Common use of Draw Requests Clause in Contracts

Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers in the form attached hereto as Schedule 2. Each draw request, whether for hard or soft costs, shall be set forth on AIA Forms G702 and G703, and shall be reviewed by the Construction Consultant, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request, whether for hard and/or soft costs, shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower and/or ASF or to pay costs incurred by Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.

Draw Requests. Advances of Loan B shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers Signer in the form attached hereto as Schedule 22 or in another form approved by Lender. Each draw request, whether request for hard or soft costs, costs shall be set forth on AIA Forms G702 and G703G703 or another form approved by Lender, and shall be reviewed by the Construction Consultant, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done 1942134 v3 and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 51. Each draw request, whether for hard and/or soft costs, request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower and/or ASF or to pay costs incurred by Borrower and/or ASF that are to be paid from proceeds of the LoanLoan B, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for invoices, but will supply an amount less than or equal to $5,000.00 accounts payable list in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.

Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers Signer in the form attached hereto as Schedule 22 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system). Each draw request, whether request for hard or soft costs, costs shall be set forth on AIA Forms G702 and G703G703 or another form reasonably approved by the Lender, and shall be reviewed by the Construction ConsultantInspector, signed by the General applicable Contractor or Contractors and, if requested by the Lender, approved by the ArchitectEngineer. Draw requests for hard costs shall show the percentage of completion Completion of construction Construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request, whether for hard and/or soft costs, request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower and/or ASF or to pay costs incurred by the Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by The Lender in any instance, Borrower will not be required shall have a period of ten (10) Banking Days within which to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with fund each draw request a complete listing of all payees and the amounts requested for payment by eachapproved requisition.

Draw Requests. Advances shall be made not more frequently than twice monthly based on draw requests signed by an Authorized Signers Signer in the form attached hereto as Schedule 22 or in another form approved by Lender. Each draw request, whether request for hard or soft costs, costs shall be set forth on AIA Forms G702 and G703G703 or another form approved by Lender, and shall be reviewed by the Construction Consultant, Consultant and signed by the General Contractor and, if requested by Lender, approved by the ArchitectContractor. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage Additional requirements for advances, including the terms under which retainage will be withheld and released released, are set forth in accordance with the terms of Schedule 5. Each draw request, whether for hard and/or soft costs, request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower and/or ASF or to pay costs incurred by Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for soft costs for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.