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. 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 (1) the receipt of an oral or written application which is executed
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 requisition shall be executed by Xxxxxxxx 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.
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.
Application for Advances. Subject to the provisions of the Note, which shall control in the case of any inconsistency with the provisions of this Section, Borrowers apply for each Advance of the Loan in writing, accompanied by a certificate in form and substance acceptable to the Bank confirming (including showing the requisite calculations) that the aggregate principal amount of the Loan will not exceed the Commitment Limit (hereinafter defined) after giving effect to the Advance being requested, and certifying that the representations and warranties of Borrowers contained in this Agreement remain in full force and effect and that no Event of Default, as hereinafter defined (or circumstance that with any applicable required notice and/or period of cure would become an Event of Default), is existing or will exist after giving effect to the Advance being requested. Each Advance shall be in the aggregate amount of not less than Five Hundred Thousand and No/100 Dollars ($500,000.00), or integral multiples thereof, and shall be credited into a demand deposit account maintained by the Borrowers with the Bank. The Bank shall endeavor to effect credit of the proceeds of any Advance requested prior to 11:00 a.m. on the same business day on which application for such Advance is received by the Bank. Proceeds of any Advance for which a request is received by the Bank after 11:00 a.m. may not be credited, at the option of the Bank, until the next business day. The date and amount of each Advance made by the Bank, and the date and amount of each payment or prepayment of principal of the Loan shall be recorded by the Bank, but any failure of the Bank so to record such dates or amounts shall not relieve the Borrowers of their obligations hereunder or under the Note evidencing the Loan. Each Borrower agrees that the Bank's books and records as to the amounts due under the Loan shall be deemed to be presumptively correct except for manifest error.
Application for Advances. An application for each advance, in form approved by Lender, shall be filed a reasonable time before the date upon which an advance is desired, certified to by: (i) Borrower’s architect, engineer or inspector, if any, as approved by Lender; (ii) such inspector or engineer as required by Lender, in its discretion; (iii) Borrower; and (iv) with respect to any of Tenant’s Work, approved by Tenant in accordance with the Work Letter. Such application shall contain such information as Lender may reasonably request, including proof of payment to Contractor, including all contractors, subcontractors, materialmen, laborers, vendors, suppliers and all others providing labor and materials for the Improvements (in the case of subcontractors, with respect to amounts greater than $10,000.00). With respect to lien waivers from Contractor, the same may be conditional based on payment of current amounts due, and with respect to any final lien waiver shall be submitted to Lender within ten (10) days following advancement therefor. Following any event of default by Borrower and/or with the prior consent of Borrower, amounts advanced under the Loan on behalf of Borrower may be delivered directly to any Contractor, or in Lender’s discretion may be funded by a check issued jointly to Borrower and any such Contractor. Lender shall have the right to enter the Property and to inspect the Work at any time. Additionally, Lender shall have the right to inspect all books and records of Borrower relating to the Property and the Improvements. Lender shall have the absolute right to communicate directly with any contractors, workmen, artisans, materialmen, suppliers or subcontractors. Lender shall not be obligated to advance for any Work not approved by Lender. Lender may, but is not obligated to, exercise any of the rights of Borrower or Architect (as defined in the Construction Agreement) in deciding to reduce or withhold all or any part of any requested advance or payment.
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. 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.
