Common use of Advance Procedure Clause in Contracts

Advance Procedure. Advances for Project Costs shall be made not more frequently than monthly (or such other intervals reasonably acceptable to the Administrative Agent) and upon not less than five (5) Business Days advance written notice. All requisitions for Direct Costs shall be made on A.I.A. Forms G702 and 703 combined with forms approved by the Administrative Agent, or alternative forms approved by the Administrative Agent, on which the applicable Borrowers and the Borrowers’ general contractor and architect shall certify the percentage of Completion of the Major Project then attained, by line item. All requisitions for Indirect Costs shall be made on forms approved by the Administrative Agent, specifying in reasonable detail the Indirect Cost for which an advance is requested and the amount so requested, and shall be accompanied by evidence acceptable to the Administrative Agent that the Indirect Cost for which the requisition is made has been incurred and is due and owing, or has been paid. Should the Inspector determine that the Estimated Remaining Cost of Completion with respect to Project Costs, for which Delayed Draw Mortgage Loans have been reserved in the Project Budget exceeds the amount of the Delayed Draw Mortgage Loans still available therefor, the applicable Borrowers shall immediately advance such excess amount from separate funds, and any Delayed Draw Mortgage Loans to be advanced in a particular requisition for Project Costs shall be reduced by such excess amount, all with the intent that the Estimated Remaining Cost of Completion with respect to the Project Costs shall not exceed the unadvanced Delayed Draw Mortgage Loans reserved in the Project Budget therefor. The Administrative Agent shall have the right to reasonably require that any requested advances be disbursed through the applicable title insurer and to condition any requested advance upon the submission of lien releases and waivers, bring-down endorsements to the applicable title insurance policies, and such other related submissions as may be reasonably required by the Administrative Agent.

Advance Procedure. Advances for Project Costs (a) A Borrower shall be made not more frequently than monthly deliver to CSFB and Custodian a Borrowing Request (or such other intervals reasonably acceptable to in the Administrative Agentform of Exhibit B) and upon not less a Computer File no later than five 12:00 p.m., New York City time, at least two (52) Business Days advance written noticeprior to the proposed Advance Date specified in such Borrowing Request. All requisitions for Direct Costs Each Borrowing Request shall be made on A.I.A. Forms G702 and 703 combined with forms approved by the Administrative Agent, or alternative forms approved by the Administrative Agent, on which the applicable Borrowers and the Borrowers’ general contractor and architect shall certify the percentage of Completion of the Major Project then attained, by line item. All requisitions for Indirect Costs shall be made on forms approved by the Administrative Agent, specifying in reasonable detail the Indirect Cost for which an advance is requested and the amount so requestedirrevocable, and shall be accompanied by evidence acceptable to the Administrative Agent that the Indirect Cost for which the requisition is made has been incurred and is due and owing(i) specify, or has been paid. Should the Inspector determine that the Estimated Remaining Cost of Completion with respect to Project Costsamong other things, for which Delayed Draw Mortgage Loans have been reserved in the Project Budget exceeds (w) the amount of the Delayed Draw Mortgage Loans still available thereforproposed Advance, (x) the proposed Advance Date, (y) the aggregate Principal Balance of the Receivables subject to such Advance as of the Applicable Cutoff Date, and (z) the weighted average Advance Percentage Rate for such Receivables and (ii) contain attached thereto a Schedule of Receivables listing such Receivables. No Advance shall be for an initial aggregate principal amount of less than the Minimum Advance Amount. (b) When CSFB determines that the Receivables identified in the Schedule of Receivables attached to the Borrowing Request are Eligible Receivables, CSFB will confirm the terms of each Advance by delivering a written confirmation to the applicable Borrower on or before the related Advance Date, in the form of Exhibit D (a "Confirmation"). On the terms and subject to the conditions of the Confirmation and this Agreement, on or before 2:00 p.m., New York City time, on the Advance Date, CSFB shall, in accordance with the applicable Borrower's wiring instructions set forth in the related Borrowing Request, transfer on the same day in (c) Each Borrowing Request made pursuant to this Section 2.3 shall constitute the applicable Borrower's representation and warranty that all of the applicable conditions contained in Article III will, after giving effect to such Advance, be satisfied and be true and correct. A Borrower's acceptance of funds advanced by CSFB on the Advance Date shall be deemed such Borrower's acknowledgment of and agreement with such Confirmation, and upon acceptance of such funds advanced by CSFB, the applicable Borrowers Borrower shall immediately advance execute such excess amount from separate fundsConfirmation where provided therein and return the original executed copy of such Confirmation to CSFB within forty-eight (48) hours following the funding of such Advance. (d) Any Confirmation by CSFB shall be deemed to have been received by the applicable Borrower (i) on the date sent if given by telecopy, telex or other telecommunication device capable of transmitting or creating a written record directly to the office of such Borrower, and any Delayed Draw Mortgage Loans to be advanced in (ii) on the Business Day following the day sent if sent by a particular requisition for Project Costs shall be reduced by such excess amount, all with the intent that the Estimated Remaining Cost of Completion with respect to the Project Costs shall not exceed the unadvanced Delayed Draw Mortgage Loans reserved in the Project Budget therefor. The Administrative Agent shall have the right to reasonably require that any requested advances be disbursed through the applicable title insurer and to condition any requested advance upon the submission of lien releases and waivers, bring-down endorsements to the applicable title insurance policies, and such other related submissions as may be reasonably required by the Administrative Agentnationally recognized overnight courier service.

