following are submitted to Lender: 3.1.1.1. A draw request, on a satisfactory form to Lender, in its reasonable discretion, certified by Borrower, Architect and General Contractor setting forth, among other things (i) an itemized list of the type of work completed for which payment is requested, (ii) the original estimated cost to complete such work, (iii) the amount requested, (iv) the amount previously disbursed for such work, (v) the estimated cost of completing such work, and (vi) that no Event of Default exists pursuant to this Loan Agreement, no default exists pursuant to the construction contracts and no condition exists, with respect to the Loan Documents or construction contracts that with the passage of time or giving of notice, or both, would constitute an Event of Default pursuant to the Loan Agreement or a default pursuant to the construction contracts. 3.1.1.2. All other items required by the Disbursing Agreement.