Common use of Draw Requests Clause in Contracts

Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system). Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the Lender, and shall be reviewed by the Construction Inspector, signed by the applicable Contractor or Contractors and, if requested by the Lender, approved by the Engineer. Draw requests for hard costs shall show the percentage of Completion of Construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Lender shall have a period of ten (10) Banking Days within which to fund each approved requisition.

Draw Requests. Advances At least five (5) business days prior to each Loan disbursement by the Lender, the Borrower must submit to the Lender a Draw Request, which shall be made not more frequently than monthly based on draw requests include: (a) A completed and properly executed request for disbursement in form reasonably acceptable to the Lender setting forth the amount of Loan proceeds desired, together with such certifications and additional information as the Lender may reasonably require, signed by an Authorized Signer authorized representative of the Borrower reasonably acceptable to the Lender certified to the Lender in writing to be an authorized representative for the form attached hereto purpose of submitting Draw Requests; (b) If the Draw Request includes an application for payment for amounts to be paid to the General Contractor, a written memorandum of advance, originals of AIA Document G702 and AIA Document G703 (or equivalents approved by the Lender) together with a report on the status of any stored materials in a format reasonably acceptable to the Lender and copies of the supplier invoices as Schedule 2 or in another form to such stored materials; the application for payment shall contain a breakdown by trade and/or other categories reasonably acceptable to the Lender, completed to the reasonable satisfaction of the Lender and executed by the General Contractor and Construction Inspector, accompanied by invoices relating to items covered thereby when requested by the Lender; (c) If the Draw Request includes a request for amounts for non-construction items previously approved by the Lender or as provided in the Plans, invoices for such items; and (including any d) In each instance, certification in proper form on an electronic platform or electronic transmission system). Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the Lender, and shall be reviewed by substance from the Construction Inspector, signed by the applicable Contractor or Contractors and, if requested by the Lender, approved by the Engineer. Draw requests for hard costs shall show the percentage of Completion of Construction and shall set forth in trade breakdown form and in together with such detail other items as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etcLender.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Lender shall have a period of ten (10) Banking Days within which to fund each approved requisition.

Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer Signers in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system)and submitted to Bank of America, N.A. for funding to Lender's disbursement account. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the LenderG703, and shall be reviewed by the Construction InspectorConsultant, signed by the applicable General Contractor or Contractors and, if requested by the Lender, approved by the EngineerArchitect. Draw requests for hard costs shall show the percentage of Completion completion of Construction construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall have provide or cause to be provided with each draw request a period complete listing of ten (10) Banking Days within which to fund each approved requisitionall payees and the amounts requested for payment by each.

Draw Requests. Advances (a) To obtain a Disbursement, Borrower must deliver a Draw Request to Lender at Le▇▇▇▇’▇ contact set forth in the Draw Request, together with materials required under Section 3.4, at least twenty (20) days prior to the date of the requested Disbursement. Lender is not obligated to process more than one Draw Request per calendar month. (b) Upon receipt of a Draw Request, Lender will, at its election, cause the Project Inspector to inspect the applicable portion of the Project. If Lender reasonably determines that the Project is proceeding on schedule and otherwise in the manner required by this Agreement, and that all conditions to the requested Disbursement are fulfilled, Lender will make the Disbursement on the date requested by Borrower or as close to the requested date as is commercially reasonable (provided that the requested date is not less than twenty (20) days from delivery to Lender of the Draw Request and all required items under this Agreement). (c) The Disbursement shall be made not more frequently than monthly based on draw requests signed in Dollars to Borrower’s depository account held with a financial institution approved by an Authorized Signer Lender located in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system)United States. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the Lender, and shall be reviewed by the Construction Inspector, signed by the applicable Contractor or Contractors and, if requested by the Lender, approved by the Engineer. Draw requests for hard costs shall show the percentage of Completion of Construction and shall set forth in trade breakdown form and in Any such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage Disbursements will be withheld and released in accordance with deemed advanced under the terms Note as of Schedule 5the date on which funds are advanced by Lender. Each draw request shall be supported The execution of this Agreement by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Borrower hereby constitutes an irrevocable authorization to advance the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Lender shall have a period of ten (10) Banking Days within which to fund each approved requisition.

Draw Requests. Advances Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by ▇▇▇▇▇▇, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by ▇▇▇▇▇▇, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system)▇▇▇▇▇▇. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the Lender▇▇▇▇▇▇, and shall be reviewed by the Construction InspectorConsultant, signed by the applicable General Contractor or Contractors and, if requested by the Lender, and approved by the EngineerArchitect. Draw requests for hard costs shall show the percentage of Completion completion of Construction construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Lender shall have a period of ten (10) Banking Days within which to fund each approved requisition.

Draw Requests. Advances Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by Lender, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system)Lender. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the Lender, and shall be reviewed by the Construction InspectorConsultant, signed by the applicable General Contractor or Contractors and, if requested by the Lender, and approved by the EngineerArchitect. Draw requests for hard costs shall show the percentage of Completion completion of Construction construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower or to pay costs incurred by the Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. The Lender shall have a period of ten (10) Banking Days within which to fund each approved requisition.

Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer Signers in the form attached hereto as Schedule 2 or in another form reasonably approved by the Lender (including any form on an electronic platform or electronic transmission system)2. Each draw request request, whether for hard costs or soft costs, shall be set forth on AIA Forms G702 and G703 or another form reasonably approved by the LenderG703, and shall be reviewed by the Construction InspectorConsultant, signed by the applicable General Contractor or Contractors and, if requested by the Lender, approved by the EngineerArchitect. Draw requests for hard costs shall show the percentage of Completion completion of Construction construction and shall set forth in trade breakdown form and in such detail as may be reasonably required by the Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request request, whether for hard and/or soft costs, shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as the Lender may reasonably require to assure that amounts requested are to be used to reimburse the Borrower for costs previously paid by the Borrower and/or ASF or to pay costs incurred by the Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. The Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall have provide or cause to be provided with each draw request a period complete listing of ten (10) Banking Days within which to fund each approved requisitionall payees and the amounts requested for payment by each.