Common use of Requests for Advance Clause in Contracts

Requests for Advance. Borrower shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit C hereto (or telephonic notice confirmed in writing in the form of Exhibit C hereto) of each Advance requested hereunder (a “Loan Request”) by 1:00 p.m. (Eastern time) one (1) Business Day prior to the proposed Drawdown Date with respect to Base Rate Advances and with respect to LIBOR Rate Advances (a) in the case of the Advances to be made on the Closing Date, two (2) Business Days prior to the Closing Date and (b) in the case of any other LIBOR Rate Advances, three (3) Business Days prior to the proposed Drawdown Date, unless the timing of such notice is waived or reduced by the Agent in its sole discretion. Each such notice shall specify with respect to the requested Advance the proposed principal amount of such Advance, the Type of Advance, the initial Interest Period (if applicable) for such Advance and the Drawdown Date. Promptly upon receipt of any such notice, the Agent shall notify each of the Lenders thereof. Each Loan Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Advance requested from the Lenders on the proposed Drawdown Date. Nothing herein shall prevent Borrower from seeking recourse against any Lender that fails to advance its proportionate share of a requested Advance as required by this Agreement. Each Loan Request shall be, subject to § 2.1(b), (a) for Base Rate Advances in a minimum aggregate amount of $1,000,000 or an integral multiple of $100,000 in excess thereof; or (b) for LIBOR Rate Advances in a minimum aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof; provided, however, that there shall be no more than ten (10) LIBOR Rate Advances outstanding at any one time.

Requests for Advance. Borrower Borrowers shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit C hereto (or telephonic notice confirmed in writing in the form of Exhibit C hereto) of each Advance requested hereunder (a “Loan Request”) by 1:00 p.m. (Eastern time) one (1) Business Day prior to the proposed Drawdown Date with respect to Base Rate Advances and with respect to LIBOR Rate Advances (a) in the case of the Advances to be made on the Closing Date, two (2) Business Days prior to the Closing Date and (b) in the case of any other LIBOR Rate Advances, three (3) Business Days prior to the proposed Drawdown DateDate with respect to LIBOR Rate Advances, unless unless, with respect to the Initial Advance only, the timing of such notice is waived or reduced by the Agent in its sole discretion. Each such notice shall specify with respect to the requested Advance the proposed principal amount of such Advance, the Type of Advance, the initial Interest Period (if applicable) for such Advance and the Drawdown Date. Promptly upon receipt of any such notice, the Agent shall notify each of the Lenders thereof. Each Loan Request shall be irrevocable and binding on Borrower Borrowers and shall obligate Borrower Borrowers to accept the Advance requested from the Lenders on the proposed Drawdown Date. Nothing herein shall prevent Borrower Borrowers from seeking recourse against any Lender that fails to advance its proportionate share of a requested Advance as required by this Agreement. Each Loan Request shall be, subject to § 2.1(b), (a) for Base Rate Advances in a minimum aggregate amount of $1,000,000 or an integral multiple of $100,000 in excess thereof; or (b) for LIBOR Rate Advances in a minimum aggregate amount of $1,000,000 or an integral multiple of $250,000 in excess thereof; provided, however, that there shall be no more than ten (10) LIBOR Rate Advances outstanding at any one time.

Requests for Advance. Except with respect to the Initial Advance on the Closing Date, the Borrower shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit C hereto (or telephonic notice confirmed in writing in the form of Exhibit C hereto) of each Advance requested hereunder (a “Loan Request”) by 1:00 p.m. 11:00 a.m. (Eastern New York time) one (1) Business Day prior to the proposed Drawdown Date with respect to Base Rate Advances Loans and with respect to LIBOR Rate Advances (a) in the case of the Advances to be made on the Closing Date, two (2) Business Days prior to the Closing Date and (b) in the case of any other LIBOR Rate Advances, three (3) Business Days prior to the proposed Drawdown Date, unless the timing of such notice is waived or reduced by the Agent in its sole discretionDate with respect to LIBOR Rate Loans. Each such notice shall specify with respect to the requested Advance the proposed principal amount of such Advance, the Type of Advance, the initial Interest Period (if applicable) for such Advance and the Drawdown Date. Each such notice shall also contain (i) a general statement as to the purpose for which such Advance shall be used (which purpose shall be in accordance with the terms of §2.9) and (ii) a certification by the chief financial officer or chief accounting officer of Borrower (or of the REIT) that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the making of such Advance and that all conditions set forth herein to making such Advance have been satisfied. Promptly upon receipt of any such notice, the Agent shall notify each of the Lenders thereof. Each such Loan Request shall be irrevocable and binding on the Borrower and shall obligate the Borrower to accept the Advance requested from the Lenders on the proposed Drawdown Date. Nothing herein shall prevent the Borrower from seeking recourse against any Lender that fails to advance its proportionate share of a requested Advance as required by this Agreement. Each Loan Request shall be, be subject to § Section 2.1(b), (a) for a Base Rate Advances Loan in a minimum aggregate amount of $1,000,000 1,000,000.00 or an integral multiple of $100,000 100,000.00 in excess thereof; or (b) for a LIBOR Rate Advances Loan in a minimum aggregate amount of $1,000,000 1,000,000.00 or an integral multiple of $250,000 250,000.00 in excess thereof; provided, however, that there shall be no more than ten eight (10) 8) LIBOR Rate Advances Loans outstanding at any one time.