Disbursement of Additional Advances Sample Clauses

Disbursement of Additional Advances. Subject to the satisfaction of the terms and conditions set forth below, Borrower shall be entitled to receive Additional Advances in an aggregate amount not to exceed (i) the Project Advance Amount to fund Approved Project Expenditures and (ii) the Interest and Carry Costs Advance Amount to pay for Interest and Carry Costs. All disbursements shall be applied by Borrower solely for the purposes for which the funds have been disbursed. All Additional Advances, once advanced, shall bear interest at the Interest Rate. It is hereby agreed that Lender shall have no obligation to advance more than the Mortgage Funding Share of the amount of each Combined Advance required to be disbursed under this Agreement. 2.1.5
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Disbursement of Additional Advances. Borrower may submit a Draw Request in the form attached as Exhibit E from time to time, but no more frequently than monthly (or twice monthly for the following subcontractors: framing, drywall, retaining walls, electrical, trim, carpentry, HVAC, floor coverings, concrete, final-clean and plumbing), for the payment of the cost of labor, materials, and services supplied for the construction of the Project and other costs incurred in connection with the Project, all to the extent contemplated in the Construction Budget (“Additional Advance”). Lender may require, at Borrower’s expense, an inspection of, and favorable report upon, the Project, as built at the time of the Draw Request, by the Inspecting Architects/Engineers prior to making any Additional Advance. Each Draw Request shall be submitted by Borrower to Lender not less than ten (10) Business Days prior to the date upon which the Additional Advance requested is desired by Borrower. Upon satisfaction of all conditions precedent to Lender’s obligation to make Additional Advances hereunder, and provided that the Additional Advance, when aggregated with the Senior Mezzanine Advance Amount, does not exceed the Maximum Aggregate Advance Amount and is consistent with the Construction Budget, Lender shall fund to Borrower the requested Additional Advance (less the portion of the amount in the related Draw Request that is simultaneously funded under the Senior Mezzanine Loan Agreement), on the later of (i) the date such advance is requested in the Draw Request, and (ii) five (5) Business Days after receipt of a complete Draw Request, together with the required accompanying materials, reasonably satisfactory to Lender.
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Disbursement of Additional Advances. No later than 2:00 p.m., New York City time, on the Payment Date specified by Borrower in its request for any Additional Advance, provided all Additional Advance conditions precedent to the making of such Additional Advance have been satisfied by Borrower or waived by Lender, Lender will make such Additional Advance pursuant to the terms hereof in accordance with the wire instructions provided by Borrower.
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Related to Disbursement of Additional Advances

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrower under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows:

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.

  • Disbursement of Advance Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Additional Advances The Parties hereby agree that during the period from May 1, 2011 through July 31, 2011, the Payee has made additional advances to the Maker, in the aggregate amount of $15,940, in payment of the Maker’s operating expenses during that period, so that effective as of July 31, 2011, the total outstanding principal amount due and payable pursuant to the Note is $226,973.

  • Advances; Reimbursement of Advances (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA or the Note A-2 PSA, as applicable.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Disbursement of Loan Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Disbursement of the Loan Disbursements will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization and Agreement and the general requirements of SBA. · Disbursements may be made in increments as needed. · Other conditions may be imposed by SBA pursuant to general requirements of SBA. · Disbursement may be withheld if, in SBA's sole discretion, there has been an adverse change in Borrower's financial condition or in any other material fact represented in the Loan application, or if Borrower fails to meet any of the terms or conditions of this Loan Authorization and Agreement. · NO DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION AND AGREEMENT UNLESS SBA, IN ITS SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD. PARTIES AFFECTED · This Loan Authorization and Agreement will be binding upon Borrower and Borrower's successors and assigns and will inure to the benefit of SBA and its successors and assigns.

  • Disbursement of Loan Proceeds (a) The State shall disburse Federal Funds earmarked for the Loan to the Borrower in accordance with the terms hereof. Before each and every disbursement of the proceeds of the Loan by the State to the Borrower, the Borrower shall in accordance with the procedures set forth in the Regulations submit to the State a requisition executed by an Authorized Officer of the Borrower.

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

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