Application for Advances Clause Samples

Application for Advances. The Member may apply for Advances or commitments by completing and submitting an Application for Advance or requesting Other Credit Product services. The preceding sentence notwithstanding, the Bank may in its discretion make an Advance, make a commitment, or deliver Other Credit Products to the Member pursuant to the Bank Act, FHFB Regulations, Credit Policies, and other Bank procedures in effect from time to time, and by either (I) the receipt of an oral or written application which is executed by the Bank without change, or (II) in the case of an application received, completed or modified by the Bank pursuant to a telephonic or other unsigned communication by the Member, by an Advice of Credit writing generated by the Bank. The Member shall be estopped from asserting any claim or defense with respect to the terms applicable to an Advance, commitment, or Other Credit Product entered into pursuant to a telephone application or other unsigned communication unless, within two (2) business days of receipt of the Bank's advice, the Member delivers to the Bank a written notice specifying the disputed term(s) or condition(s). The Bank shall have the absolute right to rely upon the procedures established hereby or pursuant to the terms hereof and shall have no liability to the Member for any actions taken or omitted to be taken in connection with such procedures. The member agrees that it will hold the Bank and each of its employees, officers, directors, agents, and representatives harmless from any loss, liability or damage which the Member may suffer, including without limitation, lost profits and attorneys' fees and disbursements, arising out of or in connection with such procedures, absent fraud, willful misconduct, or recklessness on the part of the Bank.

Application for Advances. Borrower shall apply for Advances from the Loan Fund according to the following disbursement schedule: 2 draws per month. Each application shall be stated on a standard AIA payment request form or other form approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. Borrower shall apply only for disbursement with respect to work actually done by the General Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such application, all representations and warranties contained in the Agreement are true and correct, and that Borrower is in compliance with all of the provisions of this Agreement.

Application for Advances. Borrower shall apply for Advances from the Loan Fund according to the following disbursement schedule: PERCENTAGE OF COMPLETION BASED ON LENDER’S INSPECTION FORM. LENDER MAY ADVANCE FUNDS FOR SUBCONTRACTORS, MATERIAL SUPPLIERS, AND OTHER INVOICES FOR WORK PERFORMED BY THIRD PARTY VENDORS. Each application shall be stated on a standard AIA payment request form or other form approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. Borrower shall apply only for disbursement with respect to work actually done by the General Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such application, all representations and warranties contained in the Agreement are true and correct, and that Borrower is in compliance with all of the provisions of this Agreement.

Application for Advances. Each application shall be stated on a standard AIA payment request form or other form approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. With regard to Tenant Improvements, such requests and Advances shall (a) be in increments of not less than $250,000.00 and (b) not exceed the aggregate amount of $43.59 per square foot. With regard to Capital Expenditures, such requests and Advances shall be for a minimum disbursement of $10,000.00. Borrower shall apply only for disbursement with respect to work actually done by Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such application, Borrower is in compliance with all of the provisions of this Agreement and the Loan Documents. If Lender determines, in its sole and absolute discretion that all terms and conditions for the Advance are met, Lender shall make the Advance, less ten percent (10%) of such amount as retainage, within seven (7) business days of approval of the request. Lender shall not be obligated to make more than one (1) Advance every thirty (30) days per Tenant Improvements or Capital Expenditures project.

Application for Advances. Each application shall be stated on a standard AIA payment request form or other form approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. With regard to the WF TI/LC Funds and the ▇▇▇ TI/LC Funds, such requests and Advances shall be in increments of not less than $150,000.00. With regard to the Vacant Space TI/LC Funds, such requests and Advances shall (a) be in increments of not less than $250,000.00 and (b) not exceed the aggregate amount of $39.09 per square foot. Borrower shall apply only for disbursement with respect to work actually done by Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such application, Borrower is in compliance with all of the provisions of this Agreement and the Loan Documents. If Lender determines, in its sole and absolute discretion that all terms and conditions for the Advance are met, Lender shall make the Advance, less ten percent (10%) of such amount as retainage, within seven (7) business days of approval of the request. Lender shall not be obligated to make more than one (1) Advance every thirty (30) days per Tenant Improvement project.

