Common use of Requests for Construction Loan Advances Clause in Contracts

Requests for Construction Loan Advances. (i) The Borrower shall deliver a Draw Request to the Administrative Agent not later than 11:00 a.m. (Charlotte time) at least five (5) Business Days before each Construction Loan Advance specifying (A) the date of such Construction Loan Advance, which shall be a Business Day, (B) the amount of such Construction Loan Advance, which shall be (1) with respect to Base Rate Loans in an aggregate principal amount of $100,000 or a whole multiple of $10,000 in excess thereof and (2) with respect to Eurodollar Rate Loans in an aggregate principle amount of $100,000 or a whole multiple of $10,000 in excess thereof, (C) whether such Construction Loan Advance is to be to be a Eurodollar Rate Loan or a Base Rate Loan, and (D) in the case of a Eurodollar Rate Loan, the duration of the Interest Period applicable thereto. A Draw Request received after 11:00 a.m. (Charlotte time) shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders of each Notice of Borrowing. (ii) The Borrower shall be entitled to a Construction Loan Advance only in an amount reasonably approved by the Administrative Agent in accordance with the terms of this Agreement and the other Loan Documents. The Lenders shall not be required to make Construction Loan Advances more frequently than once each calendar month. The Lenders shall, only upon the reasonable satisfaction of all applicable conditions of this Agreement and the other Loan Documents, make the requested Construction Loan Advance to the Borrower in accordance with Section 2.2(c). (iii) Each Draw Request, and the Borrower's acceptance of any Construction Loan Advance, shall be deemed to ratify and confirm that all representations and warranties in the Loan Documents remain true and correct as of the date of the Draw Request and the Construction Loan Advance, respectively.

Requests for Construction Loan Advances. (i) The Borrower shall deliver a Draw Request to the Administrative Agent not later than 11:00 a.m. (Charlotte time) at least five (5) Business Days before each Construction Loan Advance specifying (A) the date of such Construction Loan Advance, which shall be a Business Day, (B) the amount of such Construction Loan Advance, which shall be (1) with respect to Base Rate Loans in an aggregate principal amount of $100,000 or a whole multiple of $10,000 in excess thereof and (2) with respect to Eurodollar Rate Loans in an aggregate principle amount of $100,000 or a whole multiple of $10,000 in excess thereof, (C) whether such Construction Loan Advance is to be to be a Eurodollar Rate Loan or a Base Rate Loan, and (D) in the case of a Eurodollar Rate Loan, the duration of the Interest Period applicable thereto. A Draw Request received after 11:00 a.m. (Charlotte time) shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders of each Notice of Borrowing. (ii) The Borrower shall be entitled to a Construction Loan Advance only in an amount reasonably approved by the Administrative Agent in accordance with the terms of this Agreement and the other Loan Documents. The Lenders shall not be required to make Construction Loan Advances more frequently than once each calendar month. The Lenders shall, only upon the reasonable satisfaction of all applicable conditions of this Agreement and the other Loan Documents, make the requested Construction Loan Advance to the Borrower in accordance with Section 2.2(c). (iii) Each Draw Request, and the Borrower's acceptance of any Construction Loan Advance, shall be deemed to ratify and confirm that all representations and warranties in the Loan Documents remain true and correct as of the date of the Draw Request and the Construction Loan Advance, respectively.