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. In connection with a request for each Additional Advance, Borrower shall submit to Lender and Construction Consultant a draw request (each, a “Draw Request”) substantially in the form required pursuant to Section 2.1.5(b) not less than ten (10) Business Days (but not more than sixty (60) days) prior to the applicable Advance Date; provided that there shall be no more than one Draw Request for Approved Project Expenditures and no more than one Draw Request for Interest and Carry Cost in each calendar month. Each Draw Request for Approved Project Expenditures shall specify the Hard Costs (which shall not exceed the value of work in place and Stored Materials as supported by invoices and other supporting documentation, as reasonably approved by Construction Consultant, less any Retainage), including deposits paid to any Contractor or Trade Contractor, and Soft Costs (including deposits required to be paid pursuant to any agreement covering Soft Costs)) and Interest and Carry Costs to be paid from the proceeds of the requested Additional Advance. No Additional Advance with respect to the payment of any Advance Item constituting Approved Project Expenditure shall be requested or advanced (x) for an amount that, together with the amount of Additional Advance with respect to the payment of all other Advance Items constituting Approved Project Expenditure then being requested hereunder and under the Mortgage Loan Agreement, is less than $150,000 (other than the last requested Additional Advance with respect to such Advance Item if less) or (y) more frequently than once in any calendar month. Each Draw Request in connection with an Additional Advance for the payment of Hard Costs shall specify the amount of any Retainage previously withheld and which has then become payable by Borrower, with supporting documentation describing in reasonable detail the basis for any such disbursements. All Draw Requests shall be approved by Lender, not to be unreasonably withheld, and, with respect to Hard Costs, reasonably approved for payment by Construction Consultant. (b)
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. 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. (a) Subject to the provisions of this Agreement, with respect to any Draw requested hereunder, Borrower may elect to request a Draw not later than 11:00 a.m., New York City time, two (2) Business Days prior to the date any such Draw is to be effective.
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. 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.
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. 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. Subject to the requirements of any Subordination Documentation, 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, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for Project Costs shall show the percentage of completion of construction and shall set forth in such detail as may be required by Lender. 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 require to assure that amounts requested are to be used to reimburse Borrower for Project Costs previously paid by Borrower or to pay Project Costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. In the event that the Loan is fully disbursed prior to disbursement in full of any First Construction Loan and/or any Mezzanine Financing (the “Subsequent Financing”), then Borrower covenants and agrees to use commercially reasonable efforts to request pursuant to any Subordination Documentation or other applicable intercreditor documentation that Lender be copied on all draw requests in connection with disbursements under such Subsequent Financing.
