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:
(a) to the account which the Borrower specifies in the relevant Drawdown Notice; and
(b) in the like funds as the Agent received the payments from the Lenders.
Disbursement of Advance. Subject to the provisions of this Agreement, the Lender shall on each Drawdown Date make each Advance to the Borrower; and payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice.
Disbursement of Advance. Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrowers the amounts which the Agent receives from the Lenders under Clause 4.5 and that payment to the Borrowers shall be made:
(a) to the account which the Borrowers specify in the Drawdown Notice; and
(b) in like funds as the Agent received the payments from the Lenders. The payment by the Agent under this Clause 4.6 shall constitute the making of the Advance and the Borrowers shall at that time become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender’s participation in the Advance.
Disbursement of Advance. Subject to the provisions of this Agreement, the Lender shall on each Drawdown Date make available the relevant Advance to the Borrowers; and payment to the Borrowers shall be made to the account which the Borrowers specify in the relevant Drawdown Notice.
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:
(a) to the account of the Original Buyer or the Builder, as the case may be, which the Borrower specifies in the Drawdown Notice and any amount in excess of the amounts payable to either the Original Buyer or the Builder hereunder to the account of the Borrower; and
(b) in the like funds as the Agent received the payments from the Lenders.
Disbursement of Advance. Upon purchase by Summit of an Account for which there has been an underlying advance based upon Acceptable Inventory, the Advance shall be disbursed to Summit to repay the underlying advance based upon Acceptable Inventory and all interest and Fees and Charges owing in connection therewith. The remainder, if any, shall be disbursed in accordance with the terms and conditions of the Financing Agreement.
Disbursement of Advance. At Lender’s option, Lender may make advances of the Construction Loan directly into a separate construction disbursement account or other Borrower account with Lender, to Borrower directly, to a title insurance company or other third party, or directly to the general contractor, subcontractor, materialmen or other suppliers providing labor, services or materials in connection with the Project Lender shall have no obligation after making Construction Loan disbursements in a particular manner to continue to make Construction Loan disbursements in that manner. Notwithstanding the foregoing, Lender’s records of any advance made pursuant to this Agreement shall, in the absence of manifest error, be deemed correct and acceptable and binding upon Borrower.
Disbursement of Advance. At Lender’s option, Lxxxxx may make advances of the Loan directly into a separate construction disbursement account or other Borrower account with Lender, to Borrower directly, to a title insurance company or other third party, directly to the general contractor, subcontractor, materialmen or other suppliers providing labor, services or materials in connection with the construction of the Project, or jointly to Borrower and any such person. Lender shall have no obligation after making Advances in a particular manner to continue to make Advances in that manner. Notwithstanding the foregoing, Lxxxxx’s records of any Advance made pursuant to this Agreement shall, in the absence of manifest error, be deemed correct and acceptable and binding upon Borrower.
Disbursement of Advance. Subject to the provisions of this Agreement:
(a) Each Lender shall before 11:00 a.m. (New York City time) make its Ratable Portion of each Advance available to the Facility Agent, for the account of the Borrower, on and with the value date of the Expected Drawdown Date for such Advance. After the Facility Agent’s receipt of such funds and upon fulfillment or waiver of the applicable conditions set forth in Clause 8 hereof, the Facility Agent will make such funds available to the Borrower by paying such funds to such account(s) which the Borrower specifies in the Drawdown Notice. The payment by the Facility Agent under this Clause 3.4 to such account(s) shall constitute the making of each Advance to the Borrower and the Borrower shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to such Lender’s Ratable Portion of an Advance.
(b) Unless the Facility Agent shall have received notice from a Lender prior to the relevant Expected Drawdown Date that such Lender will not make available to the Facility Agent such Lender’s Ratable Portion of the applicable Advance, the Facility Agent may assume, or at its option request confirmation from such Lender, that such Lender has made its Ratable Portion available to the Facility Agent on such date in accordance with subsection (a) of this Section 3.4 and the Facility Agent may, in reliance upon such assumption or confirmation (as the case may be), make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such Ratable Portion available to the Facility Agent, such Lender and the Borrower (but without duplication) severally agree to repay to the Facility Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to the Borrower by the Facility Agent until the date such amount is repaid to the Facility Agent, at the LIBOR rate for overnight or weekend deposits. If such Lender shall pay to the Facility Agent such corresponding amount, such amount so paid shall constitute such Lender’s Ratable Portion of the applicable Advance for purposes of this Agreement. Nothing in this Clause 3.4(b) shall be deemed to relieve any Lender of its obligation to make Advances to the extent provided in this Agreement.
(c) In the event that the Borrower is required to repay all or a portion of an Advance pursuant to Clause 3.4(b), as between the Bo...
Disbursement of Advance. At Bank's option, Bank may make advances of the Loan directly into a separate construction disbursement account or other Borrower account with Bank, to Borrower directly, to a title insurance company or other third party, directly to the General Contractor, subcontractor, materialmen or other suppliers providing labor, services or materials in connection with the construction of the Project, or jointly to Borrower and any such person. Bank shall have no obligation after making Advances in a particular manner to continue to make Advances in that manner. Notwithstanding the foregoing, Bank's records of any Advance made pursuant to this Agreement shall, in the absence of manifest error, be deemed correct and acceptable and binding upon Borrower. If at any time the unfunded balance of the Loan allocated for a particular line item is insufficient to cover the approved budgeted cost of such line item, the overrun shall be paid by any excess funds left: (i) first in a complete line item; (ii) next in any line items which Borrower can reasonably demonstrate will contain an excess balance once such item is completed and approved by Bank's Inspector; and then (iii) by an infusion of Borrower's funds prior to Bank making further disbursements under the Loan.
