Common use of Making the Advance Clause in Contracts

Making the Advance. (a) The Advance shall be made on the date hereof, subject to the conditions below, upon receipt by Lender of written notice (the “Advance Notice”), given by Borrower to Lender on the date hereof. Not later than 11:00 A.M. (New York City time) on the date hereof and upon fulfillment of the applicable conditions set forth in Article II, Lender will make such Advance, less the applicable Commitment Fee for the Advance as described in Section 1.03 and less the fee payable pursuant to the Fee and Advisory Letter as described in Section 2.01(g), available to Borrower in same day funds in the account of Borrower at Lender. (b) The Advance Notice shall be irrevocable and binding on Borrower. Borrower shall indemnify Lender against any loss or reasonable and documented out of pocket cost or expense incurred by Lender as a result of any failure to fulfill on or before the date specified in the Advance Notice for the Advance, the applicable conditions set forth in Article II, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by Lender to fund the Advance when the Advance, as a result of such failure, is not made on such date.

Making the Advance. (a) The Advance shall be made on the date hereof, subject to the conditions below, upon receipt by the Lender of written notice (the “Advance Notice”), given by the Borrower to the Lender on the date hereof. Not later than 11:00 A.M. (New York City time) on the date hereof and upon fulfillment of the applicable conditions set forth in Article II, the Lender will make such Advance, less the applicable Commitment Fee for the Advance as described in Section 1.03 and less the fee payable pursuant to the Fee and Advisory Letter as described in Section 2.01(g), available to the Borrower in same day funds in the account of the Borrower at the Lender. (b) The Advance Notice shall be irrevocable and binding on the Borrower. The Borrower shall indemnify the Lender against any loss or reasonable and documented out of pocket cost or expense incurred by the Lender as a result of any failure to fulfill on or before the date specified in the Advance Notice for the Advance, the applicable conditions set forth in Article II, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the Lender to fund the Advance when the Advance, as a result of such failure, is not made on such date.