Draw Requests. (a) Borrower shall deliver to Lender, no more often than weekly, the Draw Request, along with evidence of the Project costs funded during the preceding month (whether from Loan proceeds or otherwise), copies of all invoices included in such disbursement, together with all other supplemental and related documents required by Lender.
(b) As a condition precedent to the first Advance and each subsequent Advance of the Loan proceeds, Borrower shall furnish or cause to be furnished to Lender the following documents covering each draw request, as applicable, in form and substance satisfactory to Lender:
(i) A fully executed Borrower’s Draw Request, in the forms attached hereto as Exhibits A and B-1 together with a copy of Borrower’s letter of request in the form attached as Exhibit B-2, and an itemized summary of all costs included in such Draw Request;
(ii) Copy of the previous Draw Request and attachments together with a cash disbursement summary noting the invoice, payment date, check number or wire identification number and a reconciliation of all funds disbursed;
(iii) Copies of any change orders, whether proposed or executed, which have not been previously furnished to Lender;
(iv) Such other documentation as may be required by the Title Company to issue an endorsement to and continuation of the Title Policy covering the amount of the requested Advance, and all Advances made to date, reflecting that there have been no mechanics’ or materialmen’s liens filed since the date of the issuance of the Title Policy, and updating the effective date of the Title Policy to the relevant Advance date, which endorsement shall be provided at Borrower’s expense. Upon demand of Lender, Borrower shall immediately cause any liens or other matters to be satisfied;
(v) Copies of all material licenses and permits not previously delivered by Borrower to Lender that are required in connection with the work giving rise to the Project costs intended to be paid with such proceeds and all subcontracts relating to such work; and
(vi) Such other information as Lender may reasonably require to verify the substance of a Draw Request.
Draw Requests. As a condition to each draw request or other request for an advance hereunder and each receipt of the funds requested thereby, Borrower’s representations and warranties set forth in this Agreement shall be true and correct as of the date of the draw request or other request for an advance and, unless Lender is notified to the contrary prior to the disbursement of the advance requested, will be so on the date of the disbursement.
Draw Requests. (a) So long as no Default shall exist and subject to all other terms, covenants, conditions and agreements of this Agreement, Lender shall make Advances for Improvements pursuant to the Budget, to the extent that funds are available for those purposes and so long as Borrower has paid for any and all costs in excess of the amount to be funded pursuant to Advances of the Loan in accordance with the Budget, subject to the other terms, covenants, conditions and agreements of this Agreement. Advances for Improvements shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form of Schedule 3 or in another form approved by Lender. If required by Lender, a draw request for Improvements shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, and shall be accompanied by (i) evidence satisfactory to Lender that the Improvements or such portion of them for which Loan proceeds are being requested have been completed in a good and workmanlike manner (including, if required by Lender, site access to Lender and a Construction Consultant specified by Lender for the purpose of making a property), (ii) invoices, receipts or other evidence satisfactory to Lender verifying the costs for which Loan proceeds are being requested, (iii) if required by Lender, affidavits, and/or releases from all parties who furnished materials and/or services in connection with the requested payment.
(b) Each draw request and each receipt of the funds requested thereby shall constitute an affirmation that (i) the work completed to the date of the draw request is of quality and in all other respects consistent with the tenant improvement plans and specifications, and (ii) if applicable, construction of the Improvements is proceeding in accordance with the Budget and Project Schedule.
Draw Requests. Borrower shall submit to Agent and the Construction Consultant a Draw Request (substantially in the forms attached hereto as SCHEDULES II through IX) ("BORROWER'S REQUISITION") not less than eight (8) Business Days prior to the date upon which a disbursement of the Loan is requested (the "BORROWING Date") and no more frequently than once in each calendar month (except as otherwise expressly provided in Section 2.10.
Draw Requests. Concurrently with a Draw Request for any Advance of Loan proceeds (other than Advances that, pursuant to this Agreement, may be made without a Draw Request), Borrower shall furnish to Lender a Draw Request together with such other forms and schedules of values as may from time to time be approved or required by Lender, duly signed and sworn to by Borrower, with all blanks appropriately filled in.
Draw Requests. In accordance with the provisions in this Section, the Lenders will make Advances to the Borrower from time to time on any Business Day on and after the Closing Date until and including the last Business Day before the Maturity Date in such amounts as the Borrower may request in accordance with this Section 2.1, up to the Commitment Limit, and the Borrower may make borrowings, repayments and reborrowings in respect thereof. Each Advance (whether a LIBO Rate Advance or a Base Rate Advance) shall be in a minimum amount of $250,000.00 and integral multiples of $250,000.00 in excess of that minimum amount. Requests for Advances in substantially the form of Exhibit C (or other writing acceptable to the Agent) must be made by written notice from the Borrower sent to the Agent by mail, courier or facsimile in accordance with Section 10.1, specifying the amount of the Advance, subject to Section 2.12. A request shall be fully authorized by the Borrower if made by any one of Xxxxx Xxxxxxx or Xxx Xxxxxxxxx Xx. or other individual designated by the Borrower as an authorized person in accordance with resolutions of the Board of Directors of the Borrower certified to the Agent. The Agent and the Lenders may rely fully and completely upon the authority of the signatory of such request or confirmation unless such authority is terminated by written notice to the Agent, and any such termination shall be effective only prospectively. The request for any Advance by the Borrower shall constitute a certification by the Borrower that all of the representations and warranties contained in Article 4 (other than those representations and warranties, if any, that are by their specific terms limited in application to a specific date) are true and correct as of the date of such request and also as of the date of the Advance.
Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of
(i) the closing costs, including legal fees and expenses, incurred by Lender, (ii) Borrower’s closing costs,
(iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by Lender. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, and shall be reviewed by the Construction Consultant, signed by the General Contractor and approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget.
Draw Requests. At least three (3) days prior to each Loan disbursement by Bank, Borrower must submit to Bank a Request for Disbursement on a form acceptable to Bank, which shall include:
Draw Requests. Concurrently with a Draw Request for any Advance of Loan proceeds (other than Advances that, pursuant to this Agreement, may be made without a Draw Request), Borrower shall furnish to Lender a Draw Request together with an updated Borrowing Base Certificate and such other forms and schedules of values as may from time to time be approved or reasonably required by Lender, duly signed and sworn to by Borrower, with all blanks appropriately filled in. Borrower shall be entitled to submit no more than two (2) Draw Requests for each Calendar Month.
Draw Requests. Funds for Project will be available following execution of this Agreement and City’s receipt of Recipient’s completed W-9 form. To obtain Funds, Recipient shall submit a written draw request to the Grant Administrator. Each draw request may be for up to $5,000 of the Funds allocated for Project. Upon the Grant Administrator’s verification of progress toward Project goals and/or completion; review of quotes, receipts, and other required documentation; and site visit(s), as appropriate, the Grant Administrator will forward to the City Finance Department a request that the City remit a check to Recipient in the requested amount.