Advance Procedure. (a) Borrower may request an Advance under the Revolving Credit Facility by submitting an Advance Request to Agent. An Advance Request is irrevocable and binding on Borrower. Each Advance Request must be received no later than 11:00 a.m. on the Business Day immediately preceding the date of the proposed Advance. Advances for Project Costs under this Agreement may be made by Agent pursuant an oral request of Borrower but Borrower covenants and agrees to furnish to Agent written confirmation of any such oral request within 2 days after the date of the Advance, but any such Advance shall be deemed to be made under and entitled to the benefits of this Agreement irrespective of any failure by Borrower to furnish such written confirmation. (b) Agent shall make each Advance available to Borrower by funding such Advance to Borrower’s Operating Account, and all amounts made available to Borrower by Agent (whether in Borrower’s Operating Account or otherwise) shall be deemed to be Advances made pursuant to this Agreement. (c) Each Advance under the Revolving Credit Facility (i) must occur on a Business Day and no later than the Business Day immediately preceding the Revolving Credit Termination Date, (ii) may not more frequently than monthly exceed an amount equal to the excess of the Revolving Committed Amount over the Revolving Principal Amount, and (iii) after giving effect to any Advance, the Revolving Principal Amount may not exceed the Revolving Committed Amount. (d) Upon its receipt of an Advance Request from Borrower, Agent shall promptly notify each Lender of the Advance Request and its contents. By 12:00 noon on the date of the proposed Advance, each Lender shall either remit its Revolving Commitment Percentage of each requested Advance by wire transfer to Agent pursuant to Agent’s wire transfer instructions (or as otherwise directed by Agent) in funds that are available for immediate use by Agent or confirm in writing that it has wired such other intervals reasonably acceptable amount directly to the Administrative Agent) and upon not less than five (5) Business Days advance Borrower’s Operating Account. Subject to receipt of such funds, Agent shall make such funds available to Borrower in the Borrower’s Operating Account. Absent contrary written noticenotice from a Lender, Agent may assume that each Lender has made its Revolving Commitment Percentage of the requested Advance available to Agent or to Borrower on the date of the proposed Advance. All requisitions for Direct Costs shall be made on A.I.A. Forms G702 and 703 combined with forms approved by the Administrative If a Lender has confirmed that it will remit funds to Agent, or alternative forms approved by then Agent may, in reliance upon such assumption (but is not required to), make available to Borrower a corresponding amount. (e) If Agent funds the Administrative Agentcorresponding amount on behalf of a Lender and that Lender fails to make its Revolving Commitment Percentage of any requested Advance available to Agent on the date of the proposed Advance, on which Agent may recover the applicable Borrowers and amount on demand from that Lender, together with interest at the Borrowers’ general contractor and architect shall certify Default Rate for the percentage of Completion of period commencing on the Major Project then attained, by line item. All requisitions for Indirect Costs shall be made on forms approved by the Administrative Agent, specifying in reasonable detail the Indirect Cost for which an advance is requested and date the amount so requestedwas made available to Borrower by Agent and ending on (but excluding) the date Agent recovers the amount from that Lender. While the Agency Agreement is in place, Agent and Lenders agree that the funding mechanics in the Agency Agreement shall be accompanied by evidence acceptable govern and control, notwithstanding anything to the Administrative contrary set forth in this Agreement. (f) If either Lender fails to fund its Revolving Commitment Percentage of any Advance (either to Agent that or to the Indirect Cost for which Borrower) (each such Lender a “Defaulting Lender”), the requisition is made has been incurred and is due and owing, or has been paid. Should the Inspector determine that the Estimated Remaining Cost of Completion with respect to Project Costs, for which Delayed Draw Mortgage Loans have been reserved in the Project Budget exceeds other Lender shall fund the amount of the Delayed Draw Mortgage Loans still available thereforAdvance and shall be entitled to contribution from the Defaulting Lender in an amount equal to the aggregate principal amount which a Defaulting Lender fails to fund and which such other Lender funds, plus interest from the date the applicable Borrowers shall immediately advance such excess amount from separate funds, and any Delayed Draw Mortgage Loans to be advanced in a particular requisition for Project Costs shall be reduced by such excess amount, all with the intent that the Estimated Remaining Cost of Completion with respect Advance is made available to the Project Costs shall not exceed Borrower at the unadvanced Delayed Draw Mortgage Loans reserved in the Project Budget therefor. The Administrative Agent shall have the right to reasonably require that any requested advances be disbursed through the applicable title insurer and to condition any requested advance upon the submission of lien releases and waivers, bring-down endorsements to the applicable title insurance policies, and such other related submissions as may be reasonably required by the Administrative AgentDefault Rate.

