Common use of Construction Advances Clause in Contracts

Construction Advances. Borrower hereby represents and warrants that all construction contemplated by the Original Loan Agreement has been completed in full (subject to punchlist items) and acknowledges and agrees that Administrative Agent, the Original Lenders, and the L/C Issuer, have fully performed and satisfied all of their obligations relating to the making of construction advances under the Original Loan Agreement and all of their other obligations relating to the construction of the Improvements contemplated by the Original Loan Agreement as set forth therein. Borrower agrees that Lenders have no further obligations to make any advances of loan proceeds (other than the advance of the Future Advance Loan subject to the terms of this Modification Agreement and the other Loan Modification Documents). Borrower hereby acknowledges and agrees that the L/C Issuer has no further obligation to provide Borrower with any Letter of Credit, cash bond or other similar extensions of credit arising under the Original Loan Agreement.