Applications for Advances Clause Samples

Applications for Advances. Requests for an Advance hereunder shall be made via telephone or via an Internet Portal Service offered by the Bank to its members for such purpose. All requests for Advances made via an Internet Portal Service shall be subject to, among other things, the terms and conditions set forth in Article 9 of the Correspondent Services Agreement. Both the Bank and the Member may electronically record all telephonic requests for an Advance as well as any other telephone conversations relating to any such Advance.

Applications for Advances. 7.1 The Borrower may apply for an Advance by submitting an application to the Corporation in a manner and form prescribed by the Corporation from time to time which includes submissions via the Client Portal, a digital platform or via such other electronic media nominated by the Corporation from time to time. 7.2 The Borrower shall obtain in advance of making an application all necessary approvals, authorisations and consents that are necessary in respect of each Advance. 7.3 The making of each Advance is subject to the condition that the Corporation’s credit criteria in effect at the relevant time for such lending are met by the Borrower. 7.4 The Borrower shall upon request provide the Corporation with such information as may be reasonably required by the Corporation to determine whether its credit criteria are met by the Borrower. 7.5 A determination made by the Corporation as to whether its credit criteria are met by the Borrower shall be final and the Corporation shall not be required to disclose such details of the determination to the Borrower. 7.6 The Corporation may at its discretion cancel or delay the making of an Advance if any required information in relation to the Borrower is not provided to the Corporation in a timely manner to undertake/complete its credit assessment. The costs incurred by the Corporation in connection with the cancelling or delaying of an Advance as certified by the Corporation shall be promptly paid to the Corporation by the Borrower. 7.7 The Corporation may in its absolute discretion decline an application for an Advance where the Borrower has not met the Corporation’s credit criteria in effect at the relevant time and where the Advance is not considered by the Corporation to be financially sustainable. 8.

Applications for Advances. Grantee may request Advances under this Agreement in accordance with the Funds Budget and the Project Budget. Grantee will not request Advances until Funds are actually needed for payment for reimbursements of eligible costs. Grantee may not increase, decrease, or otherwise reallocate line items of the Funds Budget or Project Budget without the prior written consent of City. (a) Grantee shall submit Applications for Advances not more frequently than twice per month. Applications for Advances should correspond with construction phases outlined in the Construction Contracts. In no event shall City approve Advances which exceed the value of work in place. (b) Upon receipt of an Application for Advance, City will inspect the Improvements or will request an inspection from Contractor, in order to determine that the construction phase related to the Application for Advance is complete. Upon City’s satisfaction that such phase is complete City will release the Advance less retainage. (c) City will hold ten percent retainage from each Advance. The retainage will be held by City until City is satisfied that the Improvements are Complete. Upon City’s inspection and satisfaction that the Improvements are Complete, City shall release the retainage. This retainage requirement supersedes any provision to the contrary in any exhibits attached hereto. (d) An Application for Advance may not exceed the aggregate of (a) the costs of labor, materials, and services incorporated into the Improvements in a manner acceptable to City, plus (b) if approved by City, the purchase price of all uninstalled materials to be utilized in the construction of the Improvements stored on the Property or elsewhere with the written consent of, and in a manner acceptable to, City, less (c) retainage, if any, required by City, less (d) all amounts previously Advanced by City. (e) Each Application for Advance shall be submitted by Grantee to City at least 30 business days prior to the date on which an Advance is desired by Grantee. (f) With each Advance, Grantee must satisfy the following requirements and, if required by City, deliver to City evidence of such satisfaction: i. All conditions described herein have been satisfied; ii. There exists no Event of Default hereunder or under any other Loan Document; iii. The representations and warranties made in this Agreement shall be true and correct on and as of the date of each Advance, with the same effect as if made on that date; iv. Grantee will pro...

Applications for Advances. Advances for the payment of costs of labor, materials, and services supplied for the construction of the Improvements shall be made by Lender, not more frequently than once a month, upon compliance by Borrower with this Agreement after actual commencement of construction of the Improvements for work actually done during the preceding period. Not more frequently than once a month, unless Borrower and Lender agree, in writing, on more frequent Advances, Borrower shall submit an Application for Advance to Lender requesting an Advance for the payment of costs of labor, materials, and service supplied for the construction of the Improvements or for the payment of other costs and expenses incident to the Loan, the acquisition of the Property, or the construction of the Improvements, and specified in the Approved Budget. Each Application for Advance shall be submitted by Borrower to Lender in a reasonable time, but not less than ten (10) days prior to the date on which an Advance is desired by Borrower. Upon receipt of the Application for Advance, Lender may request an inspection of and require a favorable report on the Improvements by the Inspecting Architects/Engineers prior to making any Advance, provided that such request is made and such report is delivered timely to avoid any default under the Development Agreement or the Construction Contract. The Inspecting Architects/Engineers shall certify to Lender that at the time an Application for Advance is made: (a) the Advance requested is in proportion to the work completed in accordance with the Development Agreement and the Construction Contract; (b) that all work has been performed in a good and workmanlike manner; (c) that construction of the Improvements is proceeding diligently and in accordance with the Plans; and (d) there are sufficient funds remaining to complete the construction of the Improvements consistent with the line items and aggregate amounts specified in the Approved Budget. Lender's receipt of any such certification shall not be deemed as Lender's acceptance of any such work completed or a waiver by Lender of any of Lender's rights to seek full performance of the requirements of this Agreement from Borrower.

