We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Advance Requests Clause in Contracts

Advance Requests. Upon submission by Tenant to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requested, (b) a summary of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed that correspond to the Advance Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 4 of the Amendment.

Appears in 2 contracts

Samples: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)

Advance Requests. Upon submission by Tenant to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requested, (b) a summary of the TIs Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier (other than any subcontractors and material suppliers providing services or material costing less than One Thousand Dollars ($1,000) with respect to previous payments made by either Landlord or Tenant for the TIs Tenant Improvements in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs Tenant Improvements performed that correspond to the Advance Request Request, each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen twenty (1520) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by TenantLandlord, the amount of TI Tenant Improvement costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs Tenant Improvements is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section Article 4 of the AmendmentLease.

Appears in 2 contracts

Samples: Lease (Halozyme Therapeutics Inc), Lease (Halozyme Therapeutics Inc)

Advance Requests. Upon submission by Tenant For each request for an Advance, Borrowers shall submit to Landlord Lender, at least five (5) business days prior to the requested date of disbursement, a completed written disbursement request (a) a statement (each, an "Advance Request") setting forth the total amount of the TI Allowance requestedin such form and detail as required by Lender, (b) together with a summary of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to check in the amount of the TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed that correspond to the Advance Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits inspection fee set forth in Section 6.2 above and Section 4 2.3(2) hereof. All Advances of the AmendmentConstruction Loan shall be made from time to time as construction progresses upon written application of Borrowers pursuant to an Advance Request. Borrowers shall file Advance Requests with Lender no more frequently than monthly, covering work performed since the prior Advance Request. Each Advance Request shall certify in detail, acceptable to Lender, the cost of the labor that has been performed and the materials that have been incorporated into the Project and all Indirect Costs that have been incurred since the date of the previous Advance, and shall be accompanied by such supporting data as Lender may require, including, without limitation, receipts, vouchers, invoices, waivers of mechanic's and materialmen's liens, and AlA Forms G702 and G703 certified by the General Contractor and, if required by Lender, the Architect or engineer for the Project. The proceeds of each Advance shall be used by Borrowers solely to pay or as reimbursement for the obligations for which the Advance is sought. Each Advance Request shall constitute a representation by Borrowers that the work done and the materials supplied to the date thereof are in accordance with the Plans and Specifications; that the work and materials for which payment is requested have been physically incorporated into the Project; that the value is as stated; that the work and materials conform with all applicable rules and regulations of the public authorities having jurisdiction; that payment for the items described in such Advance Request has been made or will be made with the proceeds of the Advance for which the Advance Request was submitted; that such Advance Request is consistent with the Budget; that the proceeds of the previous Advance have been actually paid by Borrowers in accordance with the approved Advance Request for such previous Advance; and that no Event of Default or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing.

Appears in 1 contract

Samples: Loan Agreement (HMG Courtland Properties Inc)

Advance Requests. Upon submission by Tenant Subject to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount compliance with all of the TI Allowance requestedconditions of this Agreement and the remaining Loan Documents, (b) a summary Lender shall, at its sole and absolute discretion, make Advances of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices Loan funds from the general contractor, Call Center Proceeds to Borrower as requested by Borrower in accordance with the architect, and provisions of this Agreement. Borrower may require the disbursement of all or any subcontractors, material suppliers and other parties requesting payment with respect to part of the amount of the TI Allowance then being requested, (d) unconditional lien releases from Call Center Proceeds at any time before the general contractor and each subcontractor and material supplier with respect Maturity Date unless an Enforcement Event has occurred. Each Advance Request must be made pursuant to previous payments made by either Landlord or Tenant for an Advance Request form substantially in the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed that correspond to of the Advance Request form attached hereto as Exhibit "C", and must be signed by a properly authorized official of the Borrower. Prior evidence of such authority, satisfactory to Lender in its sole discretion, must be made available to Lender. In addition, each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, i) shall specify the amount of TI costs set forth in the Advance requested and contain instructions for its disbursement, (ii) shall attach such Advance Request; providedsupporting documentation as is reasonably requested by Lender from time to time, however, and (iii) shall certify that Landlord Borrower shall not use the funds to be obligated disbursed to make any payments under this Section until the budget it by Lender exclusively for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits purposes set forth in Section 6.2 above 2.2(b) of this Agreement. Furthermore, each Advance Request shall be irrevocable and Section 4 binding on Borrower and shall be delivered to Lender by telecopier or telex, confirmed immediately in writing by courier. Lender shall not be required to disburse Advances during the existence of any Enforcement Event, and shall not be required to approve any Advance Request for an amount less than US$50,000. All Advance Requests must be supported by a certificate from Borrower stating that the Amendmentamounts requested have been spent or incurred, accompanied by paid invoices, canceled checks, receipts or other proof of payment satisfactory to Lender with respect to all costs covered by the previous Advance Requests, and any other document that Lender may reasonably request.

