Common use of Procedures for Advances Clause in Contracts

Procedures for Advances. With respect to each funding of an ----------------------- Advance, the Lessee shall give the Lessor and the Agent prior written notice not later than 10:00 a.m., San Francisco time, three (3) Business Days prior to (or, in the case of the initial Advance made on the Land Interest Acquisition Date, on the day of) the proposed Funding Date, pursuant, in each case, to a Funding Request substantially in the form of Exhibit B (a "Funding Request"), specifying --------- --------------- (i) the proposed Funding Date, (ii) the amount and purpose of the Advance requested, (iii) the Type of Advance, (iv) the initial Interest Period for such Advance, (v) the payee of such Advance, and (vi) the allocation of such Advance to the respective Land Interest Acquisition Cost and Property Improvements Costs of the Property (and pro rata portions of the related remittances from the Participants shall likewise be deemed to be so allocated). The Agent shall promptly forward a copy of such Funding Request to each Participant. The Lessee shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment Advance) shall be in a minimum amount of $1,000,000 or in amounts of $100,000 in excess thereof. Subject to the satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, each Participant shall purchase its Participation Interest in such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the Lessee's demand deposit account with the Agent not later than 12:00 noon, San Francisco time, on the applicable Funding Date. Upon (i) the Lessee's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee shall (1) in the case of an Advance --------- for the acquisition of the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2) in the case of other Advances, pay or retain as payment or reimbursement of, Property Improvements Costs, in each case from the funds provided by the Participants for such Advance.

Procedures for Advances. With respect (a) Each Advance hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each funding of an ----------------------- Advance, Purchaser Agent (with a copy to the Lessee shall give the Lessor Trustee and the Agent prior written notice not later than 10:00 a.m., San Francisco time, three (3Backup Servicer) Business Days prior to (or, in the case of the initial Advance made on the Land Interest Acquisition Date, on the day of) the proposed Funding Date, pursuant, in each case, to a Funding Request substantially duly completed Borrowing Notice in the form of Exhibit B A-1 (along with a "Borrowing Base Certificate) no later than 2:00 p.m. (Eastern Standard Time) at least two Business Days’ prior to the proposed Funding Request")Date. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, specifying --------- --------------- which amount must be at least equal to $500,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify the Loans to be transferred on such Funding Date (including the name of each Obligor; Outstanding Loan Balance for each Loan and identifying each Loan by Type of Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. (b) On each Funding Date, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.2, an amount equal to its Pro Rata Share of the least of (i) the proposed Funding Date, (ii) amount requested by the amount and purpose of the Advance requested, (iii) the Type of Advance, (iv) the initial Interest Period Seller for such Advance, (vii) an amount equal to the Availability on such Funding Date and (iii) the payee Facility Amount. (c) On each Funding Date, the obligation of such Advance, and (vi) the allocation each Purchaser to remit its Pro Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the respective Land Interest Acquisition Cost and Property Improvements Costs Seller shall not relieve any other Purchaser of its obligation hereunder. (d) If any Liquidity Bank (an “Exiting Liquidity Bank”) exercises its right not to extend or renew the Property (and pro rata portions term of its Liquidity Commitment in connection with the Liquidity Agreement related to this Agreement, as described in Section 2.1(c), above, the Commitment of the related remittances from Purchaser to such Liquidity Bank shall be automatically reduced on the Participants shall likewise be deemed to be so allocated). The Agent shall promptly forward a copy date the term of such Funding Request Liquidity Commitment expires by an amount equal to the amount of such Exiting Liquidity Bank’s Liquidity Commitment under the related Liquidity Agreement, and such Purchaser shall, on each Participant. The Lessee shall Payment Date thereafter during the Revolving Period be entitled to receive payments in accordance with Section 2.7(a) in respect of its Required Purchaser Reduction Amount, if any, at such time. (e) If all of the Liquidity Banks related to a Purchaser exercise their right not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment Advance) to extend or renew the term of their Liquidity Commitments in connection with the related Liquidity Agreement, as described in Section 2.1(c), above, the Commitment of the related Purchaser to such Liquidity Banks shall be automatically reduced to zero on the date the term of such Liquidity Commitment expires, and such Purchaser shall, on each Payment Date thereafter during the Revolving Period be entitled to receive payments in accordance with Section 2.7(a) in respect of its Required Purchaser Reduction Amount, if any, at such time. If a minimum Purchaser exercises its right not to extend the Scheduled Termination Date, (A) the Commitment of such Purchaser shall automatically be reduced to zero and (B) the Facility Amount shall automatically be reduced by the amount of $1,000,000 such Purchaser’s Commitment on the Scheduled Termination Date, and such Purchaser shall, on each Payment Date thereafter during the Revolving Period, be entitled to receive payments in accordance with Section 2.7(a) in respect of its Required Purchaser Reduction Amount, if any, at such time. If on any date one or in amounts of $100,000 in excess thereof. Subject more Purchasers choose to extend the satisfaction or waiver of Scheduled Termination Date, then the conditions precedent Scheduled Termination Date shall be extended as to such Advance set forth in Section 6, each Participant shall purchase its Participation Interest in such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the Lessee's demand deposit account with the Agent not later than 12:00 noon, San Francisco time, on the applicable Funding Date. Upon (i) the Lessee's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee shall (1) in the case of an Advance --------- for the acquisition of the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2) in the case of other Advances, pay or retain as payment or reimbursement of, Property Improvements Costs, in each case from the funds provided by the Participants for such AdvancePurchasers.

