Applications for Advances. Borrower shall make applications for advances of Loan proceeds from Lender on the forms that Lender approves in writing. Borrower shall make each such application at least five (5) business days before the advance shall be called for, in order to permit Lender to make such inspections as it shall from time to time consider appropriate. Lender shall perform the construction progress inspections of the Units within the Mortgaged Property (including inspections of the foundations). Borrower shall pay to Lender all inspection fees and expenses incurred by Lender prior to or at the time of the advance requested for each visit by Lender to inspect the construction progress of the Units. Each application for an advance of Loan proceeds shall be in such form and include such detail as Lender may require. Provided such inspections are satisfactory, Borrower shall be permitted two (2) advances or draws of the proceeds of the Loans each calendar month.
Applications for Advances. 7.1 The Borrower may apply for an Advance by submitting an application to the Corporation in a manner and form prescribed by the Corporation from time to time which includes submissions via the Client Portal, a digital platform or via such other electronic media nominated by the Corporation from time to time. 7.2 The Borrower shall obtain in advance of making an application all necessary approvals, authorisations and consents that are necessary in respect of each Advance. 7.3 The making of each Advance is subject to the condition that the Corporation’s credit criteria in effect at the relevant time for such lending are met by the Borrower. 7.4 The Borrower shall upon request provide the Corporation with such information as may be reasonably required by the Corporation to determine whether its credit criteria are met by the Borrower. 7.5 A determination made by the Corporation as to whether its credit criteria are met by the Borrower shall be final and the Corporation shall not be required to disclose such details of the determination to the Borrower. 7.6 The Corporation may at its discretion cancel or delay the making of an Advance if any required information in relation to the Borrower is not provided to the Corporation in a timely manner to undertake/complete its credit assessment. The costs incurred by the Corporation in connection with the cancelling or delaying of an Advance as certified by the Corporation shall be promptly paid to the Corporation by the Borrower. 7.7 The Corporation may in its absolute discretion decline an application for an Advance where the Borrower has not met the Corporation’s credit criteria in effect at the relevant time and where the Advance is not considered by the Corporation to be financially sustainable. 8.
Applications for Advances. Requests for an Advance hereunder shall be made via telephone or via an Internet Portal Service offered by the Bank to its members for such purpose. All requests for Advances made via an Internet Portal Service shall be subject to, among other things, the terms and conditions set forth in Article 9 of the Correspondent Services Agreement. Both the Bank and the Member may electronically record all telephonic requests for an Advance as well as any other telephone conversations relating to any such Advance.
Applications for Advances. Advances for the payment of costs of labor, materials, and services supplied for the construction of the Improvements shall be made by Lender, not more frequently than once a month, upon compliance by Borrower with this Agreement after actual commencement of construction of the Improvements for work actually done during the preceding period. Not more frequently than once a month, unless Borrower and Lender agree, in writing, on more frequent Advances, Borrower shall submit an Application for Advance to Lender requesting an Advance for the payment of costs of labor, materials, and service supplied for the construction of the Improvements or for the payment of other costs and expenses incident to the Loan, the acquisition of the Property, or the construction of the Improvements, and specified in the Approved Budget. Each Application for Advance shall be submitted by Borrower to Lender in a reasonable time, but not less than ten (10) business days prior to the date on which an Advance is desired by Borrower. Upon receipt of the Application for Advance, Lender may request an inspection of and require a favorable report on the Improvements by the Inspecting Architects/Engineers prior to making any Advance. The Inspecting Architects/Engineers shall certify to Lender that at the time an Application for Advance is made: (a) the Advance requested is in proportion to the work completed; (b) that all work has been performed in a good and workmanlike manner; (c) that construction of the Improvements is proceeding diligently and in accordance with the Plans; and (d) there are sufficient funds remaining to complete the construction of the Improvements consistent with the line items and aggregate amounts specified in the Approved Budget. Lender's receipt of any such certification shall not be deemed as Lender's acceptance of any such work completed or a waiver by Lender of any of Lender's rights to seek full performance of the requirements of this Agreement from Borrower.
