Procedure for Advances Clause Samples

Procedure for Advances. (a) During the Reinvestment Period, the Note Purchaser will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the provisions of Article III hereof. (b) Each Advance shall be made on at least one Business Day’s irrevocable written notice from the Borrower to the Agent, with a copy to the Trustee and the Collateral Custodian, in the form of a Notice of Borrowing; provided that such Notice of Borrowing shall be deemed to have been received by the Agent on a Business Day if delivered no later than 5:00 p.m. (New York City time) on such Business Day and if not delivered by such time, shall be deemed to have been received on the following Business Day. The Borrower or Servicer shall post all Loan Agreements and other loan documents and information with respect to each proposed Eligible Loan Asset, if any, to an IntraLinks (or other replacement) website to which the Agent has access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof), and shall specify: (i) the aggregate amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Borrowing Base; provided that, except with respect to an Advance pursuant to Section 2.02(f), the amount of such Advance must be at least equal to $500,000; (ii) the proposed date of such Advance; (iii) a representation that all conditions precedent for an Advance described in Article III hereof have been satisfied; and (iv) the amount of cash that will be funded into the Unfunded Exposure Account in connection with the Advance, if applicable. On the date of each Advance, the Note Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Borrower on the applicable Advance Date in same day funds, the amount of such Advance, by payment into the account which the Borrower has designated in writing; provided that, with respect to an Advance funded pursuant to Section 2.02(f), the Note Purchaser shall remit the Advance equal to the Exposure Amount Shortfall in same day funds to the Unfunded Exposure Account. (c) The Advances shall bear interest at the Yield Rate. (d) Subject to Section 2.18 and the other terms, conditions, provisions and limitations set forth herein (including, ...

Procedure for Advances. (a) Each Advance shall be made pursuant to (i) a Draw Request with respect to Construction Project Loans, and (ii) an Application and Certificate for Payment with respect to Development Project Loans, which shall be submitted by Borrower to Lender and to the Inspecting Architect. With respect to each Development Project, Borrower shall not submit more than one (1) Application and Certificate for Payment during any thirty (30) day period. With respect to Construction Projects, Borrower shall be entitled to make unlimited Draw Requests during any thirty (30) day period. (b) Borrower shall deliver to Lender an updated Borrowing Base Certificate on the first (1st) day of each month. Borrower shall also deliver to Lender a revised Borrowing Base Certificate with each request for an Advance with respect to each Construction Project Loan. (c) On each Advance Date, if all the terms and conditions of this Agreement have been complied with by Borrower to the satisfaction of Lender, if no default or event of default exists hereunder, and if Lender has approved (i) each Draw Request for each Construction Project for which Borrower has submitted a Draw Request, and (ii) each Application and Certificate for Payment for each Development Project for which Borrower has submitted an Application and Certificate for Payment, Lender shall advance to Borrower the principal amount of each requested Advance by wire transfer of funds for the amount set forth in the applicable Draw Request or Application and Certificate of Payment (less any required retainage, which retainage shall not be deemed to be advanced hereunder and shall not bear interest until actually advanced, and less any amounts so advanced by Lender to itself). All Advances actually so made shall be deemed to be loans to Borrower, shall reduce the available amount of the Revolving Loan and of the Project Loan for the related Project (if any), and shall bear interest at the rates provided herein from the date so advanced. (d) Lender may take such steps as it may deem appropriate, at its option, to verify the application of Project Loan proceeds to Costs of the related Project, and to vary the advancement procedures herein set forth if the same becomes necessary or desirable to assure the proper application of Project Loan proceeds and/or to preserve the first lien status of the Mortgage covering the Project with respect to Advances made pursuant hereto including, but not limited to, making Advances directly to the Gen...

Procedure for Advances. So long as: (a) No Event of Default has occurred and is continuing; (b) The conditions specified in Sections 4.3, 4.4, 4.5, 4.6 and 4.7, as applicable, have been satisfied; and (c) The Budget has not been modified without the prior written consent of Lender having been obtained as provided in Section 3.7 hereof; Provided that Borrower has timely provided all required information and satisfied the conditions to each Advance at the time of Borrower’s submission of the Request for Advance, then, Lender agrees to make Advances and agrees to notify Borrower when such Advance(s) will be made, which shall not be later than ten (10) business days thereafter. Further, prior to any Advance being made, Inspecting Engineer or Lender shall have determined whether the Application for Advance is complete and whether all other conditions precedent to the proposed Advance capable of being met by such date have been met. If Inspecting Engineer or Lender determines that the Application for Advance is incomplete or that all such conditions precedent to the Advance have not been met, it shall forthwith notify Borrower of the deficiency. If Inspecting Engineer determines that all such conditions are met, it shall immediately notify Lender. Upon determining that all such conditions have been met, Lender shall make its Advance into the Borrower’s Funds Account on the Advance date in immediately available funds; provided that in the meantime no Event of Default shall have occurred and be continuing, and there is no failure of any condition precedent to such Advance as of the Advance Date. If after Lender or Inspecting Engineer determines that the Application for Advance is complete and that the conditions precedent thereto have been met, and subsequently an Event of Default or failure of any condition precedent occurs, then Borrower shall be liable to Lender for any and all loss, costs, penalty, claim or other charges suffered or incurred by Lender in connection with their arrangements for such Advance.

