Submission of DRAW REQUESTS. Whenever the BORROWER desires a disbursement under the CONSTRUCTION LOAN, which shall be no more often than once a month, the BORROWER shall submit to the BANK a DRAW REQUEST, duly executed on behalf of the BORROWER setting forth the information requested therein. Each DRAW REQUEST shall be delivered to the BANK at least five (5) days before the date the disbursement is desired.
Submission of DRAW REQUESTS. BORROWER has submitted to ADMINISTRATIVE AGENT, and BANKS have approved, the TOTAL PROJECT COST STATEMENT. Whenever BORROWER desires a disbursement under the CONSTRUCTION LOAN, which shall be no more often than three (3) times a month, unless ADMINISTRATIVE AGENT agrees otherwise, BORROWER shall submit to ADMINISTRATIVE AGENT a DRAW REQUEST, duly executed on behalf of BORROWER setting forth the information requested therein. Each DRAW REQUEST shall be delivered to ADMINISTRATIVE AGENT at least ten (10) days before the date the disbursement is desired. Upon receipt of each DRAW REQUEST, ADMINISTRATIVE AGENT shall promptly notify BANKS of the amount each BANK is required to fund of such DRAW REQUEST. Not later than 11:00 a.m. (Omaha, Nebraska time) on the applicable payment date each BANK will make available to ADMINISTRATIVE AGENT in immediately available funds an amount equal to such BANK’s pro rata share based on such BANK’s COMMITMENT of the amount to be advanced to BORROWER pursuant to such DRAW REQUEST. The failure of any BANK to fund its COMMITMENTS shall not relieve any other BANK from funding its COMMITMENTS (it being understood however that no BANK shall be responsible for the failure of any other BANK to fund its COMMITMENTS). Unless the ADMINISTRATIVE AGENT shall have been notified by any BANK prior to a proposed funding date of any advance on any LOAN that such BANK will not make available to the ADMINISTRATIVE AGENT its portion of the borrowing proposed to be made on such date, the ADMINISTRATIVE AGENT shall assume that such BANK has made such amounts available to the ADMINISTRATIVE AGENT on such date and the ADMINISTRATIVE AGENT in its sole discretion may, in reliance upon such assumption, (but shall not be obligated to) make available to BORROWER a corresponding amount. If such corresponding amount is not in fact made available to the ADMINISTRATIVE AGENT by such BANK and the ADMINISTRATIVE AGENT has made such amount available to BORROWER, the ADMINISTRATIVE AGENT shall be entitled to recover such corresponding amount on demand from such DEFAULTING BANK and, if such DEFAULTING BANK pays such amount (together with the interest noted below), then the amount so paid shall constitute such DEFAULTING BANK’s loan included in such borrowing. If such DEFAULTING BANK does not pay such corresponding amount forthwith upon the ADMINISTRATIVE AGENT’s demand, the ADMINISTRATIVE AGENT shall be entitled to recover from such DEFAULTING BANK interest on such c...
Submission of DRAW REQUESTS. Whenever the Borrower desires a disbursement under the Loan, which shall be no more often than once a month, the Borrower shall submit to the Escrow Company a Draw Request, and simultaneously a copy thereof to the Lender and Inspecting Architect, duly executed on behalf of the Borrower setting forth the information requested on such form. Each Draw Request shall be delivered to the Lender at least five (5) Business Days before the date the disbursement is desired.
Submission of DRAW REQUESTS. Whenever the Borrower desires a disbursement under the Construction Loan, which at all times shall be pursuant to disbursement agreement, which shall be entered into by the Parties in a mutually agreeable form and with a mutually agreeable disbursing agent, and shall be no more often than three times a month, unless the Bank agrees otherwise, the Borrower shall submit to the Bank a Draw Request, duly executed on behalf of the Borrower, setting forth the information requested therein. Each Draw Request shall be delivered to the Bank at least five days before the date the disbursement is desired.
Submission of DRAW REQUESTS. BORROWER has submitted to BANK, and BANK has approved, the TOTAL PROJECT COST STATEMENT. Whenever BORROWER desires a disbursement under the CONSTRUCTION LOAN, which shall be no more often than three (3) times a month, unless BANK agrees otherwise, BORROWER shall submit to BANK a DRAW REQUEST, duly executed on behalf of BORROWER setting forth the information requested therein. Each DRAW REQUEST shall be delivered to BANK at least ten (10) days before the date the disbursement is desired.
Submission of DRAW REQUESTS. Whenever the Borrower desires a disbursement under the Construction Loan, which at all times shall be pursuant to the Disbursement Agreement and shall be no more often than three (3) times a month, unless the Bank agrees otherwise, the Borrower shall submit to the Bank a Draw Request, duly executed on behalf of the Borrower, setting forth the information requested therein. Each Draw Request shall be delivered to the Bank at least seven (7) days before the date the disbursement is desired.
Submission of DRAW REQUESTS. Whenever the Borrower desires a disbursement under the Expansion Loan, which shall be no more often than once a month, the Borrower shall submit to the Escrow Company a Draw Request, and simultaneously a copy thereof to the Lender and Inspecting Architect, duly executed on behalf of the Borrower setting forth the information requested on such form. Each Draw Request shall be delivered to the Lender at least five (5) Business Days before the date the disbursement is desired.
