Common use of Advance Procedure Clause in Contracts

Advance Procedure. Except as provided below, Borrower may request an Advance by submitting to Lender a Request for Advance signed by an authorized representative of Borrower, subject to the following: (i) each Request for Advance shall include, without limitation, the proposed amount of that Advance and the proposed Disbursement Date, which Disbursement Date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD) (ii) a Request for Advance, once communicated to Lender, shall not be revocable by Borrower; (iii) each Request for Advance, once communicated to Lender, shall constitute a representation, warranty, and certification by Borrower as of the date of that Request for Advance that: (A) both before and after the making of that Advance, all of the Loan Documents are valid, binding, and enforceable against each Loan Party, as applicable; (B) all terms and conditions precedent to the making of that Advance are satisfied, and shall remain satisfied through the date of that Advance; (C) the making of that Advance shall not cause the aggregate principal amount of all Advances under the Note to exceed the Loan Amount; (D) no Event of Default has occurred which is continuing, and no Event of Default exists or arises on the making of that Advance; (E) the representations and warranties contained in this Agreement and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will be true and correct in all material respects as of the making of that Advance; and (F) the Advance does not violate the terms or conditions of any contract, indenture, agreement, or other borrowing of any Loan Party. Lender shall not be obligated to make any Advance under this Agreement more than once in any thirty (30)-day period. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower Borrowers may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of BorrowerBorrowers, subject to the following: (ia) each such Request for Advance shall include, without limitation, a report setting forth the then current Borrowing Base Limitation substantially in the format attached hereto as Exhibit C, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by BorrowerBorrowers; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower Borrowers as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause the aggregate principal amount of all Advances under outstanding on the Note plus the Letter of Credit Liabilities to exceed the Maximum Loan Amount; (Div) no Default or Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrowers, provided that Borrowers have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic or facsimile request is made by Borrowers, Bank may require Borrowers to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrowers may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrowers. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided below, Borrower may request an Advance by submitting to Lender a Request for Advance signed by an authorized representative of Borrower (appointed by the managing member of the sole member of Borrower), subject to the following: (i) each Request for Advance shall include, without limitation, the proposed amount of that Advance and the proposed Disbursement Date, which Disbursement Date must be a Business Day and must be at least five ten (510) Business Days days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD); (ii) a Request for Advance, once communicated to Lender, shall not be revocable by Borrower; (iii) each Request for Advance, once communicated to Lender, shall constitute a representation, warranty, and certification by Borrower as of the date of that Request for Advance that: (A) both before and after the making of that Advance, all of the Loan Documents are valid, binding, and enforceable against each Loan Party, as applicable; (B) all terms and conditions precedent to the making of that Advance are satisfied, and shall remain satisfied through the date of that Advance; (C) the making of that Advance shall not cause the aggregate principal amount of all Advances under the Note to exceed the Loan Amountoriginal principal amount of the Note; (D) no Event of Default has occurred which and is continuingin existence, and no Event of Default exists or arises on the making of that Advancethe Advance shall not result in an Event of Default; (E) the representations and warranties contained in this Agreement and the other Loan Documents are true and correct in all material respects and and, to Borrower’s knowledge knowledge, will be true and correct in all material respects as of the making of that Advance; and (F) the Advance does not violate the terms or conditions of any contract, indenture, agreement, or other borrowing of any Loan Party. Lender shall not be obligated to make any Advance under this Agreement more than once in any thirty (30)-day 30-day period. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower Borrowers may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of BorrowerBorrowers, subject to the following: (ia) each such Request for Advance shall state from whether Borrowers are requesting an Advance under the Revolving Loan Tranche or the Term Loan Tranche and shall include, without limitation, a report setting forth the then current Borrowing Base Limitation substantially in the format attached hereto as Exhibit C, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by BorrowerBorrowers; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower Borrowers as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause the aggregate principal amount of all Advances under outstanding on the Note plus the Letter of Credit Liabilities to exceed the Maximum Loan Amount; (Div) no Default or Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrowers, provided that Borrowers have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic Addendum 2, Page 3 017104 000349 15171164.4 or facsimile request is made by Borrowers, Bank may require Borrowers to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrowers may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrowers. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower Borrowers may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of BorrowerBorrowers, subject to the following: (ia) each such Request for Advance shall state from whether Borrowers are requesting an Advance under the Revolving Loan Tranche or the Construction Loan Tranche and shall include, without limitation, a report setting forth the then current Borrowing Base Limitation substantially in the format attached hereto as Exhibit C, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by BorrowerBorrowers; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower Borrowers as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause the aggregate principal amount of all Advances under outstanding on the Note plus the Letter of Credit Liabilities to exceed the Maximum Loan Amount; (Div) no Default or Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrowers, provided that Borrowers have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic {PH005695.1} Addendum 2, Page3 or facsimile request is made by Borrowers, Bank may require Borrowers to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrowers may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrowers. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower Borrowers may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of BorrowerBorrowers, subject to the following: (ia) each such Request for Advance shall include, without limitation, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by BorrowerBorrowers; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower Borrowers as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause (A) the aggregate principal amount of all Advances under on the Term Note to exceed the original principal amount of the Term Note, (B) the aggregate principal amount outstanding on the Revolving Loan Note to exceed the Revolving Loan Maximum Amount or (C) the aggregate principal amount outstanding on both the Term Note and Revolving Loan Note to exceed the Maximum Loan Amount; (Div) no Default or Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrowers, provided that Borrowers have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic or facsimile request is made by Borrowers, Bank may require Borrowers to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrowers may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrowers. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of Borrower, subject to the following: (ia) each such Request for Advance shall include, without limitation, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by Borrower; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause (A) the aggregate principal amount of all Advances under outstanding on the $5,000,000.00 Revolving Note to exceed the $5,000,000.00 Revolving Loan Maximum Amount, (B) the aggregate principal amount outstanding on the Revolving Credit Note to exceed the Revolving Credit Loan Maximum Amount or (C) the aggregate principal amount outstanding on both the $5,000,000.00 Revolving Note and Revolving Credit Note to exceed the Maximum Loan Amount; (Div) no Default or Event of Default has shall have occurred which is continuing, or be in existence; and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrower, provided that Borrower have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic or facsimile request is made by Borrower, Bank may require Borrower to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrower may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrower. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository account styled "Stratus Properties Inc. Controlled Disbursement Account", Account No. 1880671001 (the "Special Account").

