Common use of Requests for Draws Clause in Contracts

Requests for Draws. To request a Draw, the Issuer (or the Servicer on behalf of the Issuer) shall notify the Class A-1A VFN Agent (with a copy to the Trustee) (each such notice, a “Draw Request”) of such request by mail, facsimile or hand delivery of a written Draw Request in the form of Exhibit B hereto and signed by the Issuer (or the Servicer on behalf of the Issuer) not later than 1:00 p.m. (New York time) on the date which is two Business Days prior to the proposed Draw. Each such written Draw Request shall be irrevocable and receipt of the Class A-1A VFN Agent shall be confirmed promptly by the Isssuer (or the Servicer on behalf of the Issuer) by telephone. A Draw Request shall be deemed to have been received by the Class A-1A VFN Agent at the time of a successful telephone confirmation of such receipt by the Class A-1A VFN Agent. Each such Draw Request shall specify the following information in compliance with Section 2.02 of this Agreement and Section 10.06 of the Indenture: (a) the aggregate amount of the requested Draw; and (b) the date of such Draw, which shall be a Business Day. Promptly following receipt of a Draw Request, on the date of receipt of a Draw Request for a Draw, the Class A-1A VFN Agent shall forward (by fax or electronic messaging system) to each Holder (with a copy to the Trustee and, upon request, each Noteholder) a copy of such Draw Request and of the amount of such Holder’s Advance to be made as part of the requested Draw. A Draw Request shall be deemed to have been received by a Holder at the time of a successful telephone confirmation by the Class A-1A VFN Agent of such receipt by such Holder. Any Draw Request received by the Class A-1A VFN Noteholders after 1:00 p.m. (New York time) on any day (whether or not a Business Day) shall be deemed to be a Draw Request received at 9:00 a.m. on the next Business Day and to be funded by the Holders of Class A-1A VFN Notes on the third Business Day following the receipt of such Draw Request.

Requests for Draws. To request a Draw, the Issuer (or the Servicer on behalf of the Issuer) shall notify the Class A-1A VFN A-2 Agent (with a copy to the TrusteeTrustee and the Class A-2 Noteholders) (each such notice, a “Draw Request”) of such request by mailtelephone or electronic messaging system not later than 11:00 a.m. (Boston, facsimile Massachusetts time), on the Business Day of the proposed Draw. Each such telephonic or electronic Draw Request shall be irrevocable and shall be confirmed promptly by fax or hand delivery to the Class A-2 Agent (with a copy to the Trustee and the Class A-2 Noteholders) of a written Draw Request in the form of Exhibit B hereto and signed by the Issuer (or the Servicer on behalf of the Issuer) not later than 1:00 p.m. (New York time) on the date which is two Business Days prior to the proposed Draw. Each such written Draw Request shall be irrevocable and receipt of the Class A-1A VFN Agent shall be confirmed promptly by the Isssuer (or the Servicer on behalf of the Issuer) by telephone. A Draw Request shall be deemed to have been received by the Class A-1A VFN Agent at the time of a successful telephone confirmation of such receipt by the Class A-1A VFN Agent). Each such Draw Request shall specify the following information in compliance with Section 2.02 of this Agreement and Section 10.06 of the Indenture: (a) the aggregate amount of the requested Draw; and (b) the date of such Draw, which shall be a Business Day. Promptly following receipt of a Draw Request, on the date of receipt of a Draw Request for a Draw, the Class A-1A VFN A-2 Agent shall forward (by fax or electronic messaging system) to each Holder (with a copy to the Trustee and, upon request, each NoteholderTrustee) a copy of such Draw Request and of the amount of such Holder’s Advance to be made as part of the requested Draw. A Draw Request shall be deemed to have been received by a Holder at the time of a successful telephone confirmation by the Class A-1A VFN Agent of such receipt by such Holder. Any Draw Request received by the Class A-1A VFN Noteholders A-2 Agent after 1:00 p.m. 11:00 a.m. (New York Boston, Massachusetts time) on any Business Day or on a day (whether or which is not a Business Day) Day shall be deemed to be a Draw Request received at 9:00 a.m. on the next Business Day and to be funded on such next Business Day by the Holders of Class A-1A VFN Notes on the third Business Day following the receipt of such Draw RequestA-2 Notes.

