Payment of Draw Requests Sample Clauses

Payment of Draw Requests. If all conditions precedent to LHC’s obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of LHC, Borrower hereby directs LHC to make the Draw Request, in accordance with this Agreement, payable to Borrower or as LHC may otherwise elect, and LHC shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to LHC under Section 3 hereof. Notwithstanding the foregoing, if the draws are made on a pari passu basis, the amount so requested shall not exceed LHC’s pari passu share of the total amount of the Construction Costs multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by LHC. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Costs and soft costs approved by LHC, and Borrower agrees at any time and from time to time, upon request of LHC, to exhibit to LHC receipts, vouchers, statements, bills of sale or other evidence satisfactory to LHC of actual payment of such Construction Costs and soft costs approved by LHC. Notwithstanding the foregoing, LHC may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Loan and shall be secured by the lien of the Mortgage, and all disbursements from any “contingency” categories shall be made at LHC’s sole and absolute discretion.
Sample 1
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Payment of Draw Requests. If all conditions precedent to LHC’s obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of LHC, Borrower hereby directs LHC to make the Draw Request, in accordance with this Agreement, payable to Borrower or as LHC may otherwise elect, and LHC shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to LHC under Section 3 hereof. Notwithstanding the foregoing, if the draws are made on a pari passu basis, the amount so requested shall not exceed LHC’s pari passu share of the total amount of the Total Development Costs multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by LHC. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Total Development Costs
Sample 1
Payment of Draw Requests. If all conditions precedent to Xxxxxxx's obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of Grantee, Borrower hereby directs Grantee to make the Draw Request, in accordance with this Agreement, payable to Borrower or as Grantee may otherwise elect. Grantee shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to Grantee under Section 2 hereof. Notwithstanding the foregoing, the portion of the Construction Cost included in each Draw Request shall not exceed the total amount of the Construction Cost multiplied by the percentage of completion then attained less the aggregate of Construction Cost included in prior Draw Requests. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost and soft costs approved by Grantee. Xxxxxxxx agrees at any time and from time to time, upon request of Xxxxxxx, to exhibit to Grantee receipts, vouchers, statements, bills of sale or other evidence satisfactory to Grantee of actual payment of such Construction Cost and soft costs approved by Grantee. Notwithstanding the foregoing, Grantee may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage. Draw Requests shall not include any amounts from "contingency" categories except to the extent of actual costs in excess of estimated costs that have been approved by Grantee in advance in writing.
Sample 1

Related to Payment of Draw Requests

  • Draw Request At such time as the Borrower shall desire to obtain, subject to the other requirements hereof, a disbursement of any portion of the proceeds of the Loan, the Borrower shall complete, execute and deliver to the City a properly completed draw request in a form designated by the City, together with the General Contractor's Payment Request which shall have been approved by the City's Inspector and by such other documents as the City may request ("Draw Request"), all in such form as the City may require from time to time. No failure or delay on the part of the City to require any such documents or information shall operate in any way so as to waive the City's rights to require all such documents and information at a later time. Draw requests will occur no more often than monthly, only with proper certification of completion from the Architect, and with the xxxxx 0% retainage being paid only after receipt of a Certificate of Occupancy and Release of Liens. All draw disbursements shall be made in accordance with the Escrow and Disbursing Agreement.

  • Advance Requests Borrower may request that Lender make an Advance by delivering to Lender an Advance Request therefor and Lender shall be entitled to rely on all the information provided by Borrower to Lender on or with the Advance Request. The Lender may honor Advance Requests, instructions or repayments given by the Borrower (if an individual) or by any Authorized Person.

  • Disbursement Requests Except as expressly provided in the Credit Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement. Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made. Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by government authority; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation.

  • Determinations to Honor Drawing Requests In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit.

  • Determination to Honor Drawing Request In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, Agent shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

  • PAYMENT OF LOAN FEE Borrower shall pay to Lender a fee in the amount of One Thousand Five Hundred and 00/100 Dollars ($1,500.00) (the "Loan Fee") plus all out-of-pocket expenses.

  • Advance Request To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request (at least one (1) Business Day before the Closing Date and at least five (5) Business Days before each Advance Date other than the Closing Date) to Agent. The Lenders shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested Advance Date.

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.

  • Request for Payment Payment to the Grantee shall be due 30 calendar days following receipt by the City of the Grantee’s fully and accurately completed payment request, using the City’s contract management system. The payment request must be submitted to the City no later than 11:59 p.m. Central Standard Time 25 calendar days following the end of the month covered by the payment request. If the 25th calendar day falls on a weekend or holiday, as outlined in Section 8.24, the deadline to submit the payment request is extended to no later than 11:59 p.m. Central Standard Time of the 1st weekday immediately following the weekend or holiday.

  • Payment Requests Review applications for payment with Contractor for compliance with the established procedure for their submission and forward with recommendations to Engineer, noting particularly the relationship of the payment requested to the schedule of values, Work completed, and materials and equipment delivered at the Site but not incorporated in the Work.

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