Mechanics for Obtaining Advances Clause Samples

The "Mechanics for Obtaining Advances" clause outlines the procedures and requirements a borrower must follow to request and receive loan advances from a lender. Typically, this clause specifies the form and timing of advance requests, any documentation or certifications needed, and the conditions that must be satisfied before funds are disbursed. For example, it may require the borrower to submit a written request a certain number of days in advance and confirm that all loan covenants are being met. The core function of this clause is to ensure a clear, orderly process for accessing loan funds, reducing misunderstandings and administrative delays for both parties.
Mechanics for Obtaining Advances i. Preliminary Notices from the Borrower. (1) Subject to Section 2.2.2, from time to time the Borrower shall have the right to deliver to the Administrative Agent, the Discount Note Indenture Trustee (subject to the proviso in the first sentence of Section 2.4.1(b)), the Disbursement Agent, the Servicing Agent and the Construction Consultant a preliminary Advance Request (each, a "Preliminary Advance Request") requesting that an Advance be made on or after the fifteenth (15th) Business Day after delivery of such Preliminary Advance Request. (2) Concurrently with the delivery by the Borrower of each Preliminary Advance Request pursuant to subsection (a) above, the Borrower shall deliver to each of the Administrative Agent, the Discount Note Indenture Trustee, the Disbursement Agent, the Servicing Agent and the Construction Consultant a preliminary Notice of Advance Request (each, a "Preliminary Notice of Advance Request"); provided, however, from and after the time that all amounts in the Construction Note Disbursement Account have been advanced, the Discount Note Indenture Trustee shall no longer be entitled to receive a Preliminary Advance Request and the only delivery thereof by the Borrower shall be to the Administrative Agent, the Disbursement Agent, the Servicing Agent and the Construction Consultant. Such Preliminary Notice of Advance Request shall reference the requested Advance Date set forth in the Preliminary Advance Request and shall contain the other information required thereby. (3) Each Preliminary Advance Request delivered by the Borrower pursuant to subsection (a) above shall request Advances in order (i) to pay interest on, and other amounts (other than Scheduled Amortization and Mandatory Prepayments) due with respect to, the Bank Credit Facility which will become due and payable on or after the requested Advance Date and prior to the next succeeding Advance Date, until the earlier of (x) the Conversion Date or (y) such time as the Main Project is generating cash flow over the amount required for Operating Costs and Main Project Costs, and/or (ii) to pay other Main Project Costs estimated to become due and payable on or prior to the requested Advance Date. The Borrower shall not be permitted to obtain Advances for the purpose of paying interest due and payable with respect to the Bank Credit Facility at any time after the Conversion Date. Each such Preliminary Advance Request shall set forth the payee, broken down by Contractor, Subcontra...
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Mechanics for Obtaining Advances 
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