Common use of Procedure for Making Disbursements of Loan Proceeds Clause in Contracts

Procedure for Making Disbursements of Loan Proceeds. (a) After the Closing Date, disbursements shall be made from time to time as construction progresses pursuant to a Request in the applicable form attached hereto, but no more frequently than once in each calendar month. (b) Each Request with respect to Loans or disbursements shall (a) be duly executed by an Authorized Officer on behalf of Borrower, (b) be submitted to Lender and the Construction Consultant not less than twelve (12) Business Days prior to the proposed disbursement date for such Loans, (c) specify the items to be paid or reimbursed with the proceeds of the requested Loans, and (d) include the documentation required to be included therewith under Exhibit G. (c) All advances of the Loans and disbursements shall be made for the payment of Project Costs in accordance with the Budget upon Borrower’s satisfaction of the applicable conditions set forth in this Article IV and Exhibit G, as applicable. ny-1258385 (d) [Reserved]. (e) In connection with each requested disbursement of the Loans, (i) at Lender’s option, the Construction Consultant shall perform an inspection of the Project and (ii) Borrower shall pay a draw fee equal to (x) $1,250 for disbursements of Loans to pay Hard Costs and (y) $500 for disbursements of Loans to pay Soft Costs.

Procedure for Making Disbursements of Loan Proceeds. (a1) After the Closing Date, disbursements shall be made from time to time as construction progresses pursuant to a Request request for advance in the applicable form attached heretohereto as Exhibit F (each, a “Request for Loan Advance”), but no more frequently than once in each calendar month. (b2) Each Request for Loan Advance with respect to Loans or disbursements shall (a) be duly executed by an Authorized Officer on behalf of Lead Borrower, (b) be submitted to Lender Administrative Agent and the Construction Consultant not less than twelve ten (1210) Business Days prior to the proposed disbursement date for such Loans, (c) specify the items to be paid or reimbursed with the proceeds of the requested Loans, and (d) include the documentation required to be included therewith under Exhibit G.Schedule 4 and (e) be in the minimum amounts required under Section 2.6(3). (c3) All advances of the Loans and disbursements shall be made for the payment of Project Costs in accordance with the Budget upon Borrower’s satisfaction of the applicable conditions set forth in this Article IV 4 and Exhibit GSchedule 4 – Parts A and B, as applicable. ny-1258385 (d) [Reserved]. (e4) In connection with the event Lead Borrower does not request a disbursement within thirty (30) days after the previous disbursement of a Loan, Borrower shall nonetheless within such thirty (30) day period and during each requested subsequent thirty (30) day period in which Lead Borrower does not request a disbursement of the LoansLoan, (i) at Lender’s option, satisfy the Construction Consultant shall perform an inspection of the Project and (ii) Borrower shall pay a draw fee equal conditions precedent to (x) $1,250 for disbursements of Loans to pay Hard Costs and (y) $500 for disbursements of Loans to pay Soft Costsset forth in this Agreement.

Procedure for Making Disbursements of Loan Proceeds. (a1) After the Closing Date, disbursements shall be made from time to time as construction progresses pursuant to a Request request for advance in the applicable form attached heretohereto as Exhibit F (each, a “Request for Loan Advance”), but no more frequently than once in each calendar month. (b2) Each Request for Loan Advance with respect to Loans or disbursements shall (a) be duly executed by an Authorized Officer on behalf of Lead Borrower, (b) be submitted to Lender Administrative Agent and the Construction Consultant not less than twelve ten (1210) Business Days prior to the proposed disbursement date for such Loans, (c) specify the items to be paid or reimbursed with the proceeds of the requested Loans, and (d) include the documentation required to be included therewith under Exhibit G.Schedule 4 and (e) be in the minimum amounts required under Section 2.6(3). (c3) All advances of the Loans and disbursements shall be made for the payment of Project Costs in accordance with the Budget upon Borrower’s satisfaction of the applicable conditions set forth in this Article IV 4 and Exhibit GSchedule 4 — Parts A and B, as applicable. ny-1258385 (d) [Reserved]. (e4) In connection with the event Lead Borrower does not request a disbursement within thirty (30) days after the previous disbursement of a Loan, Borrower shall nonetheless within such thirty (30) day period and during each requested subsequent thirty (30) day period in which Lead Borrower does not request a disbursement of the LoansLoan, (i) at Lender’s option, satisfy the Construction Consultant shall perform an inspection of the Project and (ii) Borrower shall pay a draw fee equal conditions precedent to (x) $1,250 for disbursements of Loans to pay Hard Costs and (y) $500 for disbursements of Loans to pay Soft Costsset forth in this Agreement.

Procedure for Making Disbursements of Loan Proceeds. (a1) After the Closing Date, disbursements shall be made from time to time as construction progresses pursuant to a Request for Loan Advance in the applicable form attached heretohereto as Exhibit F, but no more frequently than once in each calendar month. (b2) Each Request with respect to Loans or disbursements for Loan Advance shall (a) be duly executed by an Authorized Officer on behalf of Borrower, (b) be submitted to Lender the Administrative Agent and the Construction Consultant not less than twelve ten (1210) Business Days prior to the proposed disbursement date for such Loans, (c) specify the items to be paid or reimbursed with the proceeds of the requested Loans, and (d) include the documentation required to be included therewith under Exhibit G.Schedule 4 and (e) be in the minimum amounts required under Section 2.8(4). (c3) All advances of the Loans and disbursements shall be made for the payment of Project Costs in accordance with the Budget upon Borrower’s satisfaction of the applicable conditions set forth in this Article IV 4 and Exhibit GSchedule 4 - Parts A, B, and C, as applicable. ny-1258385 (d) [Reserved]. (e4) In connection with the event Borrower does not request a disbursement within thirty (30) days after the previous disbursement of a Loan, Borrower shall nonetheless within such thirty (30) day period and during each requested subsequent thirty (30) day period in which Borrower does not request a disbursement of the LoansLoan, (i) at Lender’s option, satisfy the Construction Consultant shall perform an inspection of the Project and (ii) Borrower shall pay a draw fee equal conditions precedent to (x) $1,250 for disbursements of Loans to pay Hard Costs and (y) $500 for disbursements of Loans to pay Soft Costsset forth in this Agreement.