Advance Procedure. Except as provided belowhereinafter provided, Borrower may request an Advance by submitting to Lender Bank a Request for Advance signed by an authorized representative of Borrower, subject to the following: (ia) each such Request for Advance shall include, without limitation, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and must be at least five (5) Business Days after the date of delivery to Lender of the Request for Advance; (CYPRESS/FAIRFIELD)Day; (iib) a Request for Advance, once communicated to LenderBank, shall not be revocable by Borrower; (iiic) each Request for Advance, once communicated to LenderBank, shall constitute a representation, warranty, warranty and certification by Borrower as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan Party, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause (A) the aggregate principal amount of all Advances under on the $5,000,000.00 Note to exceed the original principal amount of the $5,000,000.00 Note, (B) the aggregate principal amount outstanding on the Revolving Credit Note to exceed the Revolving Credit Loan AmountMaximum Amount or (C) the aggregate principal amount outstanding on both the $5,000,000.00 Note and Revolving Credit Note to exceed $30,000,000.00; (Div) no Default or Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender shall not be obligated Bank may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrower, provided that Borrower have first executed and delivered to Bank a Telephone Notice Authorization. If any such Advance under based upon a telephonic or facsimile request is made by Borrower, Bank may require Borrower to confirm said telephonic or facsimile request in writing by delivering to Bank, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Request for Advance, and all other provisions of this Agreement more than once in any thirty (30)-day periodSection 2.1 shall be applicable with respect to such Advance. In addition, Borrower may authorize the Bank to automatically make Advances pursuant to such other written agreements as may be entered into by Bank and Borrower. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.

Advance Procedure. Except as provided belowhereinafter provided, Borrower may request an Advance by submitting to Lender a Request an Application for Advance signed by an authorized representative of Borrower, subject to the following: (ia) each Request such Application for Advance shall include, without limitation, the proposed amount of that such Advance and the proposed Disbursement Date, which Disbursement Date date must be a Business Day and which must be at least five not less than three (53) Business Days after the date of delivery to Lender of the Request Application for Advance; (CYPRESS/FAIRFIELD); (iib) a Request an Application for Advance, once communicated to Lender, shall not be revocable by Borrower; (iiic) each Request Application for Advance, once communicated to Lender, shall constitute a representation, warranty, warranty and certification by Borrower as of the date of that Request for Advance thereof that: (Ai) both before and after the making of that such Advance, all of the Loan Documents are and shall be valid, binding, binding and enforceable against each Loan PartyParty that is a party thereto, as applicable; (Bii) all terms and conditions precedent to the making of that such Advance are have been satisfied, and shall remain satisfied through the date of that such Advance; (Ciii) the making of that such Advance shall will not cause the aggregate principal amount of all Advances under the Note to exceed the Loan AmountMaximum Commitment; (Div) no Event of Default has shall have occurred which is continuingor be in existence, and no Event of Default exists none will exist or arises on arise upon the making of that such Advance; (Ev) the representations and warranties contained in this Agreement Agreement, and the other Loan Documents are true and correct in all material respects and to Borrower’s knowledge will shall be true and correct in all material respects as of the making of that such Advance; and (Fvi) the Advance does will not violate the terms or conditions of any contract, indenture, agreement, agreement or other borrowing of any Loan Party. Lender may elect (but without any obligation to do so) to make an Advance upon the telephonic or facsimile request of Borrower, provided that Borrower has first executed and delivered to Lender a Telephone Notice Authorization. If any such Advance based upon a telephonic or facsimile request is made by Borrower, Lender may require Borrower to confirm said telephonic or facsimile request in writing by delivering to Lender, on or before 11:00 a.m. (Dallas, Texas time) on the next Business Day following the Disbursement Date of such Advance, a duly executed written Application for Advance, and all other provisions of this Section 2.1 shall be applicable with respect to such Advance. In addition, Borrower may authorize Lender to automatically make Advances pursuant to such other written agreements as may be entered into by Lender and Borrower. Lender shall not be obligated to make undertake any Advance under this Agreement hereunder more than once in any thirty (30)-day period30-day period for each House. Except as set forth in this Agreement, all Advances are to be made by direct deposit into the Depository Special Account.