Requests for Disbursements. Requests for disbursement shall be made no more frequently than monthly and shall be accompanied by a certificate of Tenant describing in detail the work for which payment is requested, stating the cost incurred in connection therewith and stating that Tenant has not previously received payment for such work; the certificate to be delivered by Tenant upon completion of the work shall, in addition, state that the work has been completed and complies with the applicable requirements of this Lease. Landlord may retain 10% of each requisition until the restoration is fully completed. In addition, Landlord may withhold from amounts otherwise to be paid to Tenant, any amount that is necessary in Landlord's reasonable judgment to protect Landlord from any potential loss due to work that is improperly performed or claims by Tenant's contractors and consultants.
Requests for Disbursements. Senior Lender hereby agrees to promptly (x) notify each Junior Lender of any requests by Senior Borrower for disbursements of funds from the Reserve Funds (as defined in the Senior Loan Agreement) or a release of Net Proceeds (as defined in the Senior Loan Documents) and (y) provide each Junior Lender with any documentation delivered by Senior Borrower to Senior Lender with respect to any such request by Senior Borrower for a disbursement of funds from the Reserve Funds or release of Net Proceeds (provided that in no event shall Senior Lender have any liability for a failure by Senior Lender to provide such notice or documentation to any Junior Lender, and no such failure shall constitute a default hereunder).
Requests for Disbursements. Requests for disbursement shall be made no more frequently than monthly and shall be accompanied by a certificate of Tenant describing in detail the work for which payment is requested, stating the cost incurred in connection therewith and stating that Tenant has not previously received payment for such work; the certificate to be delivered by Tenant upon completion of the work shall, in addition, state that the work has been completed and complies with the applicable requirements of this Lease. Landlord may retain 5% of each requisition until the restoration is fully completed, provided that Landlord shall release retainage as to specific trades once their portion of the restoration work is completed. In addition, Landlord may withhold from amounts otherwise to be paid to Tenant, any amount that is necessary in Landlord's reasonable judgment to protect Landlord from any potential loss due to work that is improperly performed or claims by Tenant's contractors and consultants.
Requests for Disbursements. (a) Borrower shall request disbursements of the Loan not more frequently than monthly. Advances shall be made upon requisitions in such form as may be prescribed by Lender from time to time, signed by an Authorized Representative of Borrower, and approved by such persons as Lender may direct. Lender shall fund each approved requisition within ten (10) Business Days following receipt of all supporting instruments and documents which Lender may require. In connection with Advances, Lender may require on-site inspections and a review of construction (i) to verify percentage of completion and the estimated cost to complete the Improvements, and (ii) to certify disbursement requests. Any such inspections shall be for the sole use and benefit of Lender, and neither Borrower nor any third party shall be entitled to rely thereon for any purpose. As provided in Section 8.9, Lender shall be reimbursed for its costs in connection with such requisitions.
(b) Each requisition shall thereby constitute, without the necessity of specifically containing a written statement, a representation and warranty by Borrower with respect to the item for which payment is requested that (i) if the item is work or materials, it has been physically incorporated into or stored on the Property, free of all liens and encumbrances (except for those to be discharged in full with the proceeds of the requested advance), (ii) the item is included in the Budget, (iii) the cost of the item is as specified in the requisition and Budget (or if not, that Borrower has paid any excess), (iv) the work, materials or other item substantially conforms to the Plans and Specifications and/or Budget and all applicable statutes, laws, ordinances, administrative rules, regulations and other legal requirements, (v) the item has been approved by all zoning, building and other governmental officers, offices or departments having jurisdiction and whose approval is required, and (vi) the representations and warranties of Borrower contained in this Agreement are true and correct in all respects as if made on the date of the request for disbursement.
Requests for Disbursements. Senior Lender hereby agrees to use reasonable efforts to promptly (x) notify each Mezzanine Lender of any requests by Borrower for disbursements of funds from Collateral Accounts and (y) provide each Mezzanine Lender with any documentation delivered by Borrower to Senior Lender with respect to any such request by Borrower for such a disbursement (provided that in no event shall failure by Senior Lender to provide such notice or documentation to a Mezzanine Lender constitute a default hereunder).
Requests for Disbursements. Requests for disbursement shall be made no more frequently than monthly and shall be accompanied by a certificate of Tenant describing in detail the work for which payment is requested, stating the cost incurred in connection therewith and stating that Tenant has not previously received payment for such work; the certificate to be delivered by Tenant upon completion of the work shall, in addition, state that the work has been completed and complies with the applicable requirements of this Lease. Landlord may retain 10% of each requisition until the restoration is fully completed. In addition, in the case of Alterations costing in excess of $1,000,000 made after the Tenant Improvements, unless Tenant provides performance and payment bonds or some other form of security reasonably acceptable to Landlord, Landlord may withhold from amounts otherwise to be paid to Tenant, any amount that is necessary in Landlord's reasonable judgment to protect Landlord from any potential loss due to work that is improperly performed or claims by Tenant's contractors and consultants.
Requests for Disbursements. Requests for disbursement shall be accompanied by a certificate of Tenant or Tenant’s architect describing in detail the work for which payment is requested, stating the cost incurred in connection therewith and stating that Tenant has not previously received payment for such work; the certificate to be delivered by Tenant upon completion of the work shall, in addition, state that the work has been completed and complies with the applicable requirements of this Lease. Landlord may retain 10% of each requisition until the restoration is fully completed. In addition, Landlord may withhold from amounts otherwise to be paid to Tenant, any amount that is necessary in Landlord’s reasonable judgment to protect Landlord from any potential loss due to work that is improperly performed or claims by Tenant’s contractors and consultants. Landlord shall reasonably cooperate with Tenant in order to cause the escrow agent to disburse the insurance proceeds in accordance with this Article XIII.
Requests for Disbursements. All such disbursement requests must be on the general form attached hereto as Exhibit G signed by an authorized representative of Tenant as requesting party. To be eligible for payment from the Xxxxxxxx Stadium RMMO Fund, all costs and expenses for either Tenant must have been incurred at reasonable and customary, arms-length terms.
Requests for Disbursements. Requests upon the Trustee for disbursements may be made by the Borrower and (with the exception of the disbursement described in subsection (d), below) not less than five business days prior to the date on which the Borrower desires a disbursement to be made.
Requests for Disbursements. The Obligor shall be entitled to disbursements of moneys from the Project Fund to pay the Costs related to the Project. Disbursements from the Project Fund shall be made by the Bond Trustee upon receipt of a requisition therefor signed by the Obligor in substantially the form attached hereto as EXHIBIT B to pay Costs of the Project. Notwithstanding the foregoing, the Obligor shall make no request for disbursement of moneys from the Project Fund for payment of Costs of Issuance.
