Draw Request Procedure; Funding Sample Clauses

Draw Request Procedure; Funding. The initial draw shall occur within ninety (90) days of the Inception Date. The final draw shall occur no later than May 21, 2004. Draw Requests are in the form of Exhibit D and shall include a detailed description of the specific bona fide operating expenses that the Corporation intends to pay with the requested funds. Provided that the Corporation complies with the Draw Request procedure, within seven (7) Business Days of receiving a Draw Request, the Lender will advance to the Corporation the amount of the Draw Request. The Loans shall be evidenced by the Notes and upon honoring a Draw Request, a Lender shall record such Draw Request on the grid attached to its respective Note.
Sample 1
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Draw Request Procedure; Funding. The Corporation may request a maximum of two (2) advances per month by delivering to both Lenders, three (3) Business Days prior to the 15th of such month (or the immediately preceding Business Day if the 15th is not a Business Day) and the last Business Day of each calendar month, a draw request in the form attached hereto as Exhibit F (a "Draw Request"), which shall describe in detail the amount of funds requested and the specific Indebtedness or other operating expenses that the Corporation intends to pay with the requested funds. Along with the Draw Request, the Corporation shall also deliver to the Lenders the cash flow report required pursuant to Section 6.1. Provided that the Corporation complies with the Draw Request procedure, within three (3) Business Days of receiving a Draw Request, Shaar will advance the initial $100,000 requested by the Corporation and Augustine will advance the next $100,000 requested by the Corporation. In connection with each Draw Request thereafter, Shaar may, in its sole discretion, elect to fund any portion of the amount requested by the Corporation by so notifying Augustine the next Business Day after receiving a Draw Request and then delivering such amount to the Corporation within three (3) Business Days after receiving the Draw Request; provided, however, that the aggregate principal amount of the Loans outstanding to Shaar at any time shall not exceed fifty percent (50%) of the aggregate principal amount of all Loans then outstanding. Provided that the Corporation complies with the Draw Request procedure, within three (3) Business Days of receiving a Draw Request, Augustine will advance to the Corporation the balance of any Draw Request not funded by Shaar. Notwithstanding anything to the contrary herein, a Lender shall not have any obligation to honor a Draw Request if such Lender has reason to believe that any certifications made by the Corporation in connection with such Draw Request are not true and correct as of the date of disbursement. The Loans shall be evidenced by the Notes and upon honoring a Draw Request, a Lender shall record such Draw Request on the grid attached to its respective Note.
Sample 1
Draw Request Procedure; Funding. The initial draw shall occur on the date hereof in the amount of $685,274 and shall represent the repayment of the monies borrowed pursuant to the verbal agreement plus accrued interest and deemed re-borrowed pursuant to the terms of this Agreement. No actual funds shall be transferred pursuant to such initial draw. The second draw also shall take place on or soon after the date hereof. It shall be for an amount equal to $160,207. Draw Requests are in the form of Exhibit D and shall include a detailed description of the specific bona fide operating expenses that the Corporation intends to pay with the requested funds. Provided that the Corporation complies with the Draw Request procedure, within three (3) Business Days of receiving a Draw Request, the Lender will advance to the Corporation the amount of the Draw Request. The Loans shall be evidenced by the Notes and upon honoring a Draw Request, a Lender shall record such Draw Request on the grid attached to its respective Note.
Sample 1

Related to Draw Request Procedure; Funding

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

  • Funding Request The Borrower hereby requests the Funding pursuant to Section 2.1 and Section 2.3 of the Loan Agreement.

  • Request for Borrowing The Administrative Agent shall have received a Request for Borrowing or Request for Letter of Credit, together with a Borrowing Base Certificate;

  • Disbursement Procedure (a) The Borrower may request Disbursements by delivering to IFC, at least 10 Business Days prior to the proposed date of disbursement, a Disbursement request substantially in the form of Schedule 2 (Form of Request for Disbursement).

  • Advance Request To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request (at least one (1) Business Day before the Closing Date and at least five (5) Business Days before each Advance Date other than the Closing Date) to Agent. The Lenders shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested Advance Date.

  • 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:

  • Procedure for Borrowing The Borrower may borrow under the Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice, which notice must be executed by a Responsible Officer of the Borrower and received by the Administrative Agent prior to (a) 12:30 P.M., New York City time, three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) 12:00 Noon, New York City time, on the requested Borrowing Date, in the case of ABR Loans. Each such notice shall specify (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, ABR Loans, or a combination thereof and (iv) if the borrowing is to be entirely or partly of Eurodollar Loans, the respective lengths of the initial Interest Periods therefor. Each borrowing under the Commitments shall be in an amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (y) in the case of Eurodollar Loans, $10,000,000 or a whole multiple of $1,000,000 in excess thereof; provided that a borrowing under the Commitments that is an ABR Loan may be in any aggregate amount that is required to finance the reimbursement of all or a part of an LC Disbursement as contemplated by Section 3.5. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in Section 9.2 prior to 1:00 P.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders promptly upon receipt thereof and in like funds as received by the Administrative Agent; provided that Loans made to finance the reimbursement of an LC Disbursement as provided in Section 3.5 shall be remitted by the Administrative Agent to the applicable Issuing Lender.

  • Disbursement Procedures The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

  • Completion of a Utilisation Request (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

  • 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.

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