Application for Advances. (a) Applications for each advance under this Agreement for payments to the General Contractor shall be made by the Borrower on or about the first day of each month and at least fifteen (15) days before the date upon which the advance is desired. Each such application shall be set forth on the Payment Request form approved by the Lender, executed by the Borrower and the General Contractor and, if required by the Lender, be accompanied by a written certification of the Lender’s Inspector (as defined in Section 5.8). The application shall be for work actually done by the General Contractor under its Construction Contract and for materials and equipment actually incorporated into the Improvements or delivered to, inventoried and stored on the construction site for incorporation into the Improvements, during the preceding month (or, in the case of the first such application, prior to the date of such application) and shall not exceed the value of all suitably stored materials and equipment and the value of the work, as certified by the Borrower, General Contractor and the Lender’s Inspector, acceptably completed by the General Contractor to the date thereof, less a retention (the Retention) of ten percent (10%) and less the aggregate of all prior payments made to the General Contractor pursuant to the Construction Contract. Retention will not be required after fifty percent (50%) of the work is completed. Such certification by the Borrower, General Contractor and the Lender’s Inspector (if any) shall state, among other things, that the aggregate of all payments made to the General Contractor under the Construction Contract, plus the advance applied for, does not exceed one hundred percent (100%) of the value less the Retention — such value being calculated as if the work and materials were part of a completed structure, as determined by the Lender — of all work acceptably done, all materials and equipment actually incorporated into the Improvements by the General Contractor to the date thereof, and all materials and equipment delivered to and stored on the construction site (or off-site if approved in writing by the Lender) for incorporation into the Improvements; (b) If any application for an advance is to cover, in whole or in part, a payment to the Borrower, the General Contractor or others for the cost of hardware, machinery, apparatus, appliances, equipment or other materials (hereinafter collectively referred to as Materials) stored on or off the construc...

Application for Advances. The Member may apply for Advances or commitments by completing and submitting an Application for Advance or requesting Other Credit Product services. The preceding sentence notwithstanding, the FHLBI may in its discretion make an Advance, make a commitment, or deliver Other Credit Products to the Member pursuant to the Bank Act, FHFB Regulations, Credit Policies, and other FHLBI procedures in effect from time to time, and by either (i) the receipt of an oral or written application which is executed by the FHLBI without change, or (ii) in the case of an application received, completed or modified by the FHLBI pursuant to a telephonic or other unsigned communication by the Member, by an Advice of Credit or other writing generated by the FHLBI. The Member shall be estopped from asserting any claim or defense with respect to the terms applicable to an Advance, commitment or Other Credit Product entered into pursuant to a telephone application or other unsigned communication unless, within ten (10) business days of receipt of the FHLBI's Advice of Credit or other writing, the Member delivers to the FHLBI a written notice specifying the disputed term(s) or condition(s). The FHLBI shall have the absolute right to rely upon the procedures established hereby or pursuant to the terms hereof and shall have no liability to the Member for any actions taken or omitted to be taken in connection with such procedures. The Member agrees that it will hold the FHLBI and each of its employees, officers, directors, agents, and representatives harmless from any loss, .liability or damage which the Member may suffer, including without limitation, lost profits and attorneys' fees and disbursements, arising out of or in connection with such procedures, absent fraud, willful misconduct, or recklessness on the part of the FHLBI.

Application for Advances. Each application shall be stated on a standard AIA payment request form or other form approved by Lender, executed by Borrower, and supported by such evidence as Lender shall reasonably require. Borrower shall apply only for disbursement with respect to work actually done by the General Contractor and for materials and equipment actually incorporated into the Project. Each application for an Advance shall be deemed a certification of Borrower that as of the date of such application, all representations and warranties contained in the Agreement are true and correct, and that Borrower is in compliance with all of the provisions of this Agreement.

Application for Advances. Each requisition shall be executed by ▇▇▇▇▇▇▇▇ and supported by such evidence as Majority Owner shall reasonably require. Borrower shall apply only for disbursement with respect to work actually done in accordance with the Budget and for materials and equipment actually incorporated into the Project. Each requisition shall be deemed a certification of Borrower that as of the date of such requisition, all representations and warranties contained in the Agreement are true and correct, and that Borrower is in compliance with all of the provisions of this Agreement. Only one Loan draw will be allowed each month unless otherwise agreed by Majority Owner.