Procedure of Advances. (a) Each Draw Request shall be submitted to Lender and Construction Consultant at least ten (10) Business Days prior to the Requested Advance Date, and no more frequently than monthly. Lender shall make the requested Advance on the Requested Advance Date so long as all conditions to such Advance are satisfied or waived.
(b) Not later than 11:00 A.M. New York City time, on the Requested Advance Date, Lender shall make such Advance available to Borrower in accordance with the terms of this Section 2.14.
(c) Each Advance (other than the Final Advance) shall be in an amount of not less than $250,000.00.
(d) Each Advance shall be made on a Payment Date.
Procedure of Advances. (a) Not less than three (3) Business Days prior to the Borrowing Date, the Agent shall deliver written notice to each Lender at the address specified by each Lender from time to time which notice shall include the Borrowing Date and such Lender’s ratable share of such Advance. Within seven (7) days after the Borrowing Date, the Agent shall deliver to each Lender any items reasonably requested by the Agent or a Lender to the extent such items have not previously been delivered and to the extent in the Agent’s possession, but Agent’s failure to do so shall not affect Borrower’s rights under this Agreement. The Lenders shall make the requested Advance on the Borrowing Date so long as all conditions to such Advance are satisfied as determined by the Agent. Unless otherwise notified by the Agent, each Lender may assume that all conditions to such Advance are satisfied on the Borrowing Date.
(b) Not later than 10:30 a.m. New York City time, on the date set forth in the Draw Request, each Lender shall make available for the account of the Agent at its address referred to in Section 11.5 hereof, in same day funds, such Lender’s ratable portion of such Advance. After the Agent’s receipt of such funds and upon fulfillment of the conditions in Sections 3.2, 3.3 and 3.4 hereof applicable to the Advance then requested, the Agent will make such funds available to the Borrower, on the Borrowing Date, in accordance with the terms of this Section 3.5.
(c) Unless the Agent shall have received notice from a Lender prior to the date of any Advance that such Lender will not make available to the Agent such Lender’s ratable portion of such Advance, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Advance in accordance with Section 3.5.2(b) hereof, and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that any of the Lenders (each, a “Defaulting Lender”) shall not have so made such ratable portion available to the Agent (individually, a “Deficiency”, and collectively, “Deficiencies”), and the Agent has advanced such amount to the Borrower, such Defaulting Lender agrees to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent at the Default Rate. If such Defaulting Lender shall...
Procedure of Advances. (a) Each Draw Request shall be submitted to Lender at least ten (10) Business Days prior to the date of the requested Advance (the “Requested Advance Date”), and no more frequently than monthly. Lender shall make the requested Advance on the Requested Advance Date so long as all conditions to such Advance are satisfied or waived.
(b) Not later than 11:00 A.M. New York City time, on the Requested Advance Date, Lender shall make such Advance available to Borrower in accordance with the terms of this Section 2.9.
Procedure of Advances. (a) Each Borrower’s Requisition shall be submitted to Administrative Agent at least ten (10) Business Days prior to the date of the requested Future Advance (the “Requested Advance Date”). PBB shall make the requested Future Advance on the Requested Advance Date so long as all conditions to such Future Advance are satisfied or waived; provided that Borrower may revoke such Borrower’s Requisition at any time prior to the Requested Advance Date upon prior notice to Administrative Agent (subject to payment of any Breakage Costs and any out-of- pocket costs or expenses incurred by Administrative Agent or Lenders in connection with such revocation). (b) In no event shall PBB be required to advance Future Advance funds in an amount less than the Minimum Advance Amount (except in respect of any final Future Advance). -66-
Procedure of Advances. (a) Each Borrower’s Requisition shall be submitted to Administrative Agent at least ten (10) Business Days prior to the date of the requested Future Advance (the “Requested Advance Date”). Lenders shall make the requested Future Advance on the Requested Advance Date so long as (i) all conditions to such Future Advance are satisfied or waived, (ii) all conditions to a concurrent Future Advance (as defined in the Building Loan Agreement) are satisfied or waived and (iii) subject to Section 2.6.2(a)(vi), Mezzanine Lender makes its corresponding Future Advance (as defined in the Mezzanine Loan Agreement) on the Requested Advance Date in an amount equal to Mezzanine Lender’s Percentage of the costs to be paid, in part, with such Future Advance; provided that Borrower may revoke such Borrower’s Requisition at any time prior to the Requested Advance Date upon prior notice to Administrative Agent (subject to payment of any Breakage Costs and any out-of-pocket costs or expenses incurred by Administrative Agent or Lenders in connection with such revocation). Borrower shall be permitted to deliver a single Borrower’s Requisition for the Loan, the Building Loan and the Mezzanine Loan.
