Common use of Drawdown Procedures Clause in Contracts

Drawdown Procedures. Lender shall have received the following, each in form and substance satisfactory to Lender: (i) The Notice of Borrowing and the Drawdown Certificate within the time periods specified therein; (ii) Evidence that Borrower has established and is maintaining the Receipts Account and the Operating Account at a bank in California reasonably acceptable to Lender; and (iii) Evidence that all work that has been done on the Project shall have been done in a good and workmanlike manner and in accordance with the Construction Contracts and Prudent Practices, including, but not limited to, if requested by Lender, copies of all invoices for services rendered and materials delivered for the Project, and there shall not have been filed with or served upon Borrower with respect to the Project or any part thereof notice of any Lien, claim of Lien or attachment upon or claim affecting the right to receive payment of any of the moneys payable to any of the Persons named on such request which has not been released or which will not be released with the payment of such obligation out of such Construction Loan, other than Permitted Liens.

Drawdown Procedures. Lender shall have received the following, each in form and substance satisfactory to Lender: (i) The Notice of Borrowing and the Drawdown Certificate within the time periods specified therein; (ii) Evidence that Borrower has established and is maintaining the Receipts Account and the Operating Account at a bank in California Hawaii reasonably acceptable to Lender; and (iii) Evidence that all work that has been done on the Project shall have been done in a good and workmanlike manner and in accordance with the Construction Contracts and Prudent Practices, including, but not limited to, if requested by Lender, copies of all invoices for services rendered and materials delivered for the Project, and there shall not have been filed with or served upon Borrower with respect to the Project or any part thereof notice of any Lien, claim of Lien or attachment upon or claim affecting the right to receive payment of any of the moneys payable to any of the Persons named on such request which has not been released or which will not be released with the payment of such obligation out of such Construction Loan, other than Permitted Liens.