Procedures for Advance Sample Clauses
The Procedures for Advance clause outlines the specific steps and requirements that must be followed for a party to request and receive an advance of funds under an agreement. Typically, this clause details the documentation that must be submitted, the notice period required, and any conditions that must be satisfied before the advance is disbursed. By clearly defining the process, this clause ensures that both parties understand the expectations and timing for advances, reducing the risk of disputes or delays in funding.
Procedures for Advance. (a) The Lessee shall give the Lessor prior written notice not later than 9:00 a.m., New York City time, two (2) Business Days prior to the Acquisition Date, pursuant to a Funding Request substantially in the form of Exhibit A (the "Funding Request"), specifying the proposed Acquisition Date and the amount of Advance requested. Except as the parties may otherwise agree in writing, the Advance shall be made solely to provide the Lessee with funds with which to pay or reimburse itself for amounts paid or payable to third parties as Property Cost and Transaction Expenses paid or payable by the Lessee in connection with the preparation, execution and delivery of the Operative Documents, and all fees paid or payable by the Lessee to the Lessor in connection with the Operative Documents and any amounts paid or payable by Lessee pursuant to Section 31.2 hereof. If the Eurodollar Rate is unavailable on the Acquisition Date because less than two (2) Business Days' notice has been provided to the Lessor pursuant to this Section 3.2(a), the Advance shall bear interest at the Alternate Base Rate until such time as the Eurodollar Rate can be obtained.
(b) The Advance shall be made on the Acquisition Date in immediately available federal funds by wire transfer to the account designated by the Lessee, except that a portion of the Advance shall be made (in accordance with instructions to be included in the Funding Request) by wire transfer directly to an account designated by Lessee to pay the Seller and/or to reimburse the Lessee for Transaction Expenses.
Procedures for Advance. The Lessee shall give the Lessor prior written notice not later than 9:00 a.m., New York City time, five (5) Business Days prior to the Acquisition Date, pursuant to a Funding Request substantially in the form of Exhibit A (the "Funding Request"), specifying the proposed Acquisition Date and --------- --------------- the amount of Advance requested. Except as the parties may otherwise agree in writing, the Advance shall be made solely to provide the Lessee with funds with which to pay or reimburse itself for amounts paid or payable to third parties as Property Cost and Transaction Expenses paid or payable by the Lessee in connection with the preparation, execution and delivery of the Operative Documents, and all fees paid or payable by the Lessee to the Lessor in connection with the Operative Documents and any amounts paid or payable by Lessee pursuant to Section 31.2 hereof. ------------
Procedures for Advance. (a) The Lessee shall give the Lessor and the Administrative Agent prior written notice of the Acquisition Date pursuant to a Funding Request substantially in the form of Exhibit B (a “Funding Request”), which Funding Request shall be delivered not later than 11:00 a.m. (Cleveland, Ohio time), one (1) Business Day prior to the Tandem Health Care of Ohio, Inc. Participation Agreement proposed Acquisition Date, specifying: (i) the proposed Acquisition Date, (ii) the amount of Advance requested, (iii) the Properties to be acquired, (iv) the Property Cost for each such Property and (v) the Transaction Expenses to be funded by the Advance. The Administrative Agent shall promptly forward a copy of such Funding Request to each Participant. Subject to timely delivery of a Funding Request and the other terms and conditions of the Operative Documents, each Participant shall make its Commitment Percentage of the Advance available to the Administrative Agent for the account of the Lessor in immediately available funds by wire transfer to the Administrative Agent for the account of the Lessor by 1:00 p.m. (Cleveland, Ohio time) on the Acquisition Date.
(b) Except as the Participants may otherwise agree in writing, the Advance shall be made solely to provide the Lessor with funds with which to pay for the cost of the acquisition of the Properties and the other Lessee Collateral and Transaction Expenses.
