PROCEDURE FOR ADVANCES definition

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
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Examples of PROCEDURE FOR ADVANCES in a sentence

  • SECTION 2.3. PROCEDURE FOR ADVANCES, NOTICE OF BORROWING, REVOLVING PROMISSORY NOTE, ETC.

Related to PROCEDURE FOR ADVANCES

  • or "Advances means a cash advance or cash advances under the Revolving Facility.

  • Request for Advance means a Request for Revolving Credit Advance or a Request for Swing Line Advance, as the context may indicate or otherwise require.

  • Fixed Rate Advances has the meaning specified in Section 2.03(a)(i).

  • Borrowing Resolutions are, with respect to any Person, those resolutions substantially in the form attached hereto as Exhibit D.

  • Notice of Revolving Borrowing shall have the meaning as set forth in Section 2.3.

  • ABR Loans Loans the rate of interest applicable to which is based upon the ABR.

  • Notice of Swingline Borrowing means a notice substantially in the form of Exhibit G (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to Section 2.4.(b) evidencing the Borrower’s request for a Swingline Loan.

  • Request for Loan means a written request for a Loan substantially in the form of Exhibit E, signed by a Senior Officer of the applicable Borrower and properly completed to provide all information required to be included therein.

  • Notice of Borrowing has the meaning specified in Section 2.02(a).

  • Fixed Rate Loans means Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing.

  • Money Market Absolute Rate Loan means a loan to be made by a Bank pursuant to an Absolute Rate Auction.

  • Base Rate Borrowing means a Borrowing comprised of Base Rate Loans.

  • Fixed Rate Borrowing means a Borrowing comprised of Fixed Rate Loans.

  • ABR Borrowing means a Borrowing comprised of ABR Loans.

  • Fixed Rate Advance means an Advance which bears interest at a Fixed Rate.

  • Base Rate Loans Loans the rate of interest applicable to which is based upon the Base Rate.

  • Notice of Swing Line Borrowing has the meaning specified in Section 2.02(b).

  • Mediation Request shall have the meaning set forth in Section 7.2.

  • Arbitration Request shall have the meaning set forth in Section 7.3(a).

  • Request for Borrowing has the meaning provided in Section 2.3(a).

  • Notices of Borrowing means, collectively, the Notices of Revolving Borrowing and the Notices of Swingline Borrowing.

  • Eurodollar Advance means an Advance which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurodollar Rate.

  • Notice of Competitive Bid Borrowing has the meaning specified in Section 2.03(a).

  • Notice of Committed Borrowing has the meaning set forth in Section 2.02.

  • LIBO Rate Advances means a Competitive Bid Advance denominated in Dollars or in any Foreign Currency and bearing interest based on the LIBO Rate.