Examples of Construction Disbursement Request in a sentence
Lenders shall disburse such funds monthly in payment of those portions of the Construction Disbursement Requests which are approved by Agent Bank in a timely manner, but in no event later than ten (10) Banking Business Days following the date Agent Bank receives such Construction Disbursement Request in accordance with the requirements of Article IX.
Upon receipt by the Disbursement Agent of a Construction Disbursement Request with the paragraph labeled “[For the Final CDA Disbursement Only]” included, the Disbursement Agent shall disburse all remaining funds in the Construction Disbursement Account as directed by the Issuers (the “Final CDA Disbursement”).
Borrowings made pursuant to a Construction Disbursement Request shall be Base Rate Loans as of the applicable Funding Date and shall be made in accordance with the provisions of Section 2.09(a).
Each Construction Disbursement Request for Hard Costs shall be certified by ACLVI and General Contractor with respect to components of the Structural Plans and Specifications and by ACLVI with respect to components of the Interior Plans and Specifications prior to submission to Agent Bank and the Lenders.
Concurrently with the submission of any Construction Disbursement Request, the Issuer shall submit an Officer's Certificate in the form of EXHIBIT D-1 (an "AVAILABLE CONSTRUCTION FUNDS CERTIFICATE"), to the Disbursement Agent, the Trustee and the Independent Construction Consultant.
The Disbursement Agent shall approve any Construction Disbursement Request that satisfies each of the conditions set forth in Section 4.2.2; PROVIDED that each of the conditions in Section 4.1 has been satisfied as of such time.
The Disbursement Agent shall not give disbursement instructions to the Trustee in connection with such Construction Disbursement Request unless the applicable conditions set forth in Section 4 hereof are satisfied.
Each Construction Disbursement Request shall be further supported by invoices, statements and other items required under the Disbursement Plan and other forms reasonably requested by Agent Bank (AIA Forms G702 or forms substan-tially similar thereto if first approved by Agent Bank).
If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Group Review Receivable and the Review of the Group Review Receivable will be considered complete (a “Test Complete”).
In addition, the Disbursement Agent shall have the right, but shall have no obligation, at reasonable times during customary business hours and at reasonable intervals upon prior notice to review, to the extent it deems reasonably necessary or appropriate to permit it to perform its duties hereunder, all information (including Construction Contracts) supporting any Construction Disbursement Request and any certificates in support of any of the foregoing.