Procedures for Advance. Borrower shall submit to -------------------------- Administrative Agent a request for each advance of proceeds of the Loans hereunder no later than 10:00 a.m. (Pittsburgh time) on the date, in the case of advances of requested Base Rate Loans, which is two (2) Banking Days, and, in the case of advances of requested LIBOR Loans, which is three (3) Banking Days, prior to the date the advance is to be made. In addition to stating the amount requested, each request for advance shall certify (w) that no Default or Event of Default then exists or, to the best knowledge of the individual executing such request for advance, would exist as a result of such advance, (x) that the advance will be, and all prior advances have been, used solely for the purposes described in Section 2.03, (y) that none of the costs covered by said request for advance were the subject of any previous request for advance and (z) the amount of Total Project Costs which Borrower has incurred during the period since the date of the previous request for advance and that Borrower has actually paid, as an equity investment in the Improvements, 20% of such amount. Administrative Agent, upon its receipt and approval of the request for advance, will so notify the Banks either by telephone or by facsimile. Not later than 10:00 a.m. (Pittsburgh time) on the date of each advance, each Bank shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent's Office and in immediately available funds, for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent's crediting an account of Borrower designated by Borrower in the request for advance.
Procedures for Advance. With respect to the Advance, the Lessee shall give the Agent Lessor and the Administrative Agent prior written notice pursuant to a Funding Request substantially in the form of Exhibit B (a "Funding Request"), which Funding Request shall be delivered not later than 9:00 a.m. (Chicago time), one (1) Business Day prior to the proposed Acquisition Date, specifying the proposed Acquisition Date, and the amount of Advance requested. Such Loans and Lessor Amounts made with respect to the Advance on the Acquisition Date, shall initially be Base Rate Loan/Lessor Amounts. Subject to timely delivery of a Funding Request and the other terms and conditions of the Operative Documents, each Participant shall make its Commitment Percentage of the requested Advance available to the Agent Lessor by 1:00 p.m., Chicago time, on the requested Acquisition Date. The Agent Lessor and the Administrative Agent shall calculate the amounts of the Lessor Amounts and the Loans required to fund the requested Advance.
Procedures for Advance. Subject to the terms and provisions of the Note and Security Agreement, and to other provisions contained herein, and provided that no breach or event of default has then occurred under the Note, Security Agreement, this Agreement, or any other document executed in connection with the Loan (collectively, "Loan Documents"), advances under the Note may be requested by Borrower from and after the date of the Note ("Closing Date") up to the date which is the Third (3rd) Anniversary of the Note ("Maturity Date"). Advances shall be in minimum amounts of $1,000,000.00 and in increments thereof, but in no event greater than the lesser of (i) $40,000,000.00, or (ii) an amount equal to 95% of the then-current market value of all "Qualified Assets" (as defined in the Security Agreement) then securing the Note ("Revolving Credit Amount"), when aggregated with all amounts then outstanding under the Note. All such requests shall be required to be requested by written request on behalf of Borrower, signed by any one of the following listed individuals, specimens of whose signatures Borrower agrees to tender to Bank upon request, containing the amount requested to be advanced and the instructions for disbursement of the funds the advance of which is so being requested:
1. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
2. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇ Bank shall have two (2) full business days after the date of its receipt of such a request for advance, within which to either make such advance or to notify Borrower in writing that Bank has determined that one or more conditions for such advance are not met or that such advance would otherwise be improper under the terms of the Note, the Security Agreement, or hereof. All notices and requests hereunder shall be required to be in writing and delivered to the party to receive same as follows: If to Bank:
(a) Fax to: ▇▇▇▇▇ National Bank Fax No.: (▇▇▇)▇▇▇-▇▇▇▇ Attn: ▇▇▇▇ ▇▇▇▇▇▇
(b) E-mail to: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇ If to Borrower:
(a) Hand delivery to: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ National Western Life Insurance Company ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ Austin, Texas 78752 (b) Fax to (▇▇▇)▇▇▇-▇▇▇▇ Attn: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
(c) E-mail to: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ Any of the above-referenced addresses, fax numbers, or names of persons to whom notices and/or requests are to be directed or who have authority to sign a request, may be modified or changed by written notice as provided above.