Procedures for Advances. (a) With respect to each ----------------------- funding of an ----------------------- Advance, the Lessee shall give the Lessor and the Agent prior written notice not later than 10:00 a.m., San Francisco time, three (3) Business Days prior to (or, in the case of the initial Advance made on the Land Interest Acquisition Date, on the day of) the proposed Funding DateDate (other than for the initial Advance, where notice shall be one Business Day), pursuant, in each case, to a Funding Request substantially in the form of Exhibit B (a "Funding Request"), specifying --------- --------------- (i) the proposed Funding Date, (ii) the amount and purpose of the Advance requested, (iii) the Type of Advance, (iv) the initial Interest Period for such Advance, (viv) the payee of such Advance, and (viv) the allocation of such Advance to the respective Land Interest Acquisition Cost and Property Improvements Costs of the Property (and pro rata portions of the related remittances from the Participants shall likewise be deemed to be so allocated). The Agent shall promptly forward a copy of such Funding Request to each Participant. The Lessee shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment Advance) shall be in a minimum amount of $1,000,000 or in amounts of $100,000 in excess thereof. Subject to the satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, each --------- Participant shall purchase its Participation Interest in such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the Lessee's demand deposit account with the Agent not later than 12:00 noon, San Francisco time, on the applicable Funding Date. Upon (i) the Lessee's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee shall (1) in the case of an Advance --------- for the acquisition of --------- the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2) in the case of other Advances, pay or retain as payment or reimbursement of, Property Improvements Costs, in each case from the funds provided by the Participants for such Advance. (b) On each Funding Date requested pursuant to Section 3.4(a) hereof, -------------- the Lessee shall deposit immediately available funds with the Defeasance Deposit Depositary Bank in the amount of the Tranche A Participation Interest in the Advance so requested pursuant to the Defeasance Deposit Agreement. Each such deposit (collectively, the "Defeasance Deposit") shall be the property of the ------------------ Defeasance Deposit Depositary Bank and shall be held and administered in accordance with the Defeasance Deposit Agreement.

Procedures for Advances. With respect to each funding of an ----------------------- Advance, the Lessee (a) The Borrower shall give the Lessor and the Agent prior written notice deliver a Funding Request not later than 10:00 a.m., San Francisco a.m. (New York City time, three ) two (32) Business Days Day prior to the requested Funding Date, together with all of the information and documents set forth in this Section 2.2. (b) No later than 10:00 a.m. (New York City time) on the proposed Funding Date (or, other than in the case of clause (i) below, such shorter period of time or later date as may be agreed to by the initial Advance made Required Lenders), the Administrative Agent, each Managing Agent and the Collateral Custodian, as applicable, shall receive or shall have previously received the following from the Borrower: (i) a Borrowing Notice in the form of Exhibit A; (ii) a copy of an executed Assignment Agreement for each Eligible Loan to be Conveyed to the Borrower on such Funding Date as well as a completed Transfer Schedule with respect to the Land Interest Acquisition Eligible Loans to be Conveyed to the Borrower on such Funding Date, on the day of; (iii) the proposed Loan List listing the Transferred Loans including the Eligible Loans to be Conveyed to the Borrower on such Funding Date, pursuant, in each case, to ; and (iv) a Funding Request Loan Checklist Delivery Letter substantially in the form of Exhibit B (F listing the Eligible Loans to be funded in connection with the Advance, including a "Funding Request"), specifying --------- --------------- (i) the proposed Funding Date, (ii) the amount Transferred Loan Checklist for each such Eligible Loan and purpose electronic copies of the Advance requested, (iii) the Type of Advance, (iv) the initial Interest Period Required Loan Documents for such Advance, Eligible Loan. (vc) Each Funding Request shall specify the payee of such Advance, and (vi) the allocation of such Advance to the respective Land Interest Acquisition Cost and Property Improvements Costs aggregate amount of the Property requested Advance and shall include the information set forth above and in Section 3.2. (and pro rata portions d) On the Funding Date following the satisfaction of the related remittances from the Participants shall likewise be deemed to be so allocated). The Agent shall promptly forward a copy of such Funding Request to each Participant. The Lessee shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment Advance) shall be in a minimum amount of $1,000,000 or in amounts of $100,000 in excess thereof. Subject to the satisfaction or waiver of the applicable conditions precedent to such Advance set forth in this Section 62.2 and Sections 2.1, each Participant 3.1 and 3.2, the Lenders shall purchase its Participation Interest in such --------- Advance by making make available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Paying Agent for deposit to the Lessee's demand deposit account with Operating Account in same day funds an amount equal to such Lxxxxx’s Pro Rata Share of the Agent not Advance then being made. Each wire transfer of an Advance to the Borrower shall be initiated by each Lender no later than 12:00 noon, San Francisco 4:00 p.m. (New York City time, ) on the applicable Funding Date. Upon (i) the Lessee's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee shall (1) in the case of an Advance --------- for the acquisition of the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2) in the case of other Advances, pay or retain as payment or reimbursement of, Property Improvements Costs, in each case from the funds provided by the Participants for such Advance.

