Common use of RETAINAGE AND CONTRACTOR'S FEE HOLDBACK Clause in Contracts

RETAINAGE AND CONTRACTOR'S FEE HOLDBACK. The parties acknowledge that Atlantic shall retain, and Homestead shall not request disbursement, of any retainages provided for under any Construction Contract, which amounts shall be retained by Atlantic to secure full and complete performance of all construction obligations hereunder (hereinafter, the "Retainage Holdback"). Provided no Default exists hereunder, Atlantic shall disburse the Retainage Holdback in accordance with the provisions of the applicable Construction Contract as requested by Homestead in its requests for advances. Upon the occurrence of a Default hereunder, Atlantic shall have no obligation to make further disbursements from the Retainage Holdback, and no Borrower shall be entitled to any such disbursements, until such Default is cured. Upon the occurrence of an Event of Default hereunder, Atlantic may apply the Retainage Holdback against any of the obligations secured by the Security Documents as Atlantic sees fit or, in Atlantic's discretion, to the completion of any incomplete Improvements. Subject to the foregoing terms and provisions, to the extent not theretofore disbursed, Atlantic will disburse the amounts in the Retainage Holdback in respect of a Project concurrently with the Final Advance for such Project.

RETAINAGE AND CONTRACTOR'S FEE HOLDBACK. The parties acknowledge that Atlantic PTR shall retain, and Homestead shall not request disbursement, of any retainages provided for under any Construction Contract, which amounts shall be retained by Atlantic PTR to secure full and complete performance of all construction obligations hereunder (hereinafter, the "Retainage Holdback"). Provided no Default exists hereunder, Atlantic PTR shall disburse the Retainage Holdback in accordance with the provisions of the applicable Construction Contract as requested by Homestead in its requests for advances. Upon the occurrence of a Default hereunder, Atlantic PTR shall have no obligation to make further disbursements from the Retainage Holdback, and no Borrower shall be entitled to any such disbursements, until such Default is cured. Upon the occurrence of an Event of Default hereunder, Atlantic PTR may apply the Retainage Holdback against any of the obligations secured by the Security Documents as Atlantic PTR sees fit or, in AtlanticPTR's discretion, to the completion of any incomplete Improvements. Subject to the foregoing terms and provisions, to the extent not theretofore disbursed, Atlantic PTR will disburse the amounts in the Retainage Holdback in respect of a Project concurrently with the Final Advance for such Project.

RETAINAGE AND CONTRACTOR'S FEE HOLDBACK. The parties acknowledge that Atlantic PTR shall retain, and Homestead shall not request disbursement, of any retainages provided for under any Construction Contract, which amounts shall be retained by Atlantic PTR to secure full and complete performance of all construction obligations hereunder (hereinafter, the "Retainage Holdback"). ------------------ Provided no Default exists hereunder, Atlantic PTR shall disburse the Retainage Holdback in accordance with the provisions of the applicable Construction Contract as requested by Homestead in its requests for advances. Upon the occurrence of a Default hereunder, Atlantic PTR shall have no obligation to make further disbursements from the Retainage Holdback, and no Borrower shall be entitled to any such disbursements, until such Default is cured. Upon the occurrence of an Event of Default hereunder, Atlantic PTR may apply the Retainage Holdback against any of the obligations secured by the Security Documents as Atlantic PTR sees fit or, in AtlanticPTR's discretion, to the completion of any incomplete Improvements. Subject to the foregoing terms and provisions, to the extent not theretofore disbursed, Atlantic PTR will disburse the amounts in the Retainage Holdback in respect of a Project concurrently with the Final Advance for such Project.