Applications for Advances. Advances for the payment of costs of labor, materials, and services supplied for the construction of the Improvements shall be made by Lender, not more frequently than once a month, upon compliance by Borrower with this Agreement after actual commencement of construction of the Improvements for work actually done during the preceding period. Not more frequently than once a month, unless Borrower and Lender agree, in writing, on more frequent Advances, Borrower shall submit an Application for Advance to Lender requesting an Advance for the payment of costs of labor, materials, and service supplied for the construction of the Improvements or for the payment of other costs and expenses incident to the Loan, the acquisition of the Property, or the construction of the Improvements, and specified in the Approved Budget. Each Application for Advance shall be submitted by Borrower to Lender in a reasonable time, but not less than ten (10) days prior to the date on which an Advance is desired by Borrower. Upon receipt of the Application for Advance. Lender may request an inspection of and require a favorable report on the Improvements by the Inspecting Architects/Engineers prior to making any Advance, provided that such request is made and such report is delivered timely to avoid any default under the Development Agreement or the Construction Contract. The Inspecting Architects/Engineers shall certify to Lender that at the time an Application for Advance is made: (a) the Advance requested is in proportion to the work completed in accordance with the Development Agreement and the Construction Contract;

Applications for Advances. For the Initial Advance and for each subsequent Advance, Applications for Advances under this Loan Agreement for the payment of construction costs of the Improvements may be made by Borrower subject to satisfaction of each and all of the conditions contained in Sections 4.3 and 4.4 of this Loan Agreement and each of the following additional conditions precedent:

Applications for Advances. 7.1 The Borrower may apply for an Advance by submitting an application to the Corporation in a manner and form prescribed by the Corporation from time to time which includes submissions via the Client Portal, a digital platform or via such other electronic media nominated by the Corporation from time to time.

Applications for Advances. At least ten (10) Business Days before the requested date of each Advance, Borrower shall deliver to Bank an Application for Advance. Each Application for Advance shall be irrevocable and shall specify the amount of the Advance and the Business Day for which the Advance is requested. Except as otherwise previously or concurrently disclosed to Bank in writing, each Application for Advance by or on behalf of Borrower shall be deemed to ratify and confirm that all representations and warranties in this Agreement and the other Loan Documents remain true and correct as of the date of the Application for Advance, and unless the Bank is notified to the contrary before the Advance is made, Borrower's acceptance and use of the funds so advanced shall be deemed to ratify and confirm that all such representations and warranties remain true and correct on the date of such Advance.

Applications for Advances. Construction Agent shall make applications for Advances from the Escrow Funds (each, an “Application for Payment”) for the Work performed by the GC and any other contractors, subcontractors or materialmen (collectively, the “Vendors”) engaged by Construction Agent, acting as agent for the benefit of Landlord or Construction Agent, on a basis to be agreed between the GC and the Construction Agent in the Construction Agreement, subject to a ten percent (10%) retainage as provided in the Construction Agreement and other applicable Work Agreements. Construction Agent shall provide the following, in form and substance reasonably acceptable to Landlord and the Construction Consultant, twenty (20) days prior to the date requested by Construction Agent for approval of each disbursement by the Escrow Agent of each progress payment (“Advance”) to the Vendors, which Advance request shall be in the form attached hereto as Exhibit “D” and shall be provided to Landlord on the same date as the following submittals: (a) A certificate of Construction Agent certifying (i) that all construction prior to the date of such draw request has been done substantially in accordance with the Plans and Specifications; and (ii) the amount requested will be utilized for the Work; (b) Copies of all bills or statements for expenses for which the disbursement is requested, initialed and approved by Construction Agent, including the application for payment from the GC, made by the GC in accordance with the requirements and schedule under the Construction Agreement; (c) Partial and/or final mechanics’ lien waivers, as applicable, for all amounts previously paid to the GC, or any other Vendors, including any subcontractors and suppliers of the GC; and (d) A Disbursement Authorization to be executed and delivered to Escrow Agent for release and disbursement of the Advance from the Escrow Funds, in substantially the form set forth as Exhibit A to the Escrow Agreement (the “Disbursement Authorization”).