Advances for Operating Expenses Clause Samples

Advances for Operating Expenses. Notwithstanding anything to the contrary contained herein or any other Loan Document, from time to time (but not more than once per month) Lender agrees to disburse Advances under this Soft Cost Loan Agreem▇▇▇ ▇▇ pay operating expenses set forth in the approved Budget then due or expected to become due in that month ("OPERATING EXPENSES") in advance to Borrower or as directed by Manager, provided that (i) the Loan is "IN BALANCE" (as such term is defined in Section 2B.7(A) hereof), (ii) construction of the Improvements is progressing to the reasonable satisfaction of Agent, (iii) there are sufficient Loan proceeds and other funds available to Borrower to complete the Improvements in accordance with the Plans, as certified by Agent's Inspecting Consultant, (iv) no Event of Default shall have occurred and be continuing; (v) the timing and amount of disbursement is specifically contemplated in the approved Budget; and (vi) such disbursement is requested by Borrower or Manager, as applicable, in writing, accompanied by (A) ▇▇ ▇▇▇▇ating Expense Certificate in the form annexed hereto and made a part hereof as EXHIBIT C, and (B) reasonably detailed documentation, including, without limitation, invoices, as to the amount, necessity and purpose therefor. Subject to satisfaction of the preceding conditions, if Lender receives from Borrower or Manager a valid request for a disb▇▇▇▇▇▇nt for payment of Operating Expenses for the then current month at least five (5) Business Days in advance, then the disbursement in respect of such Operating Expenses shall be made as directed by Manager on the date so requested. Subsequent to the Completion Date, not more frequently than once each calendar month and provided that no Event of Default has occurred and is continuing, if in a given month the Borrower and/or Manager requires amounts to pay operating expenses in excess of the Operating Expenses set forth in the approved Budget ("EXTRA FUNDS"), Manager, at the time it delivers the Operating Expense Certificate, may deliver a written request to Lender for a disbursement of Extra Funds stating the amount of such Extra Funds and the purpose for which such amount is intended with attachments of copies of bills and other documentation as may be required by Lender to establish that such Extra Funds are reasonable and that such amounts are then due or expected to become due in that month. If Lender approves of such costs (such approval not to be unreasonably withheld), Lender shall r...