Disbursement Amount

The amount of each disbursement (other than the final disbursement) may not exceed the lesser of:

(i)  an amount equal to:

• the actual cost of the repair and restoration work covered by the disbursement request, or, if the work was done under a contract or subcontract pursuant to which other work remains to be done, an amount equal to 90% of the actual cost of the repair and restoration work covered by the disbursement request (i.e., a 10% holdback is required if the work under the applicable contract or subcontract has not been completed in full); plus
• 100% of the cost of any materials used, or to be used, in connection with the repair and restoration work, if at the time of the disbursement request, title to the materials has passed to the BorrowerBorrowerPerson who is the obligor per the Note. and the materials have been installed, or are being properly stored, on the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; or

(ii)  an amount equal to the difference between:

• the balance of the Collateral Agreement Custodial AccountCollateral Agreement Custodial AccountCustodial account established by the Servicer for depositing funds received from the Borrower for Collateral Agreements. at the time of the disbursement request; and
• the estimated cost of all remaining repair and restoration work at that time of the disbursement request.