Common use of Making Advances Clause in Contracts

Making Advances. ‌ Each Advance under the Loan shall be made from the proceeds of an Advance (as such term is defined in the Bond Trust Indenture) caused to be made under the Bonds that the Lender issued to fund a portion of the Loan, and each Advance that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance and, in the case of the Initial Advance, upon receipt of the documents required by Section 3.1 hereof to be delivered in connection with the request for the Initial Advance, the Lender will make, or cause to be made, but solely from proceeds of the Bonds, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Master Servicer/Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the [YEAR- ] Bond Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.14 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the ▇▇▇▇▇▇; provided, however, in the case of an Advance subject to a Special Supplemental Invoice pursuant to Section 2.6(c) of this Agreement, the Master Servicer/Trustee shall not disburse such Advance until such Special Supplemental Invoice has been paid. The Lender may submit requests for Advances at any time to the CDFI Fund (to be transmitted by the CDFI Fund to the Bondholder); provided, however, the CDFI Fund will specify certain restricted dates on which Advances will not be disbursed. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date [**For Bond Issues with more than one Borrower, add “; provided, further, that the Borrower and any other borrower in the related Bond Issue may submit requests for, and receive, Advances on different days in each calendar month”]. Notwithstanding the foregoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.

Making Advances. ‌ Each Advance under the Loan shall be made from the proceeds of an Advance (as such term is defined in the Bond Trust Indenture) advance of funds caused to be made under the Bonds that the Lender issued to fund a portion of the Loan, and each Advance advance of funds that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance and, in the case of the Initial Advance, upon receipt of the documents required by Section 3.1 hereof to be delivered in connection with the request for the Initial Advance, the Lender will make, or cause to be made, but solely from proceeds of the Bonds, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Master Servicer/Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the [YEAR- ] Bond Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.14 2.13 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the ▇▇▇▇▇▇; provided, however, in the case of an Advance subject to a Special Supplemental Invoice pursuant to Section 2.6(c) of this Agreement, the Master Servicer/Trustee shall not disburse such Advance until such Special Supplemental Invoice has been paid. The Lender may submit requests for Advances at any time to the CDFI Fund (to be transmitted by the CDFI Fund to the Bondholder); provided, however, the CDFI Fund will specify certain restricted dates on which Advances will not be disbursedLender. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date [**For Bond Issues with more than one Borrower, add “; provided, further, that the Borrower and any other borrower in the related Bond Issue may submit requests for, and receive, Advances on different days in each calendar month”]Date. Notwithstanding the foregoing forgoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.

Making Advances. ‌ (a) Each Advance under by any of the Loan Lenders shall be made on at least three Business Days' notice (or such shorter period agreed to by the Program Agent and the Lenders) from the proceeds Borrower to the Program Agent, provided that Advances shall be made not more than ten (10) times in any Month. Each such notice of an Advance shall specify (i) the amount requested to be paid to the Borrower (such amount, which shall not be less than $1,000,000, being referred to herein as the initial "Principal" of the Advance then being made), (ii) the allocation of such term is defined amount among each of the Lender (which shall be determined based upon the respective Ratable Shares of the Lenders) and (iii) the date of such Advance (which shall be a Business Day). If requested by any Lender, the Advances made by such Lender shall be evidenced by a Note to the order of such Lender. (b) On the date of each such Advance, the Lenders shall, upon satisfaction of the applicable conditions set forth in this Article II and Article III, make available to the Borrower in same day funds, at the account set forth in the Bond Trust IndentureFunds Transfer Letter, an aggregate amount equal to the initial Principal of such Advance. (c) caused Each Lender's obligation shall be several in proportion to be made under the Bonds its Commitment hereunder, such that the failure of any Lender issued to fund a portion of make available to the Loan, and each Advance that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered Borrower any funds in connection with each request for any Advance andshall not relieve any other Lender of its obligation, in if any, hereunder to make funds available on the case date of the Initial such Advance, upon receipt but no Lender shall be responsible for the failure of the documents required by Section 3.1 hereof any other Lender to be delivered make funds available in connection with the request for the Initial any Advance, the Lender will make, or cause to be made, but solely from proceeds of the Bonds, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Master Servicer/Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the [YEAR- ] Bond Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.14 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the ▇▇▇▇▇▇; provided, however, in the case of an Advance subject to a Special Supplemental Invoice pursuant to Section 2.6(c) of this Agreement, the Master Servicer/Trustee shall not disburse such Advance until such Special Supplemental Invoice has been paid. The Lender may submit requests for Advances at any time to the CDFI Fund (to be transmitted by the CDFI Fund to the Bondholder); provided, however, the CDFI Fund will specify certain restricted dates on which Advances will not be disbursed. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date [**For Bond Issues with more than one Borrower, add “; provided, further, that the Borrower and any other borrower in the related Bond Issue may submit requests for, and receive, Advances on different days in each calendar month”]. Notwithstanding the foregoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.