Method of Advances. The Borrower shall request each Loan by delivering to the Lender a written borrowing request by 10:00 a.m., New York City time, not less than three (3) Business Days prior to the requested Business Day of disbursement, or such other period as may be agreed between the Borrower and the Lender, in a minimum amount of $5,000,000 and an integral multiple of $1,000,000 or, if less, in the then available amount of the Commitment. Such borrowing request shall specify an Interest Period applicable to such Loan. On or before 11:00 a.m. on the date of each disbursement, and so long as such borrowing request complies with the requirements under this Agreement (including, but not limited to, the aggregate principal borrowing limit set forth in Section 2.01), the Lender shall make available the amount of the Loan by depositing by wire transfer the same in immediately available funds by in the bank account of the Borrower as specified in such borrowing request.
Method of Advances. On any Business Day, Borrowers may request an advance under the Line by delivering to the bank officer designated by Bank no later than 11:00 a.
Method of Advances. The proceeds of each Advance disbursed under this Agreement shall be evidenced by the Note and shall be secured by a Deed of Trust, and all such proceeds shall be disbursed into the Central Account.
Method of Advances. On any Business Day, Borrower may request an Advance by delivering to Agent a written request therefor (each an “Advance Request”), which Advance Request may be submitted by the Chief Financial Officer of the Company, subject to the prior approval of the Chief Executive Officer of the Company; provided, however, if (a) the Chief Executive Officer is unavailable for a period of more than 24 hours from the time an Advance Request is proposed to be delivered by the Chief Financial Officer or (b) the Chief Executive Officer determines not to approve an Advance Request proposed to be delivered by the Chief Financial Officer, then under either of such circumstances, the Advance Request proposed by the Chief Financial Officer may be presented to the Board of Directors of the Company for its consideration and approval (either at a meeting or by consent in writing of a majority of the Board), which, if given, would supersede any failure of approval or disapproval by the Chief Executive Officer. Each such request shall specify (i) the amount of the requested Advance, which shall be at least $50,000.00 or, if less, the current amount of Undrawn Availability, and (ii) the date (the “Requested Advance Date”) upon which Borrower desires Lenders to fund the Advance, which date shall be at least one (1) Business Day subsequent to Agent’s receipt of the Advance Request. Any Advance Request made after 1:00 p.m. on any Business Day shall be deemed to be made on the next following Business Day. Following Agent’s receipt of an Advance Request, Agent will make the requested Advance on the Requested Advance Date, by transferring immediately available funds via wire transfer or ACH transfer to an account previously designated to Agent in writing by Borrower.
Method of Advances. Bank may make proceeds of the Line available to a Borrower by (a) crediting such proceeds to that Borrower's deposit account with Bank, or (b) upon receipt of written instructions from the Borrowers, by wiring transfer to a deposit account maintained by any Borrower at another financial institution. Bank's records relating to such deposit account together with Bank's records showing other advances made to Borrowers pursuant to this Agreement (including all wire transfers made pursuant to this Section) and all repayments hereunder shall be conclusive evidence of the balance due under the Line, absent manifest error.
Method of Advances. Section 2.4(b) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Method of Advances. The Charter School Operator has executed a SFPP District Project Management MOU; therefore, OPSB will manage the Project and disburse proceeds of the Loan and Facility Funds directly to contractors approved to complete the Project. OPSB’s Facilities Office will arrange and approve disbursements of the proceeds of the Loan and Facility Funds to complete the Project using the Requisition Form attached hereto as Exhibit C. OPSB shall notify Charter School Operator of the amount and date when such disbursements are made.
Method of Advances. The proceeds of each Advance disbursed under this Agreement shall be evidenced by the Note and shall be secured by a Deed of Trust, and all such proceeds shall be disbursed into the Funding Disbursement Account.
Method of Advances. (a) Advances may be made by Bank at the written request of the Person or Persons designated by Borrower from time to time on Bank’s form of signature authorization; provided, however, that Bank shall have acknowledged receipt of any changes in the Person or Persons designated by Borrower, and such Person or Persons designated by Borrower will have executed a new signature authorization form. Subject to Section 2.4 and the other terms and conditions of this Agreement (including those hereinafter set forth), such Person or Persons are hereby authorized by Borrower to request Advances (subject to the limitations in this Agreement) not more frequently than one (1) time per day, and to direct the disposition of the proceeds of Advances until written notice of the revocation of such authority is received from Borrower by Bank and Bank has had a reasonable time to act upon such notice. Bank has no duty to monitor for Borrower or Guarantor, or to report to any such Person, the use of proceeds of Advances. Subject to the satisfaction of all applicable terms and conditions, (i) with respect to each Draw Request submitted on or before 11:00 a.m. on any Business Day, Bank will make the requested advance on or before Noon on the next Business Day and (ii) with respect to a Draw Request received by Bank after 11:00 a.m. on any Business Day, Bank will make the requested advance on or before Noon on the second (2nd) Business Day thereafter. Notwithstanding the foregoing, at the sole option of Bank, advances may be paid in the joint names of Borrower and the contractor, engineer, subcontractor(s), or supplier(s) in payment of sums due under any applicable construction or similar contract to which Borrower is a party. At its sole option, Bank may directly pay the contractor, engineer, and any subcontractors or other parties the sums due under such construction or similar contract to which Borrower is a party. Borrower appoints Bank as its attorney-in-fact to make such payments. This power shall be deemed to be coupled with an interest, shall be irrevocable, and shall survive an Event of Default under this Agreement.
Method of Advances. (a) WC LINE ADVANCES. On any Business Day, Borrowers may request an Advance under the WC Line no later than 11:00 a.m. Philadelphia time on the Business Day such Advance is requested to be funded, by delivering to Bank such documentation as Bank may from time to time require. Subject to the terms and conditions of this Agreement, Bank may make the proceeds of an Advance available to Borrowers by crediting such proceeds to a deposit account of a Borrower maintained with Bank specified by all of them or, if such Advance is made within sixty (60) days of the date hereof, with another banking institution specified by Borrowers. Each request for an Advance under the WC Line shall be made by the chief executive officer or the chief financial officer of a Borrower. However, Bank may require that specified officers of Borrowers sign each request for advance.
