Common use of Advance Procedure Clause in Contracts

Advance Procedure. (a) Borrower may request an Advance under the Revolving Credit Facility by submitting an Advance Request to Agent. An Advance Request is irrevocable and binding on Borrower. Each Advance Request must be received no later than 11:00 a.m. on the Business Day immediately preceding the date of the proposed Advance. Advances under this Agreement may be made by Agent pursuant an oral request of Borrower but Borrower covenants and agrees to furnish to Agent written confirmation of any such oral request within 2 days after the date of the Advance, but any such Advance shall be deemed to be made under and entitled to the benefits of this Agreement irrespective of any failure by Borrower to furnish such written confirmation. (b) Agent shall make each Advance available to Borrower by funding such Advance to Borrower’s Operating Account, and all amounts made available to Borrower by Agent (whether in Borrower’s Operating Account or otherwise) shall be deemed to be Advances made pursuant to this Agreement. (c) Each Advance under the Revolving Credit Facility (i) must occur on a Business Day and no later than the Business Day immediately preceding the Revolving Credit Termination Date, (ii) may not exceed an amount equal to the excess of the Revolving Committed Amount over the Revolving Principal Amount, and (iii) after giving effect to any Advance, the Revolving Principal Amount may not exceed the Revolving Committed Amount. (d) Upon its receipt of an Advance Request from Borrower, Agent shall promptly notify each Lender of the Advance Request and its contents. By 12:00 noon on the date of the proposed Advance, each Lender shall either remit its Revolving Commitment Percentage of each requested Advance by wire transfer to Agent pursuant to Agent’s wire transfer instructions (or as otherwise directed by Agent) in funds that are available for immediate use by Agent or confirm in writing that it has wired such amount directly to the Borrower’s Operating Account. Subject to receipt of such funds, Agent shall make such funds available to Borrower in the Borrower’s Operating Account. Absent contrary written notice from a Lender, Agent may assume that each Lender has made its Revolving Commitment Percentage of the requested Advance available to Agent or to Borrower on the date of the proposed Advance. If a Lender has confirmed that it will remit funds to Agent, then Agent may, in reliance upon such assumption (but is not required to), make available to Borrower a corresponding amount. (e) If Agent funds the corresponding amount on behalf of a Lender and that Lender fails to make its Revolving Commitment Percentage of any requested Advance available to Agent on the date of the proposed Advance, Agent may recover the applicable amount on demand from that Lender, together with interest at the Default Rate for the period commencing on the date the amount was made available to Borrower by Agent and ending on (but excluding) the date Agent recovers the amount from that Lender. While the Agency Agreement is in place, Agent and Lenders agree that the funding mechanics in the Agency Agreement shall govern and control, notwithstanding anything to the contrary set forth in this Agreement. (f) If either Lender fails to fund its Revolving Commitment Percentage of any Advance (either to Agent or to the Borrower) (each such Lender a “Defaulting Lender”), the other Lender shall fund the amount of the Advance and shall be entitled to contribution from the Defaulting Lender in an amount equal to the aggregate principal amount which a Defaulting Lender fails to fund and which such other Lender funds, plus interest from the date the applicable Advance is made available to the Borrower at the Default Rate.

