Retainages. At the time of each disbursement of Loan proceeds, ten percent (10%) of the total amount then due the General Contractor and the various contractors, subcontractors and material suppliers for costs of Construction shall be withheld from the amount disbursed until 50% completion of the Construction is achieved. No further retainage shall be withheld from amounts disbursed after 50% Construction completion is achieved. On the Closing Date, Borrower shall deliver to Administrative Agent the same statement regarding the General Contract that is provided to Borrower in connection with its acquisition of the Subject Property, which statement shall confirm the retainage that has been withheld from the General Contractor, and that the Budget includes the appropriate retainage, given the then-current status of Construction and all prior payments to the General Contractor. The retained Loan amounts for Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Article 11 below; provided, however, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by General Contractor) or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and Lenders’ Consultant, the retainages with respect to such trade or order, as the case may be, shall be disbursed to Borrower within thirty (30) days after Lenders’ Consultant’s approval of all work and materials and the Administrative Agent’s receipt of a final waiver of lien with respect to such completed work or delivered materials.
Retainages. Disbursement of the available proceeds of the Loan shall be limited to an amount equal to the percentage thereof required by the terms of the Construction Contracts, but in no event shall Lender be obligated in respect of any Construction Contract, until the Architect and the Lender Consultant confirm that the Project is ninety-five percent (95%) completed, to disburse in excess of ninety percent (90%) of the value (as certified by the Lender Consultant), of the materials and labor incorporated in the Project from time to time pursuant to such Construction Contract. Upon achievement of ninety-five percent (95%) completion of the Project, assuming no Default or Event of Default has occurred and is then continuing, (a) one-half of the total amount of retainage withheld shall be released, or approved for release and deposited with the Title Company in its capacity as the escrow agent under the Construction Escrow, subject to Borrower’s compliance with the disbursement requirements set forth herein, and (b) for each subsequent monthly periodic advance, retainage shall be reduced to five percent (5%) of approved “hard costs” of construction]Lender agrees that retainage shall not apply to Project land cost or Project “soft costs”. Upon certification by the Architect and Lender Consultant that the work of any Subcontractor has been satisfactorily completed, the remaining retainage applicable to such Subcontract may be paid to the Subcontractor.
Retainages. At the time of each Mexican Draw Disbursement and disbursement of the proceeds of the Capex Loans, as applicable, seven percent (7%) of the amount specified and described in Clause 5 of the Construction Contract with respect to retainage, then due the Construction Contractor and excluding the amounts due with respect to the steel set forth in Clause 25 of the Construction Contract, shall be withheld from the amount disbursed. The retained amounts for the Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds pursuant to Section 12.3 hereof; provided that, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by the Construction Contractor) or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications, as certified by the Construction Contractor and the Consultant, Agent may decide, on a case by case basis (but shall not be obligated), to permit retainages with respect to such trade or order to be disbursed to the appropriate Borrower upon the Consultant’s approval of all work and materials, and Agent’s receipt of a final waiver of lien with respect to such completed work or delivered materials.
Retainages. If payments to any subcontractors are subject to retainages at the time of said disbursement, then, at the time of each disbursement of Loan proceeds, Agent may elect to withhold from the amount disbursed to such subcontractor an amount equal to the retainage amount then being withheld from the subcontractor, as reflected on the Subcontractor Retainage List (as the same may be supplemented, modified and amended with the approval of Agent, such approval not to be unreasonably withheld, conditioned or delayed) attached to General Contract. The retained Loan amounts for the Construction costs will be disbursed in accordance with the terms of the General Contract and the Loan Agreement. The retained Loan amounts for the Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Article 13 below; provided, however, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by the General Contractors) or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and the Lender’s Consultant, Agent shall disburse to Borrower as part of the monthly payouts of the Loan retainages with respect to such trade or order, as the case may be, upon the Lender’s Consultant’s approval of all work and materials and Agent’s receipt of a final waiver of lien with respect to such completed work or delivered materials.
Retainages. All Disbursements for Hard Costs (other than for payment of the Construction Manager's fixed monthly fee payable under the terms of the Construction Management Agreement) shall be subject to a retention (each a RETAINAGE) equal to the greater of (i) 10% of the requested amount or (ii) the amounts actually withheld or to be withheld pursuant to the contract relating to such Hard Costs, which Retainage shall be disbursed after the later to occur of (A) the date on which the Bank has received evidence satisfactory to the Bank of the completion of the work of the trade in question in accordance with the requirements of the contract therefor and (B) the date on which the Bank has received releases or other evidence satisfactory to the Bank in its sole discretion that the contractor in question has no other claim of payment against the Company other than the amount of the applicable Retainage.
