Monthly Draw Package definition

Monthly Draw Package shall have the meaning set forth in Section 6.2.1 hereof.
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Monthly Draw Package for the month shall include (i) a Development Work cost summary spreadsheet which shall be a static financial accounting of all Development Costs incurred (Hard Costs and Soft Costs), (ii) AIA documents G 702 Application for Payment and G 703 Continuation Sheet, (iii) the lien waivers submitted by the Contractor and all subcontractors, (iv) a statement of any funding required from Owner and (v) a copy of the associated Draw Request submitted to the Construction Lender.
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Monthly Draw Package has the meaning set forth in Section 6.2 of this Agreement.
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Examples of Monthly Draw Package in a sentence

  • On or about the 1st day of each month, Developer shall deliver to Owner and Development Consultant the Monthly Draw Package detailing the Development Costs that need to be paid.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and the Owner has confirmed the same as complying with the requirements of this Agreement, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2. The provisions of this Section 8.2 shall survive the completion of Developer’s services hereunder or any termination of this Agreement.

  • Developer shall not commingle Owner’s funds with the funds of any other Person and shall disburse Owner’s funds only in accordance with the Monthly Draw Package.

  • Payments made by Owner (and the Construction Lender under the Construction Loan, if applicable) pursuant to an approved Monthly Draw Package may be made, at Owner’s (or any such Construction Lender’s) discretion, directly to the parties to whom payment is owed or may be made to an account of Owner over which Developer has signature authority for further disbursement to the Architect(s), Contractor, the Specialists and Consultants, suppliers and other creditors.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and Owner and any applicable Construction Lender has approved same, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and Owner and any applicable Lender has approved same, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.

  • Owner shall pay Developer the Legal Fees as and when legal services are provided by Developer’s in-house legal department and the cost thereof is set forth in the Monthly Draw Package.

  • To the extent the Monthly Draw Package is approved by Owner, Owner shall pay the Development Costs set forth in such Monthly Draw Package within twenty-five (25) calendar days after the end of each calendar month.

  • Upon receipt of the Monthly Draw Package, Owner shall, within five (5) business days, approve or reject said Monthly Draw Package and, if rejected, Owner shall specify in reasonable detail the reasons for rejecting said Monthly Draw Package.

  • No later than fifteen (15) days after the end of each month, Developer shall deliver to Owner the Monthly Draw Package detailing the Development Costs incurred as of and including the last day of the preceding month and the amounts to be paid.

Related to Monthly Draw Package

  • First draw sample means a one−liter sample of tap water that has been standing in plumbing pipes at least 6 hours and is collected without flushing the tap.

  • Monthly Investor Report has the meaning stated in Section 3.5(a) of the Sale and Servicing Agreement.

  • Payment Date Advance Reimbursement has the meaning set forth in Section 8.03(a)(iii)(A) of the 20[•]-[•] Servicing Supplement.

  • Monthly P&I Advance An advance of funds by the Master Servicer pursuant to Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to cover delinquent principal and interest installments.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Master Servicer Remittance Amount With respect to each Master Servicer and each Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv) of this definition.

  • Monthly Date means the last Business Day of each calendar month.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Project Preparation Advance means the project preparation advance granted by the Association to the Borrower pursuant to an exchange of letters dated April 28, 1994 and May 21, 1994 between the Borrower and the Association;

  • Draw Request Any request by the Borrower, pursuant to Section 2.2 of this Agreement, for a disbursement of any portion of the proceeds of the Loan.

  • Monthly Progress Report means the report similar in form and content attached hereto as Appendix III.

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • Monthly P&I means, with respect to any Receivable, the amount of each monthly installment of principal and interest payable with respect to such Receivable in accordance with the terms thereof, exclusive of any charges allocable to the financing of any insurance premium and charges which represent late payment charges or extension fees.

  • Monthly Servicing Report shall have the meaning attributed to such term in the Servicing Agreement.

  • Required Daily Deposit Target Principal Amount means, for any day in a Due Period, (i) if such Due Period is in [the Accumulation Period for the Class C( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class C( - ) Adverse Event, the Nominal Liquidation Amount of the Class C( - ) Notes, and (iii) in all other circumstances, zero.

  • MONTHLY KILOMETREAGE STATEMENT CUM BILL means the format specified by the Company.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Initial Monthly Payment Fund An amount representing scheduled principal amortization and interest at the Net Mortgage Rate for the Due Date in the first Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans for which the Trustee will not be entitled to receive such payment, and as more specifically defined in the Series Supplement.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 28.00% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Partial Unscheduled Principal Receipt An Unscheduled Principal Receipt which is not a Full Unscheduled Principal Receipt.