Requests for Draws. To request a Draw, the Issuer (or the Servicer on behalf of the Issuer) shall notify the Class A-1A VFN A-2 Agent (with a copy to the TrusteeTrustee and the Class A-2 Noteholders) (each such notice, a “Draw Request”) of such request by mailtelephone or electronic messaging system not later than 10:00 a.m. (Boston, facsimile Massachusetts time), on the Business Day of the proposed Draw. Each such telephonic or electronic Draw Request shall be irrevocable and shall be confirmed promptly by fax or hand delivery to the Class A-2 Agent (with a copy to the Trustee and the Class A-2 Noteholders) of a written Draw Request in the form of Exhibit B hereto and signed by the Issuer (or the Servicer on behalf of the Issuer) not later than 1:00 p.m. (New York time) on the date which is two Business Days prior to the proposed Draw. Each such written Draw Request shall be irrevocable and receipt of the Class A-1A VFN Agent shall be confirmed promptly by the Isssuer (or the Servicer on behalf of the Issuer) by telephone. A Draw Request shall be deemed to have been received by the Class A-1A VFN Agent at the time of a successful telephone confirmation of such receipt by the Class A-1A VFN Agent). Each such Draw Request shall specify the following information in compliance with Section 2.02 of this Agreement and Section 10.06 10.07 of the Indenture: (a) the aggregate amount of the requested Draw; and (b) the date of such Draw, which shall be a Business Day. Promptly following receipt of a Draw Request, on the date of receipt of a Draw Request for a Draw, the Class A-1A VFN A-2 Agent shall forward (by fax or electronic messaging system) to each Holder (with a copy to the Trustee and, upon request, each NoteholderTrustee) a copy of such Draw Request and of the amount of such Holder’s Advance to be made as part of the requested Draw. A Draw Request shall be deemed to have been received by a Holder at the time of a successful telephone confirmation by the Class A-1A VFN Agent of such receipt by such Holder. Any Draw Request received by the Class A-1A VFN Noteholders A-2 Agent after 1:00 p.m. 10:00 a.m. (New York Boston, Massachusetts time) on any Business Day or on a day (whether or which is not a Business Day) Day shall be deemed to be a Draw Request received at 9:00 a.m. on the next Business Day and to be funded on such next Business Day by the Holders of Class A-1A VFN Notes on the third Business Day following the receipt of such Draw RequestA-2 Notes.

Requests for Draws. To request a DrawFor each draw under the Construction Escrow Account, the Issuer (or the Servicer on behalf of the Issuer) Borrower shall notify the Class A-1A VFN Agent (with a copy deliver to the Trustee) (each such noticeLender, a draw request for construction costs in accordance with the Construction Budget, in form reasonably satisfactory to Lender (the “Draw Request”), and stating the amount of disbursement requested, at least ten (10) days before the requested date of such request by mail, facsimile or hand delivery of a written Draw Request in the form of Exhibit B hereto and signed by the Issuer (or the Servicer on behalf of the Issuer) not later than 1:00 p.m. (New York time) on the date which is two Business Days prior to the proposed Drawdisbursement. Each such written Draw Request shall be irrevocable approved and receipt signed by Borrower and Lender’s Inspector and shall be accompanied by billing statements, vouchers and invoices as required by Lender or Lender’s Inspector. Lender will release funds from the Construction Escrow Account for the actual costs incurred for construction of the Class A-1A VFN Agent shall be confirmed promptly by MOB within the Isssuer (or estimates set forth in the Servicer on behalf Construction Budget. Each Draw Request will expressly warrant that the work for which the advance is requested has been performed in all material respects in accordance with the Plans and Specifications and is for actual costs incurred for the construction of the Issuer) by telephoneMOB within the estimates set forth in the Construction Budget. A Each Draw Request shall constitute an affirmation made by Borrower that Borrower is not in breach of its obligations under this Agreement and that no Default, or any event that with the passage of time would be deemed to have been received by the Class A-1A VFN Agent at the time of a successful telephone confirmation of such receipt by the Class A-1A VFN