Casualty Retainage definition

Casualty Retainage means an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Mortgage and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.

Casualty Retainage shall have the meaning set forth in Section 6.4(b)(iv) hereof.

Casualty Retainage shall have the meaning set forth in Section 5.3.2(d).

Examples of Casualty Retainage in a sentence

• If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.

• In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage.

• There shall be no Casualty Retainage with respect to costs actually incurred by Borrower for work in place in completing the last 50% of the required Restoration.

• The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Subsection 4.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration.

• In no event shall Agent be obligated to make disbursements of the Construction Funds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the repair and restoration of the Improvements, as certified by an independent consulting engineer reasonably acceptable to Agent and Landlord (the "Consultant"), minus the Casualty Retainage.

More Definitions of Casualty Retainage

Casualty Retainage. 5.4(d)(iv)

Casualty Retainage shall have the meaning given to such term in SECTION 6.1.1.

Casualty Retainage has the meaning assigned to such term in Section 3.2(2)(d).

Casualty Retainage has the meaning specified in Section 9.04(f).

Casualty Retainage shall have the meaning set forth in Section 8.04(e) hereof.

Casualty Retainage has the meaning given to such term in Section 5.9 of this Agreement.

Casualty Retainage is defined in Section 8.8(b).