Common use of Withdrawal from the Allocation Clause in Contracts

Withdrawal from the Allocation. Promptly after receipt of a Claim, Development shall review the Claim. Lender shall provide such supporting documentation for the Claim as Development may request. The Director shall notify Lender in writing of his determination to approve or deny any Claim. If approved, Development shall withdraw from the Allocation the approved amount of the Claim. The Claim amount shall be sent to the Lender to apply to the balance of the Loan. Any denial shall state in reasonable detail the reason for the denial.

Withdrawal from the Allocation. Promptly after receipt of a Claim, Development shall review the Claim. Lender shall provide such supporting documentation for the Claim as Development may request. The Director shall notify Lender in writing of his the determination to approve or deny any Claim. If approved, Development shall withdraw from the Allocation the approved amount of the Claim. The Claim amount shall be sent to the Lender to apply to the balance of the Loan. Any denial shall state in reasonable detail the reason for the denial.