Procedure for Advances. (a) During the Reinvestment Period, the Lender will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2,01 and this 2,02 and subject to the provisions of Article III hereof. (b) For each Advance that is a LIBORBenchmark Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing to the Administrative Agent, with a copy to the Collateral Custodian, no later than 1:00 p.m. at least three Business Days before the Business Day on which the LIBORBenchmark Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. For each One Day Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing no later than 1:00 p.m. at least one Business Day before the Business Day on which the One Day Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. For each Base Rate Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing to the Administrative Agent no later than 1:00 p.m. at least one Business Day before the Business Day on which the Base Rate Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. The Borrower or the Servicer shall post all Loan Agreements and other loan documents and information with respect to each proposed Eligible Loan Asset, if any, to an IntraLinks (or other replacement) website to which the Administrative Agent has access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof), and shall specify: (i) the aggregate amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Borrowing Base; provided that, except with respect to an Advance pursuant to Section 2.02(f), the amount of such Advance must be at least equal to $500,000; (ii) the proposed Advance Date and whether such...

Procedure for Advances. Unless Borrower has previously entered into a separate auto borrow or similar cash management service with Lender, Borrower may request Advances by telephone through its employees or agents, as hereinafter provided. Each Advance request must be received by Lender not later than 1:00 p.m. (Eastern Standard time) on the date the Advance is to be made and must specify the amount of the Advance. Lender shall deposit the Advance into Borrower’s Operating Account if Borrower is entitled to the Advance, subject to the terms and conditions of this Agreement. If Borrower has entered into a separate auto borrow or similar cash management service with Lender, then the provisions of such service shall control with respect to the procedures for making Advances to Borrower. Lender shall have the right to terminate such auto borrow or similar cash management service at any time, as determined by Lender in its sole and absolute discretion.

Procedure for Advances. (a) The Administrative Borrower shall request an Advance by delivery of a Notice of Borrowing to the Administrative Agent, with a copy to the Servicer, for Advances in Dollars, no later than 2:00 p.m. threefive (35) U.S. Government Securities Business Days prior to the proposed date of such Advance (or such shorter period of time agreed to by the Administrative Agent and the Majority Lenders). Each Notice of Borrowing must be accompanied by a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof) and certify as to the following: (i) the amount of such Advance, which must be at least equal to $10,000,000 (or such lesser amount as agreed by the Administrative Agent), with the exception of one -43- USActive 60444631.4 (1) Advance per calendar year which must be at least equal to $1,000,000, or a whole multiple of $1,000,000 in excess thereof, or if less, the remainder of the Commitments; (ii) the proposed date of such Advance (which must be a Business Day); (iii) no Event of Default or Market Trigger Event has occurred and is continuing as of the date of the Notice of Borrowing or will occur from such Advance; (iv) detailed wire instructions as to where the proceeds of such Advance are to be deposited or transferred; and (v) all conditions precedent for such Advance described in Article III have been satisfied or waived, as applicable. (b) Promptly upon receipt of a Notice of Borrowing, the Administrative Agent shall notify the Lenders of the requested Advance. The Lenders shall make the Advance on the terms and conditions set forth herein. No later than 12:00 p.m., on the Advance Date of each Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance with instructions received by the Administrative Agent or the Servicer, as applicable, from the Administrative Borrower in accordance with the Notice of Borrowing, make available to (x) the Co‐Borrowers or (y) the Administrative Agent, in each case, as determined by the Majority Lenders, in same day funds, an amount equal to such Lender’s Pro Rata Share of such Advance, by payment into the account which the Administrative Borrower (if clause (x) of this clause (b) is applicable) or the Administrative Agent (if clause (y) of this clause (b) is applicable), most recently designated by it for such purpose by notice to the Lenders. If clau...

Procedure for Advances. By delivering a completed Advance Request to the Administrative Agent on or before 10:00 a.m., Cleveland time, on a Business Day, the Company may from time to time irrevocably request, on a same-day basis, that an Advance be made in a minimum amount of one million dollars ($1,000,000) and in integral multiples of one hundred thousand dollars ($100,000) above such minimum, or in the maximum unused or available amount of the Commitment. The Administrative Agent shall provide notice of such Advance Request to the Lenders, on or before 12:00 noon, Cleveland time, and before 3:00 p.m., Cleveland time, on such Business Day each Lender shall deposit with the Agent same day funds in an amount equal to such Lender's Pro Rata Percentage of the requested Advance. Such deposit will be made to an account which the Administrative Agent shall specify from time to time by notice to the Lenders. Subject to Section 8.03 of this Agreement, the Administrative Agent shall make an Advance available to the Borrowers by wire transfer of same-day funds to the accounts the Company shall have specified in its Advance Request. If an Advance Request is delivered to the Administrative Agent after 10:00 a.m., Cleveland time, then the Administrative Agent and the Lenders shall be obligated to fund such Advance on the next Business Day.

Procedure for Advances. Borrower may request Advances by telephone through its employees or agents, as hereinafter provided. Each Advance request must be received by Lender not later than 1:00 p.m. (Eastern Standard time) on the date the Advance is to be made and must specify the amount of the Advance. Lender shall deposit the Advance into Borrower's Operating Account if Borrower is entitled to the Advance, subject to the terms and conditions of this Agreement.

Procedure for Advances. Agent shall give Owner notice in accordance with Sections 4, 5, 6 and 7 hereof of its irrevocable request for an advance pursuant to this Agreement, specifying a Business Day on which such advance is to be made and the amount of the advance. Not later than 2:00 P.M. New York time on the date for the advance specified in such notice, provided that all conditions to that advance have been satisfied, Owner shall provide to Agent, or to such other party as may be designated by Agent, in immediately available funds, the amount of the advance then requested.