Common use of Procedure of Advances Clause in Contracts

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) Each Draw Request shall be submitted to Lender and Construction Consultant 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 2.14. (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) 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 $250,000.00500,000.00. (d) Each Advance shall be made on a Payment Date.

Procedure of Advances. (a) Each Draw Request shall be submitted to Lender and Construction Consultant 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 2.14. (c) Each Advance (other than the Final Advance) shall be in an amount of not less than $250,000.00500,000.00. (d) Each Advance shall be made on a Payment Date.