Advance Procedure. (a) A Borrower may request an Advance under shall deliver to CSFB and Custodian a Borrowing Request (in the Revolving Credit Facility by submitting an Advance Request to Agent. An Advance Request is irrevocable form of Exhibit B) and binding on Borrower. Each Advance Request must be received a Computer File no later than 11:00 a.m. on 12:00 p.m., New York City time, at least two (2) Business Days prior to the Business Day immediately preceding proposed Advance Date specified in such Borrowing Request. Each Borrowing Request shall be irrevocable, and shall (i) specify, among other things, (w) the date amount of the proposed Advance. Advances under this Agreement may be made by Agent pursuant an oral request of Borrower but Borrower covenants and agrees to furnish to Agent written confirmation of any such oral request within 2 days after , (x) the date proposed Advance Date, (y) the aggregate Principal Balance of the AdvanceReceivables subject to such Advance as of the Applicable Cutoff Date, but any and (z) the weighted average Advance Percentage Rate for such Receivables and (ii) contain attached thereto a Schedule of Receivables listing such Receivables. No Advance shall be deemed to be made under and entitled to for an initial aggregate principal amount of less than the benefits of this Agreement irrespective of any failure by Borrower to furnish such written confirmationMinimum Advance Amount. (b) Agent shall make When CSFB determines that the Receivables identified in the Schedule of Receivables attached to the Borrowing Request are Eligible Receivables, CSFB will confirm the terms of each Advance available by delivering a written confirmation to the applicable Borrower by funding such on or before the related Advance Date, in the form of Exhibit D (a "Confirmation"). On the terms and subject to Borrower’s Operating Account, the conditions of the Confirmation and all amounts made available to Borrower by Agent (whether in Borrower’s Operating Account or otherwise) shall be deemed to be Advances made pursuant to this Agreement., on or before 2:00 p.m., New York City time, on the Advance Date, CSFB shall, in accordance with the applicable Borrower's wiring instructions set forth in the related Borrowing Request, transfer on the same day in (c) Each Advance under Borrowing Request made pursuant to this Section 2.3 shall constitute the Revolving Credit Facility (i) must occur on a Business Day applicable Borrower's representation and no later than the Business Day immediately preceding the Revolving Credit Termination Date, (ii) may not exceed an amount equal to the excess warranty that all of the Revolving Committed Amount over the Revolving Principal Amountapplicable conditions contained in Article III will, and (iii) after giving effect to any such Advance, be satisfied and be true and correct. A Borrower's acceptance of funds advanced by CSFB on the Revolving Principal Amount may not exceed Advance Date shall be deemed such Borrower's acknowledgment of and agreement with such Confirmation, and upon acceptance of such funds advanced by CSFB, the Revolving Committed Amountapplicable Borrower shall execute such Confirmation where provided therein and return the original executed copy of such Confirmation to CSFB within forty-eight (48) hours following the funding of such Advance. (d) Upon its receipt of an Advance Request from Borrower, Agent Any Confirmation by CSFB shall promptly notify each Lender of be deemed to have been received by the Advance Request and its contents. By 12:00 noon applicable Borrower (i) on the date sent if given by telecopy, telex or other telecommunication device capable of the proposed Advance, each Lender shall either remit its Revolving Commitment Percentage of each requested Advance by wire transfer to Agent pursuant to Agent’s wire transfer instructions (transmitting or as otherwise directed by Agent) in funds that are available for immediate use by Agent or confirm in writing that it has wired such amount creating a written record directly to the Borrower’s Operating Account. Subject to receipt office of such fundsBorrower, Agent shall make such funds available to Borrower in the Borrower’s Operating Account. Absent contrary written notice from a Lender, Agent may assume that each Lender has made its Revolving Commitment Percentage of the requested Advance available to Agent or to Borrower and (ii) on the date of Business Day following the proposed Advance. If day sent if sent by a Lender has confirmed that it will remit funds to Agent, then Agent may, in reliance upon such assumption (but is not required to), make available to Borrower a corresponding amountnationally recognized overnight courier service. (e) If Agent funds the corresponding amount on behalf of a Lender and that Lender fails to make its Revolving Commitment Percentage of any requested Advance available to Agent on the date of the proposed Advance, Agent may recover the applicable amount on demand from that Lender, together with interest at the Default Rate for the period commencing on the date the amount was made available to Borrower by Agent and ending on (but excluding) the date Agent recovers the amount from that Lender. While the Agency Agreement is in place, Agent and Lenders agree that the funding mechanics in the Agency Agreement shall govern and control, notwithstanding anything to the contrary set forth in this Agreement. (f) If either Lender fails to fund its Revolving Commitment Percentage of any Advance (either to Agent or to the Borrower) (each such Lender a “Defaulting Lender”), the other Lender shall fund the amount of the Advance and shall be entitled to contribution from the Defaulting Lender in an amount equal to the aggregate principal amount which a Defaulting Lender fails to fund and which such other Lender funds, plus interest from the date the applicable Advance is made available to the Borrower at the Default Rate.

