Draw Request Sample Clauses

Draw Request. At such time as the Borrower shall desire to obtain, subject to the other requirements hereof, a disbursement of any portion of the proceeds of the Loan, the Borrower shall complete, execute and deliver to the City a properly completed draw request in a form designated by the City, together with the General Contractor's Payment Request which shall have been approved by the City's Inspector and by such other documents as the City may request ("Draw Request"), all in such form as the City may require from time to time. No failure or delay on the part of the City to require any such documents or information shall operate in any way so as to waive the City's rights to require all such documents and information at a later time. Draw requests will occur no more often than monthly, only with proper certification of completion from the Architect, and with the xxxxx 0% retainage being paid only after receipt of a Certificate of Occupancy and Release of Liens. All draw disbursements shall be made in accordance with the Escrow and Disbursing Agreement.

Draw Request. As a condition to making an Advance, Borrower shall submit a draw request (“Draw Request”) in substantially the form of Schedule 2.03 attached hereto or another form acceptable to Lender, identifying the Obligation to be funded by the Advance, and delivered at least one (1) Business Day prior to the date the requested Advance is to be funded, with the blanks completed so as to accurately reflect the facts as of the date thereof, signed by an officer of Borrower who shall certify to Lender the accuracy of the information in, and any documentation submitted with, the Draw Request. Lender shall lend to Borrower the amount of the requested Advance shown on the Draw Request associated with an unfunded Obligation, but only if, with respect to all Advances, at the time of such Advance: (a) The outstanding principal balance of all Obligations, plus the amount of the requested Advance, does not exceed the lesser of: (i) $25,000,000; or (ii) the lesser of (x) the amount of the Borrowing Base available as of a Computation Date, or (y) the Maximum Amount available as of a Computation Date; as permitted under Section 2.01 above; (b) Lender’s obligation to lend hereunder has not been terminated pursuant to any provision hereof; (c) No Event of Default exists, and no event has occurred and no condition exists which, with the lapse of time or notice or both, could become an Event of Default; (d) No legal proceeding is pending or threatened against Borrower or any Subsidiary by or before any Tribunal which might, in the reasonable opinion of Lender, have a material adverse effect upon the business, operations, or financial condition of Borrower or any Subsidiary; (e) All conditions precedent to the obligations of Lender to make the Advance have been complied with; and (f) The consummation of such Advance shall not violate any applicable provision of any law, the Intercreditor Agreement or the Indenture. Lender, at its option, may waive any condition precedent to an Advance.

Draw Request. At such time as the Borrower shall desire to obtain, subject to the other requirements hereof, a disbursement of any portion of the proceeds of the Loan, the Borrower shall complete, execute and deliver to the City a properly completed draw request in a form designated by the City, together with the General Contractor's Payment Request which shall have been approved by the City's Inspector and by such other documents as the City may request ("Draw Request"), all in such form as the City may require from time to time. No failure or delay on the part of the City to require any such documents or information shall operate in any way so as to waive the City's rights to require all such documents and information at a later time. Draw requests will occur no more often than monthly, only with proper certification of completion from the Architect, and with the xxxxx 0% retainage being paid only after receipt of a Certificate of Occupancy, Release of Liens and Final Cost Certification as approved by the project architect.

Draw Request. A Draw Request complying with the provisions of Section 3.1 hereof.

Draw Request. A Draw Request complying with the requirements hereof;

Draw Request. A Draw Request complying with the provisions of this Agreement which shall constitute Borrower’s representation and warranty to Lender that: (a) any completed construction is substantially in accordance with the Plans and Specifications, (b) all costs for the payment of which Lender have previously advanced funds have in fact been paid, (c) all the representations and warranties contained in Article IV of this Agreement continue to be true and correct in all material respects, (d) no Event of Default shall have occurred and be continuing hereunder, and (e) Borrower continues to be in compliance in all respects with all of the other terms, covenants and conditions contained in this Agreement.

Draw Request. Each Draw Request shall be true, complete and accurate and the submission of same shall constitute a reaffirmation of the representations, warranties and covenants contained herein.

Draw Request. Borrower shall submit a Draw Request in accordance with the provisions of this Agreement;

Draw Request. A Draw Request complying with the requirements hereof, including those set forth in Section 3.01 hereof;

Draw Request. The Borrower has submitted to the Lender and the Disbursing Agent a Draw Request for each such Advance, which such Draw Request shall comply with the requirements contained in this the MLA, this Supplement and the Disbursing Agreement;