Common use of Method for Advances Clause in Contracts

Method for Advances. Advances in a sum not in excess at any time of the Borrowing Availability shall be made by Lender to the Central Account for the payment or reimbursement of Permitted Expenses at the written request within ten (10) Business Days following Lender’s receipt of a completed Draw Request from Borrower (which may be delivered by telecopy or facsimile) by the Person or Persons designated from time to time on Lender’s form of Authorization Form; provided, however, that Lender shall have acknowledged receipt of any changes in the Person or Persons designated by Borrower, and such Person or Persons shall have executed a new Authorization Form. Such Person or Persons are hereby authorized by Borrower to request Advances and to direct the transfer of the proceeds of Advances to the Central Account until written notice of the revocation of such authority is received from Borrower by Lender and Borrower has had a reasonable time to act upon such notice. Lender shall have no duty to monitor for Borrower or any other Person or to report to Borrower or such other Person the use of proceeds of Advances.

Method for Advances. Advances in a sum not in excess at any time of the Borrowing Availability shall be made by Lender to the Central Account for the payment or reimbursement of Permitted Expenses at the written request within ten five (105) Business Days Hours following Lender’s receipt of a completed Draw Request from Borrower (which may be delivered by telecopy or facsimile) by the Person or Persons designated from time to time on Lender’s form of Authorization Form; provided, however, that Lender shall have acknowledged receipt of any changes in the Person or Persons designated by Borrower, and such Person or Persons shall have executed a new Authorization Form. Such Person or Persons are hereby authorized by Borrower to request Advances and to direct the transfer of the proceeds of Advances to the Central Account until written notice of the revocation of such authority is received from Borrower by Lender and Borrower Lender has had a reasonable time to act upon such notice. Lender shall have no duty to monitor for Borrower or any other Person or to report to Borrower or such other Person the use of proceeds of Advances.