Applications for Advances. Mortgagor shall make written applications to Mortgagee for advances of proceeds of the Loan. Applications for advances shall be for amounts equal to: (i) the total value of classes of the work acceptably completed; plus (ii) the value of materials and equipment not yet incorporated in the work, but delivered to and suitably stored at the Development; less (iii) five percent (5%) holdback of Construction Contract amounts, or such lesser percent holdback that Mortgagee may determine to be appropriate in its sole discretion (until work has been inspected and found by Mortgagee to be more than ninety-five percent (95%) completed; thereafter, such retainage or any part thereof may be either advanced at the discretion of Mortgagee or retained until Mortgagee shall determine Mortgagor has complied with all of the terms and conditions of Connecticut General Statutes Sections 8-253(b) and 8-253a)), less (iv) all prior advances. The “values” of both (i) and (ii) above shall be computed in accordance with the amounts assigned to classes of the work in the “Contractor’s and/or Mortgagor’s Project Cost Summary”, accepted by Mortgagee. Each completed application for advances shall be delivered to Mortgagee at least five (5) business days before the date the advance is desired, and Mortgagor shall be entitled only to such amount as may be accepted by Mortgagee. Unless otherwise determined by Mortgagee, retainage shall be released only to Mortgagor and as provided under the Act, as amended from time to time, this Agreement, and the Construction Contract. Upon determination by Mortgagee in writing that the Development has been substantially (more than 95%) completed, and upon receipt of both a certificate of substantial completion issued by the supervising architect and cost certification satisfactory to Mortgagee, retainage may be released or reduced solely at the discretion of Mortgagee in accordance with C.G.
Applications for Advances. Advances for the payment of costs of labor, materials, and services supplied for the construction of the Improvements shall be made by Lender, not more frequently than once a month, upon compliance by Borrower with this Agreement after actual commencement of construction of the Improvements for work actually done during the preceding period. Not more frequently than once a month, unless Borrower and Lender agree, in writing, on more frequent Advances, Borrower shall submit an Application for Advance to Lender requesting an Advance for the payment of costs of labor, materials, and service supplied for the construction of the Improvements or for the payment of other costs and expenses incident to the Loan, the acquisition of the Property, or the construction of the Improvements, and specified in the Approved Budget. Each Application for Advance shall be submitted by Borrower to Lender in a reasonable time, but not less than ten (10) days prior to the date on which an Advance is desired by Borrower. Upon receipt of the Application for Advance. Lender may request an inspection of and require a favorable report on the Improvements by the Inspecting Architects/Engineers prior to making any Advance, provided that such request is made and such report is delivered timely to avoid any default under the Development Agreement or the Construction Contract. The Inspecting Architects/Engineers shall certify to Lender that at the time an Application for Advance is made: (a) the Advance requested is in proportion to the work completed in accordance with the Development Agreement and the Construction Contract;
Applications for Advances. At least ten (10) Business Days before the requested date of each Advance, Borrower shall deliver to Bank an Application for Advance. Each Application for Advance shall be irrevocable and shall specify the amount of the Advance and the Business Day for which the Advance is requested. Except as otherwise previously or concurrently disclosed to Bank in writing, each Application for Advance by or on behalf of Borrower shall be deemed to ratify and confirm that all representations and warranties in this Agreement and the other Loan Documents remain true and correct as of the date of the Application for Advance, and unless the Bank is notified to the contrary before the Advance is made, Borrower's acceptance and use of the funds so advanced shall be deemed to ratify and confirm that all such representations and warranties remain true and correct on the date of such Advance.
Applications for Advances. For the Initial Advance and for each subsequent Advance, Applications for Advances under this Loan Agreement for the payment of construction costs of the Improvements may be made by Borrower subject to satisfaction of each and all of the conditions contained in Sections 4.3 and 4.4 of this Loan Agreement and each of the following additional conditions precedent:
Applications for Advances. Construction Agent shall make applications for Advances from the Escrow Funds (each, an “Application for Payment”) for the Work performed by the GC and any other contractors, subcontractors or materialmen (collectively, the “Vendors”) engaged by Construction Agent, acting as agent for the benefit of Landlord or Construction Agent, on a basis to be agreed between the GC and the Construction Agent in the Construction Agreement, subject to a ten percent (10%) retainage as provided in the Construction Agreement and other applicable Work Agreements. Construction Agent shall provide the following, in form and substance reasonably acceptable to Landlord and the Construction Consultant, twenty (20) days prior to the date requested by Construction Agent for approval of each disbursement by the Escrow Agent of each progress payment (“Advance”) to the Vendors, which Advance request shall be in the form attached hereto as Exhibit “D” and shall be provided to Landlord on the same date as the following submittals:
Applications for Advances. Grantee may request Advances under this Agreement in accordance with the Funds Budget and the Project Budget. Grantee will not request Advances until Funds are actually needed for payment for reimbursements of eligible costs. Grantee may not increase, decrease, or otherwise reallocate line items of the Funds Budget or Project Budget without the prior written consent of City.
