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. 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, Borrowers may request an advance under the Line by delivering to the bank officer designated by Bank no later than 11:00 a.m. Philadelphia time on the Business Day such advance is requested to be funded such documentation as Bank may from time to time reasonably require. Subject to the terms and conditions of this Agreement, Bank shall make the proceeds of a cash advance available to Borrowers by crediting such proceeds to Borrowers' deposit account with Bank. Such request may be by telephone, unless Bank has advised Borrowers in writing that written requests are required. Bank may require prompt written confirmation of any telephone request and additional back-up documentation, from time to time. Each request for an advance under the Line shall be conclusively presumed to be made by a person authorized by Borrowers to do so. In addition to the foregoing, Borrowers authorize Bank, without further authorization or notice, to make advances under the Line into Borrowers' operating account(s) with Bank. Such advances will be in amounts sufficient to honor checks drawn on such account, provided that (a) the aggregate of such advances plus the then outstanding principal balance under the Line does not exceed the Line Amount, and (b) no Event of Default has occurred and is continuing. Bank reserves the right not to honor any checks drawn on such account, if such honor would result in the outstanding principal balance of the Line exceeding the Line Amount, or if an Event of Default has occurred and is continuing. All advances made by Bank into such account shall be deemed to be Commercial Rate Loans under the Line. Such account arrangements may be terminated by Bank at any time upon five (5) days' written notice.
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. 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. 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. If, on any Business Day, the Lender receives at the location specified for the delivery of a Notice of Advance specified pursuant to Section 6.05, a Notice of Advance from an Authorized Officer of the Issuer, and if the conditions hereof to funding a requested Advance have been satisfied, the Lender will fund the Advance on the later of the Business Day requested by the Issuer or the Business Day following the Lender's determination that the conditions have been satisfied. Each Notice of Advance shall specify the following information:
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. On any Business Day, any Borrower may request an advance under the Line by delivering to the Bank officer designated by Bank no later than 2:30 p.m. Philadelphia time on the Business Day such advance is requested to be funded, in accordance with such procedures 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 a Borrower by crediting such proceeds to such Borrower's deposit account with Bank. Such request may be by telephone, unless Bank has advised Borrowers that written requests are required. Bank may require prompt written confirmation of any telephone request and additional back-up documentation, from time to time. Each request for an advance under the Line shall be conclusively presumed to be made by a person authorized by Borrowers to do so.
Method of Advances. Advances under the Revolving Loan may be made through written requests from the Borrower from an individual purporting to be an authorized representative of the Borrower and other written notification or authentication acceptable to Agent, by deposit of the amount requested pursuant to this Agreement in such controlled account(s) required by this Agreement. All such requests, means of notification and writings are to be deemed conclusively binding upon the Borrower. In the event Agent honors a check of the Borrower resulting in the Borrower’s checking account being deemed overdrawn, Agent is to be deemed to have made an advance to the Borrower in the amount overdrawn on the Agent’s banking day immediately preceding the day on which the Borrower’s check is tendered to Agent for collection (even if that amount is in excess of the Borrowing Base). Notwithstanding, Agent has no obligation to honor any overdraft of the Borrower.