Advance Procedure. Advances for Project Costs shall be made not more frequently than monthly (aor such other intervals reasonably acceptable to the Administrative Agent) Borrower may request an Advance under and upon not less than five (5) Business Days advance written notice. All requisitions for Direct Costs shall be made on A.I.A. Forms G702 and 703 combined with forms approved by the Revolving Credit Facility Administrative Agent, or alternative forms approved by submitting an Advance Request to the Administrative Agent. An Advance Request is irrevocable , on which the applicable Borrowers and binding on Borrower. Each Advance Request must be received no later than 11:00 a.m. on the Business Day immediately preceding Borrowers’ general contractor and architect shall certify the date percentage of Completion of the proposed AdvanceMajor Project then attained, by line item. Advances under this Agreement may All requisitions for Indirect Costs shall be made on forms approved by Agent pursuant the Administrative Agent, specifying in reasonable detail the Indirect Cost for which an oral request of Borrower but Borrower covenants advance is requested and agrees to furnish to Agent written confirmation of any such oral request within 2 days after the date of the Advanceamount so requested, but any such Advance and shall be deemed to be made under and entitled accompanied by evidence acceptable to the benefits Administrative Agent that the Indirect Cost for which the requisition is made has been incurred and is due and owing, or has been paid. Should the Inspector determine that the Estimated Remaining Cost of this Agreement irrespective of any failure by Borrower Completion with respect to furnish such written confirmation. (b) Agent shall make each Advance available to Borrower by funding such Advance to Borrower’s Operating AccountProject Costs, and all amounts made available to Borrower by Agent (whether in Borrower’s Operating Account or otherwise) shall be deemed to be Advances made pursuant to this Agreement. (c) Each Advance under the Revolving Credit Facility (i) must occur on a Business Day and no later than the Business Day immediately preceding the Revolving Credit Termination Date, (ii) may not exceed an amount equal to the excess of the Revolving Committed Amount over the Revolving Principal Amount, and (iii) after giving effect to any Advance, the Revolving Principal Amount may not exceed the Revolving Committed Amount. (d) Upon its receipt of an Advance Request from Borrower, Agent shall promptly notify each Lender of the Advance Request and its contents. By 12:00 noon on the date of the proposed Advance, each Lender shall either remit its Revolving Commitment Percentage of each requested Advance by wire transfer to Agent pursuant to Agent’s wire transfer instructions (or as otherwise directed by Agent) in funds that are available for immediate use by Agent or confirm in writing that it has wired such amount directly to the Borrower’s Operating Account. Subject to receipt of such funds, Agent shall make such funds available to Borrower which Delayed Draw Mortgage Loans have been reserved in the Borrower’s Operating Account. Absent contrary written notice from a Lender, Agent may assume that each Lender has made its Revolving Commitment Percentage of the requested Advance available to Agent or to Borrower on the date of the proposed Advance. If a Lender has confirmed that it will remit funds to Agent, then Agent may, in reliance upon such assumption (but is not required to), make available to Borrower a corresponding amount. (e) If Agent funds the corresponding amount on behalf of a Lender and that Lender fails to make its Revolving Commitment Percentage of any requested Advance available to Agent on the date of the proposed Advance, Agent may recover the applicable amount on demand from that Lender, together with interest at the Default Rate for the period commencing on the date the amount was made available to Borrower by Agent and ending on (but excluding) the date Agent recovers the amount from that Lender. While the Agency Agreement is in place, Agent and Lenders agree that the funding mechanics in the Agency Agreement shall govern and control, notwithstanding anything to the contrary set forth in this Agreement. (f) If either Lender fails to fund its Revolving Commitment Percentage of any Advance (either to Agent or to the Borrower) (each such Lender a “Defaulting Lender”), the other Lender shall fund Project Budget exceeds the amount of the Advance Delayed Draw Mortgage Loans still available therefor, the applicable Borrowers shall immediately advance such excess amount from separate funds, and any Delayed Draw Mortgage Loans to be advanced in a particular requisition for Project Costs shall be entitled to contribution from reduced by such excess amount, all with the Defaulting Lender in an amount equal intent that the Estimated Remaining Cost of Completion with respect to the aggregate principal amount which a Defaulting Lender fails Project Costs shall not exceed the unadvanced Delayed Draw Mortgage Loans reserved in the Project Budget therefor. The Administrative Agent shall have the right to fund reasonably require that any requested advances be disbursed through the applicable title insurer and which to condition any requested advance upon the submission of lien releases and waivers, bring-down endorsements to the applicable title insurance policies, and such other Lender funds, plus interest from related submissions as may be reasonably required by the date the applicable Advance is made available to the Borrower at the Default RateAdministrative Agent.

