PROCEDURE FOR ADVANCES. Advances under the Loans shall be made by wire transfer or deposit to an account specified by Owner in accordance with the draw procedures set forth in the side letter attached hereto as EXHIBIT 1.22D. EXHIBIT 1.22A FORM OF NOTE 74 EXHIBIT 1.22B XXXXXXX XXXXX GUARANTY 75 EXHIBIT 1.22C FORM OF MORTGAGE 76 EXHIBIT 1.22D MUTINY ON THE PARK LTD. 0000 X. XXXXXXXX XXXXX, XXXXX 000 XXXXX, XX. 00000 August 31, 2000 Boy xxx Xxxx SONESTA INTERNATIONAL VIA EMAIL Re: Mutiny Park Loan Draw Procedures Dear Boy: Further to our conversation of yesterday, please find attached a summary of my understanding of the proposed loan draw procedures. It would be great if you could take a look and acknowledge that my understanding is correct by initialing below. An obvious precursor to the entire process would be finalization of our management agreement. I am cautiously optimistic that that will be achieved soon. We would then agree on a tentative breakdown of the FF&E and Construction loan amounts. We would reallocate between line items as we gather additional information and the project proceeds. Clearly the initial draws would be related to the construction changes and the associated architects and engineering expenses. We would provide you with a standard draw breakdown indicating on a category by category basis: the original budget amount, budget revisions, revised budget, amount drawn to date, current draw request, balance to complete. We would present draw requests as needed but would make every effort not to exceed two per month. We would attach appropriate invoice back up for our draw amounts, and you would always be free to have someone come in and review all the appropriate back up and inspect the site and work completed. Provided that the draw requests and back up is in order we would receive funding within a week following receipt. Thank for your assistance and please call with any questions or concerns Best Regards, AGREED AS WRITTEN Xxxx Xxxxxxxx /s/ -------------------------------- 77 EXHIBIT 1.22E INTERCREDITOR AGREEMENT EXHIBIT 3.2(n) PERMITS TO BE OBTAINED BY OPERATOR
Examples of PROCEDURE FOR ADVANCES in a sentence
PROCEDURE FOR ADVANCES, NOTICE OF BORROWING, REVOLVING PROMISSORY NOTE, ETC.