Procedures for Advances. (a) With respect to each funding of ----------------------- an ----------------------- Advance, the Lessee shall give the Lessor and the Agent prior written notice not later than 10:00 a.m., San Francisco time, three (3) Business Days prior to (or, in the case of the initial Advance made on the Land Interest Acquisition Date, on the day of) the proposed Funding Date, pursuant, in each case, to a Funding Request substantially in the form for of Exhibit B (a "Funding Request"), specifying --------- --------------- (i) the --------- --------------- proposed Funding funding Date, (ii) the amount and purpose of the Advance requested, (iii) the Type of Advance, (iv) the initial Interest Period for such Advance, (viv) the payee of such Advance, and (viv) the allocation of such Advance to the respective Land Interest Acquisition Cost and Property Improvements Costs of the Property (and pro rata portions of the related remittances from the Participants shall likewise be deemed to be so allocated)applicable Property. The Agent shall promptly forward a copy of such Funding Request REquest to each Participant. The Lessee shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment Advance and the initial Advance) shall be in a minimum amount of $1,000,000 or in amounts of $100,000 in excess thereof. Subject to the satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, each Participant shall purchase its --------- Participation Interest in such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the Lessee's demand deposit account with the Agent not later than 12:00 noon, San Francisco time, on the applicable Funding Date. Upon (i) the Lessee's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee shall (1) in the case of an Advance --------- for the acquisition of the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2) in the case of other Advances, pay or retain as payment or reimbursement of, Property Improvements Costs, in each case from the funds provided by the Participants for such Advance. (b) On each Funding Date requested pursuant to Section 3.4(a), the -------------- Lessee shall deposit immediately available funds with the Defeasance Deposit Depositary Bank in the amount of the Tranche A Participation Interest in the Advance so requested pursuant to the Defeasance Deposit Agreement. Each such deposit (collectively, the "Defeasance Deposit") shall be the property of the ------------------ Defeasance Deposit Depositary Bank and shall be held and administered in accordance with the Defeasance Deposit Agreement.

