General Provisions for Subsequent Advances Sample Clauses

General Provisions for Subsequent Advances. (1) Subsequent Advances shall be made for payment of expenses incurred and invoiced, whether or not yet paid by Borrowers and, (a) with respect to Tenant Improvement/Leasing Commission Costs, by funding allowances for tenant improvements undertaken to be constructed by tenants (or by a Borrower) and completed in accordance with leases executed after the date hereof, or lease renewals or lease modifications exercised or entered into, as the case may be, after the date hereof, or leases entered into prior to the date hereof and set forth on Schedule 3.4-2 to this Agreement (the Tenant Improvement/Leasing Commission Costs with respect to the leases described on Schedule 3.4-2 are the amounts listed in the column “Total” which includes two sub-columns entitled “TI” and “Commissions”), and (b) with respect to Subsequent Advances to be used to pay for Capital Expenditures, to pay only for those Capital Expenditures set forth in the Capital Advance Budget or in any amendment to the Capital Advance Budget reasonably agreed to by Borrowers, Administrative Agent and GECC. Administrative Agent, at its option and without further direction from Borrowers but with reasonable prior notice to Borrowers, may disburse any improvements advance to the Person to whom payment is due or through an escrow reasonably satisfactory to Administrative Agent. Borrowers hereby irrevocably direct and authorize Administrative Agent to so advance the proceeds of the Loans. Each request for and acceptance of a Subsequent Advance shall be deemed to constitute, as of the date of such request or acceptance, a representation and warranty by Borrowers that the statements contained in Section 3.5(1)(a) and Section 3.5(2)(a) are true and correct.

General Provisions for Subsequent Advances. Upon Borrower’s request, Subsequent Advances for capital improvements shall be made, at Lender’s election, either: (a) in reimbursement for expenses paid by Borrower, or (b) for payment of expenses incurred and invoiced, but not yet paid by Borrower. Lender, at its option and without further direction from Borrower, may disburse any capital improvements advance due from Borrower to the Person to whom payment is due or through an escrow satisfactory to Lender. Borrower hereby irrevocably directs and authorizes Lender to so advance the proceeds of the Loan. Each request for and acceptance of Subsequent Advance shall be deemed to constitute, as of the date of such request or acceptance, a representation and warranty by Borrower that the statements contained in Section 3.S(l)(a) and Section 3.5(2)(a) are true and correct.