(b) In no event shall any Lender be required to advance Future Advance funds in an amount less than its Pro Rata Share of the Minimum Advance Amount (except in respect of any final Future Advance).
Procedure of Advances. (a) Not later than two (2) Business Days prior to the Borrowing Date with respect to any Advance, Agent shall deliver written notice to each Lender at the address specified by such Lender from time to time which notice shall include the Borrowing Date and such Lender's ratable share of such Advance. The Lenders shall make the requested Advance on the Borrowing Date so long as all conditions to such Advance are satisfied as reasonably determined by Agent or are waived by Agent. Unless otherwise notified by Agent, each Lender may assume that all conditions to such Advance are satisfied on the Borrowing Date.
(b) Not later than 10:30 A.M., New York City time, on the Borrowing Date with respect to any Advance, each Lender shall make available for the account of Agent at its address referred to in Section 12.5, in same day funds, such Lender's ratable portion of such Advance. After Agent's receipt of such funds and upon fulfillment of the applicable conditions in Sections 3.1 and 3.2, Agent will make such funds available to the Borrowers in accordance with the terms of this Section 3.3.
(c) Unless Agent shall have received notice from a Lender prior to the date of any Advance that such Lender will not make available to Agent such Lender's ratable portion of such Advance, Agent may assume that such Lender has made such portion available to Agent on the date of such Advance in accordance with Section 3.3.2(b), and Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount.
Procedure of Advances. (a) Each Draw Request shall be submitted to Agent at least twelve (12) Business Days prior to the date of the requested Advance (the “Requested Advance Date”), and no more frequently than monthly (unless otherwise approved by Agent in its sole discretion exercised in good faith). Lender shall make the requested Advance on the Requested Advance Date so long as all conditions to such Advance are satisfied or waived.
(b) Not later than 2:00 P.M. New York City time on the Requested Advance Date, Lender shall make such Advance available to Borrower in accordance with the terms of this Section 2.12.
(c) Each Advance shall be made, subject to the conditions set forth in this Agreement, on such date as is reasonably requested by Borrower and approved by Agent in accordance with the terms of Sections 2.8, 2.9 and/or 2.10, as applicable.
Procedure of Advances. (a) Each Borrower’s Requisition shall be submitted to Administrative Agent at least ten (10) Business Days prior to the date of the requested Future Advance (the “Requested Advance Date”). Lenders shall make the requested Future Advance on the Requested Advance Date so long as (i) all conditions to such Future Advance are satisfied or waived, (ii) all conditions to a concurrent Future Advance (as defined in the Building Loan Agreement) are satisfied or waived and (iii) subject to Section 2.6.2(a)(vi), Mortgage Lender makes its corresponding Future Advance (as defined in the Senior Loan Agreement) on the Requested Advance Date in an amount equal to Mortgage Lender’s Percentage of the costs to be paid, in part, with such Future Advance; provided that Borrower may revoke such Borrower’s Requisition at any time prior to the Requested Advance Date upon prior notice to Administrative Agent (subject to payment of any Breakage Costs and any out-of-pocket costs or expenses incurred by Administrative Agent or Lenders in connection with such revocation). Borrower shall be permitted to deliver a single Borrower’s Requisition for the Loan, the Building Loan and the Senior Loan.
(b) In no event shall any Lender be required to advance Future Advance funds in an amount less than its Pro Rata Share of the Minimum Advance Amount (except in respect of any final Future Advance).
Procedure of Advances. If Borrower shall have complied with the provisions of this Section 3.1.6, Lender shall make the requested Project Advance available to Borrower on the Advance Date set forth in the applicable Project Advance Request in accordance with the terms of this Section 3.1.6(c).
(i) Each Project Advance shall be made by Lender by wire transfer to the Construction Disbursement Account. All proceeds of all Project Advances shall be used by Borrower only for the purposes for which such Project Advances were made and Borrower shall not commingle Project Advance proceeds with any other funds of Borrower or its Affiliates.
(ii) No Project Advance by Lender shall be deemed to be an approval or acceptance by Lender or the Construction Consultant of any Work performed thereon or the materials furnished with respect thereto.
(iii) No Project Advance by Lender shall constitute a waiver of any of the conditions to make further Project Advances set forth herein.
Procedure of Advances. (a) Each Draw Request shall be submitted to Lender at least ten (10) Business Days prior to the date of the requested Future Advance (the “Requested Advance Date”), and no more frequently than monthly (unless otherwise approved by Lender in its sole discretion). Lender shall make the requested Future Advance on the Requested Advance Date so long as all conditions to such Future Advance are satisfied or waived.
(b) In no event shall Lender be required to advance Future Advance funds in an amount less than the Minimum Advance Amount (except in respect of any final Future Advance).