Appears in 1 contract

Samples: Loan Agreement (Intercallnet Inc)

Advance Requests. Upon submission by Tenant In order to Landlord of request an Advance under a Development Loan, Borrower shall furnish to Lender, all in form and substance acceptable to Lender, at least two (a2) a statement Business Days prior to the requested Advance (or at such later date as may be acceptable to Lender in its sole discretion): (A) Borrower’s request therefor (each an “Advance Request”) setting forth in the total form reasonably acceptable to Lender and otherwise in accordance with the terms and conditions of this Agreement, (B) all Development Asset Agreements applicable to the Development Assets to which the Advance Request relates, and (C) all such other documents, instruments, and agreements reasonably requested by Lender in connection with any of the foregoing. The amount of the TI Allowance requested, Advance requested in the Advance Request shall not exceed: (bI) a summary of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to any Advance, the amount Development Loan Advance Rate multiplied by the Eligible Costs of the TI Allowance specific Development Assets, as set forth in the Budget to which the Advance Request relates, or (II) together with all prior Advances previously made by Lender to Borrower under the applicable Development Loan, the then being requestedapplicable Development Loan Amount. Each such Advance Request shall be deemed to be Borrower’s request that Lender, (d) unconditional lien releases and irrevocable authorization to Lender to, disburse the funds requested by such Advance Request from the general contractor proceeds of the applicable Development Loan in accordance with this Agreement and each subcontractor such Advance Request. Under no circumstances shall Lender be responsible or liable to any Person, for or on account of any disbursement of, or failure to disburse, any Advance or any part thereof, and material supplier no such Person shall have any right or claim against Lender under this Agreement or in connection with the administration of the Development Line of Credit or any Development Loan (provided that the foregoing shall not relieve Lender of its express obligations to Borrower pursuant to, and subject to the terms and conditions of, the Loan Documents). To the extent that Lender may acquiesce (whether intentionally or unintentionally) in Borrower’s failure to comply with and satisfy any condition precedent to any Advance, such acquiescence shall not constitute a waiver by Lender of any condition precedent set forth in this Agreement or any other Loan Document with respect to previous payments made any other Advance requested by either Landlord or Tenant for Borrower, and Lender at any time thereafter may require Borrower to comply with and satisfy all conditions and requirements of this Agreement and the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier other Loan Documents, as applicable, with respect to any such Advance requested by Borrower. Borrower may write checks on the TIs performed that correspond applicable Special Account to pay for items on the Advance Request each Schedule of Ineligible Costs as and when such items are incurred as set forth on the Budget for the respective Development Project. Upon Lender’s request from time to time, Borrower shall provide Lender a written accounting of Ineligible Costs incurred and paid for from the applicable Special Account, along with such invoices and receipts as Lender reasonably requests. To the extent any funds remain in a form acceptable to Landlord and complying with Applicable Lawsthe applicable Special Account after the applicable Development Project is completed, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay Lender may apply such remaining funds to the applicable contractorsDevelopment Loan. Business Capital Form – January, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 4 of the Amendment.2017 Loan Agreement – Single Borrower

Appears in 1 contract

Samples: Loan Agreement (Noble Romans Inc)

Advance Requests. Upon submission by Tenant to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requested, (b) a summary of the TIs Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (d) unconditional conditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws Tenant Improvements and (ed) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs Tenant Improvements performed that correspond to the Advance Request each in a form acceptable to Landlord and complying with Applicable LawsRequest, then Landlord shall, within fifteen thirty (1530) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by TenantLandlord, the amount of TI Tenant Improvement costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs Tenant Improvements is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section Article 4 of the AmendmentLease.