Procedures for Advances. With respect to each funding of an ----------------------- Advance, the Lessee Lessee, as Construction Agent, shall give the Lessor and the Agent prior written notice not later than 10:00 a.m.12:00 Noon, San Francisco Chicago time, three (3) Business Days prior to (or, in the case of the initial Advance made on the Land Interest Acquisition Date, on the day of) the proposed Funding Date (other than for the Advance on the Closing Date, if such Advance is to bear interest or yield at a rate equal to the Alternate Base Rate, where notice shall be on the same Business Day), pursuant, in each case, to a Funding Request substantially in the form of Exhibit B (a "Funding Request"), specifying --------- --------------- (i) the proposed Funding Date, (ii) --------- --------------- the amount and purpose of the Advance requested, (iii) the Type Lessee's election to cause all or a specified portion of such Advance to bear interest or yield by reference to the Eurodollar Rate or the Alternate Base Rate and including, in the case of a Eurodollar Rate Advance, the initial Interest Period therefor, (iv) the initial Interest Period for payees of such Advance, (v) that the payee of such AdvanceAdvance will be used to fund Land Interest Acquisition Costs or Property Improvement Costs, and (vi) the allocation of such Advance to the respective Land Interest Acquisition Cost Costs and Property Improvements Costs of the Property (and pro rata portions of the related remittances from the Participants shall likewise be deemed to be so allocated), and (vii) that, to the knowledge of the Construction Agent, no Construction Termination Event has occurred and is continuing as of the date of such Funding Request. The Agent shall promptly forward a copy provide notice of such Funding Request to each Participant. The Lessee Lessee, as Construction Agent, shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment AdvanceAdvance or an amount capitalized pursuant to Section 3.7(e)) shall be in a minimum -------------- amount of $1,000,000 or in amounts of $100,000 in excess thereof500,000. Subject to the satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, each Participant Participant, other than the Lessor, shall purchase fund its Participation Interest in pro rata share of such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the LesseeLessor's demand deposit account with the Agent not later than 12:00 noon, San Francisco Chicago time, on the applicable Funding Date. Upon (i) the LesseeLessor's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee Lessor shall (1A) in the case of an Advance --------- for the acquisition of the Land Interest, pay the acquisition price for such Land Interest to the Existing Owner, and (2B) in the case of other Advances, pay Property Improvement Costs to the payees specified in the applicable Funding Request, or retain deliver to the Construction Agent funds that the Construction Agent reasonably believes will be due, in the sixty (60) days following such Advance, from the Construction Agent to third parties in respect of Property Improvements Costs, or as payment or reimbursement of, of Property Improvements CostsCosts previously paid by the Construction Agent, in each case from the funds provided by the Participants for such Advance.

Procedures for Advances. With respect to each funding of an ----------------------- Advance, the Lessee shall give the Lessor and the Agent prior written notice not later than 10:00 a.m.12:00 noon, San Francisco Chicago time, three (3) Business Days prior to the proposed Funding Date (orother than for the Advance, in the case of the initial Advance made on the Land Interest Acquisition Dateif any, on the day of) the proposed Funding Closing Date, if such Advance is to be an Alternate Base Rate Advance, in which case such notice may be given not later than 12:00 noon, Chicago time, on the same Business Day) pursuant, in each case, to a Funding Request substantially in the form of Exhibit B (a "Funding Request"), specifying --------- --------------- (i) the proposed Funding Date, (ii) the amount and purpose of the Advance requested, (iii) the Type Lessee's election to cause all or a specified portion of such Advance to bear interest or yield by reference to the Eurodollar Rate or the Alternate Base Rate and including, in the case of a Eurodollar Rate Advance, the initial Interest Period therefor (all on a Tranche by Tranche basis), (iv) the initial Interest Period for payees of such Advance, (v) that the payee Advance will be used to fund Property Acquisition Costs in respect of the portion of the Property specified in such AdvanceFunding Request, and (vi) that to the allocation knowledge of the Lessee, no Default or Event of Default (other than a Limited Default or a Limited Event of Default, provided that if a Limited Default or a Limited Event of Default exists, the provisions of Section 6.5 shall apply) has occurred and is continuing as of the date of such Advance to the respective Land Interest Acquisition Cost and Property Improvements Costs of the Property (and pro rata portions of the related remittances from the Participants shall likewise be deemed to be so allocated)Funding Request. The Agent shall promptly forward a copy provide notice of such Funding Request to each Participant. The Lessee shall not request more than one Funding Date during any calendar month. Each Advance (other than an Interest Payment AdvanceAdvance or an amount capitalized pursuant to Section 3.7(e)) shall be in a minimum amount of $1,000,000 or in amounts of $100,000 in excess thereof500,000. Subject to the satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, each Participant Participant, other than the Lessor, shall purchase fund its Participation Interest in pro rata share of such --------- Advance by making available to the Lessor its proportionate share of such Advance in immediately available federal funds by wire transfer to the Agent for deposit to the LesseeLessor's demand deposit account with the Agent not later than 12:00 noon, San Francisco Chicago time, on the applicable Funding Date. Upon (i) the LesseeLessor's receipt of the funds provided by the Participants with respect to an Advance, and (ii) satisfaction or waiver of the conditions precedent to such Advance set forth in Section 6, the Lessee Lessor shall (1A) in the case of an Advance --------- for the acquisition of a portion of the Land InterestProperty, pay the acquisition price for such Land Interest Property Acquisition Costs therefor to the Existing OwnerOwner thereof, and (2B) in the case of other Advancesan Advance for Transaction Expenses, pay or retain the specified amount to the payees specified in the applicable Funding Request as payment or of such Transaction Expenses (which may include reimbursement of, Property Improvements Costsof such Transaction Expenses previously paid by the Lessee), in each case from the funds provided by the Participants for such Advance.