Retainages. All Disbursements for Hard Costs other than (a) deposits placed pursuant to Section 9.5.2 hereof, (b) Stored Materials pursuant to Section 9.5.3, hereof, and (c) vehicles and tangible personal property pursuant to Section 9.6.1 hereof, shall be subject to a retention (each a "Retainage") equal to (i) a total of 10% of the requested amount until Construction under the relevant Construction Contract is 90% o complete, as determined by TDF's Consultant, and (ii) zero percent (0%) after Construction under the relevant Construction Contract is more than 90% complete, as determined by TDF's Consultant. All Retainage shall be disbursed simultaneously with the Final Disbursement in accordance with Section 9.8 hereof.
Retainages. At the time of each disbursement of Loan proceeds, ten percent (10%) of the total amount then due the General Contractor and the various contractors, subcontractors and material suppliers for costs of the Construction shall be withheld from the amount disbursed. The retained Loan amounts for the Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Article 13 below; provided, however, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by the General Contractor) or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and the Lender's Consultant, Lender may decide on a case by case basis (but shall not be obligated) to permit retainages with respect to such trade or order, as the case may be, to be disbursed to Borrower upon the Lender's Consultant's approval of all work and materials and Lender's receipt of a final waiver of lien with respect to such completed work or delivered materials.
Retainages. At the time of each disbursement of Loan proceeds, retainage in the amount of ten percent (10%) of the total amount (or as provided in the General Contract or the various subcontracts or supply contracts) then due the General Contractor and the various contractors, subcontractors and material suppliers for costs of Construction shall be withheld from the amount disbursed. The retained Loan amounts for Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Section 10.7 below; provided, however, upon the satisfactory completion of fifty percent (50%) of the work with respect to any trade, the retainage for such trade may be reduced to five percent (5%). Furthermore, upon the satisfactory completion of one hundred percent (100%) of any trade (including any trade performed by General Contractor), or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and Lender’s Consultant, Lender may decide on a case by case basis (but shall not be obligated) to permit retainages with respect to such trade or order, as the case may be, to be disbursed to Borrower upon Lender’s Consultant’s approval of all work and materials and Lender’s receipt of a final waiver of lien with respect to such completed work or delivered materials.
Retainages. Subject to the terms and conditions of this Agreement, Lender may include Retainage Accounts Receivable in the Export-Related Borrowing Base without the prior written consent of EXIM Bank, provided that:
(a) the applicable Borrower has invoiced the Buyer for the Retainage Account Receivable; Receivable;
(b) the Retainage Account Receivable is an Eligible Export-Related Account
(c) the Advance Rate does not exceed twenty-five percent (25%) of the Retainage Value; and
(d) the Retainage Value of the Retainage Accounts Receivable included in the Export-Related Borrowing Base of such Borrower in accordance with this Section 4.14 shall not exceed the lesser of (x) twenty percent (20%) of the Maximum Amount or (y) $500,000, subject to the terms of Section 4.13 (e).
Retainages. At the time of each disbursement of Loan proceeds, ten percent (10%) of the draw request for Hard Cost Line Items in the Budget (excluding the General Contractor's fee line item and the General Contractor's general conditions) shall be withheld from the amount disbursed to the various contractors, subcontractors and material suppliers for costs of the Construction (the "Retainage"). Once Lender determines, in its sole discretion, that any given Subcontract is 50% complete and all such work thereunder has been approved by Lender and Lender's Consultant, no further Retainage for such Subcontract will be required. Once Lender determines, in its sole discretion, that any given Subcontract is fully complete and all work thereunder has been approved by Lender and Lender's Consultant, any Retainage payable under such Subcontract shall be released. The remaining Retainage shall be disbursed when Borrower has satisfied the requirements set forth in Article 13 below. Retainage may be withheld from tenant improvement work to be performed by Borrower on the same basis. Notwithstanding the foregoing, Lender shall not withhold a Retainage for purchases of those materials set forth on Exhibit P attached hereto.