Appears in 1 contract

Samples: Lease (Regulus Therapeutics Inc.)

Advance Requests. Upon submission Subject to the FFB Documents, from time to time during the Availability Period, the Borrower may request an Advance under the FFB Documents by Tenant delivering, by an Acceptable Delivery Method, to Landlord of DOE, with a copy to the Technical Advisor, an appropriately completed request with respect to such Advance (a) a statement (each, an “Advance Request”) setting forth any time not less than (i) twenty-seven (27) Business Days prior to the total Requested Advance Date, in the case of an Advance in an amount less than $500,000,000, (ii) twenty-nine (29) Business Days prior to the Requested Advance Date in the case of an Advance in an amount equal to or greater $500,000,000 and less than $2,000,000,000, and (iii) thirty-four (34) Business Days prior to the Requested Advance Date in the case of an Advance in an amount equal to or greater than $2,000,000,000. Each Advance Request shall be in the form attached as Exhibit A (Form of Advance Request) (as such form may be amended, supplemented or modified from time to time by DOE in a manner conforming to this Agreement or otherwise with consent of the TI Allowance requestedBorrower, the “Form of Advance Request”), which form shall include (i) a confirmation that each Project covered by such Advance Request has been previously determined to be an Eligible Project by DOE, (bii) the amount and description of the Eligible Project Costs incurred and either expended or accrued by Borrower for each Eligible Project therein, as evidenced by accruals, invoices or other documentation reasonably acceptable to DOE, (iii) each such Eligible Project’s original and current budget and completion date, and (iv) a summary certification by the Borrower that, as of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architectdate of such Advance Request, (cw) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect all Eligible Project Costs covered by such Advance Request are reasonably expected to the amount be recoverable as a component of the TI Allowance then being requestedBorrower’s revenues, (dx) unconditional lien releases from the general contractor and DOE’s NEPA environmental review is complete for each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs Eligible Project included in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed that correspond to the Advance Request each in a form acceptable to Landlord by identifying the applicable NEPA document, and complying with Applicable Laws, then Landlord shall, within fifteen (15y) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay after giving effect to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenantproposed Advance, the amount of TI costs set forth Borrower will be in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until compliance with the budget for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 4 of the AmendmentDebt Sizing Parameters.

Appears in 1 contract

Samples: Loan Guarantee Agreement (PACIFIC GAS & ELECTRIC Co)