AgentDefault, has occurred and is continuing. Each such Draw Request shall constitute an affirmation that Borrower’s portion of all previously incurred construction costs have been paid in all material respects. Each Draw Request is subject further to the following conditions: 11.3.1. each of the conditions in Section 11.2 shall have been satisfied; 11.3.2. proof, satisfactory to Lender, that all invoices for labor and materials have been paid, except those contained in the current Draw Request; 11.3.3. a list of every material subcontractor who provided labor and/or materials relating to the current Draw Request; 11.3.4. lien waivers from the general contractor and each of the subcontractors contained in the list provided to Lender referenced above in Section 11.3.2; 11.3.5. lien waivers and/or lien releases from payees under previous Draw Requests if not previously submitted; 11.3.6. any written approval required from the USDA for Lender to fund the current Draw Request; 11.3.7. a report signed by Borrower’s Architect, and by Lender’s Inspector, which shall specify the following information in compliance with Section 2.02 estimated percentage of this Agreement and Section 10.06 completion of the Indenture:MOB, together with detailed comments on the specific work performed since the date of the last report rendered to Lender, and which will certify that all work previously performed in developing, constructing and equipping the MOB has been completed in all material respects in accordance with the Plans and Specifications; 11.3.8. an endorsement to Lender’s mortgagee’s title insurance policy, extending the effective date of the policy to the date of the endorsement, showing no liens of record or additional encumbrances not acceptable to Lender, and increasing the effective amount of the coverage to the total amount outstanding under the Mortgage Note; 11.3.9. a foundation survey shall have been delivered within a reasonable time after completion of the foundation, showing all construction to be within the property lines and disclosing no encroachments or violations of setback or other restrictions; 11.3.10. verification that the actual costs in the aggregate of construction of the MOB do not exceed the aggregate budgeted costs on an itemized basis in any material respect as shown in the Construction Budget, and such other itemization and information with respect to such costs as may be requested by Lender; provided that Borrower may amend the items in the Construction Budget if (a) the aggregate amount of the requested Draw; and Borrower gives Lender written notice thereof, (b) the date total amount of the Construction Budget is not increased, and (c) the total amount of the Construction Contract is not increased, unless such Drawincreases have been previously approved by Lender, Lender’s Inspector, and USDA in writing; 11.3.11. a schedule, reasonably satisfactory to Lender, of the estimated amount and time of disbursements of the cash advances to be made hereunder; 11.3.12. evidence, reasonably satisfactory to Lender, that Borrower has sufficient financial resources to complete the construction and equipping of the MOB to any extent by which the costs shall be a Business Day. Promptly following receipt of a Draw Request, on the date of receipt of a Draw Request for a Draw, the Class A-1A VFN Agent shall forward (by fax or electronic messaging system) to each Holder (with a copy to the Trustee and, upon request, each Noteholder) a copy of such Draw Request and of exceed the amount of such Holder’s Advance to be made as part the Mortgage Note; 11.3.13. if requested by Lender, proof that all materials and equipment constituting the MOB building or a fixture and any other fixtures incorporated in the MOB have been purchased so that absolute ownership is vested in Borrower; and 11.3.14. All of the requested Draw. A Draw Request above information shall be deemed obtained and submitted to have been received by a Holder Lender at the time of a successful telephone confirmation by the Class A-1A VFN Agent of such receipt by such Holder. Any Draw Request received by the Class A-1A VFN Noteholders after 1:00 p.m. (New York time) on any day (whether or not a Business Day) shall be deemed to be a Draw Request received at 9:00 a.m. on the next Business Day and to be funded by the Holders of Class A-1A VFN Notes on the third Business Day following the receipt of such Draw RequestBorrower’s expense.