Advance Procedures Sample Clauses

Advance Procedures. If permitted by the Bank, a request for advance may be made by telephone or electronic mail, with such confirmation or verification (if any) as the Bank may require in its discretion from time to time. A request for advance by any Borrower shall be binding upon Borrower, jointly and severally. The Borrower authorizes the Bank to accept telephonic and electronic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic and electronic requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, as well as the date and amount of each payment made by the Borrower.

Advance Procedures. (a) If, on any Determination Date, the Servicer determines to make a Monthly Advance in accordance with Section 5.01, it shall make such Monthly Advance on or before noon, St. ▇▇▇▇ time, on the second Business Day prior to the related Distribution Date (the "Servicer Advance Date"). The Servicer shall notify the Trustee of the aggregate amount of Monthly Advances for a Distribution Date on or before three Business Days prior to such Distribution Date. Any such Monthly Advance shall be included with the distribution on the related Distribution Date pursuant to Section 4.02. (b) In the event that the Servicer fails to make a Monthly Advance required to be made pursuant to Section 5.01 on or before 3 p.m., St. ▇▇▇▇, Minnesota time, on the Servicer Advance Date, the Trustee shall on or before 12 noon, New York time on the next Business Day provide to the Servicer, by telecopy, written notice of such failure and the amount of such failure and that continuance of such failure for a period of one Business Day will be an Event of Default.

Advance Procedures. The Borrower may request advances hereunder by giving oral or written notice to the Bank by 11:00 a.m. Pittsburgh, Pennsylvania time (a) 3 Business Days prior to the proposed advance, in the case of advances to bear interest under the Term SOFR Rate Option and (b) on the day of the proposed advance, in the case of advances to bear interest under any other Option, followed promptly thereafter by the Borrower’s written confirmation to the Bank of any oral notice. If permitted by the Bank, a request for advance may be made by telephone or electronic mail, or delivered in accordance with the Bank’s security procedures through any automated platform or electronic service provided by the Bank, with such confirmation or verification (if any) as the Bank may require in its discretion from time to time. A request for advance by any Borrower shall be binding upon Borrower, jointly and severally. The Borrower authorizes the Bank to accept telephonic, email, automated and electronic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic, email, automated and electronic requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, as well as the date and amount of each payment made by the Borrower.

Advance Procedures. A request for advance made by telephone must be promptly confirmed in writing by such method as Agent may require. Borrowers authorize Agent to accept telephonic requests for advances, and Agent shall be entitled to rely upon the authority of any person providing such instructions. Borrowers hereby indemnify and hold Agent harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephone requests or making such advances. Agent will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, as well as the date and amount of each payment made by Borrowers.

Advance Procedures. (a) On the Payment Date immediately preceding the related Distribution Date, the Servicer shall determine whether and to what extent the Mortgagor has failed to make any payment of principal or any interest in respect of scheduled installments of principal and interest that were due on the Payment Date and whether such deficiencies, if advanced by the Servicer, would be a Nonrecoverable Advance. (b) On or before 2 p.m., Chicago time, on the Servicer Advance Date, the Servicer shall make any required P&I Advance by depositing in the Certificate Account the amount, if any, by which the amount on deposit in the Debt Service Payment SubAccount on the Business Day immediately preceding the Servicer Advance Date is less than the Monthly Payment for the related Payment Date less the portion of any such amount that the Servicer determines, in its good faith judgment, would, if advanced, constitute a Nonrecoverable Advance. (c) In the event that the Servicer fails to make a required P&I Advance on or before 2 p.m., Chicago time, on the Servicer Advance Date, the Trustee shall on or before 4 p.m., Chicago time, on such Servicer Advance Date provide to the Servicer, with a copy to the Fiscal Agent, by telecopy, written notice of such failure and the amount of such failure and that continuance of such failure until the close of business on such Business Day will be an Event of Default. If the Servicer fails to make such P&I Advance by 4 p.m., Chicago time, on such Servicer Advance Date, the Trustee, as successor Servicer, shall deposit the amount of such P&I Advance in the Certificate Account by 6 p.m., Chicago time, on such Servicer Advance Date. The Trustee shall be entitled to reimbursement for such P&I Advance from the same sources as the Servicer would have been entitled to be reimbursed had the Servicer made such P&I Advance (and with priority over amounts then or thereafter reimbursable to the Servicer). If the Trustee fails to make such P&I Advance by 6 p.m., Chicago time, on such Servicer Advance Date, the Fiscal Agent shall make such P&I Advance on the immediately following Distribution Date before the Paying Agent is required to make distributions under Section 4.01 on such Distribution Date and, in such event, shall be entitled to the same reimbursement as the Trustee or Servicer. Notwithstanding the foregoing obligations of the Trustee and the Fiscal Agent to make any P&I Advance required to have been made by the Servicer but not so made, the Trustee and ...