Advance Requests. Upon submission by Tenant At or before 11:00 a.m. New York time on the fifth (5th) Business Day prior to Landlord a proposed Advance Date, which proposed Advance Date must be a Monthly Date, the Construction Agent shall deliver to the Construction Consultant and the Administrative Agent an irrevocable written notice substantially in the form of (a) a statement Exhibit A (an “Advance Request”), together with the certificate required under Section 3.1(e), setting forth: (i) setting forth the total proposed Advance Date; (ii) a statement of the amount of the TI Allowance requested, requested Advance in Dollars (b) including a summary separate statement of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architectamount thereof, (c) invoices from the general contractorif any, the architectthat constitutes Carrying Costs, and any subcontractorsUpfront Fees, material suppliers Non-Use Fees, Transaction Costs, other Fees and other parties requesting payment Construction Costs); (iii) the initial Payment Period applicable thereto; and (iv) wire transfer instructions for the disbursement of the appropriate amount of funds to the Lessee or the Construction Agent, as applicable. Notwithstanding the foregoing, with respect to the amount of initial Advance Date only, the TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed Construction Agent may request that correspond to the Advance Request each be made on any Business Day agreed to between the Construction Agent and the Participants. Promptly upon receipt, the Administrative Agent shall confirm the Capitalized Yield and Non-Use Fees set forth in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an the Advance Request and the accompanying materials required by this Section, pay Administrative Agent shall forward the Advance Request to the applicable contractors, subcontractors and material suppliers or each Participant with instructions to Tenant (for reimbursement for payments made by Tenant prior each recipient as to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs Capitalized Yield and Non-Use Fees which have accrued with respect to its Rent Assignment Interests or Lessor Investment, as applicable, and to retain such amounts from their respective Advances. In the event the Construction Agent shall not deliver an Advance Request at or before 11:00 a.m. New York time on the fifth (5th) Business Day prior to a Payment Date during the Construction Period, the Construction Agent shall be deemed to have made an Advance Request in accordance with Sections 2.10 (Capitalized Yield) and 2.13 (Fees and Other Transaction Costs) and the other relevant terms of this Agreement. All documents and instruments required to be delivered on any Advance Date pursuant to the Operative Documents other than the Advance Request shall be delivered to the Administrative Agent, or at such other location as the Administrative Agent and the Construction Agent may agree. On the scheduled Advance Date, and subject to the satisfaction of the conditions set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until 2.5 and in Section 3.1, the budget Participants shall fund their respective portion of the Advance in Dollars by wire transfer to the Administrative Agent for payment to the Construction Agent in the manner described in Section 2.3(b). Notwithstanding the foregoing, in the event that the Lessor elects to cause the Completion of the Facility pursuant to Section 5.3(a)(iii) of the Construction and Development Agreement, then the Lessor may submit Advance Requests, the aggregate amount available to be funded by the Participants shall equal the aggregate amount of the Available Commitments and such amounts shall be disbursed directly to the Lessor for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 4 of the AmendmentConstruction Costs.

Appears in 1 contract

Samples: Participation Agreement (Cubic Corp /De/)

Advance Requests. Upon submission Except as otherwise provided herein, the Borrower may from time to time prior to the Reducing Revolving Line Expiration Date request the Bank to make Reducing Revolving Line Advances, or renew or convert the Interest Rate Option applicable to existing Reducing Revolving Line Borrowing Tranches pursuant to Section 4.2, by Tenant delivering to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requestedBank, not later than 10:00 a.m., State College, Pennsylvania time, (bi) a summary of three (3) Business Days prior to (A) the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment proposed Borrowing Date with respect to the amount making of Reducing Revolving Line Advances to which the Euro-Rate Option applies or(B) the end of the TI Allowance then being requested, current Interest Period in the case of the conversion to or the renewal of the Euro-Rate Option for any Borrowing Tranches or (dii) unconditional lien releases from on the general contractor and each subcontractor and material supplier with respect same or one (1) Business Day prior to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier proposed Borrowing Date with respect to the TIs performed that correspond mating of a Reducing Revolving Line Advance to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the Advance Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay conversion to the applicable contractorsBase Rate Option for any Borrowing Tranche, subcontractors of a duly completed request therefor substantially in the form of Exhibit D or a request by telephone immediately confirmed in writing by letter, facsimile or telex in such form (each, a "Reducing Line Loan Request"), it being understood that the Bank may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Reducing Line Loan Request shall be irrevocable and material suppliers or to Tenant shall specify (for reimbursement for payments made by Tenant prior to Landlord’s approval i) the proposed Borrowing Date; (ii) the aggregate amount of the Approved Budget proposed Reducing Revolving Line Advance comprising each Borrowing Tranche; (iii) whether the EuroRate Option or Base Rate Option shall apply to such contractorsthe proposed Revolving Line Advance comprising the applicable Borrowing Tranche; and (iv) in the case of a Borrowing Tranche to which the EuroRate Option applies, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget an appropriate Interest Period for the TIs is approved in accordance with Section 6.2 above, and any Reducing Revolving Line Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 4 of the Amendmentcomprising such Borrowing Tranche.

