Construction Draw Request definition
Examples of Construction Draw Request in a sentence
Each Construction Draw Request shall be deemed to constitute a representation and warranty by Borrower on the date thereof as to the satisfaction of the conditions set forth in the Disbursing Agreement.
Each Construction Draw Request shall be irrevocable and shall specify: (a) the aggregate principal amount of the related Borrowing, and (b) the date of the related Borrowing (which shall be a Business Day).
Borrower shall be responsible for making inspections of the Real Estate and the Improvements during the course of construction and shall determine to its own satisfaction that the work done or materials supplied by the contractors to whom payment is to be made out of each Construction Draw Request has been properly done or supplied in accordance with the applicable contracts with such contractors.
Notwithstanding anything to the contrary, Lender shall have the irrevocable right (without obligation) at any time and from time to time to advance a Construction Borrowing without first receiving a Construction Draw Request from Borrower.
The obligation of the Disbursement Agent to withdraw funds from any Security Account will be subject to the conditions set forth in the Disbursement Agreement (from and after its entry into force), including receipt by the Disbursement Agent and the Administrative Agent of a Construction Draw Request or a Distribution Request, as applicable.
Agent may request the Inspecting Architect, before any disbursement of Construction Proceeds is made, to inspect all work and materials for which payment is requested and all other work upon the Property, review the current Construction Draw Request, approve such work and Construction Draw Request and/or submit to Agent a progress inspection report.
Partial payments of the Contract Sales Price shall be made periodically based upon percentage completion as determined by Builder on a Construction Draw Request.
Whenever the Borrower desires to receive disbursements of Term Loans already made and deposited into a Construction Account, it will submit a Construction Draw Request to the Disbursement Agent and to the Administrative Agent prior to 12:00 p.m., New York City time, at least three (3) Business Days prior to the proposed disbursement date.
If PWH fails to timely approve or disapprove the 11 Monthly Construction Draw Request, PWH shall be deemed to have approved the same.
Borrower shall not, directly or indirectly, cause or permit (through the submission of a Construction Draw Request, the disbursement of a Construction Loan or otherwise) the amount in the Budget Line Item labeled “Contingency” in the Construction Budget to be less than one million Dollars ($1,000,000) at any time (the “Minimum Contingency Covenant”).