Draw Requests. (a) For each disbursement, Borrower shall submit to Bank a written request signed by Borrower and the Contractor, together with such documentation and information as Bank may reasonably require (collectively, a “Draw Request”). For disbursements concerning line items other than Construction Costs, Borrower shall submit a written request signed by the Borrower. Each Draw Request shall be acceptable in form and substance to Bank in the exercise of its reasonable judgment, and shall include such items of information and documentation, including invoices, canceled checks, lien waivers and other evidence as Bank may require to show that Borrower is in compliance with the Loan Documents. If Bank so requires, any given Draw Request shall also include written certification by the Architect and the Contractor that the Improvements as constructed to date conform to the Plans and Specifications.
(b) In each Draw Request, Borrower shall request disbursement for one or more specified line items of the cost breakdown. Borrower may submit a Draw Request projected to month end to Bank on or about the twenty-fifth (25th) day of each month, unless Bank agrees to make disbursements more frequently than once a month and agrees to complete its review of such Draw Request, and make payment on approved Draw Requests, within seven (7) business days, subject to Force Majeure Events. Borrower shall use all Loan funds strictly for the purposes for which they were disbursed by Bank.
(c) Unless Borrower has notified Bank in writing to the contrary, each Draw Request shall constitute Borrower’s representation and warranty to Bank that (i) the Loan is “in balance,” (ii) all prior disbursements, as well as that currently being requested, were and will be used in strict compliance with the costs breakdown, and (iii) no Event of Default has occurred.
Draw Requests. As a condition to each draw request or other request for an advance hereunder and each receipt of the funds requested thereby, Borrowers’ 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) AHF has designated AHP as its agent for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent."
(b) Draws shall be requested as follows:
(i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"):
(A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition;
(B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent;
(C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate;
(D) a copy of an Owner's and Xxxxxxxxxx's Affidavit acceptable to XXX xxxx executed and acknowledged on behalf of the Contractor and the Partnership;
(E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and
(F) a copy of the pro...
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. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers in the form attached hereto as Schedule 2. Each draw request, whether for hard or soft costs, shall be set forth on AIA Forms G702 and G703, and shall be reviewed by the Construction Consultant, signed by the General Contractor and, if requested by Lender, 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, whether for hard and/or soft costs, shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower and/or ASF or to pay costs incurred by Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.
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.