Appears in 1 contract

Samples: Credit Agreement (Aquapenn Spring Water Company Inc)

Advance Requests. Upon submission by Tenant to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requested, (b) a summary of the TIs Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs Tenant Improvements in a form acceptable to Landlord and complying with Applicable Laws and (ed) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs Tenant Improvements performed that correspond to the Advance Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen thirty (1530) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by TenantLandlord, the amount of TI Tenant Improvement costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs Tenant Improvements is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section Article 4 of the AmendmentLease.

Appears in 1 contract

Samples: Lease Agreement (Bionovo Inc)

Advance Requests. Upon submission by Tenant When the Borrower wants to Landlord receive an Aggregate Advance hereunder (other than to cover an interest payment due pursuant to Section 2.04 hereof), the Borrower shall submit a written request for an Advance to each Subordinated Lender (or to Cxxxxxxx Xxxxx only, in the case of Advances as to which his Commitment Percentage equals 100%), which shall set forth (a1) a detailed statement (an “Advance Request”) setting forth the total amount of the TI Allowance requestedproposed use of the Advance funds (including specific listing of the operating expenses of the Borrower to be paid with such Advance funds), (b2) a summary of the TIs performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being Aggregate Advance requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the TIs performed that correspond to the Advance Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen (15) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by Tenant, the amount of TI costs set forth the Advance requested from each Subordinated Lender (which shall equal such Subordinated Lender’s Commitment Percentage of the Aggregate Advance requested), and (3) the requested Funding Date (such items collectively, a “Funding Package”). Each Subordinated Lender shall evaluate whether to approve an Advance within five Business Days after its receipt of the Funding Package and request any other items reasonably requested by such Subordinated Lender, and shall communicate such decision to the Borrower within such five Business Day period. A Subordinated Lender’s decision whether to approve any Advance shall be solely within such Subordinated Lender’s discretion. With the prior written consent of the Senior Lenders, the Borrower may draw an Advance in order to pay interest due pursuant to Section 2.04 hereof on the Subordinated Notes on any Payment Date occurring prior to the Maturity Date by notifying each Subordinated Lender of its request to do so, in writing, at least two Business Days prior to such Advance Request; provided, however, that Landlord shall not be obligated to make any payments Payment Date. Advances requested under this Section until 2.02(a), not including Advances drawn to cover interest accrued on the budget for the TIs is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject Subordinated Notes prior to the payment limits set forth in Section 6.2 above and Section 4 of the AmendmentMaturity Date, may not exceed $350,000.

Appears in 1 contract

Samples: Subordinated Loan and Security Agreement (Specialty Underwriters Alliance, Inc.)

Advance Requests. Upon submission by Tenant to Landlord of (a) a statement (an “Advance Request”) setting forth the total amount of the TI Allowance requested, (b) a summary of the TIs Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, requested and (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the TIs in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor subcontractor, professional service provider and material supplier with respect to the TIs Tenant Improvements performed that correspond to the Advance Request Request, each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within fifteen thirty (1530) days following receipt by Landlord of an Advance Request and the accompanying materials required by this Section, pay to the applicable contractors, subcontractors and material suppliers or to Tenant (for reimbursement for payments made by Tenant prior to Landlord’s approval of the Approved Budget to such contractors, subcontractors or material suppliers), as elected by TenantLandlord, the amount of TI Tenant Improvement costs set forth in such Advance Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the TIs Tenant Improvements is approved in accordance with Section 6.2 above, and any Advance Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section Article 4 of the AmendmentLease. Notwithstanding the foregoing, Landlord shall either pay or reimburse Tenant, as applicable, for the costs and expenses set forth in Subsection 4.2(s) of the Lease, in accordance with that Subsection, within fifteen (15) days after Tenant’s submission to Landlord of invoices or receipts, as applicable, reasonably acceptable to Landlord for such items. Additionally, within fifteen (15) days after any final payment to any applicable contractor, subcontractor, professional service provider or material supplier, Tenant shall deliver to Landlord an unconditional waiver and release of lien upon payment from such contractor, subcontractor, professional service provider or material supplier in a form acceptable to Landlord and complying with Applicable Laws.

Appears in 1 contract

Samples: Lease (BIND Therapeutics, Inc)