Advance Procedure. Advances for Project Costs (a) Each Advance shall be in an amount of not less than $500,000 or a greater integral multiple of $250,000 (unless the amount available for borrowing is less). With respect to Advances, Borrower must give Agent prior written notice in substantially the form of EXHIBIT C of the Advance to be made and specifying the date and amount thereof and whether such Advance is to be an ABR Advance or a Eurodollar Rate Advance and, if a Eurodollar Rate Advance, the Interest Period therefor pursuant to SECTION 2.13(a) (a "BORROWING REQUEST"). A Borrowing Request for an ABR Advance must be delivered to Agent by 11:00 a.m. New York time on the day of the Advance. A Borrowing Request for a Eurodollar Rate Advance must be delivered to Agent by 1:00 p.m. New York time on the third Business Day prior to the day of the Advance. Each Borrowing Request shall be irrevocable and binding on Borrower. (b) On the Borrowing Date, each Lender shall remit its Commitment Percentage of each requested Advance to Agent's office in New York City, in funds that are available for immediate use by Agent by 12:00 noon on the applicable Borrowing Date. Subject to receipt of such funds, Agent shall (unless to its actual knowledge any of the applicable conditions precedent have not more frequently than monthly been satisfied by Borrower or waived by Required Lenders) make such funds available to Borrower by deposit into the operating account maintained by Borrower with Agent in New York City (or such other intervals reasonably acceptable to the Administrative Agent) and upon not less than five (5) Business Days advance written notice. All requisitions for Direct Costs shall be made on A.I.A. Forms G702 and 703 combined with forms approved by the Administrative Agent, or alternative forms approved by the Administrative Agent, on which the applicable Borrowers and the Borrowers’ general contractor and architect shall certify the percentage of Completion of the Major Project then attained, by line item. All requisitions for Indirect Costs shall be made on forms approved by the Administrative Agent, specifying in reasonable detail the Indirect Cost for which an advance is requested and the amount so requested, and shall be accompanied by evidence acceptable to the Administrative Agent that the Indirect Cost for which the requisition is made has been incurred and is due and owing, or has been paid. Should the Inspector determine that the Estimated Remaining Cost of Completion with respect to Project Costs, for which Delayed Draw Mortgage Loans have been reserved in the Project Budget exceeds the amount of the Delayed Draw Mortgage Loans still available therefor, the applicable Borrowers shall immediately advance such excess amount from separate funds, and any Delayed Draw Mortgage Loans to be advanced in a particular requisition for Project Costs shall be reduced by such excess amount, all with the intent that the Estimated Remaining Cost of Completion with respect to the Project Costs shall not exceed the unadvanced Delayed Draw Mortgage Loans reserved in the Project Budget therefor. The Administrative Agent shall have the right to reasonably require that any requested advances be disbursed through the applicable title insurer and to condition any requested advance upon the submission of lien releases and waivers, bring-down endorsements to the applicable title insurance policies, and such other related submissions account as may be reasonably designated by Borrower in the Borrowing Notice and is acceptable to Agent); and absent contrary written notice from a Lender, Agent may assume that each Lender has made its Commitment Percentage of the requested Advance available to Agent on the applicable Borrowing Date, and Agent may, in reliance upon such assumption (but shall not be required to), make available to Borrower a corresponding amount. If a Lender fails to make its Commitment Percentage of any requested Advance available to Agent on the applicable Borrowing Date, Agent may recover the applicable amount on demand (i) from that Lender, together with interest at the Federal Funds Rate during the period commencing on the date the amount was made available to Borrower by Agent and ending on (but excluding) the Administrative Agentdate Agent recovers the amount from that Lender, or (ii) if that Lender fails to pay its amount upon demand, then from Borrower, together with interest at the rate applicable to the requested Advance during the period commencing on the Borrowing Date and ending on (but excluding) the date Agent recovers the amount from Borrower. No Lender is responsible for the failure of any other Lender to make its Commitment Percentage of any Advance.