Advance Procedures. If permitted by the Bank, a request for advance may be made by telephone or electronic mail, with such confirmation or verification (if any) as the Bank may require in its discretion from time to time. The Borrower authorizes the Bank to accept telephonic and electronic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic and electronic requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, as well as the date and amount of each payment made by the Borrower.

Advance Procedures. (a) Borrower shall submit to Agent a copy of the Sworn Construction Cost Statement for the Property, and shall advise Agent of the names of each Contractor providing goods or services in connection with the development and construction of the Improvements. If requested by Agent, Borrower shall also furnish to Agent a copy of each contract with each of the Contractors. Borrower shall keep the Agent advised at all times of the names of all Contractors, and of the type of work, material or services and of the dollar amount covered by each of their respective contracts with Borrower or with the General Contractor. It is understood that only Contractors whose names, contract descriptions and, after a request therefor, contracts have been furnished to Agent shall be entitled to receive disbursements of Loan proceeds under this Agreement. Borrower shall also provide or cause to be provided to Agent a date down of the Title Policy. (b) Borrower shall either (a) refrain from commencing construction of, and from accepting delivery of materials for, the Property prior to the recording of the Deed of Trust, or (b) provide such evidence and/or documents to the Title Company as shall be sufficient to secure from the Title Company priority insurance over all possible mechanic’s lien claims, relating to construction of the Improvements that may have commenced prior to the recording of the Deed of Trust. (c) Subject to the provisions of this Section 3.5(c), Borrower may obtain advances for disbursement to Contractors only to the extent of the amount of the contract work satisfactorily completed or materials actually incorporated into the Property by each such Contractor in accordance with his contract, less retainage determined and held in accordance with the terms of the Construction Contract. Borrower agrees that all sums requested hereunder for disbursement to each Contractor shall not exceed that amount; provided, however, Agent will, at Borrower’s request, make Advances for materials, supplies and equipment purchased for the Improvements stored on-site, or off-site within the continental United States, in either case which materials will largely be those made specifically for inclusion in the Improvements rather than being stock goods, the aggregate of which Advances shall not at any time exceed $2,500,000, and otherwise in accordance with the provisions of the balance of this Section 3.5(c). Borrower may not obtain advances for disbursement to Contractors for the cos...

Advance Procedures. A request for advance made by telephone or electronic mail shall be binding upon Borrower and must be promptly confirmed in writing by such method as the Bank may require. The Borrower authorizes the Bank to accept telephonic and electronic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic and electronic requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, the interest rate and interest period applicable thereto, as well as the date and amount of each payment made by the Borrower. Advances hereunder shall be in an aggregate amount that is an integral multiple of $1,000,000.00 and not less than $5,000,000.00.

Advance Procedures. A request for advances shall be made via e-mail pursuant to Section 12(b). Lender shall fund the requested advance as promptly as possible but in all events within (3) three business days after receipt of Borrower’s request for an advance.