Construction Disbursements definition

Construction Disbursements means reference to the proceeds of the Construction Loan Subfacility which are disbursed for financing the development, furnishing, equipping and construction of the ACLVI Project in accordance with the Project Development Budget and as provided in Article IX.
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Construction Disbursements means reference to the proceeds of the Credit Facility which are disbursed pursuant to the provisions set forth in Section 2.04 and Article IX, for the purpose of paying for the costs and expenses of constructing and developing the Project in accordance with the Project Development Budget, Loan Construction Budget and Construction Disbursement Schedule.
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Construction Disbursements means such amounts as are advanced by Lenders from time to time under the C/T Loan during the Construction Period pursuant to written request of Borrower by Construction Disbursement Request in the manner provided in Section 2.04 and as provided in Article IX.
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Examples of Construction Disbursements in a sentence

  • Each Lender's obligation to advance Construction Disbursements in the proportionate amount of its Pro Rata Share is several, and not joint or joint and several.

  • Lenders reserve the right, in their sole discretion upon the approval of Requisite Lenders, from time to time to make any Construction Disbursements without regard to any condition herein.

  • Lenders shall not be required to make any Construction Disbursements unless and until the representations and warranties contained in Article IV of this Credit Agreement are true and correct in all material respects on and as of the date of such Construction Disbursement, as though made on and as of such date.

  • No Construction Disbursements may be used by Borrower for the payment of any costs, expenses or other items which are not set forth on the Construction Budgets.

  • Thereafter, so long as no Event of Default shall have occurred and be continuing, no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower.

  • Terminate the obligation of Lenders to make any advances for Borrowings and/or Construction Disbursements and may declare all outstanding unpaid Indebtedness hereunder and under the Notes and other Loan Documents together with all accrued interest thereon immediately due and payable without presentation, demand, protest or notice of any kind.

  • Construction Disbursements shall be disbursed in no event more than once a month.

  • All Construction Disbursements shall be payable to Borrower or in the sole and absolute discretion of Agent Bank, upon the occurrence of any Default, jointly to Borrower and General Contractor or other Person to whom payment is due.

  • Requests by Agent Bank for funding by ▇▇▇▇▇▇▇ of Borrowings and Construction Disbursements will be made by facsimile.

  • Borrower shall request release of Upgrade Deposits for payment of costs of the related Upgrade at the time and in the manner, and, to the extent lawful, subject to the conditions applicable to, Construction Disbursements.

Related to Construction Disbursements

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Termination Disbursement means an amount drawn under a Multi-Series Letter of Credit pursuant to a Certificate of Termination Demand.

  • Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.

  • Project Costs means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget, and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.

  • Construction project means the same as that term is defined in Section 38-1a-102.