Advance Procedure. (a) Each Advance shall be in an amount of not less than $500,000 or a greater integral multiple of $250,000 (unless the amount available for borrowing is less). With respect to Advances, Borrower may request must give Agent prior written notice in substantially the form of EXHIBIT C of the Advance to be made and specifying the date and amount thereof and whether such Advance is to be an ABR Advance under or a Eurodollar Rate Advance and, if a Eurodollar Rate Advance, the Revolving Credit Facility Interest Period therefor pursuant to SECTION 2.13(a) (a "BORROWING REQUEST"). A Borrowing Request for an ABR Advance must be delivered to Agent by submitting an 11:00 a.m. New York time on the day of the Advance. A Borrowing Request for a Eurodollar Rate Advance must be delivered to Agent by 1:00 p.m. New York time on the third Business Day prior to the day of the Advance. Each Borrowing Request to Agent. An Advance Request is shall be irrevocable and binding on Borrower. Each Advance Request must be received no later than 11:00 a.m. on the Business Day immediately preceding the date of the proposed Advance. Advances under this Agreement may be made by Agent pursuant an oral request of Borrower but Borrower covenants and agrees to furnish to Agent written confirmation of any such oral request within 2 days after the date of the Advance, but any such Advance shall be deemed to be made under and entitled to the benefits of this Agreement irrespective of any failure by Borrower to furnish such written confirmation. (b) Agent shall make each Advance available to Borrower by funding such Advance to Borrower’s Operating Account, and all amounts made available to Borrower by Agent (whether in Borrower’s Operating Account or otherwise) shall be deemed to be Advances made pursuant to this Agreement. (c) Each Advance under On the Revolving Credit Facility (i) must occur on a Business Day and no later than the Business Day immediately preceding the Revolving Credit Termination Borrowing Date, (ii) may not exceed an amount equal to the excess of the Revolving Committed Amount over the Revolving Principal Amount, and (iii) after giving effect to any Advance, the Revolving Principal Amount may not exceed the Revolving Committed Amount. (d) Upon its receipt of an Advance Request from Borrower, Agent shall promptly notify each Lender of the Advance Request and its contents. By 12:00 noon on the date of the proposed Advance, each Lender shall either remit its Revolving Commitment Percentage of each requested Advance by wire transfer to Agent pursuant to Agent’s wire transfer instructions (or as otherwise directed by Agent) 's office in New York City, in funds that are available for immediate use by Agent or confirm in writing that it has wired such amount directly to by 12:00 noon on the Borrower’s Operating Accountapplicable Borrowing Date. Subject to receipt of such funds, Agent shall (unless to its actual knowledge any of the applicable conditions precedent have not been satisfied by Borrower or waived by Required Lenders) make such funds available to Borrower by deposit into the operating account maintained by Borrower with Agent in New York City (or such other account as may be designated by Borrower in the Borrower’s Operating Account. Absent Borrowing Notice and is acceptable to Agent); and absent contrary written notice from a Lender, Agent may assume that each Lender has made its Revolving Commitment Percentage of the requested Advance available to Agent or to Borrower on the date of the proposed Advance. If a Lender has confirmed that it will remit funds to Agentapplicable Borrowing Date, then and Agent may, in reliance upon such assumption (but is shall not be required to), make available to Borrower a corresponding amount. (e) . If Agent funds the corresponding amount on behalf of a Lender and that Lender fails to make its Revolving Commitment Percentage of any requested Advance available to Agent on the date of the proposed Advanceapplicable Borrowing Date, Agent may recover the applicable amount on demand (i) from that Lender, together with interest at the Default Federal Funds Rate for during the period commencing on the date the amount was made available to Borrower by Agent and ending on (but excluding) the date Agent recovers the amount from that Lender. While the Agency Agreement is in place, Agent and Lenders agree or (ii) if that the funding mechanics in the Agency Agreement shall govern and control, notwithstanding anything to the contrary set forth in this Agreement. (f) If either Lender fails to fund pay its Revolving amount upon demand, then from Borrower, together with interest at the rate applicable to the requested Advance during the period commencing on the Borrowing Date and ending on (but excluding) the date Agent recovers the amount from Borrower. No Lender is responsible for the failure of any other Lender to make its Commitment Percentage of any Advance (either to Agent or to the Borrower) (each such Lender a “Defaulting Lender”), the other Lender shall fund the amount of the Advance and shall be entitled to contribution from the Defaulting Lender in an amount equal to the aggregate principal amount which a Defaulting Lender fails to fund and which such other Lender funds, plus interest from the date the applicable Advance is made available to the Borrower at the Default RateAdvance.